Document:

2010 Equity Incentive Plan

  
 EXHIBIT 10.1

 DIANA CONTAINERSHIPS INC. 
 2010 EQUITY INCENTIVE PLAN 
 ARTICLE I. 

General 
  

	1.1.	Purpose 

 The Diana
Containerships Inc. 2010 Equity Incentive Plan (the “Plan”) is designed to provide certain key Persons (as defined below), whose initiative and efforts are deemed to be important to the successful conduct of the business of Diana
Containerships Inc. (the “Company”), with incentives to (a) enter into and remain in the service of the Company or its Affiliates (as defined below), (b) acquire a proprietary interest in the success of the Company,
(c) maximize their performance and (d) enhance the long-term performance of the Company. 
  

	1.2.	Administration 

 (a)
Administration. The Plan shall be administered by the Compensation Committee (the “Compensation Committee”) of the Company’s Board of Directors (the “Board”), or such other committee of the Board as may be designated
by the Board to administer the Plan (the “Administrator”); provided that (i) in the event the Company is subject to Section 16 of the U.S. Securities Exchange Act of 1934, as amended (the “1934 Act”),
the Administrator shall be composed of two or more directors, each of whom is a “Non-Employee Director” (a “Non-Employee Director”) under Rule 16b-3 (as promulgated and interpreted by the Securities and Exchange Commission
(the “SEC”) under the 1934 Act, or any successor rule or regulation thereto as in effect from time to time), and (ii) the Administrator shall be composed solely of two or more directors who are “independent directors”
under the rules of any stock exchange on which the Company’s Common Stock (as defined below) is traded; provided further, however, that, (A) the requirement in the preceding clause (i) shall apply only when required to
exempt an Award intended to qualify for an exemption under the applicable provisions referenced therein, (B) the requirement in the preceding clause (ii) shall apply only when required pursuant to the applicable rules of the applicable
stock exchange and (C) if at any time the Administrator is not so composed as required by the preceding provisions of this sentence, that fact will not invalidate any grant made, or action taken, by the Administrator hereunder that otherwise
satisfies the terms of the Plan. Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Administrator by the Plan, the Administrator shall have the full power and authority
to: (1) designate the Persons to receive Awards (as defined below) under the Plan; (2) determine the types of Awards granted to a participant under the Plan; (3) determine the number of shares to be covered by, or with respect to
which payments, rights or other matters are to be calculated with respect to, Awards; (4) determine the terms and conditions of any Awards; (5) determine whether, and to what extent, and under what circumstances, Awards may be settled or
exercised in cash, shares, other securities, other Awards or other property, or cancelled, forfeited or suspended, and the methods by which Awards may be settled, exercised, cancelled, forfeited or suspended; (6) determine whether, to what
extent, and under what circumstances cash, shares, other securities, other Awards, other property and 

  
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other amounts payable with respect to an Award shall be deferred, either automatically or at the election of the holder thereof or the Administrator; (7) construe, interpret and implement
the Plan and any Award Agreement (as defined below); (8) prescribe, amend, rescind or waive rules and regulations relating to the Plan, including rules governing its operation, and appoint such agents as it shall deem appropriate for the proper
administration of the Plan; (9) make all determinations necessary or advisable in administering the Plan; (10) correct any defect, supply any omission and reconcile any inconsistency in the Plan or any Award Agreement; and (11) make
any other determination and take any other action that the Administrator deems necessary or desirable for the administration of the Plan. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations and other
decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Administrator, may be made at any time and shall be final, conclusive and binding upon all Persons. 

(b) General Right of Delegation. Except to the extent prohibited by applicable law, the applicable rules of a stock exchange or
any charter, by-laws or other agreement governing the Administrator, the Administrator may delegate all or any part of its responsibilities to any Person or Persons selected by it and may revoke any such allocation or delegation at any time.

 (c) Indemnification. No member of the Board, the Administrator or any employee of the Company or any of its Affiliates
(each such Person, a “Covered Person”) shall be liable for any action taken or omitted to be taken or any determination made in good faith with respect to the Plan or any Award hereunder. Each Covered Person shall be indemnified and held
harmless by the Company against and from (i) any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or incurred by such Covered Person in connection with or resulting from any action, suit or proceeding
to which such Covered Person may be a party or in which such Covered Person may be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement and (ii) any and all amounts paid by such Covered Person,
with the Company’s approval, in settlement thereof, or paid by such Covered Person in satisfaction of any judgment in any such action, suit or proceeding against such Covered Person; provided that the Company shall have the right, at its
own expense, to assume and defend any such action, suit or proceeding and, once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s choice. The
foregoing right of indemnification shall not be available to a Covered Person to the extent that a court of competent jurisdiction in a final judgment or other final adjudication, in either case not subject to further appeal, determines that the
acts or omissions of such Covered Person giving rise to the indemnification claim resulted from such Covered Person’s bad faith, fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or
by the Company’s Articles of Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which Covered Persons may be entitled under the Company’s Articles of
Incorporation or Bylaws, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such Persons or hold them harmless. 
 (d) Delegation of Authority to Senior Officers. The Administrator may, in accordance with the terms of Section 1.2(b), delegate, on such terms and conditions as it determines, to one or more
senior officers of the Company the authority to make grants of Awards to employees (other than officers) of the Company and its Subsidiaries (including any such prospective employee) and consultants of the Company and its Subsidiaries;
provided, 

  
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however, that in no event shall any such officer be delegated the authority to grant Awards to, or amend Awards held by, the following individuals: (i) individuals who are subject to
Section 16 of the 1934 Act, or (ii) officers of the Company (or directors of the Company) to whom authority to grant or amend Awards has been delegated hereunder. 

(e) Awards to Non-Employee Directors. Notwithstanding anything to the contrary contained herein, the Board may, in its sole
discretion, at any time and from time to time, grant Awards to Non-Employee Directors or administer the Plan with respect to such Awards. In any such case, the Board shall have all the authority and responsibility granted to the Administrator
herein. 
  

	1.3.	Persons Eligible for Awards 

 The Persons eligible to receive Awards under the Plan are those directors, officers and employees (including any prospective officer or employee) of the Company and its Subsidiaries and Affiliates and
consultants and service providers (including individuals who are employed by or provide services to any entity that is itself such a consultant or service provider) to the Company and its Subsidiaries and Affiliates (collectively, “Key
Persons”) as the Administrator shall select. 
  

	1.4.	Types of Awards 

 Awards
may be made under the Plan in the form of (a) stock options, (b) stock appreciation rights, (c) restricted stock, (d) restricted stock units and (e) unrestricted stock, all as more fully set forth in the Plan. The term
“Award” means any of the foregoing that are granted under the Plan. 
  

	1.5.	Shares Available for Awards; Adjustments for Changes in Capitalization 

 (a) Maximum Number. Subject to adjustment as provided in Section 1.5(c), the aggregate number of shares of common stock of the Company, par value $0.01 (“Common Stock”), with
respect to which Awards may at any time be granted under the Plan shall be 392,198. The following shares of Common Stock shall again become available for Awards under the Plan: (i) any shares that are subject to an Award under the Plan and that
remain unissued upon the cancellation or termination of such Award for any reason whatsoever; (ii) any shares of restricted stock forfeited pursuant to the Plan or the applicable Award Agreement; provided that any dividend equivalent
rights with respect to such shares that have not theretofore been directly remitted to the grantee are also forfeited; and (iii) any shares in respect of which an Award is settled for cash without the delivery of shares to the grantee. Any
shares tendered or withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any Award shall again become available to be delivered pursuant to Awards under the Plan. 

(b) Source of Shares. Shares issued pursuant to the Plan may be authorized but unissued Common Stock or treasury shares. The
Administrator may direct that any stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth such restrictions on transferability as may apply to such shares. 

(c) Adjustments. (i) In the event that any dividend or other distribution (whether in the form of cash, Company shares, other
securities or other property), stock split, reverse stock split, reorganization, merger, consolidation, split-up, combination, repurchase or exchange of 

  
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Company shares or other securities of the Company, issuance of warrants or other rights to purchase Company shares or other securities of the Company, or other similar corporate transaction or
event, other than an Equity Restructuring, affects the Company shares such that an adjustment is determined by the Administrator to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available under the Plan or with respect to an Award, then the Administrator shall, in such manner as it may deem equitable, adjust any or all of the number of shares or other securities of the Company (or number and kind of other securities or
property) with respect to which Awards may be granted under the Plan. 
 (ii) The Administrator is authorized to make
adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including the events described in Section 1.5(c)(i) or the occurrence of a Change in Control (as defined below),
other than an Equity Restructuring) affecting the Company, any of its Affiliates, or the financial statements of the Company or any of its Affiliates, or of changes in applicable rules, rulings, regulations or other requirements of any governmental
body or securities exchange, accounting principles or law, whenever the Administrator determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available
under the Plan or with respect to an Award, including providing for (A) adjustment to (1) the number of shares or other securities of the Company (or number and kind of other securities or property) subject to outstanding Awards or to
which outstanding Awards relate and (2) the Exercise Price (as defined below) with respect to any Award and (B) a substitution or assumption of Awards, accelerating the exercisability or vesting of, or lapse of restrictions on, Awards, or
accelerating the termination of Awards by providing for a period of time for exercise prior to the occurrence of such event, or, if deemed appropriate or desirable, providing for a cash payment to the holder of an outstanding Award in consideration
for the cancellation of such Award (it being understood that, in such event, any option or stock appreciation right having a per share Exercise Price equal to, or in excess of, the Fair Market Value (as defined below) of a share subject to such
option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor; provided, however, that with respect to options and stock appreciation rights, unless otherwise determined by the
Administrator, such adjustment shall be made in accordance with the provisions of Section 424(h) of the Code. 
 (iii) In
the event of (A) a dissolution or liquidation of the Company, (B) a sale of all or substantially all the Company’s assets or (C) a merger, reorganization or consolidation involving the Company or one of its Subsidiaries (as
defined below), the Administrator shall have the power to: 
 (1) provide that outstanding options, stock
appreciation rights and/or restricted stock units (including any related dividend equivalent right) shall either continue in effect, be assumed or an equivalent award shall be substituted therefor by the successor corporation or a parent corporation
or subsidiary corporation; 
 (2) cancel, effective immediately prior to the occurrence of such event,
options, stock appreciation rights and/or restricted stock units (including each dividend equivalent right related thereto) outstanding immediately prior to such event (whether or not then exercisable) and, in full consideration of such
cancellation, pay to the holder of such Award a cash payment in an amount equal to the excess, if any, of the Fair Market 

  
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Value (as of a date specified by the Administrator) of the shares subject to such Award over the aggregate Exercise Price of such Award (it being understood that, in such event, any option or
stock appreciation right having a per share Exercise Price equal to, or in excess of, the Fair Market Value of a share subject to such option or stock appreciation right may be cancelled and terminated without any payment or consideration therefor);
or 
 (3) notify the holder of an option or stock appreciation right in writing or electronically that each
option and stock appreciation right shall be fully vested and exercisable for a period of 30 days from the date of such notice, or such shorter period as the Administrator may determine to be reasonable, and the option or stock appreciation right
shall terminate upon the expiration of such period (which period shall expire no later than immediately prior to the consummation of the corporate transaction). 
 (iv) In connection with the occurrence of any Equity Restructuring, and notwithstanding anything to the contrary in this Section 1.5(c): 

(A) The number and type of securities or other property subject to each outstanding Award and the Exercise Price or grant
price thereof, if applicable, shall be equitably adjusted; and 
 (B) The Administrator shall make such equitable
adjustments, if any, as the Administrator may deem appropriate to reflect such Equity Restructuring with respect to the aggregate number and kind of shares that may be issued under the Plan (including, but not limited to, adjustments of the
limitations set forth in Sections 1.5(a)). The adjustments provided under this Section 1.5(c)(iv) shall be nondiscretionary and shall be final and binding on the affected participant and the Company. 

 

	1.6.	Definitions of Certain Terms 

 (a) “Affiliate” shall mean (i) any entity that, directly or indirectly, is controlled by, controls or is under common control with, the Company and (ii) any entity in which the Company
has a significant equity interest, in either case as determined by the Administrator. 
 (b) Unless otherwise set forth in an
Award Agreement, in connection with a termination of employment or consultancy/service relationship or a dismissal from Board membership, for purposes of the Plan, the term “for Cause” shall be defined as follows: 

(i) if there is an employment, severance, consulting, service, change in control or other agreement governing the
relationship between the grantee, on the one hand, and the Company or any of its Affiliates, on the other hand, that contains a definition of “cause” (or similar phrase), for purposes of the Plan, the term “for Cause” shall mean
those acts or omissions that would constitute “cause” under such agreement; or 
 (ii) if the
preceding clause (i) is not applicable to the grantee, for purposes of the Plan, the term “for Cause” shall mean any of the following: 
 (A) any failure by the grantee substantially to perform the grantee’s employment or consulting/service or Board membership duties; 

  
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 (B) any
excessive unauthorized absenteeism by the grantee; 
 (C) any refusal by the grantee to obey the lawful orders of
the Board or any other Person to whom the grantee reports; 
 (D) any act or omission by the grantee that is or
may be injurious to the Company or any of its Affiliates, whether monetarily, reputationally or otherwise; 
 (E)
any act by the grantee that is inconsistent with the best interests of the Company or any of its Affiliates; 

(F) the grantee’s gross negligence that is injurious to the Company or any of its Affiliates, whether monetarily,
reputationally or otherwise; 
 (G) the grantee’s material violation of any of the policies of the Company
or any of its Affiliates, as applicable, including, without limitation, those policies relating to discrimination or sexual harassment; 
 (H) the grantee’s material breach of his or her employment or service contract with the Company or any of its Affiliates; 

(I) the grantee’s unauthorized (1) removal from the premises of the Company or any of its Affiliates of any
document (in any medium or form) relating to the Company or any of its Affiliates or the customers or clients of the Company or any of its Affiliates or (2) disclosure to any Person or entity of any of the Company’s, or any of its
Affiliate’s, confidential or proprietary information; 
 (J) the grantee’s being convicted of, or
entering a plea of guilty or nolo contendere to, any crime that constitutes a felony or involves moral turpitude; and 
 (K) the grantee’s commission of any act involving dishonesty or fraud. 
 Any rights the
Company or any of its Affiliates may have under the Plan in respect of the events giving rise to a termination or dismissal “for Cause” shall be in addition to any other rights the Company or any of its Affiliates may have under any other
agreement with a grantee or at law or in equity. Any determination of whether a grantee’s employment, consultancy/service relationship or Board membership is (or is deemed to have been) terminated “for Cause” shall be made by the
Administrator. If, subsequent to a grantee’s voluntary termination of employment or consultancy/service relationship or voluntarily resignation from the Board or involuntary termination of employment or consultancy/service relationship without
Cause or removal from the Board other than “for Cause”, it is discovered that the grantee’s employment or consultancy/service relationship or Board membership could have been terminated “for Cause”, the Administrator may
deem such grantee’s employment or consultancy/service relationship or Board membership to have been terminated “for Cause” upon such discovery and determination by the Administrator. 

  
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 (c) “Code”
shall mean the Internal Revenue Code of 1986, as amended. 
 (d) “Exercise Price” shall mean (i) in the case of
options, the price specified in the applicable Award Agreement as the price-per-share at which such share can be purchased pursuant to the option or (ii) in the case of stock appreciation rights, the price specified in the applicable Award
Agreement as the reference price-per-share used to calculate the amount payable to the grantee. 
 (e) “Equity
Restructuring” shall mean a non-reciprocal transaction between the Company and its stockholders, such as a stock dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects the
shares of Common Stock (or other securities of the Company) or the share price thereof and causes a change in the per share value of the shares underlying outstanding Awards. 
 (f) The “Fair Market Value” of a share of Common Stock on any day shall be the closing price on the stock exchange upon which such shares are listed, as reported for such day in The Wall Street
Journal, or, if no such price is reported for such day, the average of the high bid and low asked price of Common Stock as reported for such day. If no quotation is made for the applicable day, the Fair Market Value of a share of Common Stock on
such day shall be determined in the manner set forth in the preceding sentence for the next preceding trading day. Notwithstanding the foregoing, if there is no reported closing price or high bid/low asked price that satisfies the preceding
sentences, or if otherwise deemed necessary or appropriate by the Administrator, the Fair Market Value of a share of Common Stock on any day shall be determined by such methods and procedures as shall be established from time to time by the
Administrator. The “Fair Market Value” of any property other than Common Stock shall be the fair market value of such property determined by such methods and procedures as shall be established from time to time by the Administrator.

 (g) “Person” shall mean any individual, firm, corporation, partnership, limited liability company, trust,
incorporated or unincorporated association, joint venture, joint stock company, governmental body or other entity of any kind. 

(h) “Repricing” shall mean (i) lowering the Exercise Price of an option or a stock appreciation right after it has been
granted, (ii) cancellation of an option or a stock appreciation right in exchange for cash or another Award when the Exercise Price exceeds the Fair Market Value of the underlying shares subject to the Award and (iii) any other action with
respect to an option or a stock appreciation right that is treated as a repricing under (A) generally accepted accounting principles or (B) any applicable stock exchange rules. 

(i) “Subsidiary” shall mean any entity in which the Company, directly or indirectly, has a 50% or more equity interest.

 ARTICLE II. 
 Awards Under The Plan 
  

	2.1.	Agreements Evidencing Awards 

 Each Award granted under the Plan shall be evidenced by a written certificate (“Award Agreement”), which shall contain such provisions as the Administrator may deem necessary or

  
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desirable and which may, but need not, require execution or acknowledgment by a grantee. The Award shall be subject to all of the terms and provisions of the Plan and the applicable Award
Agreement. 
  

	2.2.	Grant of Stock Options and Stock Appreciation Rights 

 (a) Stock Option Grants. The Administrator may grant stock options (“options”) to purchase shares of Common Stock from the Company to such Key Persons, and in such amounts and subject to
such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the provisions of the Plan. No option will be treated as an “incentive stock option” for purposes of the Code. The
Administrator shall not grant an Award in the form of stock options to an individual who is then subject to the requirements of Section 409A of the Code with respect to such Award if the Common Stock (as defined below) underlying such Award
does not then qualify as “service recipient stock” for purposes of Section 409A. Options granted to individuals who are subject to Section 409A and/or 457 of the Code shall be structured so as to comply with the requirements of
Section 409A and/or 457 of the Code, as applicable. 
 (b) Stock Appreciation Right Grants; Types of Stock Appreciation
Rights. The Administrator may grant stock appreciation rights to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms and conditions, as the Administrator shall determine, subject to the
provisions of the Plan. The terms of a stock appreciation right may provide that it shall be automatically exercised for a payment upon the happening of a specified event that is outside the control of the grantee and that it shall not be otherwise
exercisable. Stock appreciation rights may be granted in connection with all or any part of, or independently of, any option granted under the Plan. The Administrator shall not grant an Award in the form of stock appreciation rights to any Key
Person (i) who is then subject to the requirements of Section 409A of the Code with respect to such Award if the Common Stock underlying such Award does not then qualify as “service recipient stock” for purposes of
Section 409A or (ii) if such Award would create adverse tax consequences for such Key Person under Section 457A of the Code. 
 (c) Nature of Stock Appreciation Rights. The grantee of a stock appreciation right shall have the right, subject to the terms of the Plan and the applicable Award Agreement, to receive from the
Company an amount equal to (i) the excess of the Fair Market Value of a share of Common Stock on the date of exercise of the stock appreciation right over the Exercise Price of the stock appreciation right, multiplied by (ii) the number of
shares with respect to which the stock appreciation right is exercised. Each Award Agreement with respect to a stock appreciation right shall set forth the Exercise Price of such Award and, unless otherwise specifically provided in the Award
Agreement, the Exercise Price of a stock appreciation right shall equal the Fair Market Value of a share of Common Stock on the date of grant; provided that in no event may such Exercise Price be less than the greater of (A) the Fair
Market Value of a share of Common Stock on the date of grant and (B) the par value of a share of Common Stock. Payment upon exercise of a stock appreciation right shall be in cash or in shares of Common Stock (valued at their Fair Market Value
on the date of exercise of the stock appreciation right) or any combination of both, all as the Administrator shall determine. Repricing of stock appreciation rights granted under the Plan shall not be permitted (1) to the extent such action
could cause adverse tax consequences to the grantee under Sections 409A or 457A of the Code or (2) without prior shareholder approval, to the extent such approval would be required to be

  
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obtained by the Company pursuant to the rules of any applicable stock exchange on which the Common Stock is then listed, and any action that would be deemed to result in a Repricing of a stock
appreciation right shall be deemed null and void if it would cause such adverse tax consequences or if any requisite shareholder approval related thereto is not obtained prior to the effective time of such action. Upon the exercise of a stock
appreciation right granted in connection with an option, the number of shares subject to the option shall be reduced by the number of shares with respect to which the stock appreciation right is exercised. Upon the exercise of an option in
connection with which a stock appreciation right has been granted, the number of shares subject to the stock appreciation right shall be reduced by the number of shares with respect to which the option is exercised. Stock appreciation rights granted
to individuals who are subject to Section 409A and/or 457 of the Code shall be structured so as to comply with the requirements of Section 409A and/or 457 of the Code, as applicable. 

(d) Option Exercise Price. Each Award Agreement with respect to an option shall set forth the Exercise Price of such Award and,
unless otherwise specifically provided in the Award Agreement, the Exercise Price of an option shall equal the Fair Market Value of a share of Common Stock on the date of grant; provided that in no event may such Exercise Price be less than
the greater of (i) the Fair Market Value of a share of Common Stock on the date of grant and (ii) the par value of a share of Common Stock. Repricing of options granted under the Plan shall not be permitted (1) to the extent such
action could cause adverse tax consequences to the grantee under Sections 409A or 457A of the Code or (2) without prior shareholder approval, to the extent such approval would be required to be obtained by the Company pursuant to the rules
of any applicable stock exchange on which the Common Stock is then listed, and any action that would be deemed to result in a Repricing of an option shall be deemed null and void if it would cause such adverse tax consequences or if any requisite
shareholder approval related thereto is not obtained prior to the effective time of such action. 
  

	2.3.	Exercise of Options and Stock Appreciation Rights 

 Subject to the other provisions of this Article II and the Plan, each option and stock appreciation right granted under the Plan shall be exercisable as follows: 

(a) Timing and Extent of Exercise. Options and stock appreciation rights shall be exercisable at such times and under such
conditions as determined by the Administrator and set forth in the corresponding Award Agreement, but in no event shall any portion of such Award be exercisable subsequent to the tenth anniversary of the date on which such Award was granted. Unless
the applicable Award Agreement otherwise provides, an option or stock appreciation right may be exercised from time to time as to all or part of the shares as to which such Award is then exercisable. 

(b) Notice of Exercise. An option or stock appreciation right shall be exercised by the filing of a written notice with the
Company or the Company’s designated exchange agent (the “Exchange Agent”), on such form and in such manner as the Administrator shall prescribe. 
 (c) Payment of Exercise Price. Any written notice of exercise of an option shall be accompanied by payment for the shares being purchased. Such payment shall be made: (i) by certified or
official bank check (or the equivalent thereof acceptable to the Company or its Exchange Agent) for the full option Exercise Price; (ii) with the consent of the Administrator, which consent shall be given or withheld in the sole discretion of
the Administrator, by 

  
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delivery of shares of Common Stock having a Fair Market Value (determined as of the exercise date) equal to all or part of the option Exercise Price and a certified or official bank check (or the
equivalent thereof acceptable to the Company or its Exchange Agent) for any remaining portion of the full option Exercise Price; or (iii) at the sole discretion of the Administrator and to the extent permitted by law, by such other provision,
consistent with the terms of the Plan, as the Administrator may from time to time prescribe (whether directly or indirectly through the Exchange Agent), or by any combination of the foregoing payment methods. 

(d) Delivery of Certificates Upon Exercise. Subject to Sections 3.2, 3.4 and 3.13, promptly after receiving payment of
the full option Exercise Price, or after receiving notice of the exercise of a stock appreciation right for which the Administrator determines payment will be made partly or entirely in shares, the Company or its Exchange Agent shall
(i) deliver to the grantee, or to such other Person as may then have the right to exercise the Award, a certificate or certificates for the shares of Common Stock for which the Award has been exercised or, in the case of stock appreciation
rights, for which the Administrator determines will be made in shares or (ii) establish an account evidencing ownership of the stock in uncertificated form. If the method of payment employed upon an option exercise so requires, and if
applicable law permits, an optionee may direct the Company or its Exchange Agent, as the case may be, to deliver the stock certificate(s) to the optionee’s stockbroker. 
 (e) No Stockholder Rights. No grantee of an option or stock appreciation right (or other Person having the right to exercise such Award) shall have any of the rights of a stockholder of the Company
with respect to shares subject to such Award until the issuance of a stock certificate to such Person for such shares. Except as otherwise provided in Section 1.5(c), no adjustment shall be made for dividends, distributions or other rights
(whether ordinary or extraordinary, and whether in cash, securities or other property) for which the record date is prior to the date such stock certificate is issued. 
  

	2.4.	Termination of Employment; Death Subsequent to a Termination of Employment 

 (a) General Rule. Except to the extent otherwise provided in paragraphs (b), (c), (d), (e) or (f) of this Section 2.4 or Section 3.5(b)(iii), a grantee who incurs a
termination of employment or consultancy/service relationship or dismissal from the Board may exercise any outstanding option or stock appreciation right on the following terms and conditions: (i) exercise may be made only to the extent that
the grantee was entitled to exercise the Award on the date of termination of employment or consultancy/service relationship or dismissal from the Board, as applicable; and (ii) exercise must occur within three months after termination of
employment or consultancy/service relationship or dismissal from the Board but in no event after the original expiration date of the Award. 
 (b) Dismissal “for Cause”. If a grantee incurs a termination of employment or consultancy/service relationship or dismissal from the Board “for Cause”, all options and stock
appreciation rights not theretofore exercised shall immediately terminate upon the grantee’s termination of employment or consultancy/service relationship or dismissal from the Board. 

(c) Retirement. If a grantee incurs a termination of employment or consultancy/service relationship or dismissal from the Board as
the result of his or her retirement (as defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such retirement, remain exercisable for a period of three

  
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years after such retirement; provided that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award. For this purpose,
“retirement” shall mean a grantee’s resignation of employment or consultancy/service relationship or dismissal from the Board, with the Company’s or its applicable Affiliate’s prior consent, on or after (i) his or her
65th birthday, (ii) the date on which he or she has attained age 60 and completed at least five years of service with the Company or one or more of its Affiliates (using any method of calculation the Administrator deems appropriate) or
(iii) if approved by the Administrator, on or after his or her having completed at least 20 years of service with the Company or one or more of its Affiliates (using any method of calculation the Administrator deems appropriate).

 (d) Disability. If a grantee incurs a termination of employment or consultancy/service relationship or a dismissal
from the Board by reason of a disability (as defined below), then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such termination or dismissal, remain exercisable for a period of one year after
such termination or dismissal; provided that in no event may such option or stock appreciation right be exercised following the original expiration date of the Award. For this purpose, “disability” shall mean any physical or mental
condition that would qualify the grantee for a disability benefit under the long-term disability plan maintained by the Company or its Affiliate, as applicable, or, if there is no such plan, a physical or mental condition that prevents the grantee
from performing the essential functions of the grantee’s position (with or without reasonable accommodation) for a period of six consecutive months. The existence of a disability shall be determined by the Administrator. 

(e) Death. 
 (i) Termination of Employment as a Result of Grantee’s Death. If a grantee incurs a termination of employment or consultancy/service relationship or leaves the Board as the result of his or
her death, then any outstanding option or stock appreciation right shall, to the extent exercisable at the time of such death, remain exercisable for a period of one year after such death; provided that in no event may such option or stock
appreciation right be exercised following the original expiration date of the Award. 
 (ii) Restrictions on
Exercise Following Death. Any such exercise of an Award following a grantee’s death shall be made only by the grantee’s executor or administrator or other duly appointed representative reasonably acceptable to the Administrator, unless
the grantee’s will specifically disposes of such Award, in which case such exercise shall be made only by the recipient of such specific disposition. If a grantee’s personal representative or the recipient of a specific disposition under
the grantee’s will shall be entitled to exercise any Award pursuant to the preceding sentence, such representative or recipient shall be bound by all the terms and conditions of the Plan and the applicable Award Agreement which would have
applied to the grantee. 
 (f) Administrator Discretion. The Administrator may, in writing, waive or modify the
application of the foregoing provisions of this Section 2.4. 

  
 11 

  

	2.5.	Transferability of Options and Stock Appreciation Rights 

 Except as otherwise provided in an applicable Award Agreement evidencing an option or stock appreciation right, during the lifetime of a grantee, each such Award granted to a grantee shall be exercisable
only by the grantee, and no such Award shall be assignable or transferable other than by will or by the laws of descent and distribution. The Administrator may, in any applicable Award Agreement evidencing an option or stock appreciation right,
permit a grantee to transfer all or some of the options or stock appreciation rights to (a) the grantee’s spouse, children or grandchildren (“Immediate Family Members”), (b) a trust or trusts for the exclusive benefit of
such Immediate Family Members or (c) other parties approved by the Administrator. Following any such transfer, any transferred options and stock appreciation rights shall continue to be subject to the same terms and conditions as were
applicable immediately prior to the transfer. 
  

	2.6.	Grant of Restricted Stock 

(a) Restricted Stock Grants. The Administrator may grant restricted shares of Common Stock to such Key Persons, in such amounts and
subject to such vesting and forfeiture provisions and other terms and conditions as the Administrator shall determine, subject to the provisions of the Plan. A grantee of a restricted stock Award shall have no rights with respect to such Award
unless such grantee accepts the Award within such period as the Administrator shall specify by accepting delivery of a restricted stock Award Agreement in such form as the Administrator shall determine and, in the event the restricted shares are
newly issued by the Company, makes payment to the Company or its Exchange Agent by certified or official bank check (or the equivalent thereof acceptable to the Administrator) in an amount at least equal to the par value of the shares covered by the
Award (which payment may be waived at the time of grant of the restricted stock Award to the extent the restricted shares granted hereunder are otherwise deemed to be fully paid and non-assessable). 

(b) Issuance of Stock Certificate. Promptly after a grantee accepts a restricted stock Award in accordance with
Section 2.6(a), subject to Sections 3.2, 3.4 and 3.13, the Company or its Exchange Agent shall issue to the grantee a stock certificate or stock certificates for the shares of Common Stock covered by the Award or shall establish an account
evidencing ownership of the stock in uncertificated form. Upon the issuance of such stock certificates, or establishment of such account, the grantee shall have the rights of a stockholder with respect to the restricted stock, subject to:
(i) the nontransferability restrictions and forfeiture provision described in the Plan (including paragraphs (d) and (e) of this Section 2.6); (ii) in the Administrator’s sole discretion, a requirement, as set forth in
the Award Agreement, that any dividends paid on such shares shall be held in escrow and, unless otherwise determined by the Administrator, shall remain forfeitable until all restrictions on such shares have lapsed; and (iii) any other
restrictions and conditions contained in the applicable Award Agreement. 
 (c) Custody of Stock Certificate. Unless the
Administrator shall otherwise determine, any stock certificates issued evidencing shares of restricted stock shall remain in the possession of the Company until such shares are free of any restrictions specified in the applicable Award Agreement.
The Administrator may direct that such stock certificates bear a legend setting forth the applicable restrictions on transferability. 

  
 12 

  
 (d)
Nontransferability. Shares of restricted stock may not be sold, assigned, transferred, pledged or otherwise encumbered or disposed of prior to the lapsing of all restrictions thereon, except as otherwise specifically provided in this Plan or
the applicable Award Agreement. The Administrator at the time of grant shall specify the date or dates (which may depend upon or be related to the attainment of performance goals and other conditions) on which the nontransferability of the
restricted stock shall lapse. 
 (e) Consequence of Termination of Employment. Unless otherwise set forth in the
applicable Award Agreement, (i) a grantee’s termination of employment or consultancy/service relationship or dismissal from the Board for any reason other than death or disability (as defined in Section 2.4(d)) shall cause the
immediate forfeiture of all shares of restricted stock that have not yet vested as of the date of such termination of employment or consultancy/service relationship or dismissal from the Board and (ii) if a grantee incurs a termination of
employment or consultancy/service relationship or dismissal from the Board as the result of his or her death or disability, all shares of restricted stock that have not yet vested as of the date of such termination or departure from the Board shall
immediately vest as of such date. Unless otherwise determined by the Administrator, all dividends paid on shares forfeited under this Section 2.6(e) that have not theretofore been directly remitted to the grantee shall also be forfeited,
whether by termination of any escrow arrangement under which such dividends are held or otherwise. The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.6(e). 

 

	2.7.	Grant of Restricted Stock Units 

 (a) Restricted Stock Unit Grants. The Administrator may grant restricted stock units to such Key Persons, and in such amounts and subject to such vesting and forfeiture provisions and other terms
and conditions, as the Administrator shall determine, subject to the provisions of the Plan. A restricted stock unit granted under the Plan shall confer upon the grantee a right to receive from the Company, conditioned upon the occurrence of such
vesting event as shall be determined by the Administrator and specified in the Award Agreement, the number of such grantee’s restricted stock units that vest upon the occurrence of such vesting event multiplied by the Fair Market Value of a
share of Common Stock on the date of vesting. Payment upon vesting of a restricted stock unit shall be in cash or in shares of Common Stock (valued at their Fair Market Value on the date of vesting) or both, all as the Administrator shall determine,
and such payments shall be made to the grantee at such time as provided in the Award Agreement, which shall be (i) if Section 409A of the Code is applicable to the grantee, within the period required by Section 409A such that it
qualifies as a “short-term deferral” pursuant to Section 409A and the Treasury Regulations issued thereunder, unless the Administrator shall provide for deferral of the Award in compliance with Section 409A, (ii) if
Section 457A of the Code is applicable to the grantee, within the period required by Section 457A(d)(3)(B) such that it qualifies for the exemption thereunder, or (iii) if Sections 409A and 457A of the Code are not applicable to
the grantee, at such time as determined by the Administrator. 
 (b) Dividend Equivalents. The Administrator may include
in any Award Agreement with respect to a restricted stock unit a dividend equivalent right entitling the grantee to receive amounts equal to the ordinary dividends that would be paid, during the time such Award is outstanding and unvested, on the
shares of Common Stock underlying such Award if such shares were then outstanding. In the event such a provision is included in a Award Agreement, the Administrator shall determine whether such payments shall be (i) paid to the holder of the

  
 13 

 
Award, as specified in the Award Agreement, either (A) at the same time as the underlying dividends are paid, regardless of the fact that the restricted stock unit has not theretofore
vested, or (B) at the time at which the Award’s vesting event occurs, conditioned upon the occurrence of the vesting event, (ii) made in cash, shares of Common Stock or other property and (iii) subject to such other vesting and
forfeiture provisions and other terms and conditions as the Administrator shall deem appropriate and as shall be set forth in the Award Agreement. 
 (c) Consequence of Termination of Employment. Unless otherwise set forth in the applicable Award Agreement, (i) a grantee’s termination of employment or consultancy/service relationship
or dismissal from the Board for any reason other than death or disability (as defined in Section 2.4(d)) shall cause the immediate forfeiture of all restricted stock units that have not yet vested as of the date of such termination of
employment or consultancy/service relationship or dismissal from the Board and (ii) if a grantee incurs a termination of employment or consultancy/service relationship or dismissal from the Board as the result of his or her death or disability,
all restricted stock units that have not yet vested as of the date of such termination or departure from the Board shall immediately vest as of such date. Unless otherwise determined by the Administrator, any dividend equivalent rights on any
restricted stock units forfeited under this Section 2.7(c) that have not theretofore been directly remitted to the grantee shall also be forfeited, whether by termination of any escrow arrangement under which such dividends are held or
otherwise. The Administrator may, in writing, waive or modify the application of the foregoing provisions of this Section 2.7(c). 
 (d) No Stockholder Rights. No grantee of a restricted stock unit shall have any of the rights of a stockholder of the Company with respect to such Award unless and until a stock certificate is
issued with respect to such Award upon the vesting of such Award (it being understood that the Administrator shall determine whether to pay any vested restricted stock unit in the form of cash or Company shares or both), which issuance shall be
subject to Sections 3.2, 3.4 and 3.13. Except as otherwise provided in Section 1.5(c), no adjustment to any restricted stock unit shall be made for dividends, distributions or other rights (whether ordinary or extraordinary, and whether in
cash, securities or other property) for which the record date is prior to the date such stock certificate, if any, is issued. 

(e) Transferability of Restricted Stock Units. Except as otherwise provided in an applicable Award Agreement evidencing a
restricted stock unit, no restricted stock unit granted under the Plan shall be assignable or transferable. The Administrator may, in any applicable Award Agreement evidencing a restricted stock unit, permit a grantee to transfer all or some of the
restricted stock units to (i) the grantee’s Immediate Family Members, (ii) a trust or trusts for the exclusive benefit of such Immediate Family Members or (iii) other parties approved by the Administrator. Following any such
transfer, any transferred restricted stock units shall continue to be subject to the same terms and conditions as were applicable immediately prior to the transfer. 
  

	2.8.	Grant of Unrestricted Stock 

 The Administrator may grant (or sell at a purchase price at least equal to par value) shares of Common Stock free of restrictions under the Plan to such Key Persons and in such amounts and subject to such
forfeiture provisions as the Administrator shall determine. Shares may be thus granted or sold in respect of past services or other valid consideration. 

  
 14 

  
 ARTICLE III.

 Miscellaneous 
  

	3.1.	Amendment of the Plan; Modification of Awards 

 (a) Amendment of the Plan. The Board may from time to time suspend, discontinue, revise or amend the Plan in any respect whatsoever, except that no such amendment shall materially impair any rights
or materially increase any obligations under any Award theretofore made under the Plan without the consent of the grantee (or, upon the grantee’s death, the Person having the right to exercise the Award). For purposes of this Section 3.1,
any action of the Board or the Administrator that in any way alters or affects the tax treatment of any Award shall not be considered to materially impair any rights of any grantee. 

(b) Stockholder Approval Requirement. If required by applicable rules or regulations of a national securities exchange or the SEC,
the Company shall obtain stockholder approval with respect to any amendment to the Plan that (i) expands the types of Awards available under the Plan, (ii) materially increases the number of shares which may be issued under the Plan
(except as permitted pursuant to Section 1.5(c)), (iii) materially increases the benefits to participants under the Plan, including any material change to (A) permit, or that has the effect of, a “re-pricing” of any
outstanding Award, (B) reduce the price at which shares of options to purchase shares may be offered or (C) extends the duration of the Plan or (iv) materially expands the class of Persons eligible to receive Awards under the Plan.

 (c) Modification of Awards. The Administrator may cancel any Award under the Plan. The Administrator also may amend
any outstanding Award Agreement, including, without limitation, by amendment which would: (i) accelerate the time or times at which the Award becomes unrestricted, vested or may be exercised; (ii) waive or amend any goals, restrictions or
conditions set forth in the Award Agreement; or (iii) waive or amend the operation of Sections 2.4, 2.6(e) or 2.7(c) with respect to the termination of the Award upon termination of employment or consultancy/service relationship or
dismissal from the Board; provided, however, that no such amendment shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Award. However, any such
cancellation or amendment (other than an amendment pursuant to Section 1.5, 3.5 or 3.16) that materially impairs the rights or materially increases the obligations of a grantee under an outstanding Award shall be made only with the consent of
the grantee (or, upon the grantee’s death, the Person having the right to exercise the Award). In making any modification to an Award (e.g., an amendment resulting in a direct or indirect reduction in the Exercise Price or a waiver
or modification under Section 2.4(f), 2.6(e) or 2.7(c)), the Administrator may consider the implications, if any, under Sections 409A and 457A of the Code of such modification. 

 

	3.2.	Consent Requirement 

 (a)
No Plan Action Without Required Consent. If the Administrator shall at any time determine that any Consent (as defined below) is necessary or desirable as a condition of, or in connection with, the granting of any Award under the Plan, the
issuance or purchase of shares or other rights thereunder, or the taking of any other action thereunder (each such action being hereinafter referred to as a “Plan Action”), then such Plan Action shall not be taken, in whole or in part,
unless and until such Consent shall have been effected or obtained to the full satisfaction of the Administrator. 

  
 15 

  
 (b) Consent
Defined. The term “Consent” as used herein with respect to any Plan Action means (i) any and all listings, registrations or qualifications in respect thereof upon any securities exchange or under any federal, state or local law,
rule or regulation, (ii) any and all written agreements and representations by the grantee with respect to the disposition of shares, or with respect to any other matter, which the Administrator shall deem necessary or desirable to comply with
the terms of any such listing, registration or qualification or to obtain an exemption from the requirement that any such listing, qualification or registration be made and (iii) any and all consents, clearances and approvals in respect of a
Plan Action by any governmental or other regulatory bodies. 
  

	3.3.	Nonassignability 

 Except
as provided in Sections 2.4(e), 2.5, 2.6(d) or 2.7(e), (a) no Award or right granted to any Person under the Plan or under any Award Agreement shall be assignable or transferable other than by will or by the laws of descent and
distribution and (b) all rights granted under the Plan or any Award Agreement shall be exercisable during the life of the grantee only by the grantee or the grantee’s legal representative or the grantee’s permissible successors or
assigns (as authorized and determined by the Administrator). All terms and conditions of the Plan and the applicable Award Agreements will be binding upon any permitted successors or assigns. 

 

	3.4.	Taxes 

 (a)
Withholding. A grantee or other Award holder under the Plan shall be required to pay, in cash, to the Company, and the Company and Affiliates shall have the right and are hereby authorized to withhold from any Award, from any payment due or
transfer made under any Award or under the Plan or from any compensation or other amount owing to such grantee or other Award holder, the amount of any applicable withholding taxes in respect of an Award, its grant, its exercise, its vesting, or any
payment or transfer under an Award or under the Plan, and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for payment of such taxes. Whenever shares of Common Stock are to be delivered pursuant
to an Award under the Plan, with the approval of the Administrator, which the Administrator shall have sole discretion whether or not to give, the grantee may satisfy the foregoing condition by electing to have the Company withhold from delivery
shares having a value equal to the amount of minimum tax required to be withheld. Such shares shall be valued at their Fair Market Value as of the date on which the amount of tax to be withheld is determined. Fractional share amounts shall be
settled in cash. Such a withholding election may be made with respect to all or any portion of the shares to be delivered pursuant to an Award as may be approved by the Administrator in its sole discretion. 

(b) Liability for Taxes. Grantees and holders of Awards are solely responsible and liable for the satisfaction of all taxes and
penalties that may arise in connection with Awards (including, without limitation, any taxes arising under Sections 409A and 457A of the Code) and the Company shall not have any obligation to indemnify or otherwise hold any such Person harmless
from any or all of such taxes. The Administrator shall have the discretion to organize any deferral program, to require deferral election forms, and to grant or, notwithstanding anything to the contrary in the Plan or any Award Agreement, to
unilaterally modify any Award 

  
 16 

 
in a manner that (i) conforms with the requirements of Sections 409A and 457A of the Code (to the extent applicable), (ii) voids any participant election to the extent it would
violate Sections 409A or 457A of the Code (to the extent applicable) and (iii) for any distribution event or election that could be expected to violate Section 409A or 457A of the Code, make the distribution only upon the earliest of
the first to occur of a “permissible distribution event” within the meaning of Section 409A of the Code or a distribution event that the participant elects in accordance with Section 409A of the Code. The Administrator shall have
the sole discretion to interpret the requirements of the Code, including, without limitation, Sections 409A and 457A, for purposes of the Plan and all Awards. 
  

	3.5.	Change in Control 

 (a)
Change in Control Defined. Unless otherwise set forth in the applicable Award Agreement, for purposes of the Plan, “Change in Control” shall mean the occurrence of any of the following: 

(i) any “person” (as defined in Section 13(d)(3) of the 1934 Act), corporation or other entity (other
than (A) the Company, (B) any trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Affiliates, or (C) any company or other entity owned, directly or indirectly, by the holders of
the voting stock of the Company in substantially the same proportions as their ownership of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company) other than Diana Shipping Inc. acquires
“beneficial ownership” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company; 

(ii) the sale of all or substantially all the Company’s assets in one or more related transactions to a person or
group of persons, other than such a sale (A) to a Subsidiary which does not involve a change in the equity holdings of the Company or (B) to an entity which has acquired all or substantially all the Company’s assets (any such entity
described in clause (A) or (B), the “Acquiring Entity”) if, immediately following such sale, 50% or more of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity (or, if
applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Acquiring Entity) is beneficially owned by
the holders of the voting stock of the Company, and such voting power among the persons who were holders of the voting stock of the Company immediately prior to such sale is, immediately following such sale, held in substantially the same
proportions as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior to such sale; 
 (iii) any merger, consolidation, reorganization or similar event of the Company or any Subsidiary as a result of which the holders of the voting stock of the Company immediately prior to such merger,
consolidation, reorganization or similar event do not directly or indirectly hold 50% or more of the aggregate voting power of the capital stock of the surviving entity (or, if applicable, the ultimate parent entity that directly or indirectly has
beneficial ownership of more than 50% of the aggregate voting power of the capital stock ordinarily entitled to elect directors of the surviving entity) and 

  
 17 

 
such voting power among the persons who were holders of the voting stock of the Company immediately prior to such sale is, immediately following such sale, held in substantially the same
proportions as the aggregate voting power of the capital stock ordinarily entitled to elect directors of the Company immediately prior to such sale; 
 (iv) the approval by the Company’s stockholders of a plan of complete liquidation or dissolution of the Company; or 

(v) during any period of 12 consecutive calendar months, individuals: 

 

	 	(A)	who were directors of the Company on the first day of such period, or 

  

	 	(B)	whose election or nomination for election to the Board was recommended or approved by at least a majority of the directors then still in office who were directors of
the Company on the first day of such period, or whose election or nomination for election were so approved, 

shall cease to constitute a majority of the Board. 
 Notwithstanding the foregoing, (1) in no event shall a Change in Control be deemed to have occurred in connection with an initial public offering of Common Stock, and (2) for each Award subject
to Section 409A of the Code, a Change in Control shall be deemed to occur under this Plan with respect to such Award only if a change in the ownership or effective control of the Company or a change in the ownership of a substantial portion of
the assets of the Company shall also be deemed to have occurred under Section 409A of the Code, provided that such limitation shall apply to such Award only to the extent necessary to avoid adverse tax effects under Section 409A of
the Code. 
 (b) Effect of a Change in Control. Unless the Administrator provides otherwise in an Award Agreement, upon
the occurrence of a Change in Control: 
 (i) notwithstanding any other provision of this Plan, any Award then
outstanding shall become fully vested and any Award in the form of an option or stock appreciation right shall be immediately exercisable; 
 (ii) to the extent permitted by law and not otherwise limited by the terms of the Plan, the Administrator may amend any Award Agreement in such manner as it deems appropriate; 

(iii) a grantee who incurs a termination of employment or consultancy/service relationship or dismissal from the Board for
any reason, other than a termination or dismissal “for Cause”, concurrent with or within one year following the Change in Control may exercise any outstanding option or stock appreciation right, but only to the extent that the grantee was
entitled to exercise the Award on the date of his or her termination of employment or consultancy/service relationship or dismissal from the Board, until the earlier of (A) the original expiration date of the Award and (B) the later of
(x) the date provided for under the terms of Section 2.4 without reference to this Section 3.5(b)(iii) and (y) the first anniversary of the grantee’s termination of employment or consultancy/service relationship or dismissal
from the Board. 

  
 18 

  
 (c)
Miscellaneous. Whenever deemed appropriate by the Administrator, any action referred to in paragraph (b)(ii) of this Section 3.5 may be made conditional upon the consummation of the applicable Change in Control transaction. For
purposes of the Plan and any Award Agreement granted hereunder, the term “Company” shall include any successor to Diana Containerships Inc. 
  

	3.6.	Operation and Conduct of Business 

 Nothing in the Plan or any Award Agreement shall be construed as limiting or preventing the Company or any of its Affiliates from taking any action with respect to the operation and conduct of their
business that they deem appropriate or in their best interests, including any or all adjustments, recapitalizations, reorganizations, exchanges or other changes in the capital structure of the Company or any of its Affiliates, any merger or
consolidation of the Company or any of its Affiliates, any issuance of Company shares or other securities or subscription rights, any issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock or other
securities or rights thereof, any dissolution or liquidation of the Company or any of its Affiliates, any sale or transfer of all or any part of the assets or business of the Company or any of its Affiliates, or any other corporate act or
proceeding, whether of a similar character or otherwise. 
  

	3.7.	No Rights to Awards 

 No
Key Person or other Person shall have any claim to be granted any Award under the Plan. 
  

	3.8.	Right of Discharge Reserved 

 Nothing in the Plan or in any Award Agreement shall confer upon any grantee the right to continue his or her employment with the Company or any of its Affiliates, his or her consultancy/service
relationship with the Company or any of its Affiliates, or his or her position as a director of the Company or any of its Affiliates, or affect any right that the Company or any of its Affiliates may have to terminate such employment or
consultancy/service relationship or service as a director. 

  
 19 

  

	3.9.	Non-Uniform Determinations 

The Administrator’s determinations and the treatment of Key Persons and grantees and their beneficiaries under the Plan need not be
uniform and may be made and determined by the Administrator selectively among Persons who receive, or who are eligible to receive, Awards under the Plan (whether or not such Persons are similarly situated). Without limiting the generality of the
foregoing, the Administrator shall be entitled, among other things, to make non-uniform and selective determinations, and to enter into non-uniform and selective Award Agreements, as to (a) the Persons to receive Awards under the Plan,
(b) the types of Awards granted under the Plan, (c) the number of shares to be covered by, or with respect to which payments, rights or other matters are to be calculated with respect to, Awards and (d) the terms and conditions of
Awards. 
  

	3.10.	Other Payments or Awards 

Nothing contained in the Plan shall be deemed in any way to limit or restrict the Company from making any award or payment to any Person
under any other plan, arrangement or understanding, whether now existing or hereafter in effect. 
  

	3.11.	Headings 

 Any section,
subsection, paragraph or other subdivision headings contained herein are for the purpose of convenience only and are not intended to expand, limit or otherwise define the contents of such subdivisions. 

 

	3.12.	Effective Date and Term of Plan 

 (a) Adoption; Stockholder Approval. The Plan was adopted by the Board on January 13, 2010. The Board may, but need not, make the granting of any Awards under the Plan subject to the approval
of the Company’s stockholders. 
 (b) Termination of Plan. The Board may terminate the Plan at any time. All Awards
made under the Plan prior to its termination shall remain in effect until such Awards have been satisfied or terminated in accordance with the terms and provisions of the Plan and the applicable Award Agreements. No Awards may be granted under the
Plan following the tenth anniversary of the date on which the Plan was adopted by the Board. 
  

	3.13.	Restriction on Issuance of Stock Pursuant to Awards 

 The Company shall not permit any shares of Common Stock to be issued pursuant to Awards granted under the Plan unless such shares of Common Stock are fully paid and non-assessable under applicable law.
Notwithstanding anything to the contrary in the Plan or any Award Agreement, at the time of the exercise of any Award, at the time of vesting of any Award, at the time of payment of shares of Common Stock in exchange for, or in cancellation of, any
Award, or at the time of grant of any unrestricted shares under the Plan, the Company and the Administrator may, if either shall deem it necessary or advisable for any reason, require the holder of an Award (a) to represent in writing to the
Company that it is the Award holder’s then-intention to acquire the shares with respect to which the Award is granted for investment and not with a view to the distribution thereof or (b) to postpone the date of exercise until such time as
the Company has available for delivery to the Award holder a prospectus meeting the requirements of all applicable securities laws; and no shares shall be issued or transferred in 

  
 20 

 
connection with any Award unless and until all legal requirements applicable to the issuance or transfer of such shares have been complied with to the satisfaction of the Company and the
Administrator. The Company and the Administrator shall have the right to condition any issuance of shares to any Award holder hereunder on such Person’s undertaking in writing to comply with such restrictions on the subsequent transfer of such
shares as the Company or the Administrator shall deem necessary or advisable as a result of any applicable law, regulation or official interpretation thereof, and all share certificates delivered under the Plan shall be subject to such stop transfer
orders and other restrictions as the Company or the Administrator may deem advisable under the Plan, the applicable Award Agreement or the rules, regulations and other requirements of the SEC, any stock exchange upon which such shares are listed,
and any applicable securities or other laws, and certificates representing such shares may contain a legend to reflect any such restrictions. The Administrator may refuse to issue or transfer any shares or other consideration under an Award if it
determines that the issuance or transfer of such shares or other consideration might violate any applicable law or regulation or entitle the Company to recover the same under Section 16(b) of the 1934 Act, and any payment tendered to the
Company by a grantee or other Award holder in connection with the exercise of such Award shall be promptly refunded to the relevant grantee or other Award holder. Without limiting the generality of the foregoing, no Award granted under the Plan
shall be construed as an offer to sell securities of the Company, and no such offer shall be outstanding, unless and until the Administrator has determined that any such offer, if made, would be in compliance with all applicable requirements of any
applicable securities laws. 
  

	3.14.	Requirement of Notification of Election Under Section 83(b) of the Code 

If an Award recipient, in connection with the acquisition of Company shares under the Plan, makes an election under Section 83(b) of
the Code (to include in gross income in the year of transfer the amounts specified in Section 83(b) of the Code), the grantee shall notify the Administrator of such election within ten days of filing notice of the election with the
U.S. Internal Revenue Service, in addition to any filing and notification required pursuant to regulations issued under Section 83(b) of the Code. 
  

	3.15.	Severability 

 If any
provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Administrator,
such provision shall be construed or deemed amended to conform to the applicable laws or, if it cannot be construed or deemed amended without, in the determination of the Administrator, materially altering the intent of the Plan or the Award, such
provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect. 
  

	3.16.	Sections 409A and 457A 

To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Sections 409A and 457A of the Code
and Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding any provision of the Plan or any applicable Award Agreement to the contrary, in the event that the Administrator determines that any Award may
be subject to Section 409A or 457A of the Code, the Administrator may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies 

  
 21 

 
and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to
(i) exempt the Plan and Award from Sections 409A and 457A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Award, or (ii) comply with the requirements of Sections 409A and 457A
of the Code and related Department of Treasury guidance and thereby avoid the application of penalty taxes under Sections 409A and 457A of the Code. 
  

	3.17.	Forfeiture; Clawback 

 The
Administrator may, in its sole discretion, specify in the applicable Award Agreement that any realized gain with respect to options or stock appreciation rights and any realized value with respect to other Awards shall be subject to forfeiture or
clawback, in the event of (a) a grantee’s breach of any non-competition, non-solicitation, confidentiality or other restrictive covenants with respect to the Company or any of its Affiliates or (ii) a financial restatement that
reduces the amount of bonus or incentive compensation previously awarded to a grantee that would have been earned had results been properly reported. 
  

	3.18.	No Trust or Fund Created 

Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship
between the Company or any of its Affiliates and an Award recipient or any other Person. To the extent that any Person acquires a right to receive payments from the Company or any of its Affiliates pursuant to an Award, such right shall be no
greater than the right of any unsecured general creditor of the Company or its Affiliates. 
  

	3.19.	No Fractional Shares 

 No
fractional shares shall be issued or delivered pursuant to the Plan or any Award, and the Administrator shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional shares or whether such
fractional shares or any rights thereto shall be canceled, terminated, or otherwise eliminated. 
  

	3.20.	Governing Law 

 The Plan
will be construed and administered in accordance with the laws of the State of New York, without giving effect to principles of conflict of laws. 

  
 22Administrative Services Agreement

  
 Exhibit 10.2

 ADMINISTRATIVE SERVICES AGREEMENT 
 THIS ADMINISTRATIVE SERVICES AGREEMENT (as the same may be amended or modified from time to time, the “Agreement”), dated as of April 6, 2010, is made by and between DIANA
CONTAINERSHIPS INC., a Marshall Islands corporation (the “Company”), and DIANA SHIPPING SERVICES S.A., a Panamanian corporation (the “Manager”). 

WHEREAS, the Company is a recently formed entity established for the purpose of acquiring, owning and operating a fleet of containerships
(each a “Vessel” and collectively the “Vessels”), indirectly through separate wholly-owned subsidiaries (each a “Vessel Owning Subsidiary” and collectively the “Vessel Owning
Subsidiaries”); 
 WHEREAS, the Company anticipates the completion of a private placement of its Common Shares, par
value $0.01 per share (the “Common Shares”), with the net proceeds of such private placement to be used to fund all or a portion of the purchase price of the Vessels; 

WHEREAS, the Company expects that each Vessel Owning Subsidiary will enter into separate commercial and technical management agreements
with the Manager pursuant to which the Manager will provide each Vessel Owning Subsidiary with commercial and technical management services for each owned Vessel; 
 WHEREAS, the Company desires to enter into this Agreement with the Manager to engage the Manager to provide certain administrative services to the Company, and the Manager desires to provide such
administrative services to the Company, on the terms and subject to the conditions set forth in this Agreement. 
 NOW,
THEREFORE, in consideration of the mutual covenants and premises of the Parties hereto and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows: 

1. DEFINITIONS AND INTERPRETATION 
 1.1 Certain Definitions. In this Agreement, including the recitals hereto, unless the context requires otherwise, the following terms shall have the respective meanings set forth below: 

“Accounting Referee” has the meaning ascribed to such term in Section 6.3. 

“Administrative Management Services” has the meaning ascribed to such term in Section 3. 

“Affiliates” means, with respect to any Person as at any particular date, any other Persons that directly or indirectly,
through one or more intermediaries, are Controlled by, Control or are under common Control with the Person in question, and “Affiliate” means any one of them. 

  
 “Applicable
Laws” means, in respect of any Person, property, transaction or event, all laws, statutes, ordinances, regulations, municipal by-laws, treaties, judgments and decrees applicable to that Person, property, transaction or event, all applicable
official directives, rules, consents, approvals, authorizations, guidelines, orders, codes of practice and policies of any Governmental Authority having authority over that Person, property, transaction or event and having the force of law, and all
general principles of common law and equity. 
 “Approved Budget” has the meaning ascribed to such term in
Section 3.4(c). 
 “Board of Directors” means the board of directors of the Company, as the same may be
constituted from time to time. 
 “Books and Records” means all books of accounts and records, including tax
records, sales and purchase records, Vessel records, computer software, formulae, business reports, plans and projections and all other documents, files, correspondence and other information of the Company with respect to the Vessels or the Business
(whether or not in written, printed, electronic or computer printout form). 
 “Business” means the
Company’s business of owning, operating and/or chartering or re-chartering containerships to other Persons and any other lawful act or activity customarily conducted in conjunction therewith. 

“Business Day” means a day other than a Saturday, Sunday or statutory holiday on which the banks in New York, New York
are required to close. 
 “Change of Control” has the meaning ascribed to such term in Section 8.4.

 “Charter” means a charter party agreement between a Company (or a Vessel Owning Subsidiary of the Company)
and any Person that relates to any of the Vessels (including any voyage or spot charters), and “Charters” means all such charter party agreements. 
 “Charterer” means any Person that has entered or enter into, or assumed or assume the obligations under, by novation or otherwise, a Charter with a Company (or a Vessel Owning Subsidiary
of the Company). 
 “Chief Financial Officer” means the chief financial officer of the Company. 

“Common Shares” has the meaning ascribed to such term in the recitals to this Agreement. 

“Company Breach” has the meaning ascribed to such term in Section 10.4(b). 

“Company Indemnified Persons” has the meaning ascribed to such term in Section 7.3. 

“Confidential Information” means all nonpublic or proprietary information or data (including all oral and visual
information or data recorded in writing or in any other medium or by any other method) relating to a Disclosing Party that is obtained from the Disclosing Party or any third party on the Disclosing Party’s behalf, at any time before,
simultaneously with, or after 

 
the execution of this Agreement; and, without prejudice to the general nature of the foregoing definition, the term Confidential Information shall include, but not by way of limitation,
(i) information regarding the Disclosing Party’s existing or proposed operations, business plans, market opportunities, and business affairs and (ii) any information ascertainable by inspection of Confidential Information disclosed to
the Receiving Party or by the analysis of any materials supplied to the Receiving Party. Notwithstanding the foregoing, Confidential Information shall not include any information which (x) is public knowledge at the time of disclosure or which
subsequently becomes public knowledge other than as a result of a breach of this Agreement; (y) the Receiving Party can show was made available to it by some other Person who had a right to do so and who was not subject to any obligation of
confidentiality or restricted use regarding such information; or (z) was developed by the Receiving Party independently without use of any confidential information provided hereunder or by a third party in breach of its confidentiality
obligations. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of
Directors who was (a) a member of the Board of Directors as of the date this Agreement is entered into or (b) nominated for election or elected to the Board of Directors with the approval of a majority of the directors then in office who
were either directors as of the date this Agreement was entered into or whose nomination or election was previously so approved. 
 “Control” or “Controlled” means, with respect to any Person, the right to elect or appoint, directly or indirectly, a majority of the directors of such Person or a
majority of the Persons who have the right, including any contractual right, to manage and direct the business, affairs and operations of such Person, or the possession 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. 
 “Containership” means a
cargo ship designed and built to transport containerized cargoes. 
 “Costs and Expenses” has the meaning
ascribed to such term in Section 6.1. 
 “Credit Facility” means any credit facility agreement to which
any Company or any Subsidiary of the Company may be a party from time to time. 
 “Designated Representative”
and “Designated Representatives” each have the meaning ascribed to such terms in Section 9.1. 

“Disclosing Party” means a Party who has disclosed Confidential Information hereunder to the other Party or on whose
behalf Confidential Information has been disclosed to the other Party. 
 “Dispute” has the meaning ascribed to
such term in Section 9.1. 
 “Dividend” means any cash dividend paid by the Company on all outstanding
Common Stock. 
 “Draft Budget” has the meaning ascribed to such term in Section 3.4(a). 

  
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 “Fiscal Quarter” means a fiscal quarter
for the Company or, in the case of the fiscal quarter ending March 31, 2010, the portion of such fiscal quarter between the date of this Agreement and the commencement of the next fiscal quarter. 

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

“Force Majeure Event” has the meaning ascribed to such term in Section 10.2. 

“GAAP” means generally accepted accounting principles consistently applied in the United States. 

“Governmental Authority” means any domestic or foreign government, including any federal, provincial, state, territorial
or municipal government, any multinational or supranational organization, any government agency (including the SEC), any tribunal, labor relations board, commission or stock exchange (including the New York Stock Exchange), and any other authority
or organization exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, government. 
 “Initial Term” has the meaning ascribed to such term in Section 8.1. 
 “Legal Action” means any action, claim, complaint, demand, suit, judgment, investigation or proceeding, pending or threatened, by any Person or before any Governmental Authority.

 “Lenders” means the lenders, facility agent, security trustee, swap banks, swap agent or other financial
institution contemplated by any Credit Facility. 
 “Losses” means losses, expenses, costs, liabilities and
damages, excluding lost profits and consequential damages, but including interest charges, penalties, fines and monetary sanctions. 
 “Management Fee” has the meaning ascribed to such term in Section 6.1. 
 “Manager Breach” has the meaning ascribed to such term in Section 8.3(a). 
 “Manager Indemnified Persons” has the meaning ascribed to such term in Section 7.2. 
 “Manager Misconduct” has the meaning ascribed to such term in Section 7.1(a). 
 “Manager’s Personnel” means all individuals who are employed by or have entered into consulting arrangements with the Manager or any subcontractor under Section 2.3. 

“Mediator’s Report” has the meaning ascribed to such term in Section 9.2(c). 

“Other Financing Agreements” has the meaning ascribed to such term in Section 3.2(b). 

  

“Parties” means the Company and the Manager. 
 “Person” means an individual, corporation, limited liability company, partnership, joint venture, trust or trustee, unincorporated organization, association, Governmental Authority or
other entity. 
 “President” means the chief executive officer of the Company. 

“Purpose” has the meaning ascribed to such term in Section 10.3(a). 

“Questioned Items” has the meaning ascribed to such term in Section 3.4(b). 

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

 “Renewal Term” has the meaning ascribed to such term in Section 8.2. 

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

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

“Term” means the Initial Term and any Renewal Term, in each case subject to any early termination of this Agreement as
permitted herein. 
 “Voting Securities” means securities of all classes of a Person entitling the holders
thereof to vote on a regular basis in the election of members of the board of directors or other governing body of such Person. 

1.2 Construction. In this Agreement, unless the context requires otherwise: 

(a) references to laws and regulations refer to such laws and regulations as they may be amended from time to time, and references to
particular provisions of a law or regulation include any corresponding provisions of any succeeding law or regulation; 
 (b)
references to money refer to legal currency of the United States; 

  
 (c)
“including” means “including, without limitation,” whether or not so expressed; 
 (d) words importing the
singular include the plural and vice versa, and words importing gender include all genders; and 
 (e) a reference to an
“approval,” “authorization,” “consent,” “notice” or “agreement” means an approval, authorization, consent, notice or agreement, as the case may be, in writing. 

1.3 Headings. All article or section headings in this Agreement are for convenience only and shall not be deemed to control or
affect the meaning or construction of any of the provisions hereof. 
 2. ENGAGEMENT OF MANAGER 

2.1 Engagement. The Company hereby engages the Manager to provide, upon the Company’s request, the Administrative Management
Services specified in Section 3, below, and the Manager hereby accepts such engagement, all in accordance with the terms of this Agreement. The Company and the Manager each acknowledge that to the extent set out in this Agreement, the Manager
is acting solely on behalf of, as agent of and for the account of the Company. The Manager shall advise Persons with whom it deals on behalf of the Company that it is conducting such business for and on behalf of the Company. 

2.2 Powers and Duties of the Manager. The Manager has the power and authority to take such actions on its own behalf or on behalf
of the Company as it from time to time considers necessary or appropriate to enable it to perform its obligations under this Agreement, subject to customary oversight and supervision of the Company, its Board of Directors and its executive officers.

 2.3 Ability to Subcontract. The Manager may subcontract any of its duties and obligations hereunder to provide
Administrative Management Services to any of its Affiliates without the consent of the Company and may subcontract its duties and obligations hereunder to provide Administrative Management Services to Persons that are not Affiliates with the prior
written consent of the Company, not to be unreasonably withheld. In the event of any subcontract by the Manager, the Manager shall promptly notify the Company thereof and shall remain fully liable for the due performance of its obligations under
this Agreement. 
 2.4 Outside Activities. The Company acknowledges that the Manager and its Affiliates may have business
interests and engage in business activities in addition to those relating to the Company, for their own respective accounts and for the accounts of other Persons. The Manager and its Affiliates may undertake activities that compete with the
activities of the Company. 
 2.5 Authority of the Parties. Each Party represents to the other that it is duly authorized
with full power and authority to execute, deliver and perform its obligations under this Agreement. The Company represents that the engagement of the Manager has been duly authorized by the Company and is in accordance with all governing documents
of the Company. 

  
 2.6 Inspection of
Books and Records. At all reasonable times and on reasonable notice, any Person authorized by the Company may inspect, examine, copy and audit the Books and Records of the Company kept by the Manager pursuant to this Agreement. 

3. ADMINISTRATIVE SERVICES 
 The Manager shall, at its own expense, provide to the Company the services described in this Section 3 (collectively, the “Administrative Management Services”). 

3.1 Accounting and Records. The Manager shall, on behalf of the Company, establish an accounting system, including the
development, implementation, maintenance and monitoring of internal control over financial reporting and disclosure controls and procedures, and maintain Books and Records, with such modifications as may be necessary to comply with Applicable Laws.
The Books and Records shall contain particulars of receipts and disbursements relating to the Company’s assets and liabilities and shall be kept pursuant to normal commercial practices that will permit financial statements to be prepared for
the Company in accordance with GAAP. The Books and Records shall be the property of the Company but shall be kept at the Manager’s primary office or such other place as the Company and the Manager may mutually agree. Upon expiration or
termination of this Agreement, all of the Books and Records shall be provided to the Company or a new manager pursuant to Section 8.5(b). 
 3.2 Reporting Requirements. The Manager shall prepare and deliver to the Company the following reports, which the Manager shall use its reasonable best efforts to prepare and deliver within the
time periods specified below or, if not so specified, within the time period requested by the relevant party: 
 (a) a quarterly
report to be delivered within 45 days of the end of each Fiscal Quarter setting out the interim financial results of the Company for such quarter and for the applicable Fiscal Year through the end of such Fiscal Quarter; 

(b) a draft of the reports, certificates, documents and other information required under any Credit Facility and any other financing
arrangements of the Company (“Other Financing Agreements”) to be delivered at least two Business Days prior to their required delivery to the Lenders or lenders under Other Financing Agreements; 

(c) as and when requested by the Company, draft reports regarding financial and other information required in connection with Applicable
Laws (including annual and other reports that may be required to be filed under the Exchange Act and all other Applicable Laws); and 
 (d) as and when reasonably requested by the Company from time to time, such other reports with respect to financial and other information of the Company. 

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

  
 (a) within 30 days of
the end of each Fiscal Quarter, unaudited financial statements of the Company for such Fiscal Quarter, to be reviewed by the external auditors of the Company, prepared in accordance with GAAP and the rules and regulations of the SEC, on a
consolidated basis with all Subsidiaries of the Company; 
 (b) within 90 days of the end of each Fiscal Year, financial
statements of the Company for such Fiscal Year, to be audited by the external auditors of the Company, prepared in accordance with GAAP and the rules and regulations of the SEC, on a consolidated basis with all Subsidiaries of the Company; and

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

Notwithstanding the foregoing, in the event that the Company’s reporting obligations are accelerated under the Exchange Act beyond
what such obligations are as of the date of this Agreement, the Manager shall use its reasonable best efforts to provide to the Company the financial statements referred to in clauses (a) and (b) above within such periods as shall be
required for the Company to comply with any reporting requirements under the Exchange Act or other similar applicable laws and regulations. 
 In addition, the Manager shall attend to the time calculation and payment of all taxes payable by the Company. At the instruction of the Company, the Manager shall cause the Company’s external
accountants to review the Company’s unaudited financial statements, audit the Company’s annual financial statements and finalize tax returns. The Manager shall make available to the Company’s accountants the relevant Books and Records
for the Company and shall assist the accountants in their duties. 
 3.4 Budgets and Corporate Planning. 

(a) Draft Budgets 
 On or before December 15 of each year, the Manager, in consultation with the Company, shall prepare and submit to the Board of Directors a detailed draft budget for the next Fiscal Year in a format
acceptable to the Board of Directors and generally used by the Manager, which shall include: (1) a statement of estimated revenue and expenses, including Costs and Expenses; and (2) a proposed budget for capital expenditures, repairs and
alterations, including proposed expenditures in respect of drydockings, together with an analysis as to when and why such expenditures, repairs and alterations may be required (the “Draft Budget”). 

(b) Process for Finalizing the Draft Budget. 
 For a period of seven (7) days after receipt of the Draft Budget, the Board of Directors may request further details and submit written comments on the Draft Budget. If, after reviewing the Draft
Budget, the Company does not agree with any term thereof, the Company shall, within the same seven (7) day period, give the Manager notice of such disagreements and terms (the “Questioned Items”) and a proposal for resolution
of each such Questioned Item. The Company and the Manager shall endeavor to resolve any such differences between them with respect to the Questioned Items. In resolving any Questioned Item, the Company and the Manager shall consider, among other
things, the Company’s obligations under any relevant Charter, Credit Facility, or Other Financing Agreement. 

  
 (c) Approved Budget.

 The Manager shall use its commercially reasonable efforts to prepare and deliver to the Company a revised budget that has
been approved by the Board of Directors (the “Approved Budget”) by December 31 of the preceding Fiscal Year. However, the Company acknowledges that the Approved Budget is only an estimate of the performance of the Vessels and
the Manager makes no assurance, representation or warranty that the actual performance of the Vessels in the applicable Fiscal Year will correspond to the estimates contained in the Approved Budget for such Fiscal Year. The Parties acknowledge that
any projections contained in the Approved Budget are subject to and may be affected by changes in financial, economic and other conditions and circumstances beyond the control of the Parties. 

(d) Amendments to Approved Budget. 
 The Manager may, from time to time, in any Fiscal Year propose amendments to the Approved Budget upon at least fifteen (15) days prior notice to the Company, in which event the Company shall have the
right to approve the amendments in accordance with the process set out in Section 3.4(b), with the relevant time periods being amended accordingly. Whenever, due to circumstances beyond the reasonable control of the Manager, emergency
expenditures are required to ensure that any Vessels are operated and maintained as required under any applicable Charters, the Manager may make such emergency expenditures and reasonably request prompt reimbursement thereof, to the extent that such
items are the responsibility of the Company, even if such expenditures are not included or reflected in the Approved Budget. 

3.5 Legal and Securities Compliance Services. 
 (a) Responsibilities of the Manager. 
 The Manager shall assist the Company with
the following items, whether or not related to any of the Vessels: 
 (i) compliance with all Applicable Laws, including all
relevant securities laws and the rules and regulations of the SEC and any securities exchange upon which the Company’s securities are listed; 
 (ii) arranging for the provision of advisory services to the Company with respect to the Company’s obligations under applicable securities laws in the United States and disclosure and reporting
obligations under applicable securities laws, including the preparation for review, approval and filing by the Company of reports and other documents with the SEC and all other applicable regulatory authorities; 

(iii) maintaining the Company’s corporate existence and good standing in all necessary jurisdictions and assisting in all other
corporate and regulatory compliance matters; and 
 (iv) conducting investor relations functions on behalf of the Company.

  
 (b) Administration and
Settlement of Legal Actions. 
 If any Legal Action is commenced against or is required to be commenced in favor of the Company
or any Vessel Owning Subsidiary, the Manager shall arrange for the commencement or defense of such Legal Action, as the case may be, in the name of, on behalf of and at the expense of the Company or Vessel Owning Subsidiary, including retaining and
instructing legal counsel, investigating the substance of the Legal Action and entering pleadings with respect to the Legal Action. The Manager shall assist the Company in administering and supervising any such Legal Actions and shall keep the
Company advised of the status thereof. The Manager may settle any Legal Action on behalf of the Company or Vessel Owning Subsidiary where the amount of settlement is less than $250,000 with the approval of the Company’s Chief Executive Officer
or President and, in excess of such amount with the approval of the Board of Directors. 
 (c) Interaction with Regulatory
Authorities. 
 Notwithstanding anything in this Section 3 or otherwise, the Manager shall not act for or on behalf of the
Company in its relationships with regulatory authorities except to the extent specifically authorized by the Company from time to time. 
 3.6 Bank Accounts. 
 (a) Administration by Manager. 

The Manager shall oversee banking services for the Company and shall establish in the name of the Company banking accounts with such
financial institutions as the Company may request. The Manager shall administer and manage all of the Company’s cash and accounts, including making any deposits and withdrawals reasonably necessary for the management of its business and
day-to-day operations. The Manager shall promptly deposit all moneys payable to the Company and received by the Manager into a bank account held in the name of the Company. 
 (b) Payments from Operating Account. 
 The Company shall ensure that all charter
hire associated with each Charter is paid by the applicable Charterer into the operating account. Unless otherwise instructed by the Company, the Manager shall instruct the financial institutions at which the accounts have been established to pay
from the operating account, as and when required, amounts payable under any Credit Facility or Other Financing Agreement. 

3.7 Other Administrative Management Services. 
 The Manager shall: 
 (a) develop, maintain and monitor internal audit controls,
disclosure controls and information technology for the Company; 
 (b) assist with arranging board meetings and preparing board
and committee meeting materials, including, as applicable, agendas, discussion papers, analyses and reports; 

  
 (c) prepare and
provide such reports and accounting information so as to permit the Board of Directors to determine the amount of the cash available for the payment of dividends to the Company’s shareholders, and to assist the Company in making arrangements
with the Company’s transfer agent for the payment of dividends, if any, to the shareholders; 
 (d) obtain, on behalf of
the Company, general insurance, director and officer liability insurance and other insurance of the Company not related to the Vessels that would normally be obtained for a company in a similar business to that of the Company; 

(e) administer payroll services, benefits and directors fees, as applicable, for the officers, other employees or directors of the
Company; 
 (f) provide office space and office equipment for personnel of the Company at the location of the Manager or as
otherwise reasonably designated by the Company, and clerical, secretarial, accounting and administrative assistance as may be reasonably necessary; 
 (g) provide all administrative services required in connection with any Credit Facility or Other Financing Agreement; 
 (h) negotiate and arrange for interest rate swap agreements, foreign currency contracts and forward exchange contracts; 
 (i) monitor the performance of investment managers; 
 (j) at the request and under
the direction of the Company, handle all administrative and clerical matters in respect of (i) the call and arrangement of all annual and special meetings of shareholders, (ii) the preparation of all materials (including notices of meetings and
proxy or similar materials) in respect thereof and (iii) the submission of all such materials to the Company in sufficient time prior to the dates upon which they must be mailed, filed or otherwise relied upon so that the Company has full
opportunity to review, approve, execute and return them to the Manager for filing or mailing or other disposition as the Company may require or direct; 
 (k) provide, at the request and under the direction of the Company, such communications to the transfer agent for the Company as may be necessary or desirable; 

(1) make recommendations to the Company for the appointment of auditors, accountants, legal counsel and other accounting, financial or
legal advisers, and technical, commercial, marketing or other independent experts; provided, however, that nothing herein shall permit the Manager to engage any such adviser or expert for the Company without the Company’s specific
approval; 
 (m) attend to all matters necessary for any reorganization, bankruptcy or insolvency petitions or proceedings,
liquidation, dissolution or winding up of the Company; 
 (n) attend to all other administrative matters necessary to ensure the
professional management of the Company’s business or as reasonably requested by the Company from time to time. 

  
 4. EMPLOYEES AND
MANAGER’S PERSONNEL 
 4.1 Manager’s Personnel. The Manager shall provide the Administrative Management
Services hereunder through the Manager’s Personnel. The Manager shall be responsible for all aspects of the employment or other relationship of the Manager’s Personnel as required in order for the Manager to perform its obligations
hereunder, including recruitment, training, staffing levels, compensation and benefits, supervision, discipline and discharge, and other terms and conditions of employment or contract. However, the Manager shall remain directly responsible and
liable to the Company to carry out all of its obligations under this Agreement, whether performed directly or subcontracted to another Person, and the Manager shall be responsible for the compensation and reimbursement of all such other Persons.

 5. COVENANTS OF THE MANAGER 
 The Manager hereby agrees and covenants with the Company that, during the Term, the Manager shall: 
 (a) obtain and maintain for its benefit professional indemnity insurance and other insurance as is reasonable having regard to the nature and extent of the Manager’s obligations under this Agreement;

 (b) exercise all due care, skill and diligence in carrying out its duties under this Agreement as required by Applicable
Laws; 
 (c) provide the President, the Chief Financial Officer, and the Board of Directors with all information in relation to
the performance of the Manager’s obligations under this Agreement as the President, the Chief Financial Officer, or the Board of Directors may reasonably request; 
 (d) use its reasonable best efforts to have all material property of the Company clearly identified as such, held separately from property of the Manager and, where applicable, in safe custody;

 (e) use its reasonable best efforts to have all property of the Company (other than money to be deposited to any bank account
of the Company) transferred to or otherwise held in the name of the Company or any nominee or custodian appointed by the Company; 
 (f) use its reasonable best efforts to cause (i) the Company to own or possess all licenses that are necessary and used in the operation of its business as of the date hereof, (ii) all such
licenses to be in full force and effect at all times, and (iii) all required filings with respect to such licenses to be timely made and all required applications for renewal thereof to be timely filed; 

(g) use its reasonable best efforts to retain at all times a qualified staff so as to maintain a level of expertise sufficient to provide
the Administrative Management Services; and 
 (h) use its reasonable best efforts to keep full and proper books, records and
accounts showing clearly all transactions relating to its provision of Administrative Management Services in accordance with established general commercial practices and in accordance with GAAP, and allow the Company and its representatives to audit
and examine such books, records and accounts at any time during customary business hours. 

  
 6.
MANAGER’S COMPENSATION AND REIMBURSEMENT 
 6.1 Fees for Administrative Management Services;
Reimbursement. In consideration for the provision of the Administrative Management Services by the Manager to the Company, the Company shall pay the Manager a monthly management fee (the “Management Fee”) in the amount of
$10,000 (ten thousand U.S. dollars) in accordance with Section 6.2. In addition, the Company shall reimburse the Manager for all of the reasonable direct and indirect costs and expenses incurred by the Manager and its Affiliates in providing
the Administrative Management Services (the “Costs and Expenses”). 
 6.2 Invoicing. The Manager shall,
in good faith, determine the expenses related to the Administrative Management Services that are allocable to the Company in any reasonable manner determined by the Manager and shall provide to the Company on a quarterly basis an invoice for the
reasonable costs and expenses to be paid pursuant to Section 6.1, which invoice shall contain a description in reasonable detail of the costs and expenses that comprise the aggregate amount of the payment being invoiced. The Manager shall
maintain the records of all costs and expenses incurred, including any invoices, receipts and supplementary materials as are necessary or proper for the settlement of accounts between the Parties. The Company shall pay such invoices within thirty
(30) days of receipt, unless the invoice is being disputed in accordance with this Agreement. 
 6.3 Dispute of
Invoice. If the Company, in good faith, disputes the amount of an invoice, the Company shall give written notice of such dispute (including the particulars of such dispute) to the Manager on or before the date such invoice is payable with
respect to all or any portion of such invoice. Upon receipt of such notice, the Manager shall furnish the Company with additional supporting documentation to reasonably substantiate the amount of the invoice. Upon delivery of such additional
documentation, the Company and the Manager shall cooperate in good faith and use commercially reasonable efforts to resolve such dispute. If they are unable to resolve the dispute within ten (10) Business Days of the delivery of such additional
supporting information (in the case of an invoice) the dispute shall be referred for resolution to a firm of independent accountants of nationally recognized standing in the United States reasonably satisfactory to each of the Manager and the
Company (the “Accounting Referee”), which shall determine the disputed amounts within thirty (30) days of the referral of such invoice dispute to such Accounting Referee. The determination of the Accounting Referee shall not
require the Company to pay more than the amount in dispute nor require the Manager to return any amount previously paid by the Company. The fees and expenses of the Accounting Referee shall be borne equally by the Company and the Manager. If any
invoice dispute is resolved in favor of the Manager, the Company shall make payment to the Manager within ten (10) days of resolution of the dispute. Notwithstanding the foregoing, in no event shall the Company be entitled to withhold any
amounts other than those portions of the applicable payment that are in dispute. 
 6.4 Direction to Pay. By written
notice to the Company, the Manager may direct the Company to pay any amounts owing under this Agreement directly to an Affiliate of the Manager pursuant to a subcontracting arrangement relating to this Agreement. 

  
 7. LIABILITY OF
THE MANAGER; INDEMNIFICATION 
 7.1 Liability of the Manager. The Manager shall not be liable to the Company for
any Loss arising from the Administrative Management Services unless and to the extent that such Loss resulted from: 
 (a) the
fraud, gross negligence, recklessness or willful misconduct of the Manager or any of its Affiliates (other than the Company) or any of their respective employees, agents or subcontractors (“Manager Misconduct”); or 

(b) any breach of this Agreement by the Manager or any of its Affiliates (other than the Company). 

7.2 Manager Indemnification. The Company shall indemnify and hold harmless the Manager and its directors, officers, employees,
subcontractors and Affiliates (the “Manager Indemnified Persons”) from and against any and all Losses incurred or suffered by the Manager Indemnified Persons by reason of or arising from or in connection with their performance of
this Agreement or any third-party Legal Action brought or threatened against such Manager Indemnified Persons in connection with their performance of this Agreement, other than for any Losses to the extent related to or that resulted from:

 (a) any liabilities or obligations that the Manager has agreed to pay or for which the Manager is otherwise expressly
responsible under this Agreement; 
 (b) Manager Misconduct; or 

(c) any breach of this Agreement by the Manager or any of its Affiliates (other than the Company). 

7.3 Company Indemnification. The Manager shall indemnify and hold harmless the Company and the Company’s directors, officers,
employees, subcontractors and Affiliates (the “Company Indemnified Persons”) from and against any and all Losses incurred or suffered by the Company Indemnified Persons, to the extent related to or that resulted from: 

(a) any liabilities or obligations that the Manager has agreed to pay or for which the Manager is otherwise expressly responsible under
this Agreement; 
 (b) Manager Misconduct; or 
 (c) any breach of this Agreement by the Manager or any of its Affiliates (other than the Company). 
 8. TERM AND TERMINATION 
 8.1 Initial Term. The initial term
of this Agreement shall commence on the date hereof and end on the first anniversary of the date hereof, unless terminated earlier pursuant to this Agreement (the “Initial Term”). 

  
 8.2 Renewal Term.
This Agreement will, without any further act or formality on the part of either Party, on the expiration of the Initial Term or any Renewal Term, be automatically renewed for a further term of twelve (12) months (each a “Renewal
Term”) unless notice of termination is given by the Company to the Manager in accordance with Section 8.3 or by the Manager to the Company in accordance with Section 8.4. 

8.3 Termination by the Company. This Agreement may be terminated by the Company: 

(a) upon not less than thirty (30) days prior written notice by the Company to the Manager; 

(b) if, at any time, the Manager materially breaches this Agreement and the matter is unresolved after ninety (90) days pursuant to
the dispute resolution procedures set forth in Section 9 (“Manager Breach”); 
 (c) if, at any time,

 (i) the Manager has been convicted of, has entered a plea of guilty or nolo contendere with respect to, or has entered
into a plea bargain or settlement admitting guilt for, a crime, which conviction, plea bargain or settlement is demonstrably and materially injurious to the Company; and 
 (ii) the holders of a majority of the outstanding Common Shares elect to terminate this Agreement; 
 (d) if the Manager commits fraud or is grossly negligent in the performance of its obligations hereunder, or commits an act of willful misconduct, and the Company is materially injured thereby in any such
case; 
 (e) if, at any time, the Manager becomes insolvent, admits in writing its inability to pay its debts as they become
due, is adjudged bankrupt or declares bankruptcy or makes an assignment for the benefit of creditors, a proposal or similar action under the bankruptcy, insolvency or other similar laws of any applicable jurisdiction, or commences or consents to
proceedings relating to it under any reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction; or 
 (f) if there is a Change of Control of the Manager. 
 8.4 Termination by the
Manager. This Agreement may be terminated by the Manager: 
 (a) after the expiration of the Initial Term, with six
(6) months’ prior notice by the Manager to the Company; 
 (b) if, at any time, the Company materially breaches the
Agreement and the matter is unresolved after ninety (90) days pursuant to the dispute resolution procedures set forth in Section 9 (“Company Breach”); or 

  
 (c) at any time upon
the earlier of (i) the occurrence of a Change of Control of the Company or (ii) the Manager’s receipt of written notice from the Company that such a Change of Control will occur until sixty (60) days after the later of (x) the
occurrence of such a Change of Control or (y) the Manager’s receipt of the written notice in the preceding clause (ii). If the Company has knowledge that a Change of Control of the Company will occur, the Company shall give prompt written
notice thereof to the Manager. A “Change of Control” means the occurrence of any of the following: 
 (A) the
sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s assets; 

(B) an order made for, or the adoption by the Board of Directors of a plan of liquidation or dissolution of the Company; 

(C) the consummation of any transaction (including any merger or consolidation) the result of which is that any “person” (as
such term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than a majority of the Company’s Voting Securities, measured by voting power rather than number of shares; 

(D) if, at anytime, the Company becomes insolvent, admits in writing its inability to pay its debts as they become due, is adjudged
bankrupt or declares bankruptcy or makes an assignment for the benefit of creditors, or makes a proposal or similar action under the bankruptcy, insolvency or other similar laws of any applicable jurisdiction or commences or consents to proceedings
relating to it under any reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction; 
 (E) the consolidation of the Company with, or the merger of the Company with or into, any “person” (other than an Affiliate of the Company), or the consolidation of any “person” (other
than an Affiliate of the Company) with, or the merger of any “person” (other than an Affiliate of the Company) with or into, the Company, in any such event pursuant to a transaction in which any of the Common Shares outstanding immediately
prior to such transaction are converted into or exchanged for cash, securities or other property or receive a payment of cash, securities or other property, other than any such transaction where the Company’s Voting Securities outstanding
immediately prior to such transaction are converted into or exchanged for Voting Securities of the surviving or transferee “person” constituting a majority (measured by voting power rather than number of shares) of the outstanding Voting
Securities of such surviving or transferee “person” immediately after giving effect to such issuance; or 
 (F) a
change in directors after which a majority of the members of the Board of Directors are not Continuing Directors. 
 8.5
Effects of Termination or Expiry of this Agreement. (a) If the Manager terminates this Agreement pursuant to Section 8.4(b) or 8.4(c), the Company shall have the option to require the Manager to continue to provide Administrative
Management Services to the Company, for the fee described in Section 6.1, for up to a ninety (90) day period from the date that the Manager provides notice of termination of this Agreement. 

 (b) Upon termination or expiry of this Agreement, this Agreement will be void and there
shall be no liability on the part of any Party (or their respective officers, directors, employees or Affiliates) except that the obligation of the Company to pay to the Manager or its Affiliates the amounts accrued but outstanding under
Section 6 and the terms and conditions set forth in Sections 7 and 10.3 shall survive such termination. After a written notice of termination has been given under this Section 8 or upon expiry, the Company may direct the Manager to, at the
cost of the Company, undertake any actions reasonably necessary to transfer any aspect of the ownership or control of the assets of the Company to the Company or to any nominee of the Company and to do all other things reasonably necessary to bring
the appointment of the Manager to an end at the appropriate time, and the Manager shall promptly comply with all such reasonable directions. Upon termination or expiry of this Agreement, the Manager shall promptly deliver to any new manager or the
Company any Books and Records held by the Manager under this Agreement and shall execute and deliver such instruments and do such things as may reasonably be required to permit the new manager of the Company to assume its responsibilities.

 9. DISPUTE RESOLUTION 
 9.1 Notice of Dispute. If (a) a dispute or disagreement arises between the Parties with respect to any provision of this Agreement (other than Section 6.3), including its interpretation or the
performance of a Party under this Agreement or (b) (i) the Company in good faith believes that a Manager Breach has occurred or is reasonably likely to occur or (ii) the Manager in good faith believes that a Company Breach has
occurred or is reasonably likely to occur (each of the foregoing a “Dispute”), either Party may, or the Party alleging such breach or potential breach shall, deliver written notice to the other Party. Such notice shall contain in
detail the specific facts and circumstances relating to the Dispute. With respect to any Dispute described in clause (a) or (b) above, each Party shall designate an individual to negotiate and resolve the Dispute (each a
“Designated Representative” and, together, the “Designated Representatives”). The Designated Representatives shall in good faith attempt to resolve the matter within a thirty (30) day period from the date of
delivery of the notice referred to above. If either Designated Representative intends to be accompanied by counsel at any meeting, such Designated Representative shall give the other Designated Representative at least three (3) Business
Days’ notice. All discussions and negotiations pursuant to this Section 9 shall be confidential and without prejudice to settlement negotiations. 
 9.2 Mediation. If a Dispute described in clause (a) or (b) of Section 9.1 is not resolved by the Designated Representatives during the thirty (30) days provided in
Section 9.1, either of the Parties may refer the matter to mediation. With respect to the mediation of any Dispute, the mediator shall be mutually agreed upon by the Parties, and such mediator will be instructed to: 

(a) review the terms of the Dispute and the position of the Parties; 

(b) consider the terms of and context of this Agreement; and 
 (c) render a non-binding report within sixty (60) days of the appointment of the mediator (the “Mediator’s Report”) or such later date as to which the Parties may agree.

  
 The Parties shall
consider the Mediator’s Report and may mutually decide to make it a binding report. If the mediator is not able to facilitate a binding agreement between the Parties, the Dispute is not resolved to the satisfaction of the Parties as a result of
the Mediator’s Report or a mediator cannot be chosen mutually by the Parties, the Dispute shall be submitted to binding arbitration pursuant to Section 9.3. 
 9.3 Arbitration. Any Dispute not resolved by the Parties pursuant to Section 9.1 or 9.2 shall be fully and finally resolved by binding arbitration pursuant to this Section 9.3. Either
Party may refer the Dispute to arbitration, which shall take place in New York, New York in accordance with the Commercial Arbitration Rules of the American Arbitration Association before a single arbitrator. The prevailing Party in any such
arbitration shall be entitled to costs, expenses and reasonable attorneys’ fees, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. 

10. GENERAL 
 10.1 Assignment; Binding Effect. The Parties may not assign any of their respective rights under this Agreement in whole or in part without the prior written consent of the other Party, which
consent may be withheld in the sole discretion of such other Party. This Agreement is binding upon and inures to the benefit of the Parties and their successors and permitted assigns. 

10.2 Force Majeure. Neither of the Parties shall be under any liability for any failure to perform any of their obligations
hereunder if any of the following occurs (each a “Force Majeure Event”): 
 (a) any event, cause or condition
which is beyond the reasonable control of either or both of the Parties and which prevents either or both of the Parties from performing any of their respective obligations under this Agreement; 

(b) acts of God, including fire, explosions, unusually or unforeseeably bad weather conditions, epidemic, lightening, earthquake or
tsunami; 
 (c) acts of public enemies, including war or civil disturbance, vandalism, sabotage, terrorism, blockade or
insurrection; 
 (d) acts of a Governmental Authority, including injunction or restraining orders issued by any judicial,
administrative or regulatory authority, expropriation or requisition; 
 (e) government rule, regulation or legislation, embargo
or national defense requirement; or 
 (f) labor troubles or disputes, strikes or lockouts, including any failure to settle or
prevent such event which is in the control of any Party. 
 A Party shall give written notice to the other Party promptly upon
the occurrence of a Force Majeure Event. 

 10.3 Confidentiality. (a) Each Receiving Party agrees: 

(i) to use any Confidential Information solely to carry out its obligations or exercise its rights under this Agreement (the
“Purpose”) and for no other purpose; 
 (ii) to copy and make other works based on Confidential Information
only as strictly necessary for the Purpose; 
 (iii) to maintain the confidentiality of the Confidential Information using at
least the same degree of care that the Receiving Party uses for its own confidential or proprietary information of a similar nature, but no less than reasonable care; 
 (iv) to reveal any Confidential Information to any third party without the prior written consent of the Disclosing Party, except that if the Receiving Party is required by law, court or administrative
order or regulation to reveal any Confidential Information, the Receiving Party is permitted to do so, provided that the Receiving Party gives the Disclosing Party reasonable prior written notice (if permitted) of the required disclosure and
cooperate with the Disclosing Party at its expense in seeking a protective order or other relief; 
 (v) to limit disclosure of
the Confidential Information to such of the Company’s or the Manager’s officers and employees as is necessary for the Purpose; 
 (vi) to inform each officer and employee who receives any Confidential Information of the restrictions as to use and disclosure of Confidential Information contained herein and to be responsible for any
breach of such restrictions by any such persons; and 
 (vii) forthwith upon the Disclosing Party’s request, to procure the
return of all Confidential Information together with any copies, abstracts, or other works which contain or are based on any of the Confidential Information; provided that, notwithstanding the foregoing, the Receiving Party shall be permitted to
retain Confidential Information to the extent it is required to retain such Confidential Information pursuant to law, court or administrative order or regulation. 
 (b) Each Receiving Party further acknowledges that any breach of the provisions of this Agreement would result in serious damage being sustained by the Disclosing Party, and as a result hereby
unconditionally agrees: 
 (i) to be responsible for losses, damages or expenses (including without limitation attorneys’
fees and expenses) that have been determined to have been caused by any such breach; and 
 (ii) that the Disclosing Party shall
be entitled to equitable relief (including without limitation injunctive relief) in relation to any threatened or actual breach of the provisions of this Agreement without any requirement of posting a bond and without limiting any other remedy that
may be available to the Disclosing Party. 
 10.4 Notices. Each notice, consent or request required to be given to a
Party pursuant to this Agreement must be given in writing. A notice may be given by delivery to an individual or 

 
by fax, and shall be validly given if delivered on a Business Day to an individual at the following address, or, if transmitted on a Business Day, by fax or email addressed to the following
Party: 
  

			
	If to the Company:	  	If to the Manager:
		
	 Diana Containerships Inc.
 Pendelis 16, 175 64 Palaio Faliro
 Athens, Greece

Tel: +302109470000
 Fax: +302109424975
	  	 Diana Shipping Services S.A.
 Pendelis 16, 175 64 Palaio Faliro
 Athens, Greece

Tel:+302109470000
 Fax:+302109424975

		
	With Copy to:	  	With Copy to:
		
	 Gary J. Wolfe, Esq.
 Seward & Kissel LLP
 One Battery Park Plaza

New York, New York 10004
 (212) 574 1223 (telephone number)
 (212) 480 8421 (facsimile
number)
	  	 Gary J. Wolfe, Esq.
 Seward & Kissel LLP
 One Battery Park Plaza

New York, New York 10004
 (212) 574 1223 (telephone number)
 (212) 480 8421 (facsimile
number)

 or to any other address or fax number that the Party so designates by notice given in accordance
with this Section. Any notice 
 (a) if validly delivered on a Business Day, shall be deemed to have been given when delivered;
and 
 (b) if validly transmitted by fax on a Business Day, shall be deemed to have been given on that Business Day. 

10.5 Third Party Rights. The provisions of this Agreement are enforceable solely by the Parties to this Agreement, and no
shareholder, employee, agent of any Party or any other Person shall have the right to enforce any provision of this Agreement or to compel any Party to this Agreement to comply with the terms of this Agreement. 

10.6 No Joint Venture. Nothing in this Agreement is intended to create or shall be construed as creating a joint venture or
partnership between the Parties, and this Agreement shall not be deemed for any purpose to constitute any Party a partner of any other Party to this Agreement in the conduct of any business or otherwise or as a member of a joint venture or joint
enterprise with any other Party to this Agreement. 
 10.7 Severability. Each provision of this Agreement is severable.
If any provision of this Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction, the illegality, invalidity or unenforceability of that provision will not affect: 

(a) the legality, validity or enforceability of the remaining provisions of this Agreement; or 

  
 (b) the legality,
validity or enforceability of that provision in any other jurisdiction; 
 except that if: 

(x) on the reasonable construction of this Agreement as a whole, the applicability of the other provision presumes the validity and
enforceability of the particular provision, the other provision will be deemed also to be invalid or unenforceable; and 
 (y)
as a result of the determination by a court of competent jurisdiction that any part of this Agreement is unenforceable or invalid and, as a result of this Section 10.7, the basic intentions of the Parties in this Agreement are entirely
frustrated, the Parties shall use commercially reasonable efforts to amend, supplement or otherwise vary this Agreement to confirm their mutual intention in entering into this Agreement. 

10.8 Governing Law; Jurisdiction; Venue. This Agreement shall be governed by and construed in accordance with the laws of the
State of New York applicable to contracts executed in and to be performed in that state, and each party hereto agrees to submit to the non-exclusive jurisdiction of the federal or state courts located in the City, County and State of New York as
regards any claim or matter arising under or in connection with this Agreement. Each of the Parties hereby irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this agreement or
the transactions contemplated hereby, in the federal or state courts located in the City, County and State of New York, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such
action, suit or proceeding brought in any such court has been brought in an inconvenient forum or seek to change the venue from any such court. 
 10.9 Amendments. No amendment, supplement, modification or restatement of any provision of this Agreement shall be binding unless it is in writing and signed by each Person that is a Party to this
Agreement at the time of the amendment, supplement, modification or restatement. 
 10.10 Entire Agreement. This
Agreement constitutes the entire agreement among the Parties pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
 10.11 Waiver. No failure by any Party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a
breach thereof shall constitute a waiver of any such breach or of any other covenant, duty, agreement or condition. Any waiver must be specifically stated as such in writing. 
 10.12 Counterparts. This Agreement may be executed in any number of counterparts, all of which together shall constitute one agreement binding on the Parties. 

[Remainder of This Page Intentionally Left Blank] 

 IN WITNESS WHEREOF, this Administrative Services Agreement has been duly executed by the
Parties as of the date first written above. 
  

	
	DIANA CONTAINERSHIPS INC.
	
 

	Name : Anastasios Margaronis
	Title: Director and President
	
	DIANA SHIPPING SERVICES S.A.
	
 

	Name: Ioannis Zafirakis
	Title: Director and Treasurer

 [Signature
Page to Administrative Services Agreement]

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