Document:

Exhibit 4.2

    

     

    

     

    

     

    

    
      

      

      CERTIFICATE OF DESIGNATION

      8.25% SERIES A CUMULATIVE REDEEMABLE PERPETUAL PREFERRED SHARES

        OF PYXIS TANKERS INC.

      The undersigned,  Valentios Valentis, does hereby certify:

      	1.	
              That he is the duly elected and acting Chief Executive Officer of Pyxis Tankers Inc., a Marshall Islands corporation (the “Company”).

            

      	2.	
              That, pursuant to the authority conferred by the Company’s Articles of Incorporation, a duly authorized committee of the Company’s Board of Directors, at a special meeting held on September
                    , 2020, adopted the following resolution creating a series of preferred shares of the Company designated as “8.25% Series A Cumulative Redeemable Perpetual Preferred Shares.”

            

      RESOLVED, a series of Preferred Shares, par value $0.001 per share, of the Company be and hereby is created, and that the designation and number of shares of
        such series, and the voting and other powers, preferences and relative, participating, optional or special rights and qualifications, limitations and restrictions thereof, of the shares of such series, are as follows: 

      

      Section 1 Designation.

      The Board of Directors hereby designates and creates a series of preferred shares to be designated as “8.25% Series A Cumulative Redeemable Perpetual Preferred
        Shares” (the “Series A Preferred Shares”) and fixes the preferences, rights, powers and duties of the holders of the Series A Preferred Shares (the “Series A Preferred Holders”) as set forth in this Certificate of Designation. Each
        Series A Preferred Share shall be identical in all respects to every other Series A Preferred Share, except as to the respective dates from which dividends on the Series A Preferred Shares may begin accruing, to the extent such dates may differ.
        The Series A Preferred Shares represent perpetual equity interests in the Company and shall not give rise to a claim by the holder for redemption thereof at a particular date.

      Section 2 Shares.

      The authorized number of Series A Preferred Shares shall be one million (1,000,000) shares, subject to increase by filing an amendment to this Certificate of
        Designation with respect to such additional shares. The Company may, without notice to or consent of the holders of the then outstanding Series A Preferred Shares, authorize and issue additional Series A Preferred Shares.

      Series A Preferred Shares that are repurchased or otherwise acquired by the Company shall be cancelled and shall revert to the status of authorized but
        unissued preferred shares of the Company, undesignated as to series.

      Section 3 Definitions.

      “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
        intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, 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.

      “Articles of Incorporation” means the Articles of Incorporation of the Company, as they may be amended from
        time to time in a manner consistent with this Certificate of Designation, and shall include this Certificate of Designation.

      “BCA” means the Business Corporations Act of the Republic of the Marshall Islands.

      
        
          

      

      

      

      

      

      “Board of Directors” means the board of directors of the Company or, to the extent permitted by the Articles of Incorporation and the BCA, any authorized committee
        thereof.

      “Business Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by
        law to remain closed; provided that banks shall not be deemed to be authorized or obligated to be closed due to a “shelter in place,” “non-essential employee” or similar closure of physical branch locations at the direction of any governmental
        authority if such banks’ electronic funds transfer systems (including for wire transfers) are open for use by customers on such day.

      “Bylaws” means the bylaws of the Company, as they may be amended from time to time.

      “Certificate of Designation” means this Certificate of Designation relating to the Series A Preferred Shares, as it may be amended from time to time in
        a manner consistent with this Certificate of Designation, the Articles of Incorporation, the Bylaws and the BCA.

      “Change of Control” means an event the result of which is that (i) Mr. Valentios Valentis and his Affiliates cease to own at least 20% of the voting
        securities of the Company, or (ii) a person or group acquires at least 50% voting control of the Company, and in the case of each of either (i) or (ii), neither the Company nor any surviving entity has its common stock listed on a recognized U.S.
        exchange.

      “Change of Control Notice” has the meaning set forth in Section 8.

      “Change of Control Redemption Price” means

      	

            	(i)	
              After the Series A Issue Date and prior to and not including September     , 2021: $26.63 per share;

            

      	

            	(ii)	
              On or after September     , 2021 and prior to and not including September     , 2022: $25.81 per share; and

            

      	

            	(iii)	
              On or after September     , 2022: the Series A Liquidation Preference per share.

            

      “Common Stock” means the common stock of the Company, par value $0.001 per share, and any other outstanding class of common stock of the Company.

      “Company” has the meaning set forth in the introductory paragraph of this Certificate of Designation.

      “Dividend Nonpayment” has the meaning set forth in Section 6(b).

      “Junior Securities” has the meaning set forth in Section 9(a).

      “Liquidation Event” means the occurrence of a liquidation, dissolution, winding up of the affairs of the Company, whether voluntary or involuntary.
        Neither the sale of all or substantially all of the property or business of the Company nor the consolidation or merger of the Company with or into any other Person, individually or in a series of transactions, shall be deemed a Liquidation Event.

      “Liquidation Preference” means, in connection with any distribution in connection with a Liquidation Event pursuant to Section 5(a) of this Certificate
        of Designation and with respect to any holder of any class or series of capital stock of the Company, the amount otherwise payable to such holder in such distribution with respect to such class or series of capital stock (assuming no limitation on
        the assets of the Company available for such distribution). For avoidance of doubt, for the foregoing purposes the Series A Liquidation Preference is the Liquidation Preference with respect to the Series A Preferred Shares.

      “Parity Securities” has the meaning set forth in Section 9(b).

      
        
          

      

      

      

      

      

      “Paying Agent” means VStock Transfer, LLC, acting in its capacity as paying agent for the Series A Preferred Shares, and its successors and assigns or
        any other payment agent appointed by the Company.

      “Person” means an individual or a corporation, firm, limited liability company, partnership, joint venture, trust, unincorporated organization,
        association, governmental agency or political subdivision thereof or other entity.

      “Preferred Shares” means securities of the Company, designated as “Preferred Shares,” including the Series A Preferred Shares, which entitles the holder
        thereof to a preference with respect to dividends, or as to the distribution of assets upon any Liquidation Event, over common stock.

      “Record Holder” means the Person in whose name Series A Preferred Shares are registered on the books of the Transfer Agent as of, unless otherwise set
        forth in this Certificate of Designation, the opening of business on a particular Business Day.

      “Registrar” means the Registrar of Corporations as defined in Section 5 of the BCA.

      “Senior Securities” has the meaning set forth in Section 9(c).

      “Series A Dividends” means dividends with respect to the Series A Preferred Shares pursuant to Section 4 of this Certificate of Designation.

      “Series A Dividend Payment Date” means the 20th day of each calendar month, starting on October 20, 2020.

        

      

      “Series A Dividend Period” means a period of time from and including the preceding Series A Dividend Payment Date (other than the initial Series A Dividend Period, which shall commence on and
        include the Series A Issue Date), to but excluding the next Series A Dividend Payment Date for such Series A Dividend Period.

      “Series A Dividend Rate” means a rate equal to 8.25% per annum of the Series A Liquidation Preference per Series A Preferred Share.

      “Series A Dividend Record Date” has the meaning set forth in Section 4(b).

      “Series A Preferred Holder” means a Record Holder of the Series A Preferred Shares.

      “Series A Liquidation Preference” means a liquidation preference for each Series A Preferred Share initially equal to $25.00 per share.

      “Series A Issue Date” means the original date of issuance of Series A Preferred Shares, or September     , 2020.

      “Series A Preferred Shares” means Preferred Shares having the designations, preferences, rights, powers and duties set forth in this Certificate of Designation.

      “Series A Redemption Date” has the meaning set forth in Section 7.

      “Series A Redemption Notice” has the meaning set forth in Section 7(b).

      “Series A Redemption Price” has the meaning set forth in Section 7(a).

      “Transfer Agent” means VStock Transfer, LLC, acting it is capacity as registrar and transfer agent for the Series A Preferred Shares, and its successors
        and assigns or any other bank, trust company or other Person as shall be appointed from time to time by the Company to act as registrar and transfer agent for the Series A Preferred Shares.

      
        
          

      

      

      

      

      

      Section 4 Dividends.

      (a) Dividends on each Series A Preferred Share (the “Series A Dividends”) shall be cumulative and shall accrue at the Series A Dividend Rate from and
        including the Series A Issue Date (or, for any subsequently issued and newly outstanding Series A Preferred Shares, from the Series A Dividend Payment Date immediately preceding the issuance date of such Series A Preferred Shares) until such time
        as the Company pays the Series A Dividend or redeems the Series A Preferred Shares in full in accordance with Section 7 below, whether or not such Series A Dividends shall have been declared and whether or not there are profits, surplus, or other
        funds legally available for the payment of dividends. Series A Preferred Holders shall be entitled to receive Series A Dividends from time to time out of any assets of the Company legally available for the payment of dividends at the Series A
        Dividend Rate per Series A Preferred Share, when, as, and if declared by the Board of Directors. Dividends, to the extent declared by the Company to be paid by the Company in accordance with this Section 4, shall be paid monthly on each Series A
        Dividend Payment Date. Dividends shall accumulate in each Series A Dividend Period from and including the preceding Series A Dividend Payment Date (other than the initial Series A Dividend Period, which shall commence on and include the Series A
        Issue Date), to but excluding the next Series A Dividend Payment Date for such Series A Dividend Period. If any Series A Dividend Payment Date otherwise would fall on a day that is not a Business Day, declared Series A Dividends may be paid on the
        next succeeding Business Day with the same force and effect as if paid on such Series A Dividend Payment Date, and no interest or additional dividends or other sums shall accrue on the amount so payable from such Series A Dividend Payment Date to
        such next succeeding Business Day. Series A Dividends on the Series A Preferred Shares shall be payable based on a 360-day year consisting of twelve 30-day months.

       

      (b) Not later than 5:00 p.m., New York City time, on each Series A Dividend Payment Date, the Company shall pay those Series A Dividends, if any, that shall have been declared
        by the Board of Directors to the Paying Agent or, if there is no Paying Agent at the relevant time, to the Series A Preferred Holders as such Series A Preferred Holders’ names appear on the Company’s share transfer books maintained by the Registrar
        and the Transfer Agent on the record date. The applicable record date for any Series A Dividend payment shall be the fifth Business Day immediately preceding the applicable Series A Dividend Payment Date, or such other date as may be designated by
        the Board of Directors or an officer of the Company authorized by the Board of Directors that is not more than 60 days prior to such Series A Dividend Payment Date (the “Series A Dividend Record Date”).

      No dividend shall be declared or paid or set apart for payment on any Junior Securities (other than a dividend payable solely in Junior Securities) unless full
        cumulative Series A Dividends have been or contemporaneously are being paid or declared and set aside for payment on all outstanding Series A Preferred Shares and any Parity Securities through the most recent respective Series A Dividend Payment
        Dates.

      Accumulated Series A Dividends in arrears for any past Series A Dividend Period may be declared by the Board of Directors and paid on any date fixed by the
        Board of Directors, whether or not a Series A Dividend Payment Date, to Series A Preferred Holders on the record date for such payment, which may not be more than 60 days before such payment date. Subject to the next succeeding sentence, if all
        accumulated Series A Dividends in arrears on all outstanding Series A Preferred Shares and any Parity Securities shall not have been declared and paid, or if sufficient funds for the payment thereof shall not have been declared and set apart,
        payment of accumulated dividends in arrears on the Series A Preferred Shares and any such Parity Securities shall be made in order of their respective dividend payment dates, commencing with the oldest. If less than all dividends payable with
        respect to all Series A Preferred Shares and any Parity Securities are paid, any partial payment shall be made pro rata with respect to the Series A Preferred Shares and any Parity Securities entitled to a dividend payment at such time in
        proportion to the aggregate dividend amounts remaining due in respect of such shares at such time. Series A Preferred Holders shall not be entitled to any dividend, whether payable in cash, property or shares, in excess of full cumulative Series A
        Dividends. No interest or sum of money in lieu of interest shall be payable in respect of any dividend payment which may be in arrears on the Series A Preferred Shares. Declared Series A Dividends shall be paid to the Paying Agent in same-day funds
        on each Series A Dividend Payment Date. The Paying Agent shall be responsible for holding or disbursing such payments to Series A Preferred Holders in accordance with the instructions of such Series A Preferred Holders. In certain circumstances,
        dividends may be paid by check mailed to the registered address of the Series A Preferred Holder, unless, in any particular case, the Company elects to pay by wire transfer.

      
        
          

      

      

      

      

      

      Section 5 Liquidation Rights.

      (a) Upon the occurrence of any Liquidation Event, Series A Preferred Holders shall be entitled to receive out of the assets of the Company or proceeds thereof
        legally available for distribution to stockholders of the Company, (i) after satisfaction of all liabilities, if any, to creditors of the Company, (ii) after all applicable distributions of such assets or proceeds being made to or set aside for the
        holders of any Senior Securities then outstanding in respect of such Liquidation Event, (iii) concurrently with any applicable distributions of such assets or proceeds being made to or set aside for holders of any Parity Securities then outstanding
        in respect of such Liquidation Event and (iv) before any distribution of such assets or proceeds is made to or set aside for the holders of Common Stock and any other classes or series of Junior Securities as to such distribution, a liquidating
        distribution or payment in full redemption of such Series A Preferred Shares in an amount equal to the Series A Liquidation Preference, plus the amount of any accumulated and unpaid dividends thereon (whether or not such dividends have been
        declared).

      For purposes of clarity, upon the occurrence of any Liquidation Event, (x) the holders of then outstanding Senior Securities shall be entitled to receive the
        applicable Liquidation Preference, plus the amount of any accumulated and unpaid dividends thereon (whether or not such dividends shall have been declared), on such Senior Securities before any distribution shall be made to the Series A Preferred
        Holders or any Parity Securities and (y) the Series A Preferred Holders shall be entitled to the Series A Liquidation Preference, plus the amount of any accumulated and unpaid dividends thereon (whether or not such dividends shall have been
        declared), per Series A Preferred Share in cash concurrently with any distribution made to the holders of Parity Securities and before any distribution shall be made to the holders of Common Stock or any other Junior Securities. Series A Preferred
        Holders shall not be entitled to any other amounts from the Company, in their capacity as Series A Preferred Holders, after they have received the Series A Liquidation Preference, plus the amount of any accumulated and unpaid dividends thereon
        (whether or not such dividends shall have been declared). The payment of the Series A Liquidation Preference shall be a payment in redemption of the Series A Preferred Shares such that, from and after payment of the full Series A Liquidation
        Preference, plus the amount of any accumulated and unpaid dividends thereon (whether or not such dividends shall have been declared), any such Series A Preferred Share shall thereafter be cancelled and no longer be outstanding.

      

      

      (b) In the event of any distribution or payment described in Section 5(a) above where the Company’s assets available for distribution to holders of the outstanding Series A
        Preferred Shares and any Parity Securities are insufficient to satisfy the applicable Liquidation Preference, plus the amount of any accumulated and unpaid dividends thereon (whether or not such dividends shall have been declared), for such Series
        A Preferred Shares and Parity Securities, the Company’s then remaining assets or proceeds thereof legally available for distribution to shareholders of the Company shall be distributed among the holders of outstanding Series A Preferred Shares and
        such Parity Securities, as applicable, ratably on the basis of their relative aggregate Liquidation Preferences, plus the amount of any accumulated and unpaid dividends thereon (whether or not such dividends shall have been declared).

      (c) After payment of the applicable Liquidation Preference, plus the amount of any accumulated and unpaid dividends thereon (whether or not such dividends
        shall have been declared) to the holders of the outstanding Series A Preferred Shares and any Parity Securities, the Company’s remaining assets and funds shall be distributed among the holders of the Common Stock and any other Junior Securities
        then outstanding according to their respective rights and preferences.

      Section 6 Voting Rights.

      (a) Notwithstanding anything to the contrary in this Certificate of Designation, the Series A Preferred Shares shall have no voting rights except as set forth
        in this Section 6 or as otherwise provided by the BCA.

      
        
          

      

      

      

      

      

      (b) In the event that eighteen (18) monthly Series A Dividends are in arrears, whether or not consecutive (and whether or not such dividends shall have been
        declared and whether or not there are profits, surplus, or other funds legally available for the payment of dividends) (a “Dividend Nonpayment”), then the authorized number of directors on the Board of Directors shall, at the next annual
        meeting of shareholders or at a special meeting of shareholders as provided below, automatically be increased by one (1) and the Series A Preferred Holders, voting together as a single class, shall be entitled, at the Company’s next annual meeting
        of shareholders or at a special meeting of shareholders as provided below, to vote for the election of one (1) additional member of the Board of Directors (the “Preferred Share Director”); provided
        that (i) any Preferred Share Director shall be reasonably acceptable to the Board of Directors and the Nominating and Corporate Governance Committee thereof, acting in good faith, (ii) the election of any such Preferred Share Director will not
        cause the Company to violate the corporate governance requirements of the Nasdaq Capital Market, including the rules and regulations applicable to “foreign private issuers” (or such other exchange or automated quotation system on which the
        Company’s securities may be listed or quoted), and (iii) the Preferred Share Director shall not be a person that is subject to any “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act of 1933, as amended,
        except for a Disqualifying Event covered by Rule 506(d)(2) or (d)(3).

      In the event of a Dividend Nonpayment, the holders of at least 50% of the outstanding Series A Preferred Shares may request that the Board of Directors call a
        special meeting of shareholders to elect such Preferred Share Director; provided, however, that, to the extent permitted by the Company’s Bylaws in effect from time
        to time, if the next annual or special meeting of shareholders is scheduled to be held within ninety (90) days after the receipt of such request, the election of such Preferred Share Director shall be included in the agenda for, and shall be held
        at, such scheduled annual or special meeting of shareholders. The Preferred Share Director shall stand for reelection annually, at each subsequent annual meeting of shareholders, so long as the Series A Preferred Holders continue to have such
        voting rights. At any meeting at which the holders of Series A Preferred Shares are entitled to elect a Preferred Share Director, the holders of record of at least one-third of the then outstanding Series A Preferred Shares, present in person or
        represented by proxy, shall constitute a quorum and the vote of the holders of record of a majority of such Series A Preferred Shares so present or represented by proxy shall be sufficient to elect the Preferred Share Director.

      If and when all dividends accumulated and in arrears on the Series A Preferred Shares have been paid in full or sufficient funds for such payment have been
        declared and set apart for such purpose (a “Nonpayment Remedy”), the holders of Series A Preferred Shares shall immediately, and without any further action by the Company, be divested of the voting rights described in this Section 6(b),
        subject to the revesting of such right as set forth in this Section 6 in the event of a subsequent Dividend Nonpayment and, with respect to funds set apart for payment, upon failure to pay the dividend on the Series A Dividend Payment Date. Upon
        any termination of the right of the holders of Series A Preferred Shares to vote as a class for a Preferred Share Director, the term of office of the Preferred Share Director then in office elected by such Series A Preferred Holders voting as a
        class shall terminate at the next annual meeting of shareholders following the date of the Nonpayment Remedy or his or her earlier death, resignation or removal and the authorized number of directors on the Board of Directors shall automatically
        decrease by one.

      The Preferred Share Director may be removed at any time, with or without cause, by the holders of a majority of the then outstanding Series A Preferred Shares
        when they have the voting rights described in this Section 6(b). In the event that a Dividend Nonpayment shall have occurred and there shall not have been a Nonpayment Remedy, any vacancy in the office of a Preferred Share Director (other than
        prior to the initial election of the Preferred Share Director after a Dividend Nonpayment) may be filled by a vote of the holders of a majority of the then outstanding Series A Preferred Shares when they have the voting rights described above; provided that (i) any Preferred Share Director shall be reasonably acceptable to the Board of Directors and the Nominating and Corporate Governance Committee thereof, acting in good faith, (ii) that the election
        of any such Preferred Share Director to fill such vacancy will not cause the Company to violate the corporate governance requirements of the Nasdaq Capital Market, including the rules and regulations applicable to “foreign private issuers” (or any
        other exchange or automated quotation system on which the Company’s securities may be listed or quoted), and (iii) the Preferred Share Director shall not be a person that is subject to any “Bad Actor” disqualifications described in Rule
        506(d)(1)(i) to (viii) under the Securities Act of 1933, as amended, except for a Disqualifying Event covered by Rule 506(d)(2) or (d)(3). The Preferred Share Director shall each be entitled to one vote on any matter that may come before the Board
        of Directors for a vote.

      
        
          

      

      

      

      

      

      (c) Unless the Company shall have received the affirmative vote or consent of the holders of a majority of the outstanding Series A Preferred Shares, voting as
        a single class, the Company shall not (A) adopt any amendment to the Articles of Incorporation or this Certificate of Designation that materially and adversely alters the preferences, powers or rights of the Series A Preferred Shares; (B) declare
        or pay any dividends on or repurchase any Junior Securities during any time that all declared dividends on the Series A Preferred Shares have not been paid in full; or (C) engage in a merger, consolidation or share exchange that materially and
        adversely affects the rights, preferences or voting power of the Series A Preferred Shares, unless such Series A Preferred Shares are converted into or exchanged for (x) cash equal to or greater than the applicable redemption price per share, or
        (y) preferred shares of the surviving entity having rights, preferences or privileges that are materially the same as those of the Series A Preferred Shares. For the avoidance of doubt, so long as such action does not materially and adversely
        affect the preferences, powers or rights of the Series A Preferred Shares, the Company may amend, alter or repeal any terms of this Certificate of Designation.

      In addition, unless the Company shall have received the affirmative vote or consent of the holders of at least two-thirds of the outstanding Series A Preferred
        Shares, voting as a separate class, the Company shall not create or issue any Senior Securities.

      (d) On any matter described in this Section 6 on which the Series A Preferred Holders are entitled to vote as a class, such Series A Preferred Holders shall be
        entitled to one vote per Series A Preferred Share and the holders of record of at least one-third of the then outstanding Series A Preferred Shares, present in person or represented by proxy, shall constitute a quorum for purposes of the matters on
        which such holders are entitled to vote separately as a class. Any Series A Preferred Shares held by the Company or any of its subsidiaries shall not be entitled to vote.

      (e) No vote or consent of Series A Preferred Holders shall be required for (i) the creation or incurrence of any indebtedness, (ii) the authorization or
        issuance of any Common Stock or other Junior Securities, or (iii) except as expressly provided in paragraph (c) above, the authorization or issuance of any Preferred Shares of the Company.

      

      

      Section 7 Optional Redemption.

      The Company shall have the right at any time, and from time to time, on or after September     , 2022, to redeem, at its option, in whole or in part, the
        Series A Preferred Shares. Any such optional redemption shall be effected only out of funds legally available for such purpose. The Company may undertake multiple partial redemptions. Subject to limitations contained in the first sentence of this
        paragraph and the next sentence in this paragraph, any redemption of the Series A Preferred Shares shall occur on a date set by the Company (the “Series A Redemption Date”).

      (a) The Company shall effect any such redemption by paying cash for each Series A Preferred Share to be redeemed equal to the Series A Liquidation Preference,
        plus the amount of any accumulated and unpaid dividends thereon to but not including the date of redemption (whether or not such dividends shall have been declared), for such Series A Preferred Shares on such Series A Redemption Date (the “Series

          A Redemption Price”). The Series A Redemption Price shall be paid by the Paying Agent to the Series A Preferred Holders on the Series A Redemption Date.

      (b) The Company shall give notice of any redemption not more than 60 days before the scheduled Series A Redemption Date, to the Series A Preferred Holders of
        any Series A Preferred Shares to be redeemed as such Series A Preferred Holders’ names appear on the Company’s share transfer books maintained by the Registrar and Transfer Agent at the address of such Series A Preferred Holders shown therein. Such
        notice (the “Series A Redemption Notice”) shall state: (1) the Series A Redemption Date, (2) the number of Series A Preferred Shares to be redeemed and, if less than all outstanding shares of Series A Preferred Shares are to be redeemed, the
        number (and the identification) of shares to be redeemed from such Series A Preferred Holder, (3) the Series A Redemption Price, (4) the place where the Series A Preferred Shares are to be redeemed and shall be presented and surrendered for payment
        of the Series A Redemption Price therefor and (5) that dividends on the Series A Preferred Shares to be redeemed shall cease to accumulate from and after such Series A Redemption Date.

      
        
          

      

      

      

      

      

      (c) If the Company elects to redeem less than all of the outstanding shares of Series A Preferred Shares, the number of Series A Preferred Shares to be
        redeemed shall be determined by the Company, and such Series A Preferred Shares shall be redeemed by such method of selection as the Paying Agent shall determine, either pro rata or by lot, with adjustments to avoid redemption of fractional shares.
        The Series A Redemption Price will be paid by the Paying Agent to Series A Preferred Holders on the Series A Redemption Date. The aggregate Series A Redemption Price for any such partial redemption of the outstanding Series A Preferred Shares shall
        be allocated correspondingly among the redeemed shares of Series A Preferred Shares. The Series A Preferred Shares not redeemed shall remain outstanding and entitled to all the rights and preferences provided in this Certificate of Designation
        (including the Company’s right, if it elects so, to redeem all or part of the Series A Preferred Shares outstanding at any relevant time in accordance with this Section 7 (including this paragraph (c))).

      (d) If the Company gives or causes to be given a Series A Redemption Notice, then the Company shall deposit with the Paying Agent funds sufficient to redeem
        the Series A Preferred Shares as to which such Series A Redemption Notice shall have been given no later than 10:00 a.m., New York City time, on the Series A Redemption Date, and shall give the Paying Agent irrevocable instructions and authority to
        pay the Series A Redemption Price to the Series A Preferred Holders thereof upon surrender or deemed surrender of such Series A Preferred Shares. If the Series A Redemption Notice shall have been given, then from and after the Series A Redemption
        Date, unless the Company defaults in providing funds sufficient for such redemption at the time and place specified for payment pursuant to the Series A Redemption Notice, all Series A Dividends on such shares shall cease to accumulate and all
        rights of holders of such Series A Preferred Shares as the Series A Preferred Holders with respect to such Series A Preferred Shares shall cease, except the right to receive the Series A Redemption Price, and such Series A Preferred Shares shall
        not thereafter be transferred on the books of the Transfer Agent or be deemed to be outstanding for any purpose whatsoever. The Company shall be entitled to receive from the Paying Agent the interest income, if any, earned on such funds deposited
        with the Paying Agent (to the extent that such interest income is not required to pay the Series A Redemption Price of the shares to be redeemed), and the holders of any Series A Preferred Shares so redeemed shall have no claim to any such interest
        income. Any funds deposited with the Paying Agent hereunder by the Company for any reason, including, but not limited to, redemption of Series A Preferred Shares, that remain unclaimed or unpaid after two years following the applicable Series A
        Redemption Date or other payment date, shall be, to the extent permitted by law, promptly repaid to the Company upon its written request, after which repayment the Series A Preferred Holders entitled to such redemption or other payment shall have
        recourse only to the Company.

      (e) Any Series A Preferred Shares that are redeemed or otherwise acquired by the Company shall be canceled and shall constitute Preferred Shares subject to
        designation by the Board of Directors as set forth in the Articles of Incorporation. If only a portion of the Series A Preferred Shares shall have been called for redemption, upon surrender of any certificate representing Series A Preferred Shares
        to the Paying Agent, the Paying Agent shall issue to the Series A Preferred Holders a new certificate (or adjust the applicable book-entry account) representing the number Series A Preferred Shares represented by the surrendered certificate that
        have not been called for redemption. Notwithstanding any Series A Redemption Notice, there shall be no redemption of any Series A Preferred Shares called for redemption until funds sufficient to pay the full Series A Redemption Price of such shares
        shall have been deposited by the Company with the Paying Agent.

      (f) The Company and its Affiliates may from time to time purchase Series A Preferred Shares, subject to compliance with all applicable securities and other
        laws, in open market transactions, privately negotiated transactions, or otherwise. Any Series A Preferred Shares repurchased and canceled by the Company will revert to the status of authorized but unissued Preferred Shares undesignated by the
        Company.

      (g) Notwithstanding anything to the contrary in this Certificate of Designation, the Company shall not (and shall not be required to) redeem, purchase or
        acquire any Series A Preferred Shares at such time as (i) the terms and provisions of any Senior Securities or any agreement of the Company, including any agreement relating to its indebtedness, prohibit such redemption, repurchase or acquisition,
        or such redemption, purchase or acquisition would constitute a breach thereof or a default thereunder, or (ii) such redemption, purchase or acquisition is restricted or prohibited under the BCA or other applicable law.

      
        
          

      

      

      

      

      

      (h) Notwithstanding anything to the contrary in this Certificate of Designation, in the event that full cumulative dividends on the Series A Preferred Shares
        and any Parity Securities shall not have been paid or declared and set apart for payment, the Company may not repurchase, redeem or otherwise acquire, (1) any Parity Securities, except pursuant to a purchase or exchange offer made on the same terms
        to all holders of Series A Preferred Shares and Parity Securities, an exchange for or conversion or reclassification into other Parity Securities or Junior Securities or with proceeds of a substantially contemporaneous sale of Parity Securities or
        Junior Securities, or (2) any Common Stock and any other Junior Securities, except pursuant to an exchange for or, conversion or reclassification into other Junior Securities or with proceeds of a substantially contemporaneous sale of Junior
        Securities.

      Section 8 Change of Control.

      On or before the 20th Business Day prior to the consummation of a Change of Control that has been approved by the Company’s Board of Directors (or, in the case
        where the consummation of the Change of Control is in less than 20 Business Days, promptly after the Board of Directors approves such transaction that will result in a Change of Control but in any event not prior to the public announcement of the
        transaction resulting in such Change of Control), the Company shall provide written notice thereof to the Series A Preferred Holders (a “Change of Control Notice”), and in connection with any such Change of Control, each Series A Preferred Holder
        may elect one of the following options (subject to such Change of Control having actually occurred or actually occurring) by written notice given to the Company within 20 Business Days after the date the Company provides such Change of Control
        Notice (it being understood that if a Series A Preferred Holder fails to timely provide notice of its election to the Company, such Series A Preferred Holder will be deemed to have elected the option set forth in clause (b) below):

      (a) cause the Company to redeem all of such Series A Preferred Holder’s Series A Preferred Shares for cash in an amount per share equal to the Change of
        Control Redemption Price in effect immediately prior to the consummation of such Change of Control plus the amount of any accumulated and unpaid dividends thereon to but not including the date of redemption (whether or not such dividends shall have
        been declared), in which case the Company shall redeem such Series A Preferred Shares within 60 calendar days of the Company’s receipt of such Series A Preferred Holder’s notice; provided, however, that if,
        prior to the receipt of such written notice from a holder of Series A Preferred Shares, the Company has provided notice of its election to redeem some or all of the Series A Preferred Shares, such holder of Series A Preferred Shares will not have
        any right of redemption with respect to the shares called for redemption; or

      (b) subject to the Company’s (or, if the Company is not the surviving entity of such Change of Control, the Company’s successor’s) right to redeem the Series A
        Preferred Shares pursuant to Section 7, continue to hold such Series A Preferred Holder’s Series A Preferred Shares.

      Section 9 Rank.

      The Series A Preferred Shares shall be deemed to rank:

      (a) Senior to (i) the Common Stock and (ii) each other class or series of capital stock established after the Series A Issue Date, the terms of which class or
        series do not expressly provide that it is made senior to or on parity with the Series A Preferred Shares as to the payment of dividends and amounts payable upon any Liquidation Event (collectively referred to with the Common Stock as “Junior
          Securities”);

      (b) On a parity with any class or series of capital stock established after the Series A Issue Date with terms expressly providing that such class or series
        ranks on a parity with the Series A Preferred Shares as to dividends and distributions upon any Liquidation Event (collectively referred to as “Parity Securities”); and

      (c) Junior to each other class or series of capital stock made senior to the Series A Preferred Shares as to the payment of dividends and amounts payable upon
        any Liquidation Event (collectively referred to as “Senior Securities”).

      
        
          

      

      

      

      

      

      The Company may issue Junior Securities and Parity Securities from time to time in one or more classes or series without the consent of the Series A Preferred
        Holders and, subject to any approvals required by Series A Preferred Holders pursuant to Section 6(c), may issue Senior Securities from time to time in one or more classes or series. The Board of Directors has the authority to determine the
        preferences, powers, qualifications, limitations, restrictions and special or relative rights or privileges, if any, of any such class or series before the issuance of any shares of such class or series.

      Section 10 Fractional Shares.

      No Series A Preferred Shares may be issued in fractions of a share.

      Section 11 No Sinking Fund.

      The Series A Preferred Shares shall not have the benefit of any sinking fund.

      Section 12 Record Holders.

      To the fullest extent permitted by applicable law, the Company, the Registrar, the Transfer Agent and the Paying Agent may deem and treat any Series A
        Preferred Holder as the true, lawful and absolute owner of the applicable Series A Preferred Shares for all purposes, and neither the Company nor the Registrar, the Transfer Agent or the Paying Agent shall be affected by any notice to the contrary.

      Section 13 Notices.

      All notices or communications in respect of the Series A Preferred Shares shall be sufficiently given if given in writing and delivered in person or by first
        class mail, postage prepaid, or if given in such other manner as may be permitted in this Certificate of Designation, in the Articles of Incorporation, the Bylaws or by applicable law.

      Section 14 Conversion; Sinking Fund

      The Series A Preferred Shares shall not be convertible into Common Stock or any other securities of the Company and shall not have exchange rights or be
        entitled or subject to any preemptive or similar rights. The Series A Preferred Shares shall not be subject to mandatory redemption or to any sinking fund requirements.

      Section 15 Other Rights.

      The Series A Preferred Shares shall not have any voting powers, preferences or relative, participating, optional or other special rights, or qualifications,
        limitations or restrictions thereof, other than as set forth in this Certificate of Designation, the Articles of Incorporation, the Bylaws or as provided by applicable law.

      

      

      [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

      

      

      
        
          

      

      I further declare under penalty of perjury that the matters set forth in this Certificate of Designation are true and correct of my own knowledge.

      Executed [CITY], [COUNTRY] on September     , 2020.

       

      	 	 	
              /s/ [NAME]

            
	 	
              Name:

            	
              [NAME]

            
	 	
              Title:

            	
              [TITLE]Exhibit 4.3

    

  

  

  
    WARRANT AGENCY AGREEMENT

     

    This WARRANT AGENCY AGREEMENT (this “Warrant Agreement”) is dated as of September [__], 2020 (the “Issuance Date”) between Pyxis Tankers Inc., a Marshall Islands corporation (the “Company”), and VStock Transfer, LLC, a California limited liability company (the “Warrant Agent”).

    

      WHEREAS, pursuant to the terms of that certain Underwriting Agreement (“Underwriting Agreement”), dated September [__], 2020, by and between the Company and ThinkEquity, a division of Fordham
          Financial Management, Inc., as representative of the underwriters set forth therein, the Company is engaged in a public offering (the “Offering”) of 280,000 units (“Units”), each Unit consisting of one Series A Cumulative Redeemable Perpetual Preferred Share, par value
          $0.001 per share of the Company (the “Preferred Shares”)
          and eight Warrants (the “Warrants”) to purchase
          common shares, par value $0.001 per share (“Common Shares” and the Common Shares issuable upon exercise of the Warrants, the “Warrant Shares”) of the Company, and 42,000 Preferred Shares and 336,000 Warrants issuable pursuant to the underwriters’ over-allotment option;

    

    WHEREAS, the Company has filed with the Securities and Exchange Commission (the “Commission”) a Registration Statement on Form F-1 (File No. 333-245405) (as the same may be amended from time to time, the “Registration Statement”), for the registration under the
        Securities Act of 1933, as amended (the “Securities Act”), of the Units, including the Preferred Shares, Warrants and Warrant Shares, and such Registration Statement was declared
        effective on September [__], 2020;

     

    WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in accordance with the terms set forth in this Warrant Agreement in connection with the issuance, registration, transfer,
        exchange and exercise of the Warrants;

     

    WHEREAS, the Company desires to provide for the provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders
        of the Warrants; and

     

    WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Warrant Agreement.

     

    NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows:

     

    1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company with
      respect to the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the express terms and conditions set forth in this Warrant Agreement (and no duties or obligations shall be inferred or
      implied).

     

    2. Warrants.

     

    2.1 Form of Warrants. The Warrants shall be registered securities and shall be initially evidenced by a global
      Warrant certificate (“Global Certificate”) in the form of Annex A to this

    

    

    
      
        

    

    
    

    

    Warrant Agreement, which shall be deposited on behalf of the Company with a custodian for The Depository Trust Company (“DTC”) and
      registered in the name of Cede & Co., a nominee of DTC. If DTC subsequently ceases to make its settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding making arrangements for book-entry settlement. In
      the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, registration in the name of Cede & Co., a nominee of DTC, the Company may instruct the Warrant Agent to provide written instructions
      to DTC to deliver to the Warrant Agent for cancellation the Global Certificate, and the Company shall instruct the Warrant Agent to deliver to each Holder (as defined below) separate certificates evidencing Warrants (“Definitive Certificates”
      and, together with the Global Certificate, “Warrant Certificates”), in the form of Annex C to this Warrant Agreement. The Warrants represented by the Global Certificate are referred to as “Global Warrants.”

      

    2.2. Issuance and Registration of Warrants.

     

    2.2.1. Warrant Register. The Warrant Agent shall maintain books (“Warrant Register”) for the registration of
      original issuance and the registration of transfer of the Warrants. Any Person in whose name ownership of a beneficial interest in the Warrants evidenced by a Global Certificate is recorded in the records maintained by DTC or its nominee shall be
      deemed the “beneficial owner” thereof, provided that all such beneficial interests shall be held through a Participant (as defined below), which shall be the registered holder of such Warrants.

     

    2.2.2. Issuance of Warrants. Upon the initial issuance of
        the Warrants, the Warrant Agent shall issue the Global Certificate and deliver the Warrants in the DTC settlement system in accordance with written instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the
        Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) DTC, and (ii) institutions that have accounts with DTC (each, a “Participant”),
        subject to a Holder’s right to elect to receive a Warrant in certificated form in the form of Annex C to this Warrant Agreement. Any Holder desiring to elect to receive a Warrant in
        certificated form shall make such request in writing delivered to the Warrant Agent pursuant to Section 2.2.8, and shall surrender to the Warrant Agent the interest of the Holder on the books of the Participant evidencing the Warrants which are to
        be represented by a Definitive Certificate through the DTC settlement system. Thereupon, the Warrant Agent shall countersign and deliver to the person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so
        requested.

     

    2.2.3. Beneficial Owner; Holder. Prior to due presentment for registration of transfer of any Warrant, the Company
      and the Warrant Agent may deem and treat the person in whose name that Warrant shall be registered on the Warrant Register (the “Holder”) as the absolute owner of such Warrant for purposes of any exercise thereof, and for all other purposes,
      and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Warrant Agent or any agent of the Company or the Warrant Agent from giving
      effect to any written certification, proxy or other authorization furnished by DTC governing the exercise of the rights of a holder of a beneficial interest in any Warrant. The rights of beneficial owners in a Warrant evidenced by the Global
      Certificate shall be exercised by the Holder or a Participant through the DTC system, except to the extent set forth herein or in the Global Certificate.

     

    2.2.4. Execution. The Warrant Certificates shall be executed on behalf of the Company by any authorized officer of
      the Company (an “Authorized Officer”), which need not be the same authorized

    

    

    
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    signatory for all of the Warrant Certificates, either manually or by facsimile signature. The Warrant Certificates shall be countersigned by
      an authorized signatory of the Warrant Agent, which need not be the same signatory for all of the Warrant Certificates, and no Warrant Certificate shall be valid for any purpose unless so countersigned. In case any Authorized Officer of the Company
      that signed any of the Warrant Certificates ceases to be an Authorized Officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company, such Warrant Certificates, nevertheless, may be countersigned by the
      Warrant Agent, issued and delivered with the same force and effect as though the person who signed such Warrant Certificates had not ceased to be such officer of the Company; and any Warrant Certificate may be signed on behalf of the Company by any
      person who, at the actual date of the execution of such Warrant Certificate, shall be an Authorized Officer of the Company authorized to sign such Warrant Certificate, although at the date of the execution of this Warrant Agreement any such person
      was not such an Authorized Officer.

     

    2.2.5. Registration of Transfer. At any time at or prior to the Expiration Date (as defined below), a transfer of
      any Warrants may be registered and any Warrant Certificate or Warrant Certificates may be split up, combined or exchanged for another Warrant Certificate or Warrant Certificates evidencing the same number of Warrants as the Warrant Certificate or
      Warrant Certificates surrendered. Any Holder desiring to register the transfer of Warrants or to split up, combine or exchange any Warrant Certificate shall make such request in writing delivered to the Warrant Agent, and shall surrender to the
      Warrant Agent the Warrant Certificate or Warrant Certificates evidencing the Warrants the transfer of which is to be registered or that is or are to be split up, combined or exchanged. Thereupon, the Warrant Agent shall countersign and deliver to the
      person entitled thereto a Warrant Certificate or Warrant Certificates, as the case may be, as so requested. The Warrant Agent may require reasonable and customary payment, by the Holder requesting a registration of transfer of Warrants or a split-up,
      combination or exchange of a Warrant Certificate (but, for purposes of clarity, not upon the exercise of the Warrants and issuance of Warrant Shares to the Holder), of a sum sufficient to cover any tax or governmental charge that may be imposed in
      connection with such registration of transfer, split-up, combination or exchange, together with reimbursement to the Warrant Agent of all reasonable expenses incidental thereto.

     

     2.2.6. Loss, Theft and Mutilation of Warrant Certificates. Upon receipt by the Company and the
      Warrant Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Warrant Certificate, and, in case of loss, theft or destruction, of indemnity or security in customary form and amount, and reimbursement to
      the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Warrant Agent shall, on behalf of the Company, countersign and
      deliver a new Warrant Certificate of like tenor to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated. The Warrant Agent may charge the Holder an administrative fee for processing the replacement of lost Warrant
      Certificates, which shall be charged only once in instances where a single surety bond obtained covers multiple certificates. The Warrant Agent may receive compensation from the surety companies or surety bond agents for administrative services
      provided to them.

    2.2.7. Proxies. The Holder of a Warrant may grant proxies or otherwise authorize any person, including the
      Participants and beneficial holders that may own interests through the Participants, to take any action that a Holder is entitled to take under this Agreement or the Warrants; provided, however, that at all times that Warrants are
      evidenced by a Global Certificate,

    

    

    
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    exercise of those Warrants shall be effected on their behalf by Participants through DTC in accordance the procedures administered by DTC.

    

    

    2.2.8. Warrant Certificate Request. A Holder has the right to elect at any time or from time to time a Warrant
      Exchange (as defined below) pursuant to a Warrant Certificate Request Notice (as defined below). Upon written notice by a Holder to the Warrant Agent for the exchange of some or all of such Holder’s Global Warrants for a Definitive Certificate
      evidencing the same number of Warrants, which request shall be in the form attached hereto as Annex E (a “Warrant Certificate Request Notice” and the date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant
        Certificate Request Notice Date” and the deemed surrender upon delivery by the Holder of a number of Global Warrants for the same number of Warrants evidenced by a Definitive Certificate, a “Warrant Exchange”), the Warrant Agent shall
      promptly effect the Warrant Exchange and shall promptly issue and deliver to the Holder a Definitive Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated
      the original issue date of the Warrants, shall be manually executed by an authorized signatory of the Company, shall be in the form attached hereto as Annex C, and shall be reasonably acceptable in all respects to such Holder. In connection
      with a Warrant Exchange, the Company agrees to deliver, or to direct the Warrant Agent to deliver, the Definitive Certificate to the Holder within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard
      Settlement Period of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (“Warrant Certificate Delivery Date”). If the Company fails for any reason to deliver to the Holder the
      Definitive Certificate subject to the Warrant Certificate Request Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced
      by such Definitive Certificate (based on the VWAP (as defined in the Warrants) of the Common Shares on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant Certificate Delivery Date until such
      Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate, the Holder rescinds such Warrant Exchange. The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate Request Notice, the Holder
      shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions of the Warrants
      evidenced by such Warrant Certificate and the terms of this Agreement, other than Sections 2.2.8 and 7.8 herein, shall not apply to the Warrants evidenced by the Definitive Certificate.

    

    

    2.2.9. Subsequent to the Issuance Date, any and all costs incurred relating to transfers of Warrants, replacement of lost,
      stolen or mutilated Warrants or Warrant Exchanges shall be borne by the Holder of such Warrants.

    

    

    2.2.10. For purposes of clarity, if there is a conflict between the express terms of this Warrant Agreement and the Warrant
      certificate in the form of Annex C hereto with respect to terms of the Warrants, the terms of the Warrant certificate shall govern and control.

     

    3. Terms and Exercise of Warrants.

     

    3.1. Exercise Price. Each Warrant shall entitle the Holder, subject to the provisions of the applicable Warrant
      Certificate and of this Warrant Agreement, to purchase from the Company the number of Common Shares stated therein, at the price of $1.40 per whole share, subject to the

    

    

    
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    subsequent adjustments provided in Section 4 hereof. The term “Exercise Price” as used in this Warrant Agreement refers to the price
      per share at which Common Shares may be purchased at the time a Warrant is exercised.

     

    3.2. Duration of Warrants. Warrants may be exercised only during the period (“Exercise Period”) commencing on
      the Issuance Date and terminating at 5:00 P.M., New York City time (the “close of business”) on September [_], 2025 (the “Expiration Date”). Each Warrant
      not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Warrant Agreement shall cease at the close of business on the Expiration Date.

     

    3.3. Exercise of Warrants.

     

    3.3.1. Exercise and Payment.

     

    (a)          Exercise of the purchase rights represented by a Warrant may be made, in whole or in part, at any time or times during the Exercise Period by delivery to the Warrant Agent of the Notice of Exercise in the form
        annexed as Annex B hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the
        number of Trading Days comprising the Standard Settlement Period following the date the Holder delivers the Notice of Exercise as aforesaid, the Holder shall deliver, in accordance with the payment instructions in the Notice of Exercise, the
        aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 3.3.6 below is specified in the
        applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the
        contrary, the Holder shall not be required to physically surrender a Warrant Certificate to the Company until the Holder has purchased all of the Warrant Shares available thereunder and the Warrant has been exercised in full, in which case, the
        Holder shall surrender such Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of a Warrant resulting in purchases of a portion of the total
        number of Warrant Shares available thereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall
        maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within two (2) Business Days of receipt of such notice. The Holder and any assignee, by acceptance of a Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder,
          the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face thereof.

    Notwithstanding the foregoing in this Section 3.3.1 a holder whose interest in a Warrant is a beneficial interest in certificate(s) representing
      such Warrant held in registered form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 3.3.1 by delivering to DTC (or such other clearing corporation, as
      applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s right to elect to receive a Warrant in
      certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply. Upon giving irrevocable instructions to its

    

    

    
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    Participant to exercise Warrants, solely for purposes of Regulation SHO, the holder whose interest in the Warrant is a beneficial interest shall be deemed to have
      exercised such Warrant, notwithstanding when the applicable Warrant Shares are delivered to such holder.

      

    3.3.2. Issuance of Warrant Shares. (a) The Warrant Agent shall, on the Trading Day following the date of exercise of
      any Warrant, advise the Company, the transfer agent and registrar for the Company’s Common Shares, in respect of (i) the number of Warrant Shares indicated on the Notice of Exercise as issuable upon such exercise with respect to such exercised
      Warrants, (ii) the instructions of the Holder or Participant, as the case may be, provided to the Warrant Agent with respect to the delivery of the Warrant Shares and the number of Warrants that remain outstanding after such exercise and (iii) such
      other information as the Company or such transfer agent and registrar shall reasonably request.

     

    (b) The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by
      either (1) crediting the account of the Holder’s or its designee’s balance account with DTC through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective
      registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, or (2) by delivery of a book-entry position, registered in the Company’s
      share register in the name of the Holder or its designee, in each case for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the
      earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the
      Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares,
      provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days of and (ii) the number of Trading Days comprising the Standard Settlement Period
      following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as
      liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on
      the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent
      that is a participant in the FAST program so long as the Warrants remain outstanding and exercisable.  As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary
      Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.

     

    3.3.3. Valid Issuance. All Warrant Shares issued by the Company upon the proper exercise of a Warrant in conformity
      with this Warrant Agreement shall be validly issued, fully paid and non-assessable.

     

    3.3.4. No Fractional Exercise. No fractional Warrant Shares will be issued upon the exercise of the Warrant. If, by
      reason of any adjustment made pursuant to Section 4, a Holder would be entitled,

    

    

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

     

    3.3.5 No Transfer Taxes. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or
      transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as
      may be directed by the Holder; provided, however, that in the event Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form
      attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for
      same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

    

    

    3.3.6 Restrictive Legend Events; Cashless Exercise Under Certain Circumstances.

     

    (i) The Company shall use its commercially reasonable efforts to maintain the effectiveness of the
      Registration Statement and the current status of the prospectus included therein or to file and maintain the effectiveness of another registration statement and another current prospectus covering the Warrants and the Warrant Shares at any time that
      the Warrants are exercisable. The Company shall provide to the Warrant Agent and each Holder prompt written notice of any time that the Company is unable to deliver the Warrant Shares via DTC transfer or otherwise without restrictive legend because
      (A) the Commission has issued a stop order with respect to the Registration Statement, (B) the Commission otherwise has suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (C) the Company has
      suspended or withdrawn the effectiveness of the Registration Statement, either temporarily or permanently, (D) the prospectus contained in the Registration Statement is not available for the issuance of the Warrant Shares to the Holder or (E)
      otherwise (each a “Restrictive Legend Event”). To the extent that the Warrants cannot be exercised as a result of a Restrictive Legend Event or a Restrictive Legend Event occurs after a Holder has exercised Warrants in accordance with the
      terms of the Warrants but prior to the delivery of the Warrant Shares, the Company shall, at the election of the Holder, which shall be given within five (5) days of receipt of such notice of the Restrictive Legend Event, either (A) rescind the
      previously submitted Election to Purchase and the Company shall return all consideration paid by registered holder for such shares upon such rescission or (B) treat the attempted exercise as a cashless exercise as described in paragraph (ii) below
      and refund the cash portion of the exercise price to the Holder.

     

    (ii) If a Restrictive Legend Event has occurred, the Warrant may also be exercisable on a cashless
      basis. Notwithstanding anything herein to the contrary, the Company shall not be required to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant Shares. Upon a “cashless exercise”, the Holder shall be
      entitled to receive the number of Warrant Shares equal to the quotient (if such quotient would be a positive number) obtained by dividing (A-B) (X) by (A), where:

    
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    (A) = the last
        VWAP immediately preceding the date of exercise giving rise to the applicable “cashless exercise”, as set forth in the applicable Election to Purchase (to clarify, the “last
          VWAP” will be the last VWAP as calculated over an entire Trading Day such that, in the event that this Warrant is exercised at a time that the Trading Market is open, the prior Trading Day’s VWAP shall be used in this calculation)

    

    

    (B) = the Exercise Price of the Warrant, as adjusted as set forth herein; and

    

    

    (X) = the number of Warrant Shares that would be issuable upon exercise of the Warrant  in accordance
      with the terms of the Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

     

    If the Warrant Shares are issued in such a cashless exercise, the Company acknowledges and agrees that,
      in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised and the Company agrees not to take any position contrary thereto. Upon receipt of an Election to
      Purchase for a cashless exercise, the Warrant Agent will promptly deliver a copy of the Election to Purchase to the Company to confirm the number of Warrant Shares issuable in connection with the cashless exercise. The Company shall calculate and
      transmit to the Warrant Agent in a written notice, and the Warrant Agent shall have no duty, responsibility or obligation under this section to calculate, the number of Warrant Shares issuable in connection with any cashless exercise. The Warrant
      Agent shall be entitled to rely conclusively on any such written notice provided by the Company, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with such written instructions or
      pursuant to this Warrant Agreement. Notwithstanding anything herein to the contrary, on the Termination Date (as defined below), this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 3.3.6.

       

    3.3.7 Disputes. In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation
      of the number of Warrant Shares issuable in connection with any exercise, the Company shall promptly deliver to the Holder the number of Warrant Shares that are not disputed.

     

    3.3.8 Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance
        with the provisions of Section 3.3.2(b) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s
        brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s
        total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection
        with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed; provided, however, that such Holder provides reasonable evidence of the date and time of such sell order and such sell order occurred after the missed Warrant Share Delivery Date and prior to the
        delivery of the related Warrant Shares, and (B) at the option of the Holder, either reinstate the portion of the Warrant and

    

    

    
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    equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver
      to the Holder the number of Common Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to
      cover a Buy-In with respect to an attempted exercise of Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the
      Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s
      right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Common Shares upon
      exercise of the Warrant as required pursuant to the terms hereof.

      

    3.3.9 Beneficial Ownership Limitation. The Company shall not effect any exercise of this Warrant, and a Holder shall
      not have the right to exercise any portion of a Warrant, pursuant to Section 3 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with the
      Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
      below).  For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of such Warrant with respect to
      which such determination is being made, but shall exclude the number of Common Shares which would be issuable upon (i) exercise of the remaining, non-exercised portion of such Warrant beneficially owned by the Holder or any of its Affiliates or
      Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company (including, without limitation, any other securities of the Company which would entitle the holder thereof to
      acquire at any time Common Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof
      to receive, Common Shares (“Common Share Equivalents”)) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as
      set forth in the preceding sentence, for purposes of this Section 3.3.9, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and
      regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any
      schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 3.3.9 applies, the determination of whether a Warrant is exercisable (in relation to other securities owned by the Holder together
      with any Affiliates and Attribution Parties) and of which portion of a Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether a
      Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of a Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the
      Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules
      and regulations promulgated thereunder. For purposes of this Section

    

    

    
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    3.3.9, in determining the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in
      (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the
      number of Common Shares outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing (including by e-mail) to the Holder the number of Common Shares then outstanding.  In any
      case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including such Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of
      which such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the number of Common Shares outstanding
      immediately after giving effect to the issuance of Common Shares issuable upon exercise of a Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 3.3.9, provided that
      the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of Common Shares outstanding immediately after giving effect to the issuance of Common Shares upon exercise of this Warrant held by the Holder and the provisions of this
      Section 3.3.9 shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the
      Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 3.3.9 to correct this paragraph (or any portion hereof) which may be defective or inconsistent
      with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of
      this Warrant.

     

    4. Adjustments.

     

    4.1 Adjustment upon Subdivisions or Combinations. If the Company, at any time while the Warrants are outstanding:
      (i) pays a stock dividend or otherwise makes a distribution or distributions on its Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued
      by the Company upon exercise of the Warrants), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Shares into a smaller number of shares, or (iv)
      issues by reclassification of the Common Shares any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares and such other capital
      stock of the Company (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common Shares and such other capital stock of the Company (excluding treasury shares, if any)
      outstanding immediately after such event, and the number of shares issuable upon exercise of each Warrant shall be proportionately adjusted such that the aggregate Exercise Price of such Warrant shall remain unchanged. Any adjustment made pursuant to
      this Section 4.1 shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a
      subdivision, combination or re-classification.

    

    

    4.2 Adjustment for Other Distributions.

    
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    (a) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 4.1 above, if at any time the
      Company grants, issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Shares (the “Purchase Rights”), then the Holder will be
      entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Common Shares acquirable upon complete exercise of a Warrant (without
      regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is
      taken, the date as of which the record holders of Common Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result
      in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of such Purchase Right to such extent)
      and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

     

    (b) Extraordinary Dividends. If the Company, at any time during the Exercise Period, shall pay a dividend in
      cash, securities or other assets to all holders of Common Shares (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (i) as described in Sections 4.1, 4.2(a) or 4.3, or (ii) regular quarterly or other
      periodic dividends (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Exercise Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the
      quotient of (1) the gross amount of cash and/or fair market value (as determined by the Company’s Board of Directors, in good faith) of all securities or other assets paid to the holders of Common Shares (or other shares of the Company’s capital
      stock into which the Warrants are convertible) in respect of such Extraordinary Dividend divided by (2) the sum of the number of Common Shares (or other shares of the Company’s capital stock into which the Warrants are exercisable) outstanding at the
      time of the Extraordinary Dividend plus the number of Common Shares then issuable upon exercise of all outstanding Warrants, provided, that the Exercise Price shall not be reduced below zero.

       

    4.3. Fundamental Transaction. If, at any time while the Warrants are outstanding, (i) the Company, directly or
      indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other
      disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which
      all holders of Common Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Shares, (iv) the Company, directly or indirectly,
      in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to which all outstanding Common Shares are effectively converted into or exchanged for
      other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
      recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not including any Common

    

    

    
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    Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to,
      such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of a Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been
      issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction (without regard to any limitation in Section 3.3.9 on the exercise of a Warrant), the number of Common Shares of the successor or acquiring corporation or
      of the Company, if it is the surviving corporation, and such amount of cash or any other consideration (collectively, the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of Common
      Shares for which a Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 3.3.9 on the exercise of a Warrant). For purposes of any such exercise, the determination of the Exercise Price
      shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among
      the Alternate Consideration in a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common Shares are given any choice as to the securities, cash or property to be received in a
      Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of a Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental
      Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under the Warrants in accordance with the provisions of this Section 4.3 pursuant to written agreements
      prior to or during such Fundamental Transaction. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions
      of the Warrants referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under the Warrants with the same effect as if such
      Successor Entity had been named as the Company therein.

     

    The Company shall instruct the Warrant Agent in writing (including by e-mail) to send by e-mail or by first class mail,
      postage prepaid, to each Holder, written notice of the execution of any such amendment, supplement or agreement with the Successor Entity. Any supplemented or amended agreement entered into by the successor corporation or transferee shall provide for
      adjustments, which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 4.3. The Warrant Agent shall have no duty, responsibility or obligation to determine the correctness of any provisions contained in
      such agreement or such notice, including but not limited to any provisions relating either to the kind or amount of securities or other property receivable upon exercise of warrants or with respect to the method employed and provided therein for any
      adjustments, and shall be entitled to rely conclusively for all purposes upon the provisions contained in any such agreement. The provisions of this Section 4.3 shall similarly apply to successive reclassifications, changes, consolidations, mergers,
      sales and conveyances of the kind described above.

     

    4.4. Notices to Holder. (a) Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant
      to any provision of this Section 4, the Company shall promptly deliver to the Holder by facsimile or e-mail a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth
      a brief statement of the facts requiring such adjustment. Provided, however, that the Company may satisfy this notice requirement in this Section 4.4(a) by filing such notice with the Commission pursuant to a Report on Form 6-K, or, to

    

    

    
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    the extent that the Company is no longer subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, by posting such
      notice on the Company’s website.

    

    

    (b) Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Shares, (B) the Company shall
        declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall authorize the granting to all holders of the Common Shares rights or warrants to subscribe for or purchase any shares of capital stock of
        any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Shares, any consolidation or merger to which the Company is a party, any sale or transfer of all
        or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares are converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
        liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by mail, facsimile or e-mail to the Holder at its last mailing address, facsimile number or e-mail address as it shall appear upon
        the Warrant Register of the Company, at least five (5) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
        distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or
        (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Shares of record shall be entitled to
        exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the
        delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice required to be provided in this Warrant Agreement constitutes, or contains, material, non-public
        information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. Provided such notice occurs within the Exercise Period, the Holder shall remain
        entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

     

    4.5 Other Events. If any event occurs of the type contemplated by the provisions of Section 4.1 or 4.2 but not
      expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, Adjustment Rights, phantom stock rights or other rights with equity features to all holders of Common Shares for no consideration),
      then the Company's Board of Directors will, at its discretion and in good faith, make an adjustment in the Exercise Price and the number of Warrant Shares or designate such additional consideration to be deemed issuable upon exercise of a Warrant, so
      as to protect the rights of the registered Holder. No adjustment to the Exercise Price will be made pursuant to more than one sub-section of this Section 4 in connection with a single issuance.

     

    4.6. Notices of Changes in Warrant. Upon every adjustment of the Exercise Price or the number of Warrant Shares
      issuable upon exercise of a Warrant, the Company shall give written notice thereof (including by e-mail) to the Warrant Agent, which notice shall state the Exercise Price resulting from such adjustment and the increase or decrease, if any, in the
      number of Warrant Shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method

    

    

    
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    of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1 or 4.2, then, in
      any such event, the Company shall give written notice by mail, e-mail or facsimile to each Holder, at the last address set forth for such holder in the Warrant Register, as of the record date or the effective date of the event. Provided, however,
      that the Company may satisfy the notice requirement to Holders in this Section 4.6 by filing such notice with the Commission pursuant to a Report on Form 6-K, or, to the extent that the Company is no longer subject to the reporting requirements of
      Section 13 or 15(d) of the Exchange Act, by posting such notice on the Company’s website. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event. The Warrant Agent shall be entitled to rely
      conclusively on, and shall be fully protected in relying on, any certificate, notice or instructions provided by the Company with respect to any adjustment of the Exercise Price or the number of shares issuable upon exercise of a Warrant, or any
      related matter, and the Warrant Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with any such certificate, notice or instructions or pursuant to this Warrant Agreement. The Warrant Agent shall not
      be deemed to have knowledge of any such adjustment unless and until it shall have received written notice thereof (including by e-mail) from the Company.

     

    
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    5. Restrictive Legends; Fractional Warrants.

     

    In the event that a Warrant Certificate surrendered for transfer bears a restrictive legend, the Warrant
      Agent shall not register that transfer until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the Warrants must also bear a restrictive legend upon that transfer. The
      Warrant Agent shall not be required to effect any registration of transfer or exchange which will result in the transfer of or delivery of a Warrant Certificate for a fraction of a Warrant.

     

    

    6. Other Provisions Relating to Rights of Holders of Warrants.

     

    6.1. No Rights as Stockholder. Except as otherwise specifically provided herein, a Holder, solely in its capacity as
      a holder of Warrants, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant Agreement be construed to confer upon a Holder, solely in
      its capacity as the registered holder of Warrants, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of share
      capital, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights or rights to participate in new issues of shares, or otherwise, prior to the issuance to the Holder of the Warrant Shares
      which it is then entitled to receive upon the due exercise of Warrants.

     

    6.2. Reservation of Common Shares. The Company shall at all times reserve and keep available a number of its
      authorized but unissued Common Shares that will be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Warrant Agreement.

     

    7. Concerning the Warrant Agent and Other Matters.

     

    7.1. Any instructions given to the Warrant Agent orally, as permitted by any provision of this Warrant Agreement, shall be
      confirmed in writing (including by e-mail) by the Company as soon as practicable. The Warrant Agent shall not be liable or responsible and shall be fully authorized and protected for acting, or failing to act, in accordance with any oral instructions
      which do not conform with the written confirmation received in accordance with this Section 7.1.

     

    7.2. (a) Whether or not any Warrants are exercised, for the Warrant Agent’s services as agent for the Company hereunder,
      the Company shall pay to the Warrant Agent such fees as may be separately agreed between the Company and Warrant Agent and the Warrant Agent’s out of pocket expenses in connection with this Warrant Agreement, including the reasonable fees and
      expenses of the Warrant Agent’s counsel. While the Warrant Agent endeavors to maintain out-of-pocket charges (both internal and external) at competitive rates, these charges may not reflect actual out-of-pocket costs, and may include handling charges
      to cover internal processing and use of the Warrant Agent’s billing systems.

     

    (b) No provision of this Warrant Agreement shall require Warrant Agent to expend or risk its own funds or otherwise incur
      any financial liability in the performance of any of its duties under this Warrant Agreement or in the exercise of its rights.

     

    
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    7.3 As agent for the Company hereunder the Warrant Agent:

     

    (a) shall have no duties or obligations other than those specifically set forth herein or as may subsequently be agreed to
      in writing by the Warrant Agent and the Company;

     

    (b) shall be regarded as making no representations and having no responsibilities as to the validity, sufficiency, value,
      or genuineness of the Warrants or any Warrant Shares;

     

    (c) shall not be obligated to take any legal action hereunder; if, however, the Warrant Agent determines to take any legal
      action hereunder, and where the taking of such action might, in its judgment, subject or expose it to any expense or liability it shall not be required to act unless it has been furnished with an indemnity reasonably satisfactory to it;

      

    (d) may rely on and shall be fully authorized and protected in acting or failing to act upon any certificate, instrument,
      opinion, notice, letter, telegram, telex, facsimile transmission or other document or security delivered to the Warrant Agent and believed by it to be genuine and to have been signed by the proper party or parties;

      

    (e) shall not be liable or responsible for any recital or statement contained in the Registration Statement or any other
      documents relating thereto;

     

    (f) shall not be liable or responsible for any failure on the part of the Company to comply with any of its covenants and
      obligations relating to the Warrants, including without limitation obligations under applicable securities laws;

     

    (g) may rely on and shall be fully authorized and protected in acting or failing to act upon the written, telephonic or
      oral instructions with respect to any matter relating to its duties as Warrant Agent covered by this Warrant Agreement (or supplementing or qualifying any such actions) of officers of the Company, and is hereby authorized and directed to accept
      instructions with respect to the performance of its duties hereunder from the Company or counsel to the Company, and may apply to the Company, for advice or instructions in connection with the Warrant Agent’s duties hereunder, and the Warrant Agent
      shall not be liable for any delay in acting while waiting for those instructions; any applications by the Warrant Agent for written instructions from the Company may, at the option of the Warrant Agent, set forth in writing any action proposed to be
      taken or omitted by the Warrant Agent under this Warrant Agreement and the date on or after which such action shall be taken or such omission shall be effective; the Warrant Agent shall not be liable for any action taken by, or omission of, the
      Warrant Agent in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than five (5) Business Days after the date such application is sent to the Company, unless the
      Company shall have consented in writing to any earlier date) unless prior to taking any such action, the Warrant Agent shall have received written instructions in response to such application specifying the action to be taken or omitted;

    

    

    (h) may consult with counsel satisfactory to the Warrant Agent, including its in-house counsel, and the advice of such
      counsel shall be full and complete authorization and protection in respect of any action taken, suffered, or omitted by it hereunder in good faith and in accordance with the advice of such counsel;

     

    (i) may perform any of its duties hereunder either directly or by or through nominees, correspondents, designees, or
      subagents, and it shall not be liable or responsible for any misconduct

    

    

    
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    or negligence on the part of any nominee, correspondent, designee, or subagent appointed with reasonable care by it in connection with this
      Warrant Agreement;

     

    (j) is not authorized, and shall have no obligation, to pay any brokers, dealers, or soliciting fees to any person; and

     

    (k) shall not be required hereunder to comply with the laws or regulations of any country other than the United States of
      America or any political subdivision thereof.

     

    7.4. (a) In the absence of gross negligence or willful or illegal misconduct on its part, the Warrant Agent shall not be
      liable for any action taken, suffered, or omitted by it or for any error of judgment made by it in the performance of its duties under this Warrant Agreement. Anything in this Warrant Agreement to the contrary notwithstanding, in no event shall the
      Warrant Agent be liable for special, indirect, incidental, consequential or punitive losses or damages of any kind whatsoever (including but not limited to lost profits), even if the Warrant Agent has been advised of the possibility of such losses or
      damages and regardless of the form of action. Any liability of the Warrant Agent will be limited in the aggregate to the amount of fees paid by the Company hereunder. The Warrant Agent shall not be liable for any failures, delays or losses, arising
      directly or indirectly out of conditions beyond its reasonable control including, but not limited to, acts of government, exchange or market ruling, suspension of trading, work stoppages or labor disputes, fires, civil disobedience, riots,
      rebellions, storms, electrical or mechanical failure, computer hardware or software failure, communications facilities failures including telephone failure, war, terrorism, insurrection, earthquakes, floods, acts of God or similar occurrences.

     

    (b) In the event any question or dispute arises with respect to the proper interpretation of the
      Warrants or the Warrant Agent’s duties under this Warrant Agreement or the rights of the Company or of any Holder, the Warrant Agent shall not be required to act and shall not be held liable or responsible for its refusal to act until the question or
      dispute has been judicially settled (and, if appropriate, it may file a suit in interpleader or for a declaratory judgment for such purpose) by final judgment rendered by a court of competent jurisdiction, binding on all persons interested in the
      matter which is no longer subject to review or appeal, or settled by a written document in form and substance satisfactory to Warrant Agent and executed by the Company and each such Holder. In addition, the Warrant Agent may require for such purpose,
      but shall not be obligated to require, the execution of such written settlement by all the Holders and all other persons that may have an interest in the settlement.  

    7.5. The Company covenants to indemnify the Warrant Agent and hold it harmless from and against any loss, liability, claim
      or expense (“Loss”) arising out of or in connection with the Warrant Agent’s duties under this Warrant Agreement, including the costs and expenses of defending itself against any Loss, unless such Loss shall have been determined by a court of
      competent jurisdiction to be a result of the Warrant Agent’s gross negligence or willful misconduct.

     

    7.6. Unless terminated earlier by the parties hereto, this Warrant Agreement shall terminate ninety (90) days after the
      earlier of the Expiration Date and the date on which no Warrants remain outstanding (the “Termination Date”). On the Business Day following the Termination Date, the Warrant Agent shall deliver to the Company any entitlements, if any, held by
      the Warrant Agent under this Warrant Agreement. The Warrant Agent’s right to be reimbursed for fees, charges and out-

    

    

    
      17

      
        

    

    

    

    of-pocket expenses as provided in this Section 7 shall survive the termination of this Warrant Agreement.

     

    7.7. If any provision of this Warrant Agreement shall be held illegal, invalid, or unenforceable by any court, this Warrant
      Agreement shall be construed and enforced as if such provision had not been contained herein and shall be deemed an Agreement among the parties to it to the full extent permitted by applicable law.

     

    7.8. The Company represents and warrants that (a) it is duly incorporated and validly existing under the laws of its
      jurisdiction of incorporation, (b) the offer and sale of the Warrants and the execution, delivery and performance of all transactions contemplated thereby (including this Warrant Agreement) have been duly authorized by all necessary corporate action
      and will not result in a breach of or constitute a default under the articles of incorporation, bylaws or any similar document of the Company or any indenture, agreement or instrument to which it is a party or is bound, (c) this Warrant Agreement has
      been duly executed and delivered by the Company and constitutes the legal, valid, binding and enforceable obligation of the Company, (d) the Warrants will comply in all material respects with all applicable requirements of law and (e) to the best of
      its knowledge, there is no litigation pending or threatened as of the date hereof in connection with the offering of the Warrants.

     

    7.9. In the event of inconsistency between this Warrant Agreement and the descriptions in the Registration Statement, as
      they may from time to time be amended, the terms of this Warrant Agreement shall control.

     

    7.10. Set forth in Annex D hereto is a list of the names and specimen signatures of the persons authorized to act
      for the Company under this Warrant Agreement (the “Authorized Representatives”). The Company shall, from time to time, certify to you the names and signatures of any other persons authorized to act for the Company under this Warrant Agreement.

     

    7.11. Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the Warrant Agent or by
      the holder of any Warrant to or on the Company including, without limitation, any Notice of Exercise, shall be in writing and delivered by e-mail, hand or sent by registered or certified mail or a nationally recognized overnight courier service,
      addressed (until another address is filed in writing by the Company with the Warrant Agent) as set forth below and if to any holder any notice, statement or demand shall be given to the last address set forth for such holder (if any) in the Warrant
      Register:

    

    

    Pyxis Tankers Inc.

    59 K. Karamanli Street,

    Maroussi 15125 Greece

    Attention: Henry P. Williams, Chief Financial Officer

    Facsimile No.: +30 210 638 0066

    E-mail: hwilliams@pyxistankers.com

    

    

    

    

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

    

    

    Seward & Kissel LLP

    One Battery Park Plaza

    
      18

      
        

    

    

    

    

    

    

    

    New York, New York 10004

    Attention: Keith Billotti, Esq.

    Facsimile No.: (212) 480-8421

    E-mail: billotti@sewkis.com

    

    

    Any notice, statement or demand authorized by this Warrant Agreement to be given or made by the holder of any Warrant or by
      the Company to or on the Warrant Agent including, without limitation, any Notice of Exercise, shall be in writing and delivered by e-mail, facsimile, hand or sent by registered or certified mail a nationally recognized overnight courier service,
      addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows:

    

    

    VStock Transfer, LLC

    18 Lafayette Place

    Woodmere, New York 11598

    Facsimile No.: (646) 536-3179

    Attention: Operations Department

    E-mail: L-Z@vstocktransfer.com

    

    

    Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (i) the
      time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth above in this Section 7.11 prior to 5:30 p.m. (New York City time) on any Trading Day, (ii) the next
      Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth in this Section 7.11 on a day that is not a Trading Day or later than 5:30 p.m.
      (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be
      given.  Notwithstanding any other provision of this Warrant, where this Warrant provides for notice of any event to the Holder, if this Warrant is held in global form by DTC (or any successor depositary), such notice shall be sufficiently given if
      given to DTC (or any successor depositary) pursuant to the procedures of DTC (or such successor depositary), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in
      which case this sentence shall not apply.

     

    7.12. (a) This Warrant Agreement shall be governed by and construed in accordance with the laws of the State of New York.
      All actions and proceedings relating to or arising from, directly or indirectly, this Warrant Agreement may be litigated in courts located within the Borough of Manhattan in the City and State of New York. The Company hereby submits to the personal
      jurisdiction of such courts and consents that any service of process may be made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder.

    

    

    (b) This Warrant Agreement shall inure to the benefit of and be binding upon the successors and assigns of the parties
      hereto. This Warrant Agreement may not be assigned, or otherwise transferred, in whole or in part, by either party without the prior written consent of the other party, which the other party will not unreasonably withhold, condition or delay; except
      that (i) consent is not required for an assignment or delegation of duties by Warrant Agent to any affiliate of Warrant Agent and (ii) any reorganization, merger, consolidation, sale of assets or other form of business

    

    

    
      19

      
        

    

    

    

    combination by Warrant Agent or the Company shall not be deemed to constitute an assignment of this Warrant Agreement.

     

    (c) No provision of this Warrant Agreement may be amended, modified or waived, except in a written document signed by both
      parties. The Company and the Warrant Agent may amend or supplement this Warrant Agreement without the consent of any Holder for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or
      adding or changing any other provisions with respect to matters or questions arising under this Agreement as the parties may deem necessary or desirable and that the parties determine, in good faith, shall not materially and adversely affect the
      interests of the Holders.  All other amendments and supplements shall require the vote or written consent of Holders of at least 50.1% of the then outstanding Warrants, provided that adjustments may be made to the Warrant terms and rights in
      accordance with Section 4 without the consent of the Holders.

     

    7.13 Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed
      upon the Company or the Warrant Agent in respect of the issuance or delivery of Warrant Shares upon the exercise of Warrants, but the Company may require the Holders to pay any transfer taxes in respect of the Warrants or such shares. The Warrant
      Agent may refrain from registering any transfer of Warrants or any delivery of any Warrant Shares unless or until the persons requesting the registration or issuance shall have paid to the Warrant Agent for the account of the Company the amount of
      such tax or charge, if any, or shall have established to the reasonable satisfaction of the Company and the Warrant Agent that such tax or charge, if any, has been paid. 

      

    7.14 Resignation of Warrant Agent.

     

    7.14.1. Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may
      resign its duties and be discharged from all further duties and liabilities hereunder after giving thirty (30) days’ notice in writing to the Company, or such shorter period of time agreed to by the Company. The Company may terminate the services of
      the Warrant Agent, or any successor Warrant Agent, after giving thirty (30) days’ notice in writing to the Warrant Agent or successor Warrant Agent, or such shorter period of time as agreed to by the parties. If the office of the Warrant Agent
      becomes vacant by resignation, termination or incapacity to act or otherwise, the Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty
      (30) days after it has been notified in writing of such resignation or incapacity by the Warrant Agent, then the Warrant Agent or any Holder may apply to any court of competent jurisdiction for the appointment of a successor Warrant Agent at the
      Company’s cost. Pending appointment of a successor to such Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent shall be carried out by the Company. Any successor Warrant Agent (but not including the initial
      Warrant Agent), whether appointed by the Company or by such court, shall be a person organized and existing under the laws of any state of the United States of America, in good standing, and authorized under such laws to exercise corporate trust
      powers and subject to supervision or examination by federal or state authority. After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant
      Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed, and except for executing and delivering documents as provided in the sentence that follows, the predecessor Warrant Agent shall have no further
      duties, obligations, responsibilities or liabilities hereunder, but shall be entitled to all rights that survive the termination of this Warrant Agreement and the resignation or removal of the

    

    

    
      20

      
        

    

    

    

    Warrant Agent, including but not limited to its right to indemnity hereunder. If for any reason it becomes necessary or appropriate or at the
      request of the Company, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of such predecessor Warrant Agent
      hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such successor Warrant Agent all such
      authority, powers, rights, immunities, duties, and obligations.

      

    7.14.2. Notice of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company
      shall give notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Shares not later than the effective date of any such appointment.

     

    7.14.3. Merger or Consolidation of Warrant Agent. Any person into which the Warrant Agent may be merged or converted
      or with which it may be consolidated or any person resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party or any person succeeding to the shareowner services business of the Warrant Agent or any successor
      Warrant Agent shall be the successor Warrant Agent under this Warrant Agreement, without any further act or deed. For purposes of this Warrant Agreement, “person” shall mean any individual, firm, corporation, partnership, limited liability company,
      joint venture, association, trust or other entity, and shall include any successor (by merger or otherwise) thereof or thereto.

     

    8. Miscellaneous Provisions.

     

    8.1. Persons Having Rights under this Warrant Agreement. Nothing in this Warrant Agreement expressed and nothing
      that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the Holders any right, remedy, or claim under or by reason of this
      Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof.

     

    8.2. Examination of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable
      times at the office of the Warrant Agent designated for such purpose for inspection by any Holder. Prior to such inspection, the Warrant Agent may require any such holder to provide reasonable evidence of its interest in the Warrants.

     

    8.3. Counterparts. This Warrant Agreement may be executed in any number of original, facsimile or electronic
      counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

     

    8.4. Effect of Headings. The Section headings herein are for convenience only and are not part of this Warrant
      Agreement and shall not affect the interpretation thereof.

     

    9. Certain Definitions.

     

    As used herein, the following terms shall have the following meanings:

     

    (i) “Adjustment Right” means any right granted with respect to any securities issued in connection with, or with
      respect to, any issuance, sale or delivery (or deemed issuance, sale or

    

    

    
      21

      
        

    

    

    

    delivery in accordance with Section 4) of Common Shares (other than rights of the type described in Section 4.2 and 4.3 hereof) that could
      result in a decrease in the net consideration received by the Company in connection with, or with respect to, such securities (including, without limitation, any cash settlement rights, cash adjustment or other similar rights) but excluding
      anti-dilution and other similar rights (including pursuant to Section 4.4 of this Agreement).

    

    

    (ii) “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.

      

    (iii) “Trading Day” means any day on which the Common Shares are traded on the Trading Market, or, if the Trading
      Market is not the principal trading market for the Common Shares, then on the principal securities exchange or securities market in the United States on which the Common Shares are then traded, provided that “Trading Day” shall not include any day on
      which the Common Shares are scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Shares are suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market
      does not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00 P.M., New York City time).

     

    (iv) “Trading Market” means 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).

     

    (v) “VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the
      Common Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as
      reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the
      nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported in the “Pink Open Market” published by OTC Markets
      Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an
      independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

    

    

     

    [SIGNATURE PAGE FOLLOWS]

    
      22

      
        

    

    

    

    IN WITNESS WHEREOF, this Warrant Agency Agreement has been duly executed by the parties hereto as of
      the day and year first above written.

    

    

    	 	
            PYXIS TANKERS INC.

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

     

    

    

    

    

    	 	
            VSTOCK TRANSFER, LLC

          
	 	
            As Warrant Agent

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    

    

    Annex A:    Form of Global
        Certificate

    Annex B:    Election to Purchase

    Annex C:    Form of Certificated
        Warrant

    Annex D:    Authorized
        Representatives

    Annex E:    Form of Warrant
        Certificate Request Notice

     

    
      23

      
        

    

    ANNEX A

     

    [FORM OF GLOBAL CERTIFICATE]

     

    UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
      CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
      ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
      HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     

    PYXIS TANKERS INC.

      WARRANT CERTIFICATE

      NOT EXERCISABLE AFTER ______, 2025

     

    This certifies that [_______], or its registered assigns, is the registered owner of [__] Warrants. Each Warrant entitles
      its registered holder to purchase from Pyxis Tankers Inc., a Marshall Islands corporation (the “Company”), at any time prior to 5:00 P.M. (New York City time) on [____], 2025, one common share, par value $0.001
      per share, of the Company (each, a “Warrant Share” and collectively, the “Warrant Shares”), at an exercise price of $1.40 per share, subject to possible adjustments as
      provided in the Warrant Agreement (as defined below).

    

    

    The terms and conditions of the Warrants and the rights and obligations of the holder of this Warrant Certificate are set
      forth in the Warrant Agency Agreement, dated as of [____], 2020 (the “Warrant Agreement”) between the Company and VStock Transfer, LLC (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part of this
      Warrant Certificate. A copy of the Warrant Agreement is available for inspection during business hours at the office of the Warrant Agent. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in
      the Warrant Agreement.

     

    A transfer of the Warrants evidenced hereby may be registered upon surrender of this Warrant Certificate at the designated
      office of the Warrant Agent by the registered holder in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer, a signature guarantee, and such other and further documentation as the Warrant Agent
      may reasonably request and duly stamped as may be required by the laws of the State of New York and of the United States of America.

    

    

    The Company and the Warrant Agent may deem and treat the registered Holder(s) hereof as the absolute owner(s) of this
      Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the
      Warrant Agent shall be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a stockholder of the Company. 

    
      24

      
        

    

    

    

    

    

    This Warrant Certificate shall not be valid or obligatory for any purpose until it shall have been countersigned by an
      authorized signatory of the Warrant Agent.

    

    

    [Signature Page Follows]

     

    
      25

      
        

    

    

    

    IN WITNESS WHEREOF, the parties hereto have caused this Warrant Certificate to be duly executed as of the date first
      written above.

    	 	
            Pyxis Tankers Inc.

          
	 	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

    

    

    Dated: [●], 202[●]

    Countersigned:

    

    

    	
            VStock Transfer, LLC

          	 
	
            As Warrant Agent

          	 
	 	 	 
	
            By:

          	 	 
	
            Name:

          	 	 
	
            Title:

          	 	 

    

    

    

    

    
      26

      
        

    

    

    

    ANNEX B

    

    

    NOTICE OF EXERCISE

    	TO:	
            VSTOCK TRANSFER, LLC, AS WARRANT AGENT

          

    	

          	(1)	
            The undersigned hereby elects to purchase ________ Warrant Shares of Pyxis Tankers Inc. (the “Company”) pursuant to the terms of the attached Warrant (only if exercised in full), and tenders
              herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

          

    	

          	(2)	
            Payment shall take the form of (check applicable box):

          

    [  ] in lawful money of the United States (check applicable box):

    [  ] Cashier’s check drawn on a United States bank, made payable to:Pyxis Tankers Inc.; or

    [_] Wire transfer to:

    [WIRE INSTRUCTIONS]

    [  ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set
      forth in subsection 3.3.6 of the Warrant Agreement, to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 3.3.6 of the Warrant Agreement.

    	

          	(3)	
            Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

          

    

    

    	 	 	 

    

    

    The Warrant Shares shall be delivered to the following DWAC Account Number:

    

    

    	 	 	 
	 	 	 
	 	 	 

    

    

    [SIGNATURE OF HOLDER]

    Name of Investing Entity: _____________________________________________________________

      

    Signature of Authorized Signatory of Investing Entity: ______________________________________

      

    
      27

      
        

    

    

    

    

    

    Name of Authorized Signatory: _________________________________________________________

      

    Title of Authorized Signatory: __________________________________________________________

      

    Date:  _____________________________________________________________________________

      

    

    

    
      28

      
        

    

    ANNEX C

    

    

    [FORM OF CERTIFICATED WARRANT]

    

    

    WARRANT TO PURCHASE COMMON SHARES

     

    PYXIS TANKERS INC.

     

    	
            Warrant Shares: _______

          	
            Initial Exercise Date: [●] ___, [●]

          
	
             

          	
            Issue Date: [●] ___, 2020

          

     

    	
             

          	
            CUSIP: ______________

          
	
             

          	
             

          
	
             

          	
            ISIN: _______________

          

     

    THIS COMMON SHARE PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
      is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after ___, 2020 (the “Initial Exercise Date”) and on or prior to the close of business on the five (5) year
      anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from PYXIS TANKERS INC., a Marshall Islands
        corporation (the “Company”), up to ______ Common Shares, par value $0.001 per share, of the Company (as subject to adjustment hereunder, the “Warrant Shares”). The purchase price of one Common Share under this Warrant shall be
      equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and the Depository Trust Company or its nominee (“DTC”) shall initially be the
      sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

     

    Section 1.          Definitions. In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1:

     

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

     

    “Business Day” means any day 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.

     

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

    

    

    “Common Share Equivalents” means any securities of the Company or its subsidiaries that would entitle the holder thereof to acquire at
      any time Common Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive,
      Common Shares.

    
      29

      
        

    

    

    

    

    

    

    

    “Common Shares” means the Company’s common shares, par value $0.001 per share.

     

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

     

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

     

    “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.

     

    “Registration Statement” means the Company’s registration statement on Form F-1 (File No. 333-245405).

     

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

     

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

     

    “Trading Day” means a day on which the Common Shares are traded on a Trading Market.

     

    “Trading Market” means any of the following markets or exchanges on which the Common Shares are 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).

     

    “Transfer Agent” means VStock Transfer, LLC, with a mailing address of 18 Lafayette Place, Woodmere, New York 11598, and a facsimile number of (646) 536-3179, and any successor transfer agent of the Company.

     

    “Warrant Agreement” means that certain Warrant Agency Agreement, dated as of the Issuance Date, between the Company and the Warrant
      Agent.

     

    “Warrant Agent” means the Transfer Agent and any successor warrant agent of the Company.

     

    “Warrants” means this Warrant and other Common Share Purchase Warrants issued by the Company pursuant to the Registration Statement.

     

     Section 2.          Exercise.

    
      30

      
        

    

    

    

    

    

     

    a)          Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or
      times during the Exercise Period by delivery to the Warrant Agent of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto. Within the earlier of (i) two (2) Trading Days and (ii) the number of
      Trading Days comprising the Standard Settlement Period following the date of exercise as aforesaid, the Holder shall deliver, in accordance with the payment instructions in the Notice of Exercise, the aggregate Exercise Price for the shares specified
      in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of
      Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
      surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation
      within three (3) Trading Days of the date the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect
      of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and
      the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within two (2) Trading Days of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
        acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the
        amount stated on the face hereof.

     

    Notwithstanding the foregoing in this Section 2(a), a Holder whose interest in this Warrant is a beneficial interest in certificate(s)
      representing this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other clearing
      corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s right to elect to receive
      a Warrant in certificated form pursuant to the terms of the Warrant Agreement, in which case this sentence shall not apply.

     

    b)          Exercise Price. The exercise price per Common Share under this Warrant shall be $_____, subject to adjustment hereunder (the “Exercise Price”).

     

    c)          Cashless Exercise. If at the time of exercise hereof there is no effective registration statement
      registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder
      shall be entitled to receive a number of Warrant Shares equal to the quotient obtained (if such quotient would be a positive number) by dividing (A-B) (X) by (A), where:

    
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    (A) = the last VWAP immediately preceding the time of delivery of the Notice of Exercise giving rise to the applicable
      “cashless exercise”, as set forth in the applicable Notice of Exercise (to clarify, the “last VWAP” will be the last VWAP as calculated over an entire Trading Day such that, in the event that this Warrant is exercised at a time that the Trading
      Market is open, the prior Trading Day’s VWAP shall be used in this calculation);

    

    

    (B) = the Exercise Price of this Warrant, as adjusted hereunder; and

     

    (X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of
      this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

     

    Notwithstanding anything herein to the contrary, the Company shall not be required
        to make any cash payments or net cash settlement to the Holder in lieu of delivery of the Warrant Shares. If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the
        Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrants being exercised.  The Company agrees not to take any position contrary to this Section 2(c).

     

    “VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common
      Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by
      Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest
      preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares are then reported in the “Pink Open Market” published by OTC Markets Group, Inc.
      (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common Share as determined by an independent
      appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

     

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

     

    d)          Mechanics of Exercise.

     

    i.            Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased
      hereunder to be transmitted by the Transfer Agent to the Holder by either (1) crediting the account of the Holder’s or its designee’s balance account with DTC through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is
      then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or

    

    

    
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    (B) this Warrant is being exercised via cashless exercise, or (2) by delivery of a book-entry position, registered in the Company’s share
      register in the name of the Holder or its designee, in each case for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is earlier
      of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise and (ii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant
        Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective
      of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received the earlier of (i) two (2) Trading Days of and (ii) the number of Trading Days comprising
      the Standard Settlement Period following the delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay
      to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing
      to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to
      maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days,
      on the Company’s primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.

     

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

     

    iii.         Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the
      Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

    

    

     iv.         Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any
      other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share
      Delivery Date,

    

    

    
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    and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage
      firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the
      amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required
      to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed; provided, however,
      that the Holder provides reasonable evidence of the date and time of such sell order and such sell order occurred after the missed Warrant Share Delivery Date and prior to the delivery of the related Warrant Shares, and (B) at the option of the
      Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that
      would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted
      exercise of Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the
      Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to
      it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant to the
      terms hereof. For the avoidance of doubt, except in the event of gross negligence or willful misconduct on its part, the Warrant Agent shall not be liable for any failure of the Company to timely deliver Warrant Shares pursuant to this Section
      2(d)(iv).

     

    v.           No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be
      issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, upon such exercise, round down to the next whole number of Warrant Shares to be
      issued to the Holder.

     

    vi.         Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for
      any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name
      or names as may be directed by the Holder; provided, however, that in the event Warrant Shares are to be issued in a name other than the name of the Holder, this

    

    

    
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    Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company
      may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to DTC
      (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.

     

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

     

    e)          Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder
      shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with
      the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined
      below).  For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and Attribution Parties shall include the number of Common Shares issuable upon exercise of this Warrant with respect to
      which such determination is being made, but shall exclude the number of Common Shares which would be issuable upon (i) exercise of the remaining, non-exercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or
      Attribution Parties and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company (including, without limitation, any other Common Share Equivalents) subject to a limitation on conversion or
      exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties.  Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be
      calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with
      Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant
      is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a
      Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant
      is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above
      shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may rely on the number
      of outstanding Common Shares as reflected in (A) the Company’s most recent periodic or annual report filed

    

    

    
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    with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company
      or the Transfer Agent setting forth the number of Common Shares outstanding.  Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing (including by e-mail) to the Holder the number of
      Common Shares then outstanding.  In any case, the number of outstanding Common Shares shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or
      Attribution Parties since the date as of which such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by a Holder prior to the issuance of any Warrants, 9.99%) of the
      number of  the Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation
      provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of  the Common Shares outstanding immediately after giving effect to the issuance of Common Shares upon exercise of this
      Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph
      (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations
      contained in this paragraph shall apply to a successor holder of this Warrant.

     

    Section 3.          Certain Adjustments.

     

    a)          Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a
      stock dividend or otherwise makes a distribution or distributions on shares of its Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for avoidance of doubt, shall not include any Common Shares issued
      by the Company upon exercise of this Warrant), (ii) subdivides outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Shares into a smaller number of shares, or (iv)
      issues by reclassification of  the Common Shares any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares and such other capital
      stock of the Company(excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of Common Shares such other capital stock of the Company(excluding treasury shares, if any) outstanding
      immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this
      Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a
      subdivision, combination or re-classification.

      

    
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    b)          Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time
      the Company grants, issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Shares (the “Purchase Rights”), then the Holder will be
      entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without
      regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is
      taken, the date as of which the record holders of Common Shares are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate in any such Purchase Right would result
      in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such Common Shares as a result of such Purchase Right to such extent)
      and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

     

    c)          Extraordinary Dividends. If the Company, at any time during the Exercise Period, shall pay a dividend in
      cash, securities or other assets to all holders of Common Shares (or other shares of the Company’s capital stock into which the Warrants are convertible), other than (i) as described in Sections 3(a), 3(b) or 3(d), or (ii) regular quarterly or other
      periodic dividends (any such non-excluded event being referred to herein as an “Extraordinary Dividend”), then the Exercise Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the
      quotient of (i) the gross amount of cash and/or fair market value (as determined by the Company’s Board of Directors, in good faith) of all securities or other assets paid to the holders of Common Shares (or other shares of the Company’s capital
      stock into which the Warrants are convertible) in respect of such Extraordinary Dividend divided by (ii) the sum of the number of Common Shares (or other shares of the Company’s capital stock into which the Warrants are exercisable) outstanding at
      the time of the Extraordinary Dividend plus the number of Common Shares then issuable upon exercise of all outstanding Warrants, provided, that the Exercise Price shall not be reduced below zero.

    

    

     d)          Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or
      indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other
      disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which
      all holders of Common Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Shares, (iv) the Company, directly or indirectly,
      in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to which all outstanding Common Shares are effectively converted into or exchanged for
      other securities, cash or property, or (v) the Company, directly or

    

    

    
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    indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including,
      without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not including any Common
      Shares held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”),
      then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction (without
      regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and such amount of cash or any other consideration
      (collectively, the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without
      regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of
      Alternate Consideration issuable in respect of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any
      different components of the Alternate Consideration. If holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the
      Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”)
      to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(d) pursuant to written agreements prior or during such Fundamental Transaction. Upon the occurrence of any such
      Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of the Warrants referring to the “Company” shall refer instead to the Successor
      Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under the Warrants with the same effect as if such Successor Entity had been named as the Company therein.

     

    e)         Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest
      1/100th of a share, as the case may be. For purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the number of Common Shares (excluding treasury shares, if any) issued and
      outstanding.

     

    f)          Notice to Holder.

     

    i.            Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this
      Section 3, the Company shall promptly deliver to the Holder by facsimile or e-mail a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the

    

    

    
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    number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment. Provided, however, that the Company may
      satisfy this notice requirement in this Section 3(f) by filing such notice with the Commission pursuant to a Report on Form 6-K, or, to the extent that the Company is no longer subject to the reporting requirements of Section 13 or 15(d) of the
      Exchange Act, by posting such notice on the Company’s website.

     

    ii.         Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other
      distribution in whatever form) on the Common Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall authorize the granting to all holders of the Common Shares rights
      or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Shares, any consolidation
      or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares are converted into other securities, cash or property, or (E) the
      Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by mail, facsimile or e-mail to the Holder at its last mailing
      address, facsimile number or e-mail address as it shall appear upon the Warrant Register of the Company, at least five (5) calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a
      record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions,
      redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders
      of the Common Shares of record shall be entitled to exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to
      deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice required to be provided in this Warrant constitutes, or
      contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Report on Form 6-K. Provided such notice occurs within the Exercise
      Period, the Holder shall remain entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

     

    Section 4.          Transfer of Warrant.

     

    
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    a)          Transferability. This Warrant and all rights hereunder are transferable, in whole or in part, upon
      surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds
      sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as
      applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall
        surrender this Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to the Company assigning this Warrant full.  The Warrant, if properly assigned in accordance herewith, may be exercised
      by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

    

    

    b)          New Warrants. If this Warrant is not held in global form through DTC (or any successor depository), this
      Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder
      or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be
      divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original Issuance Date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable
      pursuant thereto.

     

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

     

    Section 5.          Miscellaneous.

     

    a)          No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights,
      dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.

     

    b)          Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company
      of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably
      satisfactory to it, and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant
      or stock certificate.

     

    
      40

      
        

    

    

    

    

    

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

    

    

    d)          Expenses
            Borne by Holder.  Subsequent to the Issuance Date, any and all costs incurred relating to transfers of Warrants or replacement of lost, stolen or mutilated Warrants shall be borne by the Holder of such Warrants.

     

    e)          Authorized Shares.

     

    The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
      Common Shares a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority
      to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares
      may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed. The Company covenants that all Warrant Shares which may be issued upon
      the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and
      non-assessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).

     

    Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without
      limitation, amending its articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance
      of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this
      Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value,
      (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and non-assessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to
      obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

     

    
      41

      
        

    

    

    

    

    

    Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is
      exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

     

    f)          Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this
      Warrant 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 conflict of laws thereof. Each party agrees that all legal Proceedings concerning the
      interpretation, enforcement and defense of this Warrant shall be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New York Courts”). Each party hereto hereby irrevocably submits to the
      exclusive jurisdiction of the New York Courts 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 provision
      hereunder), and hereby irrevocably waives, and agrees not to assert in any suit, action or Proceeding, any claim that it is not personally subject to the jurisdiction of such New York Courts, or such New York Courts are improper or inconvenient venue
      for such Proceeding. If any party shall commence an action or Proceeding to enforce any provisions of this Warrant, then the prevailing party in such action or Proceeding shall be reimbursed by the other party for its attorneys’ fees and other costs
      and expenses incurred in the investigation, preparation and prosecution of such action or Proceeding.

    

    

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

     

    h)          Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on
      the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant, if the Company willfully and knowingly fails to comply with any provision
      of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those
      of appellate Proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

     

    i)          Notices. Any and all notices or other communications or deliveries to be provided by the Holders hereunder
      including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile or by e-mail, or sent by a nationally recognized overnight courier service, addressed to the Company, at:

    

    

    Pyxis Tankers Inc.

    59 K. Karamanli Street

    Maroussi 15125 Greece

    Attention: Henry P. Williams, Chief Financial Officer

    Facsimile number: +30 210 638 0066

    E-mail address: hwilliams@pyxistankers.com

    
      42

      
        

    

    

    

    

    

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

    

    

    Seward & Kissel LLP

    One Battery Park Plaza

    New York, New York 10004

    Attention: Keith Billotti, Esq.

    Facsimile No: (212) 480-8421

    E-mail: billotti@sewkis.com

    

    

    or such other facsimile number, e-mail address or address as the Company may specify for such purposes by notice to the Holders. Any and all
      notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by e-mail, by facsimile, or sent by registered or certified mail or a nationally recognized overnight courier service
      addressed to each Holder at the facsimile number, e-mail address or address of such Holder appearing on the books of the Warrant Agent. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of
      (i) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth in this Section 5(i) prior to 5:30 p.m. (New York City time) on any Trading Day, (ii) the next
      Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail at the e-mail address set forth in this Section 5(i) on a day that is not a Trading Day or later than 5:30 p.m.
      (New York City time) on any Trading Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv) upon actual receipt by the party to whom such notice is required to be
      given. Notwithstanding any other provision of this Warrant, where this Warrant provides for notice of any event to the Holder, if this Warrant is held in global form by DTC (or any successor depositary), such notice shall be sufficiently given if
      given to DTC (or any successor depositary) pursuant to the procedures of DTC (or such successor depositary), subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in
      which case this sentence shall not apply.

     

    j)         Warrant Agreement. If this Warrant is held in global form through DTC (or any successor depositary), this
      Warrant is issued subject to the Warrant Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agreement, the provisions of this Warrant shall govern and be controlling.

     

    k)         Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to
      exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Shares or as a stockholder of the Company,
      whether such liability is asserted by the Company or by creditors of the Company.

     

    l)          Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including
      recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this
      Warrant

    

    

    
      43

      
        

    

    

    

    and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

     

    m)         Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations
      evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder
      from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

     

    n)          Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written
      consent of the Company, on the one hand, and either: (i) the Holder or the beneficial owner of this Warrant, on the other hand, or (ii) the vote or written consent of the Holders of at least 50.1% of the then outstanding Warrants issued pursuant to
      the Warrant Agreement, on the other hand, provided that adjustments may be made to the Warrant terms and rights of this Warrant in accordance with Section 3 of this Warrant without the consent of any Holder or beneficial owner of the Warrants.

     

    o)          Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to
      be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
      remainder of such provisions or the remaining provisions of this Warrant.

     

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

    

    

    

    

     

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

     

    (Signature Page Follows)

    
      44

      
        

    

    

    

     

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

     

    	
             

          	
            PYXIS TANKERS INC.

          	 
	
             

          	
             

          	
             

          	 
	
             

          	
            By:

          	
             

          	 
	
             

          	
             

          	
            Name:

          	 
	
             

          	
             

          	
            Title:

          	 

     

     

    

    

    

    

    

    

    

    

    
      45

      
        

    

    

    

    NOTICE OF EXERCISE

     

    	 	
            TO:

          	
            VSTOCK TRANSFER, LLC, AS WARRANT AGENT

          

     

    	

          	(1)	
            The undersigned hereby elects to purchase ________ Warrant Shares of Pyxis Tankers Inc. (the “Company”) pursuant to the terms of the attached Warrant (only if exercised in full), and tenders
              herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

          

    	

          	(2)	
            Payment shall take the form of (check applicable box):

          

    [  ] in lawful money of the United States (check applicable box):

    [  ] Cashier’s check drawn on a United States bank, made payable to: Pyxis Tankers Inc.; or

    [_] Wire transfer to:

    [WIRE INSTRUCTIONS]

    [  ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set
      forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

    	

          	(3)	
            Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

          

    

    

    	 	 	 

    

    

    The Warrant Shares shall be delivered to the following DWAC Account Number:

    

    

    	 	 	 
	 	 	 
	 	 	 

    

    

    [SIGNATURE OF HOLDER]

    Name of Investing Entity: _________________________________________________

      

    Signature of Authorized Signatory of Investing Entity: ___________________________

      

    Name of Authorized Signatory: _____________________________________________

      

    
      46

      
        

    

    

    

    

    

    Title of Authorized Signatory: ______________________________________________

      

    Date: _______________________________      

      

    
      47

      
        

    

    

    

    ASSIGNMENT FORM

    

    

    (To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase
      shares.)

     

    FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

     

    	
            Name:

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
            (Please Print)

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
            Address:

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
            (Please Print)

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
            Phone Number:

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
            E-mail Address:

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
            Dated: _____________________ __, ______

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          
	
            Holder’s Signature:

          	
             

          	
             

          	
             

          	
             

          
	
             

          	
             

          	
             

          	
             

          	
             

          
	
            Holder’s Address:

          	
             

          	
             

          	
             

          	
             

          

     

    
      

      

       

      

      

    

    
      48

      
        

    

    

    

    ANNEX D

     

    AUTHORIZED REPRESENTATIVES

     

    
      	
              Name

            	
               

            	
              Title

            	
               

            	
              Signature

            
	 	 	 	 	 
	
              Henry P. Williams

            	 	
              Chief Financial Officer

            	 	 
	 	 	 	 	 
	
              

                Konstantinos Lytras

            	 	
              Chief Operating Officer

                and Secretary

            	 	 

    

     

    
      49

      
        

    

    

    

    ANNEX E

    

    

    FORM OF

    WARRANT CERTIFICATE REQUEST NOTICE

     

    	 	
            To:

          	
            VSTOCK TRANSFER, LLC, as Warrant Agent for PYXIS TANKERS INC. (the “Company”)

          

     

    The undersigned Holder of Common Share Purchase Warrants (“Warrants”) in the form of Global Warrants issued by the Company
      hereby elects to receive a Definitive Certificate evidencing the Warrants held by the Holder as specified below:

     

    	 	
            1)

          	
            Name of Holder of Warrants in form of Global Warrants:

          

    

    

    	 	
            2)

          	
            Name of Holder in Definitive Certificate (if different from name of Holder of Warrants in form of Global Warrants):

          

     

    	 	
            3)

          	
            Number of Warrants in name of Holder in form of Global Warrants:

          

     

    	 	
            4)

          	
            Number of Warrants for which Definitive Certificate shall be issued:

          

     

    	 	
            5)

          	
            Number of Warrants in name of Holder in form of Global Warrants after issuance of

          

     

    Definitive Certificate, if any:

     

    	 	
            6)

          	
            Definitive Certificate shall be delivered to the following address:

          

     

    	 
	 
	 
	 
	 
	 
	 

     

    The undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Definitive Certificate, the Holder is deemed
      to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Definitive Certificate.

     

    [SIGNATURE OF HOLDER]

     

    Name of Investing Entity: _____________________________________

     

    Signature of Authorized Signatory of Investing Entity: _____________________________

    
      50

      
        

    

    

    

     

    Name of Authorized Signatory: _____________________________________

     

    Title of Authorized Signatory: _____________________________________

     

    Date:____________________________________

     

    

    

  

  

  

   
  51

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