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EXECUTION VERSION

SECOND AMENDMENT TO FOURTH LENDER FORBEARANCE AGREEMENT

This Second Amendment to Fourth Lender Forbearance Agreement (this “Amendment”) is entered into as of June 28, 2021, by and among GTT Communications, Inc., a Delaware corporation (the “U.S. Borrower”), GTT Communications B.V., a company organized under the laws of the Netherlands (the “EMEA Borrower” and, together with the U.S. Borrower, the “Borrowers”), the guarantors party hereto, each of the undersigned Secured Creditors (which constitute the Required Revolving Lenders, the Required Lenders and the Existing Secured Hedge Providers (as defined below)) (collectively, the “Consenting Lenders”) and KeyBank National Association, as Administrative Agent under the Credit Agreement (together with the Borrowers and the Consenting Lenders, the “Parties”). 
RECITALS
A.    The U.S. Borrower, the EMEA Borrower, the lenders party thereto, KeyBank National Association, as administrative agent (in such capacity, the “Administrative Agent”), and certain other financial institutions party thereto, are parties to that certain Credit Agreement, dated as of May 31, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), under which the U.S. Borrower entered into the Revolving Commitments and incurred the U.S. Term Loans and the EMEA Borrower incurred the EMEA Term Loans.  Capitalized terms used herein shall, unless otherwise indicated, have the respective meanings set forth in the Credit Agreement or the Forbearance Agreement (as defined below), as applicable.
B.    The U.S. Borrower is a party to Secured Hedge Agreements with each of the Secured Hedge Providers party hereto (collectively, the “Existing Secured Hedge Providers”) and the obligations of the U.S. Borrower thereunder constitute U.S. Obligations that are secured by the U.S. Collateral pursuant to the terms of the U.S. Security Documents.
C.    The Borrowers and certain of the Guarantors entered into that certain Fourth Lender Forbearance Agreement and Amendment No. 6, dated as of May 10, 2021 (the “Forbearance Agreement”) with the Administrative Agent, the Forbearing Lenders (as defined therein) and the Existing Secured Hedge Providers.
D.    On May 17, 2021, the Requisite Forbearing Lenders and certain of the Existing Secured Hedge Providers consented to an extension of the date and time “5:00 p.m., New York City time, on May 17, 2021” in clause (2) of the definition of “Termination Event” in Section 2(a) of the Forbearance Agreement to the date and time “5:00 p.m., New York City time, on June 3, 2021”.
E.    The Borrowers and certain of the Guarantors entered into that certain First Amendment to Fourth Lender Forbearance Agreement, dated as of June 2, 2021 with the Administrative Agent and the Consenting Lenders (as defined therein), which extended the date and time “5:00 p.m., New York City time, on June 3, 2021” in clause (2) of the definition of “Termination Event” in Section 2(a) of the Forbearance Agreement to the date and time “5:00 p.m., New York City time, on June 17, 2021”.
F.    On June 16, 2021, the Requisite Forbearing Lenders consented to an extension of the date and time “5:00 p.m., New York City time, on June 17, 2021” in clause (2) of the definition of “Termination Event” in Section 2(a) of the Forbearance Agreement to the date and time “5:00 p.m., New York City time, on June 28, 2021”.

G.    The Borrowers have represented to the Lenders that they do not intend to make interest payments on the 2024 Notes Indenture due June 30, 2021 during the pendency of the Lender Forbearance Period and, instead, intend to utilize the 30-day grace period detailed in Article 6.01(a)(1) of the 2024 Notes Indenture.  
H.    Subject to the terms and conditions set forth in the Forbearance Agreement, the Forbearing Lenders have agreed to forbear, solely during the Lender Forbearance Period, from exercising their default-related rights and remedies against the Credit Parties with respect to the Lender Specified Defaults.
I.    The Borrowers and the Consenting Lenders (which constitute the Requisite Forbearing Lenders) desire to amend the Forbearance Agreement as set forth in this Amendment.
        NOW, THEREFORE, in consideration of the foregoing, the terms, covenants and conditions contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:
SECTION 1.    Amendments to Forbearance Agreement.  
The Forbearance Agreement is hereby amended as follows:
(a)        Recital (C) of the Forbearance Agreement is hereby amended by deleting in their entirety the words “as in effect on the date hereof” appearing in clause (X)(v) thereof. 
(b)           The date “June 28, 2021” appearing in clause (2) of the definition of Termination Event in Section 2(a) of the Forbearance Agreement is hereby replaced in its entirety with “July 6, 2021”.
(c)        The definition of “Forbearance Default” in Section 2(a) of the Forbearance Agreement is hereby amended as follows:
(i)    Clause (F) of the definition of “Forbearance Default” is hereby amended by deleting the words “as in effect on the date hereof” appearing therein in their entirety; 
(ii)    Clause (I)(z) of the definition of “Forbearance Default” is hereby amended by deleting the period at the end of such clause and inserting “; and” in lieu thereof; and 
(iii)    the following provision is hereby added immediately after Clause (I) of the definition of “Forbearance Default”:
“(J)    any Credit Party makes, or causes to be made, the interest payment (or any portion thereof) on the 2024 Notes that is due on or about June 30, 2021 or any interest payment (or portion of any interest payment) due thereafter.”
(d)    Section 3(c) of the Forbearance Agreement is hereby amended by deleting the words “(such Noteholder Forbearance Agreement, as amended prior to the date hereof and by such amendment, the “Noteholder Forbearance Agreement”)” in their entirety and inserting the words “(such Noteholder Forbearance Agreement, as amended prior to the date hereof and by the Fourth Amendment to Noteholder Forbearance Agreement, dated as of June 28, 2021, by and among the U.S. Credit Parties and the “Consenting Noteholders” party thereto, the “Noteholder Forbearance Agreement”)” in lieu thereof.
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(e)    Section 5(d) of the Forbearance Agreement is hereby amended by deleting the words “from the Forbearance Effective Date until 5:00 p.m., New York City time, on June 17, 2021” in their entirety and inserting the words “during the Lender Forbearance Period” in lieu thereof.    
SECTION 2.    Effectiveness.  
The Forbearance Agreement is and shall remain in full force and effect as of the date hereof except as modified by this Amendment.  This Amendment will be effective as of the date when the following conditions have been satisfied (such date, the “Amendment Effective Date”):
(a)    Amendment.  Each of the Parties shall have executed and delivered counterpart signature pages of this Amendment to counsel to each of the other Parties (which signature pages may be delivered by counsel and in electronic form).
(b)    No Default or Event of Default.  As of the date of this Amendment, no Default or Event of Default shall have occurred and be continuing, other than the Lender Specified Defaults that have occurred and are continuing as of the date hereof.
(c)    Noteholder Forbearance Agreement.  The Requisite Forbearing Noteholders (as defined in the Noteholder Forbearance Agreement) shall have entered into the Fourth Amendment to Noteholder Forbearance Agreement which shall be in full force and effect. 
(d)    Priming Facility Credit Agreement.  The Required Lenders (as defined in the Priming Facility Credit Agreement) shall have provided written consent (which may be evidenced by email from counsel) to the extension of the date “June 28, 2021” in each of Section 6.01(a) and (b) of the Priming Facility Credit Agreement to “July 6, 2021”.
(e)    Fees and Expenses.  To the extent invoiced at least two (2) Business Days prior to the date of this Agreement, the Credit Parties shall have paid the reasonable and documented fees, charges and disbursements of (i) Jones Day, counsel to the Administrative Agent, and one local counsel to the Administrative Agent in each relevant jurisdiction, (ii) Milbank LLP, counsel to certain Term Lenders, (iii) Houlihan Lokey Capital, Inc., financial advisor to certain Term Lenders and (iv) Paul, Weiss, Rifkind, Wharton & Garrison LLP, counsel to certain Term Lenders, in each case, incurred in connection with this Agreement or in connection with any other Loan Documents entered into prior to the Forbearance Effective Date.  
SECTION 3.    [Reserved].    
SECTION 4.    General Release.  
(a)    As of the date of this Amendment, each Credit Party that is a party hereto and the U.S. Borrower, on behalf of each other Credit Party and each of their respective Subsidiaries (collectively, the “Releasors”), to the fullest extent permitted by law, hereby releases, and forever discharges the Administrative Agent, each Lender and each of its or their respective trustees, officers, directors, participants, beneficiaries, agents, attorneys, affiliates and employees, and the successors and assigns of the foregoing (collectively, the “Released Parties”), from any and all claims, actions, causes of action, suits, defenses, set-offs against the Obligations, and liabilities of any kind or character whatsoever, known or unknown, contingent or matured, suspected or unsuspected, anticipated or unanticipated, liquidated or unliquidated, claimed or unclaimed, in contract or in tort, at law or in equity, or otherwise, including, without limitation, claims or defenses relating to allegations of usury, which relate, in whole or 
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in part, directly or indirectly, to the Loans, the Loan Documents, the Obligations, the Collateral or this Amendment, in each case, which existed, arose or occurred at any time prior to the date of this Amendment, including, without limitation, the negotiation, execution, performance or enforcement of the Loan Documents and this Amendment, any claims, causes of action or defenses based on the negligence of any of the Released Parties or on any “lender liability” theories of, among others, unfair dealing, control, misrepresentation, omissions, misconduct, overreaching, unconscionability, disparate bargaining position, reliance, equitable subordination, or otherwise, and any claim based upon illegality or usury (collectively, the “Released Claims”). No Releasor shall intentionally, willfully or knowingly commence, join in, prosecute, or participate in any suit or other proceeding in a position which is adverse to any of the Released Parties, arising directly or indirectly from any of the Released Claims. The Released Claims include, but are not limited to, any and all unknown, unanticipated, unsuspected or misunderstood claims and defenses which existed, arose or occurred at any time prior to the date of this Amendment, all of which are released by the provisions hereof in favor of the Released Parties.
(b)    Each Releasor acknowledges and agrees that it has no defenses, counterclaims, offsets, cross-complaints, causes of action, rights, claims or demands of any kind or nature whatsoever, including, without limitation, any usury or lender liability claims or defenses, arising out of the Loan Documents or this Amendment, that can be asserted either to reduce or eliminate all or any part of any of the Releasors’ liability to the Administrative Agent and the Lenders under the Loan Documents, or to seek affirmative relief or damages of any kind or nature from the Administrative Agent or the Lenders, for or in connection with the Loans or any of the Loan Documents. Each Releasor further acknowledges that, to the extent that any such claim does in fact exist, it is being fully, finally and irrevocably released by them as provided in this Amendment.
(c)    Each Releasor hereby waives the provisions of any applicable laws restricting the release of claims which the releasing parties do not know or suspect to exist as of the date of this Amendment, which, if known, would have materially affected the decision to agree to these releases. Accordingly, each Releasor hereby agrees, represents and warrants to the Administrative Agent and each Lender that it understands and acknowledges that factual matters now unknown may have given or may hereafter give rise to causes of action, claims, demands, debts, controversies, damages, costs, losses and expenses which are presently unknown, unanticipated and unsuspected, and each Releasor further agrees, represents and warrants that the releases provided herein have been negotiated and agreed upon, and in light of, that realization and that each Releasor nevertheless hereby intends to release, discharge and acquit the parties set forth hereinabove from any such unknown causes of action, claims, demands, debts, controversies, damages, costs, losses and expenses which are in any manner set forth in or related to the Released Claims and all dealings in connection therewith.
(d)    In making the releases set forth in this Amendment, each Releasor acknowledges that it has not relied upon any representation of any kind made by any Released Party.
(e)    It is understood and agreed by the Releasors and the Released Parties that the acceptance of delivery of the releases set forth in this Amendment shall not be deemed or construed as an admission of liability by any of the Released Parties and the Administrative Agent, on behalf of itself and the other Released Parties, hereby expressly denies liability of any nature whatsoever arising from or related to the subject of such releases.
SECTION 5.    Reaffirmation and Acknowledgement. 
(a)    Each U.S. Credit Party, by its signature below, hereby (i) consents to the terms hereof and hereby acknowledges and agrees that any Loan Document, including the Forbearance 
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Agreement, to which it is a party or otherwise bound shall continue in full force and effect (including, without limitation, the pledge and security interest in any Collateral granted by it pursuant to the Loan Documents), (ii) acknowledges and agrees that the Obligations under the Loan Documents, including the Forbearance Agreement, are in all respects continuing, (iii) reaffirms all of its obligations under each of the Loan Documents, including the Forbearance Agreement, to which it is a party, and (iv) reaffirms its guarantee of the Obligations and the pledge of and/or grant of a security interest in its assets constituting Collateral to secure the Obligations and acknowledges and agrees that such guarantee, pledge and/or grant continue in full force and effect in respect of, and to secure, the Obligations.
(b)    The EMEA Borrower, by its signature below, hereby (i) consents to the terms hereof and hereby acknowledges and agrees that any Loan Document, including the Forbearance Agreement, to which it is a party or otherwise bound shall continue in full force and effect (including, without limitation, the pledge and security interest in any Collateral granted by it pursuant to the Loan Documents), (ii) acknowledges and agrees that the Non-U.S. EMEA Credit Party Obligations under the Loan Documents, including the Forbearance Agreement, are in all respects continuing, (iii) reaffirms all of its obligations under each of the Loan Documents, including the Forbearance Agreement, to which it is a party, and (iv) reaffirms pledge of and/or grant of a security interest in its assets constituting Collateral under the Non-U.S. Security Agreements to secure the Non-U.S. EMEA Credit Party Obligations and acknowledges and agrees that such pledge and/or grant continue in full force and effect in respect of, and to secure, the Non-U.S. EMEA Credit Party Obligations.
SECTION 6.    Representations and Warranties of the Borrowers.  To induce the Consenting Lenders to execute and deliver this Amendment, each of the Borrowers represents and warrants that:
(a)    the execution, delivery and performance by such Borrower of this Amendment and all documents and instruments delivered in connection herewith have been duly authorized by such Borrower, this Amendment has been duly executed and delivered by such Borrower, and this Amendment and all documents and instruments delivered in connection herewith are legal, valid and binding obligations of such Borrower enforceable against it in accordance with their terms, except as the enforcement thereof may be subject to (i) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar law affecting creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforcement is sought in a proceeding in equity or at law); and
(b) neither the execution, delivery and performance of this Amendment and all documents and instruments delivered in connection herewith nor the consummation of the transactions contemplated hereby or thereby does or shall contravene, result in a breach of, or violate (i) any provision of such Borrower’s organizational documents or (ii) any applicable laws.
SECTION 7.    Amendments. This Amendment may be modified, amended or supplemented only by an instrument in writing signed by the Borrowers and the Requisite Forbearing Lenders.  Any provision in this Amendment may be waived by an instrument in writing signed by the Party against whom such waiver is to be effective, and any date or deadline set forth herein may be extended by written consent of the Requisite Forbearing Lenders (which may be evidenced by email from counsel); provided that the extension of the Lender Forbearance Period with respect to any of the Existing Secured Hedge Providers shall require the written consent of such Existing Secured Hedge Provider (which may be evidenced by email from Jones Day, counsel to the Existing Secured Hedge Providers) to the extent set forth in clause (2) of the definition of “Termination Event” in the Forbearance Agreement. 
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SECTION 8.    GOVERNING LAW; CONSENT TO JURISDICTION.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  THE PROVISIONS OF SECTION 11.08 OF THE CREDIT AGREEMENT ARE INCORPORATED HEREIN BY REFERENCE, MUTATIS MUTANDIS.
SECTION 9.    Construction.  This Amendment and all other agreements and documents executed and/or delivered in connection herewith have been prepared through the joint efforts of all of the Parties.  Neither the provisions of this Amendment or any such other agreements and documents nor any alleged ambiguity therein shall be interpreted or resolved against any party on the ground that such party or its counsel drafted this Amendment or such other agreements and documents, or based on any other rule of strict construction.  Each of the Parties represents and declares that such party has carefully read this Amendment and all other agreements and documents executed in connection therewith, and that such party knows the contents thereof and signs the same freely and voluntarily.  The Parties acknowledge that they have been represented by legal counsel of their own choosing in negotiations for and preparation of this Amendment and all other agreements and documents executed in connection herewith and that each of them has read the same and had their contents fully explained by such counsel and is fully aware of their contents and legal effect.  Without limiting the generality of the foregoing, “option” and “discretion” shall be implied by the use of the words “if” and “may.”
SECTION 10.    Counterparts.  This Amendment may be executed in counterparts (and by different Parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic imaging means (including “.pdf”) shall be effective as delivery of a manually executed counterpart of this Amendment. The words “execution,” “signed,” “signature,” and words of like import in this Amendment shall be deemed to include electronic signatures or the keeping of electronic records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act.
SECTION 11.    Severability.  If any provision of this Amendment or the Credit Agreement is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Amendment and the Credit Agreement shall not be affected or impaired thereby and (b) the Parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
SECTION 12.    Time of Essence.  Time is of the essence in the performance of the obligations of the Parties hereunder and with respect to all conditions to be satisfied by such Parties.
SECTION 13.    Further Assurances.  Each of the Borrowers agrees to take all further actions and execute all further documents as the Required Lenders or Required Revolving Lenders may from time to time reasonably request to carry out the transactions contemplated by this Amendment and all other agreements executed and delivered in connection herewith.
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SECTION 14.    Section Headings.  Section headings in this Amendment are included herein for convenience of reference only and shall not constitute part of this Amendment for any other purpose.
SECTION 15.    Notices.  Except as set forth herein, all notices, requests, and demands to or upon the respective Parties shall be given in accordance with the Credit Agreement or in such other manner and to such persons as agreed upon by the Parties.
SECTION 16.    Assignments.  This Amendment shall be binding upon and inure to the benefit of the Borrowers, the Forbearing Lenders and their respective successors and assigns.  
SECTION 17.    Relationship of Parties; No Third Party Beneficiaries.  Nothing in this Amendment shall be construed to alter the existing debtor-creditor relationship between the Borrowers and the Forbearing Lenders.  This Amendment is not intended, nor shall it be construed, to create a partnership or joint venture relationship between or among any of the Parties.  No person other than a Party hereto is intended to be a beneficiary hereof and no person other than a Party hereto shall be authorized to rely upon or enforce the contents of this Amendment.
SECTION 18.    Final Agreement.  THIS AMENDMENT, THE FORBEARANCE AGREEMENT, THE CREDIT AGREEMENT AND ANY APPLICABLE SECURED HEDGE AGREEMENT REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES (AS APPLICABLE) AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
[Remainder of page intentionally left blank]
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IN WITNESS WHEREOF, this Amendment has been executed by the Parties hereto as of the date first written above.

GTT COMMUNICATIONS, INC.
By: /s/ Donna Granato        
Name:    Donna Granato
Title:     Interim Chief Financial Officer
GTT COMMUNICATIONS B.V.
By: /s/ Donna Granato    
Name:    Donna Granato
Title:     Director
GTT AMERICAS, LLC
GTT GLOBAL TELECOM GOVERNMENT SERVICES, LLC
ELECTRA LTD.
CORE180, LLC
COMMUNICATION DECISIONS – SNVC, LLC
GC PIVOTAL, LLC

By: /s/ Donna Granato    
Name:    Donna Granato 
Title:   Vice President, Treasurer, Secretary and Chief Financial Officer

GTT REMAINCO, LLC
GTT APOLLO, LLC
GTT APOLLO HOLDINGS, LLC
INTEROUTE US LLC

By: /s/ Donna Granato    
Name:    Donna Granato 
Title:   Vice President, Treasurer and Chief Financial Officer
GTT – Second Amendment to Fourth Lender Forbearance Agreement
 

EXECUTION VERSION

    KEYBANK NATIONAL ASSOCIATION, as Administrative Agent

By:/s/ Eric W. Domin                                        Name: Eric W. Domin
        Title:   Vice President

 GTT –  Second Amendment to Fourth Lender Forbearance AgreementExhibit 4.1

 

PLACEMENT AGENCY AGREEMENT

 

June 25, 2021

 

Globus Maritime Limited

128 Vouliagmenis Avenue, 3rd Floor

166 74 Glyfada

Athens, Greece

Attention: Athanasios Feidakis, Chief Executive Officer

 

Dear Mr. Feidakis:

 

This agreement (the “Agreement”)
constitutes the agreement between Maxim Group LLC (the “Placement Agent”) and Globus
Maritime Limited, a Republic of the Marshall Islands corporation (the “Company”), pursuant to which the Placement
Agent shall serve as the exclusive placement agent for the Company, on a “reasonable best efforts” basis, in connection with
the proposed placement (the “Placement”) of registered common shares (the “Shares”) of the Company,
par value $0.004 per share (the “Common Stock”), pre-funded warrants to purchase Common Shares (collectively, the “Pre-Funded
Warrants”) and Warrants (collectively, the “Warrants”) to purchase shares of Common Stock (the shares of
Common Stock underlying the Pre-Funded Warrants and the Warrants, collectively with the Pre-Funded Warrants, the Warrants and the Shares,
the “Securities”). The terms of the Placement and the Securities shall be mutually agreed upon by the Company and the
purchasers (each, a “Purchaser” and collectively, the “Purchasers”) and nothing herein constitutes
that the Placement Agent would have the power or authority to bind the Company or any Purchaser or an obligation for the Company to issue
any Securities or complete the Placement. This Agreement and the documents executed and delivered by the Company and the Purchasers in
connection with the Placement, including but not limited to the Purchase Agreement (as defined below), the form of the Pre-Funded Warrants
and the form of the Warrants shall be collectively referred to herein as the “Transaction Documents.” The date of the
closing of the Placement shall be referred to herein as the “Closing Date.” The Company expressly acknowledges and
agrees that the Placement Agent’s obligations hereunder are on a reasonable best efforts basis only and that the execution of this
Agreement does not constitute a commitment by the Placement Agent to purchase the Securities and does not ensure the successful placement
of the Securities or any portion thereof or the success of the Placement Agent with respect to securing any other financing on behalf
of the Company. With the prior written consent of the Company, the Placement Agent may retain other brokers or dealers to act as sub-agents
or selected-dealers on its behalf in connection with the Placement. The sale of the Securities to any Purchaser will be evidenced by a
securities purchase agreement (the “Purchase Agreement”) between the Company and such Purchaser in a form reasonably
acceptable to the Company and the Placement Agent. Capitalized terms that are not otherwise defined herein have the meanings given to
such terms in the Purchase Agreement. Prior to the signing of any Purchase Agreement, officers of the Company will be available to answer
inquiries from prospective Purchasers.

 

    

     

    

 

SECTION 1.          REPRESENTATIONS AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY.

 

A.            Representations
of the Company. Each of the representations and warranties (together with any related disclosure schedules thereto) and covenants
made by the Company to the Purchasers in the Purchase Agreement in connection with the Placement is hereby incorporated herein by reference
into this Agreement (as though fully restated herein) and is, as of the date of this Agreement and as of the Closing Date, hereby made
to, and in favor of, the Placement Agent. In addition to the foregoing, the Company represents and warrants that:

 

1.            The
Company has prepared and filed with the U.S. Securities and Exchange Commission (the “Commission”) a registration statement
on Form F-3 (Registration No. 333-240265), and amendments thereto, and related preliminary prospectuses, for the registration
under the Securities Act of 1933, as amended (the “Securities Act”), of the Securities which registration statement,
as so amended (including post-effective amendments, if any) became effective on August 12, 2020. At the time of such filing, the
Company met the requirements of Form F-3 under the Securities Act. Such registration statement meets the requirements set forth in
Rule 415(a)(1)(x) under the Securities Act and complies with said Rule. The Company will file with the Commission pursuant to
Rule 424(b) under the Securities Act, and the rules and regulations (the “Rules and Regulations”)
of the Commission promulgated thereunder, a supplement to the form of prospectus included in such registration statement relating to the
placement of the Securities and the plan of distribution thereof and has advised the Placement Agent of all further information (financial
and other) with respect to the Company required to be set forth therein. Such registration statement, including the exhibits thereto,
as amended at the date of this Agreement, is hereinafter called the “Registration Statement”; such prospectus in the
form in which it appears in the Registration Statement is hereinafter called the “Base Prospectus”; and the supplemented
form of prospectus, in the form in which it will be filed with the Commission pursuant to Rule 424(b) (including the Base Prospectus
as so supplemented) is hereinafter called the “Prospectus Supplement.” Any reference in this Agreement to the Registration
Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the documents incorporated by reference
therein (the “Incorporated Documents”) pursuant to Item 6 of Form F-3 which were filed under the Exchange Act
on or before the date of this Agreement, or the issue date of the Base Prospectus or the Prospectus Supplement, as the case may be; and
any reference in this Agreement to the terms “amend,” “amendment” or “supplement” with respect to
the Registration Statement, the Base Prospectus or the Prospectus Supplement shall be deemed to refer to and include the filing of any
document under the Exchange Act after the date of this Agreement, or the issue date of the Base Prospectus or the Prospectus Supplement,
as the case may be, deemed to be incorporated therein by reference. All references in this Agreement to financial statements and schedules
and other information which is “contained,” “included,” “described,” “referenced,” “set
forth” or “stated” in the Registration Statement, the Base Prospectus or the Prospectus Supplement (and all other references
of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is or is deemed
to be incorporated by reference in the Registration Statement, the Base Prospectus or the Prospectus Supplement, as the case may be. No
stop order suspending the effectiveness of the Registration Statement or the use of the Base Prospectus or the Prospectus Supplement has
been issued, and no proceeding for any such purpose is pending or has been initiated or, to the Company’s knowledge, is threatened
by the Commission. For purposes of this Agreement, “free writing prospectus” has the meaning set forth in Rule 405
under the Securities Act and the “Time of Sale Prospectus” means the preliminary prospectus, if any, together with
the free writing prospectuses, if any, used in connection with the Placement, including any documents incorporated by reference therein.

 

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2.            The
Registration Statement (and any further documents to be filed with the Commission) contains all exhibits and schedules as required by
the Securities Act. Each of the Registration Statement and any post-effective amendment thereto, at the time it became effective, complied
in all material respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations and did not and, as
amended or supplemented, if applicable, will not, contain any untrue statement of a material fact or omit to state a material fact required
to be stated therein or necessary to make the statements therein not misleading. The Base Prospectus, the Time of Sale Prospectus and
the Prospectus Supplement, each as of its respective date, comply in all material respects with the Securities Act and the Exchange Act
and the applicable Rules and Regulations. Each of the Base Prospectus, the Time of Sale Prospectus and the Prospectus Supplement,
as amended or supplemented, did not and will not contain as of the date thereof any untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The Incorporated Documents, when they were filed with the Commission, conformed in all material respects to the requirements of the Exchange
Act and the applicable Rules and Regulations, and none of such documents, when they were filed with the Commission, contained any
untrue statement of a material fact or omitted to state a material fact necessary to make the statements therein (with respect to Incorporated
Documents incorporated by reference in the Base Prospectus or Prospectus Supplement), in the light of the circumstances under which they
were made not misleading; and any further documents so filed and incorporated by reference in the Base Prospectus, the Time of Sale Prospectus
or Prospectus Supplement, when such documents are filed with the Commission, will conform in all material respects to the requirements
of the Exchange Act and the applicable Rules and Regulations, as applicable, and will not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after the date
thereof which represent, individually or in the aggregate, a fundamental change in the information set forth therein is required to be
filed with the Commission. There are no documents required to be filed with the Commission in connection with the transaction contemplated
hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will not be filed within the requisite
time period. There are no contracts or other documents required to be described in the Base Prospectus, the Time of Sale Prospectus or
Prospectus Supplement, or to be filed as exhibits or schedules to the Registration Statement, which (x) have not been described or
filed as required or (y) will not be filed within the requisite time period.

 

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3.            The
Company is eligible to use free writing prospectuses in connection with the Placement pursuant to Rules 164 and 433 under the Securities
Act. Any free writing prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities Act has been,
or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable rules and regulations
of the Commission thereunder. Each free writing prospectus that the Company has filed, or is required to file, pursuant to Rule 433(d) under
the Securities Act or that was prepared by or behalf of or used by the Company complies or will comply in all material respects with the
requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder. The Company will not, without
the prior consent of the Placement Agent, prepare, use or refer to, any free writing prospectus.

 

4.            There
are no affiliations with any FINRA member firm among the Company’s officers, directors or, to the knowledge of the Company, any
five percent (5.0%) or greater shareholder of the Company, except as set forth in the Registration Statement and the other documents the
Company has filed or furnished with the Commission.

 

B.            Covenants
of the Company. The Company has delivered, or will as promptly as practicable deliver, to the Placement Agent materially complete
conformed copies of the Registration Statement and of each consent and certificate of experts, as applicable, filed as a part thereof,
and conformed copies of the Registration Statement (without exhibits), the Base Prospectus, the Time of Sale Prospectus and the Prospectus
Supplement, as amended or supplemented, in such quantities and at such places as the Placement Agent reasonably requests. Neither the
Company nor any of its directors and officers has distributed and none of them will distribute, prior to the Closing Date, any offering
material in connection with the offering and sale of the Securities pursuant to the Placement other than the Base Prospectus, the Time
of Sale Prospectus, the Prospectus Supplement, the Registration Statement, copies of the documents incorporated by reference therein and
any other materials permitted by the Securities Act.

 

SECTION 2.          REPRESENTATIONS OF THE PLACEMENT AGENT. The Placement Agent represents and warrants that it (i) is a member
in good standing of FINRA, (ii) is registered as a broker/dealer under the Exchange Act, (iii) is licensed as a broker/dealer
under the laws of the states applicable to the offers and sales of the Securities by such Placement Agent, (iv) is and will be a
body corporate validly existing under the laws of its place of incorporation, and (v) has full power and authority to enter into
and perform its obligations under this Agreement. The Placement Agent will immediately notify the Company in writing of any change in
its status as such. The Placement Agent covenants that it will use its reasonable best efforts to conduct the Placement hereunder in compliance
with the provisions of this Agreement and the requirements of applicable law.

 

SECTION 3.          COMPENSATION.
In consideration of the services to be provided for hereunder, the Company shall pay to the Placement Agent or their respective designees
their pro rata portion (based on the Securities placed) of the following compensation with respect to the Securities which they are placing:

 

A.            A
cash fee (the “Cash Fee”) equal to (i) an aggregate
of seven percent (7%) of the aggregate gross proceeds raised in the Placement from the PA Investors (as defined below), and (ii) an aggregate
of three and one-half percent (3.5%) of the aggregate gross proceeds raised in the Placement from the Company Investors (as defined below).
The Cash Fee shall be paid at the closing of the Placement (the “Closing”).

 

B.            Subject
to compliance with FINRA Rule 5110(f)(2)(D), the Company also agrees, in case of Closing of the Placement, to reimburse the Placement
Agent for all travel and other out-of-pocket expenses incurred, including the reasonable fees, costs and disbursements of its legal counsel,
in an amount not to exceed an aggregate of $40,000 (against invoices provided to the Company). The Company will reimburse Placement Agent
directly upon the Closing of the Placement from the gross proceeds raised in the Placement (if detailed invoices are provided in advance).

 

    4

     

    

 

C.            In
addition, if within the Participation Period (as defined below) the Company completes any financing of equity, equity-linked, or debt
(but excluding commercial or bank debt) of the Company (other than the exercise by any person or entity of any options, warrants or other
convertible securities) with the 20 investors who are participating in the offering to which this Agreement relates (the “PA
Investors”), except for any such investors with whom the Company had a pre-existing business relationship prior to the public
offering consummated by the Company pursuant to that certain Underwriting Agreement dated June 18, 2020 by and between the Placement
Agent and the Company (the “Company Investors”), if the Placement Agent is not acting as an underwriter or placement
agent in such financing, then the Company will pay to the Placement Agent upon the closing of such financing as a financing participation
right (x) the compensation set forth in Section 3(A) above with respect to the funds received by the Company from the PA
Investors and (y) a cash fee of 3.5% with respect to the funds received by the Company from the Company Investors. The “Participation
Period” shall be the period of time nine (9) months after the Closing.

 

D.            The
Placement Agent reserves the right to reduce any item of its compensation or adjust the terms thereof as specified herein in the event
that a determination shall be made by FINRA to the effect that such Placement Agent’s aggregate compensation is in excess of FINRA
rules or that the terms thereof require adjustment.

 

SECTION 4.          INDEMNIFICATION.
The Company agrees to the indemnification and other agreements set forth in the Indemnification Provisions (the “Indemnification”)
attached hereto as Addendum A, the provisions of which are incorporated herein by reference and shall survive the termination or
expiration of this Agreement.

 

SECTION 5.          ENGAGEMENT TERM. The Placement Agent’s engagement hereunder shall be until the earlier of (i) the
final closing date of the Placement, (ii) the date the Company elects to terminate this Agreement, and (iii) July 7, 2021.
If the Company elects to terminate this Agreement prior to Closing for any reason even though the Placement Agent and all purchasers under
the Purchase Agreement were prepared to proceed with the Closing within the intent of this Agreement and the Purchase Agreement, and if
within nine (9) months following such termination, the Company completes any financing of equity, equity-linked or debt (but excluding
commercial or bank debt) of the Company (other than the exercise by any person or entity of any options, warrants or other convertible
securities) with any PA Investor, if the Placement Agent is not acting as an underwriter or placement agent in such financing, then the
Company will pay the Placement Agent upon the closing of such financing the compensation set forth in Section 3(A) above to
the extent of the gross proceeds received by the Company from such PA Investors. Notwithstanding anything to the contrary contained herein,
the provisions concerning confidentiality and indemnification and contribution contained herein and the Company’s obligations contained
in the Indemnification Provisions will survive any expiration or termination of this Agreement. The Placement Agent agrees not to use
any confidential information concerning the Company provided to the Placement Agent by the Company for any purposes other than those contemplated
under this Agreement.

 

    5

     

    

 

SECTION 6.          PLACEMENT AGENT INFORMATION. The Company agrees that any information or advice rendered by the Placement
Agent in connection with this engagement is for the confidential use of the Company only in their evaluation of the Placement and, except
as otherwise required by law, the Company will not disclose or otherwise refer to the advice or information in any manner without the
Placement Agent’s prior written consent.

 

SECTION 7.          NO FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall not be construed as creating
rights enforceable by any person or entity not a party hereto, except those entitled hereto by virtue of the Indemnification Provisions
hereof. The Company acknowledges and agrees that the Placement Agent is not and shall not be construed as a fiduciary of the Company and
shall have no duties or liabilities to the equity holders or the creditors of the Company or any other person by virtue of this Agreement
or the retention of such Placement Agent hereunder, all of which are hereby expressly waived.

 

SECTION 8.          CLOSING.
The obligations of the Placement Agent, and the closing of the sale of the Securities hereunder are subject to the accuracy, when made
and on the Closing Date, of the representations and warranties on the part of the Company and its subsidiaries contained herein and in
the Purchase Agreement, to the accuracy of the statements of the Company and its subsidiaries made in any certificates pursuant to the
provisions hereof, to the performance by the Company and its subsidiaries of their obligations hereunder, and to each of the following
additional terms and conditions, except as otherwise disclosed to and acknowledged and waived by the Placement Agent to the Company:

 

A.            No
stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that purpose shall
have been initiated or threatened by the Commission, and any request for additional information on the part of the Commission (to be included
in the Registration Statement, the Base Prospectus, the Prospectus Supplement or otherwise) shall have been complied with to the reasonable
satisfaction of the Placement Agent. Any filings required to be made by the Company in connection with the Placement shall have been timely
filed with the Commission.

 

B.            The
Placement Agent shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Registration Statement,
the Base Prospectus, the Prospectus Supplement or any amendment or supplement thereto contains an untrue statement of a fact which, in
the reasonable opinion of counsel for the Placement Agent, is material or omits to state any fact which, in the reasonable opinion of
such counsel, is material and is required to be stated therein or is necessary to make the statements therein not misleading.

 

C.            All
corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity of each of this Agreement,
the Shares, the Registration Statement, the Base Prospectus and the Prospectus Supplement and all other legal matters relating to this
Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all material respects to counsel for the Placement
Agent, and the Company shall have furnished to such counsel all documents and information that they may reasonably request to enable them
to pass upon such matters.

 

    6

     

    

 

D.            The
Placement Agent shall have received from outside counsel to the Company such counsel’s written opinions, addressed to the Placement
Agent and the Purchasers and dated as of the Closing Date, in form and substance reasonably satisfactory to the Placement Agent.

 

E.            On
the Closing Date, the Placement Agent shall have received a “comfort” letter from Ernst &
Young (Hellas) Certified Auditors-Accountants S.A. (the Company’s independent registered accounting firm) (“E&Y”)
as of each such date, addressed to each of the Placement Agent and in form and substance satisfactory in all respects to the Placement
Agent and Placement Agent’s counsel.

 

F.            On
the Closing Date, Placement Agent shall have received a certificate of the chief financial officer of the Company, dated, as applicable,
as of the date of such Closing, to the effect that, as of the date of this Agreement and as of the applicable date, the representations
and warranties of the Company contained herein and in the Purchase Agreement were and are accurate in all material respects, except for
such changes as are contemplated by this Agreement and except as to representations and warranties that were expressly limited to a state
of facts existing at a time prior to the applicable Closing Date, and that, as of the applicable date, the obligations to be performed
by the Company hereunder on or prior thereto have been fully performed in all material respects. Such officer shall also provide a customary
certification as to such accounting or financial matters that are included or incorporated by reference in the Registration Statement
or the Prospectus Supplement that E&Y is unable to provide assurances on in the letter contemplated by Section 8(E) above.

 

G.            On
the Closing Date, Placement Agent shall have received a certificate of the Secretary or Chief Executive Officer of the Company, dated,
as applicable, as of the date of such Closing, certifying to the organizational documents, good standing in the jurisdiction of incorporation
of the Company and board resolutions relating to the Placement of the Securities from the Company.

 

H.            Neither
the Company nor any of its subsidiaries (i) shall have sustained since the date of the latest audited financial statements included
or incorporated by reference in the Registration Statement, the Base Prospectus and the Prospectus Supplement, any loss or interference
with its business from fire, explosion, flood, terrorist act or other calamity, whether or not covered by insurance, or from any labor
dispute or court or governmental action, order or decree, otherwise than as set forth in or contemplated by the Registration Statement,
the Base Prospectus and the Prospectus Supplement, (ii) since such date there shall not have been any change in the capital stock
or long-term debt of the Company or any of its subsidiaries or any change, or any development involving a prospective change, in or affecting
the business, general affairs, management, financial position, shareholders’ equity, results of operations or prospects of the Company
and its subsidiaries, otherwise than as set forth in or contemplated by the Registration Statement, the Base Prospectus and the Prospectus
Supplement, and (iii) since such date there shall not have been any new or renewed inquiries by the Commission, FINRA or any other
regulatory body regarding the Company, the effect of which, in any such case described in clause (i), (ii) or (iii), is, in the judgment
of the Placement Agent, so material and adverse as to make it impracticable or inadvisable to proceed with the sale or delivery of the
Securities on the terms and in the manner contemplated by the Base Prospectus, Time of Sale Prospectus and Prospectus Supplement.

 

    7

     

    

 

I.            The
Common Stock is registered under the Exchange Act and, as of the Closing Date, the Shares shall be listed and admitted and authorized
for trading on the Trading Market or other applicable U.S. national exchange, or an application for such listing shall have been submitted
to the Trading Market, and satisfactory evidence of such action shall have been provided to the Placement Agent. The Company shall have
taken no action designed to, or likely to have the effect of terminating the registration of the Common Stock under the Exchange Act or
delisting or suspending from trading the Common Stock from the Trading Market or other applicable U.S. national exchange, nor, except
as disclosed in the Base Prospectus, Time of Sale Prospectus and Prospectus Supplement, has the Company received any information suggesting
that the Commission or the Trading Market or other U.S. applicable national exchange is contemplating terminating such registration or
listing.

 

J.            No
action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any governmental
agency or body which would, as of the Closing Date, prevent the issuance or sale of the Securities or materially and adversely affect
or potentially and adversely affect the business or operations of the Company; and no injunction, restraining order or order of any other
nature by any federal or state court of competent jurisdiction shall have been issued as of the Closing Date which would prevent the issuance
or sale of the Securities or materially and adversely affect or potentially and adversely affect the business or operations of the Company.

 

K.            The
Company shall have prepared and filed with the Commission a Form 6-K with respect to the Placement, including as an exhibit thereto
this Agreement.

 

L.            The
Company shall have entered into a Purchase Agreement with each of the Purchasers and such agreements shall be in full force and effect
and shall contain representations, warranties and covenants of the Company as agreed between the Company and the Purchasers.

 

M.            FINRA
shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement. In addition, the Company
shall, if requested by the Placement Agent, make or authorize Placement Agent’s counsel to make on the Company’s behalf, any
filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110 with respect to the Placement and pay all filing
fees required in connection therewith.

 

N.            Prior
to the Closing Date, the Company shall have furnished to the Placement Agent such further information, certificates and documents as the
Placement Agent may reasonably request.

 

    8

     

    

 

If any of the conditions specified in this Section 8
shall not have been fulfilled when and as required by this Agreement, or if any of the certificates, opinions, written statements or letters
furnished to the Placement Agent or to Placement Agent’s counsel pursuant to this Section 8 shall not be reasonably satisfactory
in form and substance to the Placement Agent and to Placement Agent’s counsel, all obligations of the Placement Agent hereunder
may be cancelled by the Placement Agent at, or at any time prior to, the consummation of the Closing. Notice of such cancellation shall
be given to the Company in writing or orally. Any such oral notice shall be confirmed promptly thereafter in writing.

 

SECTION 9.          WARRANT
SOLICITATION FEE. The Company hereby agrees to pay the Placement Agent a warrant solicitation
fee of six percent (6%) of the gross proceeds received by the Company for each exercise of a Warrant sold in the Placement that has been
solicited by the Placement Agent at the request of the Company. The warrant solicitation fee will be payable in cash.

 

SECTION 10.          GOVERNING
LAW; AGENT FOR SERVICE OF PROCESS, ETC. This Agreement will be governed by, and construed
in accordance with, the laws of the State of New York applicable to agreements made and to be performed entirely in such State, without
regard to the conflicts of laws principles thereof. This Agreement may not be assigned by either party without the prior written consent
of the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors
and permitted assigns. Any right to trial by jury with respect to any dispute arising under this Agreement or any transaction or conduct
in connection herewith is waived. Any dispute arising under this Agreement may be brought into the courts of the State of New York or
into the federal court located in New York, New York and, by execution and delivery of this Agreement, the Company hereby accepts for
itself and in respect of its property, generally and unconditionally, the jurisdiction of aforesaid courts. Each party hereto hereby irrevocably
waives personal service of process and consents, to the extent permitted by applicable law, to process being served in any such suit,
action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such party at the address in effect
for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. The Company
agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding
upon the Company and may be enforced in any other courts to the jurisdiction of which the Company is or may be subject, by suit upon such
judgment. If either party shall commence an action or proceeding to enforce any provisions of a Transaction Document, then the prevailing
party in such action or proceeding shall be reimbursed by the other party for its attorney’s fees and other costs and expenses incurred
with the investigation, preparation and prosecution of such action or proceeding. In addition to and without limiting the foregoing, the
Company has confirms that it has appointed Watson Farley & Williams LLP, 250 West 55th Street, 31st Floor, New York, New York
10019, as its authorized agent (the “Authorized Agent”) upon whom process may be served in any suit, action or proceeding
arising out of or based upon the this Agreement or the Transaction Documents or the transactions contemplated herein which may be instituted
in any New York federal or state court, by the Placement Agent, the directors, officers, partners, members, managers, employees and agents
of the Placement Agent, and expressly accept the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding.
The Company hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent
for service of process, and the Company agrees to take any and all action, including the filing of any and all documents that may be necessary
to continue such appointment in full force and effect as aforesaid. The Company hereby authorizes and directs the Authorized Agent to
accept such service. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon
the Company. If the Authorized Agent shall cease to act as agent for service of process, the Company shall appoint, without unreasonable
delay, another such agent in the United States, and notify you of such appointment. Notwithstanding the foregoing, any action arising
out of or based upon this Agreement may be instituted by the Placement Agent, the directors, officers, partners, members, managers, employees
and agents of the Placement Agent, in any court of competent jurisdiction in the Republic of the Marshall Islands. This paragraph shall
survive any termination of this Agreement, in whole or in part.

 

    9

     

    

 

SECTION 11.          ENTIRE
AGREEMENT/MISC. This Agreement (including the attached Indemnification Provisions) embodies the
entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings, relating to the
subject matter hereof, except for that certain Underwriting Agreement dated June 18, 2020 by and between the Placement Agent and
the Company, that certain Placement Agency Agreement dated June 26, 2020 between the Placement Agent and the Company, that certain
Placement Agency Agreement dated July 17, 2020 between the Placement Agent and the Company, that certain Placement Agency Agreement
dated December 7, 2020 between the Placement Agent and the Company, that certain Placement Agency Agreement dated January 27,
2021 between the Placement Agent and the Company and that certain Placement Agency Agreement dated February 12, 2021 between the
Placement Agent and the Company. If any provision of this Agreement is determined to be invalid or unenforceable in any respect, such
determination will not affect such provision in any other respect or any other provision of this Agreement, which will remain in full
force and effect. This Agreement may not be amended or otherwise modified or waived except by an instrument in writing signed by both
Placement Agent and the Company. The representations, warranties, agreements and covenants contained herein shall survive the closing
of the Placement and delivery of the Securities. This Agreement may be executed in two or more counterparts, all of which when taken together
shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission or a .pdf format file, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such facsimile or .pdf signature page were an original
thereof.

 

    10

     

    

 

SECTION 12.          CONFIDENTIALITY.
The Placement Agent (i) will keep the Confidential Information (as such term is defined below) confidential and will not (except
as required by applicable law or stock exchange requirement, regulation or legal process (“Legal Requirement”), without
the Company’s prior written consent, disclose to any person any Confidential Information, and (ii) will not use any Confidential
Information other than in connection with the Placement. The Placement Agent further agrees, severally and not jointly, to disclose the
Confidential Information only to its Representatives (as such term is defined below) who need to know the Confidential Information for
the purpose of the Placement, and who are informed by the Placement Agent of the confidential nature of the Confidential Information.
The term “Confidential Information” shall mean, all confidential, proprietary and non-public information (whether written,
oral or electronic communications) furnished by the Company to a Placement Agent or its Representatives in connection with such Placement
Agent’s evaluation of the Placement. The term “Confidential Information” will not, however, include information
which (i) is or becomes publicly available other than as a result of a disclosure by a Placement Agent or its Representatives in
violation of this Agreement, (ii) is or becomes available to a Placement Agent or any of its Representatives on a non-confidential
basis from a third-party, (iii) is known to a Placement Agent or any of its Representatives prior to disclosure by the Company or
any of its Representatives, or (iv) is or has been independently developed by a Placement Agent and/or the Representatives without
use of any Confidential Information furnished to it by the Company. The term “Representatives” shall mean the Placement Agent’s
directors, board committees, officers, employees, financial advisors, attorneys and accountants. This provision shall be in full force
until the earlier of (a) the date that the Confidential Information ceases to be confidential and (b) two years from the date
hereof. Notwithstanding any of the foregoing, in the event that the Placement Agent or any of their respective Representatives are required
by Legal Requirement to disclose any of the Confidential Information, such Placement Agent and their respective Representatives will furnish
only that portion of the Confidential Information which such Placement Agent or their respective Representative, as applicable, is required
to disclose by Legal Requirement as advised by counsel, and will use reasonable efforts to obtain reliable assurance that confidential
treatment will be accorded the Confidential Information so disclosed.

 

SECTION 13.          NOTICES.
Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall
be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is sent to the email
address specified on the signature pages attached hereto prior to 6:30 p.m. (New York City time) on a business day, (b) the
next business day after the date of transmission, if such notice or communication is sent to the email address on the signature pages attached
hereto on a day that is not a business day or later than 6:30 p.m. (New York City time) on any business day, (c) the third business
day following the date of mailing, if sent by U.S. internationally recognized air courier service, or (d) upon actual receipt by
the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth on the signature
pages hereto.

 

SECTION 14.          PRESS
ANNOUNCEMENTS. The Company agrees that the Placement Agent shall, from and after any Closing,
have the right to reference the Placement and the Placement Agent’ role in connection therewith in the Placement Agent’ marketing
materials and on its website and to place advertisements in financial and other newspapers and journals, in each case at its own expense.

 

[The remainder of this page has been intentionally
left blank.]

 

    11

     

    

 

Please confirm that the foregoing correctly sets
forth our agreement by signing and returning to Maxim the enclosed copy of this Agreement.

 

	 	Very truly yours,
	 	 
	 	MAXIM GROUP LLC
	 	 
	 	 
	 	By: 	/s/ Clifford A. Teller
	 	Name: Clifford A. Teller
	 	Title: Executive Managing Director, Investment Banking
	 	Address for notice:
	 	 
	 	300 Park Avenue, 16th Floor
	 	New York, NY 10022
	 	Attention: Clifford A. Teller
	 	Email: cteller@maximgrp.com

 

	 	 
	Accepted and Agreed to as of the date
    first written above:	 
	 	 
	GLOBUS MARITIME LIMITED	 
	 	 
	 	 
	By: 	/s/ Athanasios Feidakis	 
	Name: Athanasios Feidakis	 
	Title: Chief Executive Officer  	 

 

		Address for notice:	Globus
                                            Maritime Limited

                                            128 Vouliagmenis Avenue, 3rd Floor

                                            166 74 Glyfada

                                            Athens, Greece

                                            Attention: Athanasios Feidakis, Chief Executive Officer

                                            Email: a.g.feidakis@globusmaritime.gr

 

    

     

    

 

ADDENDUM A

 

INDEMNIFICATION PROVISIONS

 

In connection with the engagement of Maxim Group
LLC (the “Placement Agent”) by Globus Maritime Limited (the “Company”)
pursuant to a placement agency agreement dated as of the date hereof, between the Company and the Placement Agent, as it may be amended
from time to time in writing (the “Agreement”), the Company hereby agrees as follows:

 

1.            To
the extent permitted by law, the Company will indemnify the Placement Agent and its affiliates, directors, officers, employees and controlling
persons (within the meaning of Section 15 of the Securities Act of 1933, as amended, or Section 20 of the Securities Exchange
Act of 1934) against all losses, claims, damages, expenses and liabilities, as the same are incurred (including the reasonable fees and
expenses of counsel), relating to or arising out of its activities hereunder or pursuant to the Agreement, except, with regard to the
Placement Agent, to the extent that any losses, claims, damages, expenses or liabilities (or actions in respect thereof) are found in
a final judgment (not subject to appeal) by a court of law to have resulted primarily and directly from any indemnitee’s willful
misconduct or gross negligence.

 

2.            Promptly
after receipt by the Placement Agent of notice of any claim or the commencement of any action or proceeding with respect to which the
Placement Agent is entitled to indemnity hereunder, the Placement Agent will notify the Company in writing of such claim or of the commencement
of such action or proceeding, and the Company will assume the defense of such action or proceeding and will employ counsel reasonably
satisfactory to the Placement Agent and will pay the fees and expenses of such counsel. Notwithstanding the preceding sentence, the Placement
Agent will be entitled to employ counsel separate from counsel for the Company and from any other party in such action if counsel for
the Placement Agent reasonably determines that it would be inappropriate under the applicable rules of professional responsibility
for the same counsel to represent both the Company and the Placement Agent. In such event, the reasonable fees and disbursements of no
more than one such separate counsel will be paid by the Company. The Company will have the exclusive right to settle the claim or proceeding
provided that the Company will not settle any such claim, action or proceeding without the prior written consent of the Placement Agent,
which will not be unreasonably withheld. The Placement Agent and all other indemnitees shall not settle any claim, action or proceeding
without the prior written consent of the Company.

 

3.            The
Company agrees to notify the Placement Agent promptly of the assertion against it or any other person of any claim or the commencement
of any action or proceeding relating to a transaction contemplated by the Agreement.

 

    A-1

     

    

 

4.            If
for any reason the foregoing indemnity is unavailable to the Placement Agent or insufficient to hold the Placement Agent harmless, then
the Company shall contribute to the amount paid or payable by the Placement Agent, as the case may be, as a result of such losses, claims,
damages or liabilities in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the one
hand, and the Placement Agent on the other, but also the relative fault of the Company on the one hand and the Placement Agent on the
other that resulted in such losses, claims, damages or liabilities, as well as any relevant equitable considerations. The amounts paid
or payable by a party in respect of losses, claims, damages and liabilities referred to above shall be deemed to include any legal or
other fees and expenses incurred in defending any litigation, proceeding or other action or claim. Notwithstanding the provisions hereof,
the Placement Agent’s share of the liability hereunder shall not be in excess of the amount of fees actually received, or to be
received, by the Placement Agent under the Agreement (excluding any amounts received as reimbursement of expenses incurred by the Placement
Agent).

 

5.            These
Indemnification Provisions shall remain in full force and effect whether or not the transaction contemplated by the Agreement is completed
and shall survive the termination of the Agreement, and shall be in addition to any liability that the Company might otherwise have to
any indemnified party under the Agreement or otherwise.

 

    A-2

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