Document:

Exhibit 10.2

  

   

  

  
    Form of Lock-Up Agreement

      

    

    February ___, 2021

    Pyxis Tankers Inc.

      59 K. Karamanli Street

    Maroussi 15125 Greece

     

    Ladies and Gentlemen:

     

    This Lock-Up Agreement is being delivered to you in connection with the Securities Purchase Agreement (the “Purchase Agreement”),
      dated as of February 17, 2021, by and among Pyxis Tankers (the “Company”) and the investors party thereto (the “Buyers”) with respect to the issuance of shares of the
      Company’s common stock, $0.001 par value (the “Common Shares”). Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Purchase Agreement.

     

    In order to induce the Buyers to enter into the Purchase Agreement, the undersigned agrees that, commencing on the date hereof and ending on the earliest to
      occur of the (i) 60-day anniversary following the Effective Date (the “Lock-Up Period”) and (ii) disposition by the Buyers of all Common Shares the Buyers received in the issuance, confirmed by all of the
      Buyers, the undersigned will not, and will cause all affiliates (as defined in Rule 144 promulgated under the 1933 Act) of the undersigned or any person in privity with the undersigned or any affiliate of the undersigned not to, (i) sell, offer to
      sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase, make any short sale or otherwise dispose of or agree to dispose of, directly or indirectly, any Common Shares or Common Stock Equivalents, or establish a put
      equivalent position within the meaning of Section 16 of the Securities and Exchange Act of 1934, as amended and the rules and regulations of the Securities and Exchange Commission promulgated thereunder with respect to any Common Shares or Common
      Stock Equivalents owned directly by the undersigned (including holding as a custodian) or with respect to which the undersigned has beneficial ownership within the rules and regulations of the Securities and Exchange Commission (collectively, the “Undersigned’s Shares”), or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Undersigned’s Shares, whether any
      such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Shares or other securities, in cash or otherwise, (iii) make any demand for or exercise any right or cause to be filed a registration statement, including
      any amendments thereto, with respect to the registration of any Common Shares or Common Stock Equivalents or (iv) publicly disclose the intention to do any of the foregoing.

     

    The foregoing restriction is expressly agreed to preclude the undersigned, and any affiliate of the undersigned and any person in privity with the undersigned
      or any affiliate of the undersigned, from engaging in any hedging or other transaction which is designed to, or which reasonably could be expected to lead to, or result in a sale or disposition of the Undersigned’s Shares even if the Undersigned’s
      Shares would be disposed of by someone other than the undersigned. Such prohibited hedging or other transactions would include, without limitation, any short sale or any purchase, sale or grant of any right (including, without limitation, any put or
      call option) with respect to any of the Undersigned’s Shares or with respect to any security that includes, relates to, or derives any significant part of its value from the Undersigned’s Shares.

     

    Notwithstanding the foregoing, the undersigned may transfer the Undersigned’s Shares (i) as a bona fide gift or gifts,
      provided that the donee or donees thereof agree to be bound in writing by the restrictions set forth herein and such transfer shall not require the Company or the undersigned to make any public disclosure with respect thereto, including any filing
      with the Commission or (ii) to any trust for the direct or indirect benefit of the undersigned or the immediate family of the undersigned, provided that the trustee of the trust agrees to be bound in writing by the restrictions set forth herein and
      such transfer shall not require the Company or the undersigned to make any public disclosure with respect thereto, including any filing with the Commission, and provided further that any such transfer shall not involve a disposition for value. For
      purposes of this Lock-Up Agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin. The undersigned now has, and, except as contemplated by the immediately preceding sentence, for the
      duration of this Lock-Up Agreement will have, good and marketable title to the Undersigned’s Shares, free and clear of all liens, encumbrances, and claims whatsoever. The undersigned also agrees and consents to the entry of stop transfer instructions
      with the Company’s transfer agent (the “Transfer Agent”) and registrar against the transfer of the Undersigned’s Shares except in compliance with the foregoing restrictions.

     

    
      
        

    

    

    

    

    

    In order to enforce this covenant, the Company shall impose irrevocable stop-transfer instructions preventing the Transfer Agent from effecting any actions in
      violation of this Lock-Up Agreement.

     

    The undersigned acknowledges that the execution, delivery and performance of this Lock-Up Agreement is a material inducement to each Buyer to complete the
      transactions contemplated by the Purchase Agreement and that the Company shall be entitled to specific performance of the undersigned’s obligations hereunder. The undersigned hereby represents that the undersigned has the power and authority to
      execute, deliver and perform this Lock-Up Agreement, that the undersigned has received adequate consideration therefor and that the undersigned will indirectly benefit from the closing of the transactions contemplated by the Purchase Agreement. The
      undersigned understands and agrees that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal representatives, successors, and assigns, unless the Buyers provide written notice of an early termination of this
      Lock-Up Agreement.

     

    This Lock-Up Agreement may be executed in two counterparts, each of which shall be deemed an original but both of which shall be considered one and the same
      instrument.

     

    This Lock-Up Agreement will be governed by and construed in accordance with the laws of the State of New York.

     

    [Remainder of page intentionally left blank]Exhibit 10.3

  

  

  

  
    

    

    REGISTRATION RIGHTS AGREEMENT

     

    This Registration Rights Agreement (this “Agreement”) is
      made and entered into as of February 17, 2021, between Pyxis Tankers Inc., a Marshall Islands corporation (the “Company”), and each of the several purchasers
      signatory hereto (each such purchaser, a “Purchaser” and, collectively, the “Purchasers”).

     

    This Agreement is made pursuant to the Securities Purchase Agreement, dated as of the date hereof, between the Company and each Purchaser (the
      “Purchase Agreement”).

     

    The Company and each Purchaser hereby agrees as follows:

     

    1. Definitions.

     

    Capitalized terms used and not otherwise defined
        herein that are defined in the Purchase Agreement shall have the meanings given such terms in the Purchase Agreement. As used in this Agreement, the following terms shall have the following meanings:

     

    “Advice” shall have the meaning set forth in Section 6(d).

     

    “Effectiveness Date” means, with respect
      to the Initial Registration Statement required to be filed hereunder, the 60th calendar day following the date hereof (or, in the event of a “review” by the Commission, the 75th calendar day following the date hereof), and with
      respect to any additional Registration Statements which may be required pursuant to Section 2(c) or Section 3(c), the 50th calendar day following the date on which an additional Registration Statement is required to be filed hereunder (or, in the
      event of a “review” by the Commission, the 60th calendar day following the date on which an additional Registration Statement is required to be filed hereunder); provided
      , however , that in the event the Company is notified by the Commission that one or more of the above Registration Statements will not be reviewed or is no longer
      subject to further review and comments, the Effectiveness Date as to such Registration Statement shall be the fifth Trading Day following the date on which the Company is so notified if such date precedes the dates otherwise required above, provided,
      further, if such Effectiveness Date falls on a day that is not a Trading Day, then the Effectiveness Date shall be the next succeeding Trading Day.

     

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

     

    “Event” shall have the meaning set forth
      in Section 2(d).

     

    “Event Date” shall have the meaning set
      forth in Section 2(d).

    

    

    “Filing Date” means, with respect to the
      Initial Registration Statement required hereunder, the 10th calendar day following the date hereof and, with respect to any additional Registration Statements which may be required pursuant to Section 2(c) or Section 3(c), the earliest
      practical date on which the Company is permitted by SEC Guidance to file such additional Registration Statement related to the Registrable Securities.

     

    “Holder” or “Holders” means the holder or holders, as the case may be, from time to time of Registrable Securities.

     

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

     

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

     

    “Initial Registration Statement” means
      the initial Registration Statement filed pursuant to this Agreement.

     

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

    
      1

      
        

    

    

    

    

    

     

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

     

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

     

    “Registrable Securities” means, as of
      any date of determination, (a) all Shares then issued and outstanding and (b) any securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; provided, however , that any such Registrable Securities shall cease to be Registrable Securities (and the Company shall not be required to maintain the effectiveness of
      any, or file another, Registration Statement hereunder with respect thereto) for so long as (a) a Registration Statement with respect to the sale of such Registrable Securities is declared effective by the Commission under the Securities Act and such
      Registrable Securities have been disposed of by the Holder in accordance with such effective Registration Statement, (b) such Registrable Securities have been previously sold in accordance with Rule 144, or (c) such securities become eligible for
      resale without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144.

    

    

    “Registration Statement” means any
      registration statement required to be filed hereunder pursuant to Section 2(a) and any additional registration statements contemplated by Section 2(c) or Section 3(c), including (in each case) the Prospectus, amendments and supplements to any such
      registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.

     

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

     

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

     

    “Selling Shareholder Questionnaire”
      shall have the meaning set forth in Section 3(a).

     

    “SEC Guidance” means (i) any
      publicly-available written or oral guidance of the Commission staff, or any comments, requirements or requests of the Commission staff and (ii) the Securities Act.

     

    2. Shelf Registration.

     

    (a) On or prior to each Filing Date, the Company shall prepare and file with the Commission a Registration Statement
      covering the resale of all of the Registrable Securities that are not then registered on an effective Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415. Each Registration Statement filed hereunder shall be
      on Form F-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form F-3, in which case such registration shall be on another appropriate form in accordance herewith, subject to the provisions of Section
      2(e)) and shall contain (unless otherwise directed by at least 85% in interest of the Holders) substantially the “Plan of Distribution” attached hereto as Annex A and substantially the “Selling Shareholder” section attached hereto as Annex B, with any changes required by SEC guidance; provided , however , that no Holder shall be required to be named as an “underwriter” without such Holder’s express prior written consent. Subject to the terms of this Agreement,
      the Company shall use its reasonable best efforts to cause a Registration Statement filed under this Agreement (including, without limitation, under Section 3(c)) to be declared effective under the Securities Act as promptly as possible after the
      filing thereof, but in any event no later than the applicable Effectiveness Date, and shall use its reasonable best efforts to keep such Registration Statement continuously effective under the Securities Act until the date that all Registrable
      Securities covered by such Registration Statement (i) have been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale restrictions pursuant to Rule 144 and without the requirement for the Company to be in
      compliance with the current public information requirement under Rule 144 (the “Effectiveness Period”). The Company shall telephonically request effectiveness of a
      Registration Statement as of 5:00 p.m. Eastern Time on a Trading Day. The Company shall immediately notify the Holders via facsimile or by e-mail of the effectiveness of a Registration Statement on the same Trading Day that the Company telephonically
      confirms effectiveness with the Commission, which shall be the date requested for effectiveness of such Registration Statement. The Company shall, by 9:30 a.m. Eastern Time on the Trading Day after the effective date of such Registration Statement,
      file a final Prospectus with the Commission as required by Rule 424. Failure to file a final Prospectus as foresaid shall be deemed an Event under Section 2(d).

    
      2

      
        

    

    

    

    

    

    (b) Notwithstanding the registration obligations set forth in Section 2(a), if the Commission
      informs the Company that all of the Registrable Securities cannot, as a result of the application of Rule 415, be registered for resale as a secondary offering on a single registration statement, the Company agrees to promptly inform each of the
      Holders thereof and use its reasonable efforts to file amendments to the Initial Registration Statement as required by the Commission, covering the maximum number of Registrable Securities permitted to be registered by the Commission, on Form F-3 or
      such other form available to register for resale the Registrable Securities as a secondary offering, subject to the provisions of Section 2(e); with respect to filing on Form F-3 or other appropriate form, and subject to the provisions of Section
      2(d) with respect to the payment of liquidated damages; provided , however ,
      that prior to filing such amendment, the Company shall be obligated to use diligent efforts to advocate with the Commission for the registration of all of the Registrable Securities in accordance with the SEC Guidance, including without limitation,
      Compliance and Disclosure Interpretation 612.09.

     

    (c) Notwithstanding any other provision of this Agreement and subject to the payment of liquidated damages pursuant to
      Section 2(d), if the Commission or any SEC Guidance sets forth a limitation on the number of Registrable Securities permitted to be registered on a particular Registration Statement as a secondary offering (and notwithstanding that the Company used
      diligent efforts to advocate with the Commission for the registration of all or a greater portion of Registrable Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities to
      be registered on such Registration Statement will be reduced to eliminate any securities to be included other than Registrable Securities.  In the event the Company amends the Initial Registration Statement in accordance with
      the foregoing, the Company will use its reasonable best efforts to file with the Commission, as promptly as allowed by Commission or SEC Guidance provided to the Company or to registrants of securities in general, one or more registration statements
      on Form F-3 or such other form available to register for resale those Registrable Securities that were not registered for resale on the Initial Registration Statement, as amended.

     

    (d) If: (i) the Initial Registration Statement is not filed on or prior to its Filing Date (if the Company files the Initial
      Registration Statement without affording the Holders the opportunity to review and comment on the same as required by Section 3(a) herein, the Company shall be deemed to have not satisfied this clause (i)), or (ii) the Company fails to file with the
      Commission a request for acceleration of a Registration Statement in accordance with Rule 461 promulgated by the Commission pursuant to the Securities Act, within five (5) Trading Days of the date that the Company is notified (orally or in writing,
      whichever is earlier) by the Commission that such Registration Statement will not be “reviewed” or will not be subject to further review, or (iii) prior to the effective date of a Registration Statement, the Company fails to file a pre-effective
      amendment and otherwise respond in writing to comments made by the Commission in respect of such Registration Statement within fourteen (14) calendar days after the receipt of comments by or notice from the Commission that such amendment is required
      in order for such Registration Statement to be declared effective, or (iv) a Registration Statement registering for resale all of the Registrable Securities is not declared effective by the Commission by the Effectiveness Date of the Initial
      Registration Statement, or (v) after the effective date of a Registration Statement, such Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities included in such Registration Statement, or the
      Holders are otherwise not permitted to utilize the Prospectus therein to resell such Registrable Securities, for more than twenty (20) consecutive calendar days or more than an aggregate of forty (40) calendar days (which need not be consecutive
      calendar days) during any 12-month period (any such failure or breach being referred to as an “Event”, and for purposes of clauses (i) and (iv), the date on which
      such Event occurs, and for purpose of clause (ii) the date on which such five (5) Trading Day period is exceeded, and for purpose of clause (iii) the date which such 14 (14) calendar day period is exceeded, and for purpose of clause (v) the date on
      which such twenty (20) or forty (40) calendar day period, as applicable, is exceeded being referred to as “Event Date”), then, in addition to any other rights the
      Holders may have hereunder or under applicable law, on each such Event Date and on each monthly anniversary of each such Event Date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company
      shall pay to each Holder an amount in cash, as partial liquidated damages and not as a penalty, equal to the product of 1.0% multiplied by the aggregate Subscription Amount paid by such Holder pursuant to the Purchase Agreement. The parties agree
      that the maximum aggregate liquidated damages payable to a Holder under this Agreement shall be 10% of the aggregate Subscription Amount paid by such Holder pursuant to the Purchase Agreement. If the Company fails to pay any partial liquidated
      damages pursuant to this Section in full within seven days after the date payable, the Company will pay interest thereon at a rate of 12% per annum (or such lesser maximum amount that is permitted to be paid by applicable law) to the Holder, accruing
      daily from the date such partial liquidated damages are due until such amounts, plus all such interest thereon, are paid in full. The partial liquidated damages pursuant to the terms hereof shall apply on a daily pro rata basis for any portion of a
      month prior to the cure of an Event.

    
      3

      
        

    

    

    

    

    

    

    

    (e) If Form F-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall
      (i) register the resale of the Registrable Securities on another appropriate form and (ii) undertake to register the Registrable Securities on Form F-3 as soon as such form is available, provided that the Company shall maintain the effectiveness of
      the Registration Statement then in effect until such time as a Registration Statement on Form F-3 covering the Registrable Securities has been declared effective by the Commission.

     

    (f) Notwithstanding anything to the contrary contained herein, in no event shall the Company be permitted to name any Holder
      or affiliate of a Holder as any Underwriter without the prior written consent of such Holder.

     

    3. Registration Procedures.

     

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

     

    (a) Not less than five (5) Trading Days prior to the filing of each Registration Statement and not less than one (1) Trading
      Day prior to the filing of any related Prospectus or any amendment or supplement thereto (including any document that would be incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to each Holder copies of all
      such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated by reference) will be subject to the review of such Holders, and (ii) cause its officers and directors, counsel and independent
      registered public accountants to respond to such inquiries as shall be necessary, in the reasonable opinion of respective counsel to each Holder, to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not
      file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Holders of a majority of the Registrable Securities shall reasonably object in good faith, provided that, the Company is notified of such
      objection in writing no later than five (5) Trading Days after the Holders have been so furnished copies of a Registration Statement or one (1) Trading Day after the Holders have been so furnished copies of any related Prospectus or amendments or
      supplements thereto. Each Holder agrees to furnish to the Company a completed questionnaire in the form attached to this Agreement as Annex B (a “Selling Shareholder Questionnaire”) on a date that is not less than two (2) Trading Days prior to the Filing Date or by the end of the fourth (4th ) Trading
      Day following the date on which such Holder receives draft materials in accordance with this Section.

      

    (b) (i) Prepare and file with the Commission such amendments, including post-effective amendments, to a Registration
      Statement and the Prospectus used in connection therewith as may be necessary to keep a Registration Statement continuously effective as to the applicable Registrable Securities for the Effectiveness Period and prepare and file with the Commission
      such additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities, (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement (subject to the
      terms of this Agreement), and, as so supplemented or amended, to be filed pursuant to Rule 424, (iii) respond as promptly as reasonably possible to any comments received from the Commission with respect to a Registration Statement or any amendment
      thereto and provide as promptly as reasonably possible to the Holders true and complete copies of all correspondence from and to the Commission relating to a Registration Statement (provided that, the Company shall excise any information contained
      therein which would constitute material non-public information regarding the Company or any of its Subsidiaries), and (iv) comply in all material respects with the applicable provisions of the Securities Act and the Exchange Act with respect to the
      disposition of all Registrable Securities covered by a Registration Statement during the applicable period in accordance (subject to the terms of this Agreement) with the intended methods of disposition by the Holders thereof set forth in such
      Registration Statement as so amended or in such Prospectus as so supplemented.

     

    (c) If during the Effectiveness Period, the number of Registrable Securities at any time exceeds 100% of the number of
      shares of Common Stock then registered in a Registration Statement, then the Company shall file as soon as reasonably practicable, but in any case prior to the applicable Filing Date, an additional Registration Statement covering the resale by the
      Holders of not less than the number of such Registrable Securities.

    
      4

      
        

    

    

    

    (d) Notify the Holders of Registrable Securities to be sold (which notice shall, pursuant to clauses (iii) through (vi)
      hereof, be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have been made) as promptly as reasonably possible (and, in the case of (i)(A) below, not less than one (1) Trading Day prior to such filing)
      and (if requested by any such Person) confirm such notice in writing no later than one (1) Trading Day following the day (i)(A) when a Prospectus or any Prospectus supplement or post-effective amendment to a Registration Statement is proposed to be
      filed, (B) when the Commission notifies the Company whether there will be a “review” of such Registration Statement and whenever the Commission comments in writing on such Registration Statement, and (C) with respect to a Registration Statement or
      any post-effective amendment, when the same has become effective, (ii) of any request by the Commission or any other federal or state governmental authority for amendments or supplements to a Registration Statement or Prospectus or for additional
      information, (iii) of the issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of a Registration Statement covering any or all of the Registrable Securities or the initiation
      of any Proceedings for that purpose, (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the
      initiation or threatening of any Proceeding for such purpose, (v) of the occurrence of any event or passage of time that makes the financial statements included in a Registration Statement ineligible for inclusion therein or any statement made in a
      Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to a Registration Statement, Prospectus or other documents so that, in
      the case of a Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in
      light of the circumstances under which they were made, not misleading, and (vi) of the occurrence or existence of any pending corporate development with respect to the Company that the Company believes may be material and that, in the determination
      of the Company, makes it not in the best interest of the Company to allow continued availability of a Registration Statement or Prospectus, provided , however , in no event shall any such notice contain any information which would constitute material, non-public information regarding the Company or any of its
      Subsidiaries.

    

    

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

     

    (f) Furnish to each Holder, without charge, at least one conformed copy of each such Registration Statement and each
      amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference to the extent requested by such Person, and all exhibits to the extent requested by such Person (including
      those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission; provided, that any such item which is available on the EDGAR system (or successor thereto) need not be furnished in physical
      form.

    

    

    (g) Subject to the terms of this Agreement, the Company hereby consents to the use of such Prospectus and each amendment or
      supplement thereto by each of the selling Holders in connection with the offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto, except after the giving of any notice pursuant to Section
      3(d).

     

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

    
      5

      
        

    

    

    

    

    

     

    (i) If requested by a Holder, cooperate with such Holder to facilitate the timely preparation and delivery of certificates
      representing Registrable Securities to be delivered to a transferee pursuant to a Registration Statement, which certificates shall be free, to the extent permitted by the Purchase Agreement, of all restrictive legends, and to enable such Registrable
      Securities to be in such denominations and registered in such names as any such Holder may request.

     

    (j) Upon the occurrence of any event contemplated by Section 3(d), as promptly as reasonably possible under the
      circumstances taking into account the Company’s good faith assessment of any adverse consequences to the Company and its shareholders of the premature disclosure of such event, prepare a supplement or amendment, including a post-effective amendment,
      to a Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither a Registration
      Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made,
      not misleading. If the Company notifies the Holders in accordance with clauses (iii) through (vi) of Section 3(d) above to suspend the use of any Prospectus until the requisite changes to such Prospectus have been made, then the Holders shall suspend
      use of such Prospectus. The Company will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company shall be entitled to exercise its right under this Section 3(j) to suspend the
      availability of a Registration Statement and Prospectus, subject to the payment of partial liquidated damages otherwise required pursuant to Section 2(d), for a period not to exceed 60 calendar days (which need not be consecutive days) in any
      12-month period.

    

    

    (k) Otherwise use reasonable efforts to comply with all applicable rules and regulations of the Commission under the
      Securities Act and the Exchange Act, including, without limitation, Rule 172 under the Securities Act, file any final Prospectus, including any supplement or amendment thereof, with the Commission pursuant to Rule 424 under the Securities Act,
      promptly inform the Holders in writing if, at any time during the Effectiveness Period, the Company does not satisfy the conditions specified in Rule 172 and, as a result thereof, the Holders are required to deliver a Prospectus in connection with
      any disposition of Registrable Securities and take such other actions as may be reasonably necessary to facilitate the registration of the Registrable Securities hereunder.

     

    (l) The Company shall use its reasonable best efforts to maintain eligibility for use of Form F-3 (or any successor form
      thereto) for the registration of the resale of Registrable Securities.

     

    (m) The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares
      of Common Stock beneficially owned by such Holder and, if required by the Commission, the natural persons thereof that have voting and dispositive control over the shares. During any periods that the Company is unable to meet its obligations
      hereunder with respect to the registration of the Registrable Securities solely because any Holder fails to furnish such information within three Trading Days of the Company’s request, any liquidated damages that are accruing at such time as to such
      Holder only shall be tolled and any Event that may otherwise occur solely because of such delay shall be suspended as to such Holder only, until such information is delivered to the Company.

     

    
      6

      
        

    

    

    

    

    

    4. Registration Expenses. All fees and expenses incident
      to the performance of or compliance with, this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to a Registration Statement. The fees and expenses referred to in the foregoing sentence
      shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses of the Company’s counsel and independent registered public accountants) (A) with respect to filings made with the Commission,
      (B) with respect to filings required to be made with any Trading Market on which the Common Stock is then listed for trading, and (C) in compliance with applicable state securities or Blue Sky laws reasonably agreed to by the Company in writing
      (including, without limitation, fees and disbursements of counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable Securities), (ii) printing expenses (including, without limitation, expenses of printing
      certificates for Registrable Securities), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Company, (v) Securities Act liability insurance, if the Company so desires such insurance, and (vi) fees and
      expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal expenses incurred in connection with
      the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), the expense of any annual audit and the fees and
      expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder. In no event shall the Company be responsible for any broker or similar commissions of any Holder or, except to the extent
      provided for in the Transaction Documents, any legal fees or other costs of the Holders.

    

    

    5. Indemnification.

     

    (a) Indemnification by the Company. The
      Company shall, notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder, the officers, directors, members, partners, agents, investment advisors and employees (and any other Persons with a functionally equivalent
      role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and
      the officers, directors, members, shareholders, partners, agents and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each such
      controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, reasonable attorneys’ fees) and expenses (collectively, “Losses ”), as incurred, arising out of or relating to (1) any untrue or alleged untrue statement of a material fact contained in a Registration Statement, any Prospectus
      or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the
      statements therein (in the case of any Prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation by the Company of the Securities Act, the Exchange Act or any
      state securities law, or any rule or regulation thereunder, in connection with the performance of its obligations under this Agreement, except to the extent, but only to the extent, that (i) such untrue statements or omissions are based solely upon
      information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein, or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities
      and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement, such Prospectus or in any amendment or supplement thereto (it being understood that the Holder has approved Annex A hereto for this
      purpose) or (ii) in the case of an occurrence of an event of the type specified in Section 3(d)(iii)-(vi), the use by such Holder of an outdated, defective or otherwise unavailable Prospectus after the Company has notified such Holder in writing that
      the Prospectus is outdated, defective or otherwise unavailable for use by such Holder and prior to the receipt by such Holder of the Advice contemplated in Section 6(d). The Company shall notify the Holders promptly of the institution, threat or
      assertion of any Proceeding arising from or in connection with the transactions contemplated by this Agreement of which the Company is aware. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of
      such indemnified person and shall survive the transfer of any Registrable Securities by any of the Holders in accordance with Section 6(h).

    
      7

      
        

    

    

    

    

    

    (b) Indemnification by Holders. Each
      Holder shall, severally and not jointly, indemnify and hold harmless the Company, its officers, directors, members, partners, agents and employees (and any other Persons with a functionally equivalent role of a Person holding such titles,
      notwithstanding a lack of such title or any other title) of each of them, each Person who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the officers, directors, members,
      shareholders, partners and employees (and any other Persons with a functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each such controlling Person, to the fullest extent permitted
      by applicable law, from and against all Losses, as incurred, to the extent arising out of or based solely upon: any untrue or alleged untrue statement of a material fact contained in any Registration Statement, any Prospectus, or in any amendment or
      supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or
      supplement thereto, in light of the circumstances under which they were made) not misleading (i) to the extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished in writing by such Holder to
      the Company expressly for inclusion in such Registration Statement or such Prospectus or (ii) to the extent, but only to the extent, that such information relates to such Holder’s information provided in the Selling Shareholder Questionnaire or the
      proposed method of distribution of Registrable Securities and was reviewed and expressly approved in writing by such Holder expressly for use in a Registration Statement (it being understood that the Holder has approved Annex A hereto for this
      purpose), such Prospectus or in any amendment or supplement thereto. In no event shall the liability of a selling Holder be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim
      relating to this Section 5 and the amount of any damages such Holder has otherwise been required to pay by reason of such untrue statement or omission) received by such Holder upon the sale of the Registrable Securities included in the Registration
      Statement giving rise to such indemnification obligation.

    

    

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

     

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

     

    
      8

      
        

    

    

    

    

    

    Subject to the terms of this Agreement, all reasonable fees and expenses of the Indemnified Party (including reasonable fees
      and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten Trading Days of written notice
      thereof to the Indemnifying Party; provided, that, the Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is finally determined by a
      court of competent jurisdiction (which determination is not subject to appeal or further review) not to be entitled to indemnification hereunder.

    

    

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

     

    The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were
      determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. In no event shall the contribution obligation of a Holder of
      Registrable Securities be greater in amount than the dollar amount of the proceeds (net of all expenses paid by such Holder in connection with any claim relating to this Section 5 and the amount of any damages such Holder has otherwise been required
      to pay by reason of such untrue or alleged untrue statement or omission or alleged omission) received by it upon the sale of the Registrable Securities giving rise to such contribution obligation.

     

    The indemnity and contribution agreements contained in this Section are in addition to any liability that the Indemnifying
      Parties may have to the Indemnified Parties.

     

    6. Miscellaneous.

     

    (a) Remedies. In the event of a breach by the Company or
      by a Holder of any of their respective obligations under this Agreement, each Holder or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages,
      shall be entitled to specific performance of its rights under this Agreement. Each of the Company and each Holder agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the
      provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

    

    

    (b) No Piggyback on Registrations; Prohibition on Filing Other
          Registration Statements. Neither the Company nor any of its security holders (other than the Holders in such capacity pursuant hereto) may include securities of the Company in any Registration Statements other than the Registrable
      Securities. The Company shall not file any other registration statements until sixty (60) days following the date that all Registrable Securities are registered pursuant to a Registration Statement that is declared effective by the Commission.

     

    (c) [Reserved]

     

    
      9

      
        

    

    

    

    

    

    (d) Discontinued Disposition. By its acquisition of
      Registrable Securities, each Holder agrees that, upon receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(d)(iii) through (vi), such Holder will forthwith discontinue disposition of such Registrable
      Securities under a Registration Statement until it is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus (as it may have been
      supplemented or amended) may be resumed. The Company will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable. The Company agrees and acknowledges that any periods during which the
      Holder is required to discontinue the disposition of the Registrable Securities hereunder shall be subject to the provisions of Section 2(d).

     

    (e) Piggy-Back Registrations. If, at any time during the
      Effectiveness Period, there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the Commission a registration statement relating to an offering for its own
      account or the account of others under the Securities Act of any of its equity securities, other than on Form F-4 or Form S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely
      in connection with any acquisition of any entity or business or equity securities issuable in connection with the Company’s stock option or other employee benefit plans, then the Company shall deliver to each Holder a written notice of such
      determination and, if within fifteen days after the date of the delivery of such notice, any such Holder shall so request in writing, the Company shall include in such registration statement all or any part of such Registrable Securities such Holder
      requests to be registered; provided , however , that the Company shall not be
      required to register any Registrable Securities pursuant to this Section 6(e) that are eligible for resale pursuant to Rule 144 (without volume restrictions or current public information requirements) promulgated by the Commission pursuant to the
      Securities Act or that are the subject of a then effective Registration Statement that is available for resales or other dispositions by such Holder.

    

    

    (f) Amendments and Waivers. The provisions of this
      Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the same shall be in writing and signed by the Company and
      the Holders of 67% or more of the then outstanding Registrable Securities (for purposes of clarification, this includes any Registrable Securities issuable upon exercise or conversion of any Security), provided that, if any amendment, modification or
      waiver disproportionately and adversely impacts a Holder (or group of Holders), the consent of such disproportionately impacted Holder (or group of Holders) shall be required. If a Registration Statement does not register all of the Registrable
      Securities pursuant to a waiver or amendment done in compliance with the previous sentence, then the number of Registrable Securities to be registered for each Holder shall be reduced pro rata among all Holders and each Holder shall have the right to
      designate which of its Registrable Securities shall be omitted from such Registration Statement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights
      of a Holder or some Holders and that does not directly or indirectly affect the rights of other Holders may be given only by such Holder or Holders of all of the Registrable Securities to which such waiver or consent relates; provided , however , that the provisions of this sentence may not be amended,
      modified, or supplemented except in accordance with the provisions of the first sentence of this Section 6(f). No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of this Agreement
      unless the same consideration also is offered to all of the parties to this Agreement.

     

    (g) Notices. Any and all notices or other communications
      or deliveries required or permitted to be provided hereunder shall be delivered as set forth in the Purchase Agreement.

     

    (h) Successors and Assigns. This Agreement shall inure to
      the benefit of and be binding upon the successors and permitted assigns of each of the parties and shall inure to the benefit of each Holder. The Company may not assign (except by merger) its rights or obligations hereunder without the prior written
      consent of all of the Holders of the then outstanding Registrable Securities. Each Holder may assign their respective rights hereunder in the manner and to the Persons as permitted under Section 5.8 of the Purchase Agreement.

     

    
      10

      
        

    

    

    

    

    

    (i) No Inconsistent Agreements. Neither the Company nor
      any of its Subsidiaries has entered, as of the date hereof, nor shall the Company or any of its Subsidiaries, on or after the date of this Agreement, enter into any agreement with respect to its securities, that would have the effect of impairing the
      rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. Except as set forth on Schedule 6(i), neither the Company nor any
      of its Subsidiaries has previously entered into any agreement granting any registration rights with respect to any of its securities to any Person that have not been satisfied in full.

    

    

    (j) Execution and Counterparts. 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 by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party
      executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

     

    (k) Governing Law. This agreement will be governed by and
      construed in accordance with the laws of the State of New York.

     

    (l) Cumulative Remedies. The remedies provided herein are
      cumulative and not exclusive of any other remedies provided by law.

     

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

     

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

     

    (o) Independent Nature of Holders’ Obligations and Rights.
      The obligations of each Holder hereunder are several and not joint with the obligations of any other Holder hereunder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder hereunder. Nothing
      contained herein or in any other agreement or document delivered at any closing, and no action taken by any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a partnership, an association, a joint venture or any other
      kind of group or entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity with respect to such obligations or the transactions contemplated by this Agreement or any other matters, and the Company
      acknowledges that the Holders are not acting in concert or as a group, and the Company shall not assert any such claim, with respect to such obligations or transactions. Each Holder shall be entitled to protect and enforce its rights, including
      without limitation the rights arising out of this Agreement, and it shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. The use of a single agreement with respect to the obligations of
      the Company contained was solely in the control of the Company, not the action or decision of any Holder, and was done solely for the convenience of the Company and not because it was required or requested to do so by any Holder. It is expressly
      understood and agreed that each provision contained in this Agreement is between the Company and a Holder, solely, and not between the Company and the Holders collectively and not between and among Holders.

     

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

     

    (Signature Pages Follow)

     

    
      11

      
        

    

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

     

    	 	
             

          	
            PYXIS TANKERS INC.

          
	 	
             

          	
             

          	
             

          
	 	
             

          	
            By:

          	 
	 	
             

          	
            Name:

          	
            Henry Williams

          
	 	
             

          	
            Title:

          	
            Chief Financial Officer

          

     

    [SIGNATURE PAGE OF HOLDERS FOLLOWS]

     

    
      
        

    

     

     

    [SIGNATURE PAGE OF HOLDERS TO PYXIS TANKERS INC. REGISTRATION RIGHTS AGREEMENT]

     

    Name of Holder: ______________________

     

    Signature of Authorized Signatory of Holder : ___________________

     

    Name of Authorized Signatory: ___________________

     

    Title of Authorized Signatory: ______________________

     

    

    

    
      
        

    

    

    

    Annex A

     

    Plan of Distribution

     

    Each Selling Shareholder (the “ Selling Shareholders ”) of
      the securities and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities covered hereby on the principal Trading Market or any other stock exchange, market or trading facility on which
      the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A Selling Shareholder may use any one or more of the following methods when selling securities:

     

    	
             

          	
            ●

          	
            ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

          
	
             

          	
             

          	
             

          
	
             

          	
            ●

          	
            block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the
              block as principal to facilitate the transaction;

          
	
             

          	
             

          	
             

          
	
             

          	
            ●

          	
            purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

          
	
             

          	
             

          	
             

          
	
             

          	
            ●

          	
            an exchange distribution in accordance with the rules of the applicable exchange;

          
	
             

          	
             

          	
             

          
	
             

          	
            ●

          	
            privately negotiated transactions;

          
	
             

          	
             

          	
             

          
	
             

          	
            ●

          	
            settlement of short sales;

          
	
             

          	
             

          	
             

          
	
             

          	
            ●

          	
            in transactions through broker-dealers that agree with the Selling Shareholders to sell a specifiednumber of such securities at a
              stipulated price per security;

          
	
             

          	
             

          	
             

          
	
             

          	
            ●

          	
            through the writing or settlement of options or other hedging transactions, whether through anoptions exchange or otherwise;

          
	
             

          	
             

          	
             

          
	
             

          	
            ●

          	
            a combination of any such methods of sale; or

          
	
             

          	
             

          	
             

          
	
             

          	
            ●

          	
            any other method permitted pursuant to applicable law.

          

     

    The Selling Shareholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act of 1933, as
      amended (the “Securities Act”), if available, rather than under this prospectus.

    

    

    Broker-dealers engaged by the Selling Shareholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive
      commissions or discounts from the Selling Shareholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this Prospectus, in the case
      of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or markdown in compliance with FINRA IM-2121.

     

    In connection with the sale of the securities or interests therein, the Selling Shareholders may enter into hedging transactions with
      broker-dealers or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The Selling Shareholders may also sell securities short and deliver these securities to
      close out their short positions, or loan or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Shareholders may also enter into option or other transactions with broker-dealers or other financial institutions
      or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell
      pursuant to this prospectus (as supplemented or amended to reflect such transaction).

     

    
      
        

    

    

    

    

    

    The Selling Shareholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be “underwriters” within
      the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or
      discounts under the Securities Act. Each Selling Shareholder has informed the Company that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the securities.

     

    The Company is required to pay certain fees and expenses incurred by the Company incident to the registration of the securities. The Company
      has agreed to indemnify the Selling Shareholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act. The Company shall not be responsible for any of the Selling Shareholders’ selling costs incurred
      pursuant to any available method provided hereunder for selling securities.

     

    We agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling Shareholders
      without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for the Company to be in compliance with the current public information under Rule 144 under the Securities Act or any
      other rule of similar effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The resale securities will be sold only through registered or licensed
      brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption
      from the registration or qualification requirement is available and is complied with.

    

    

    Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the resale securities may not
      simultaneously engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the Selling Shareholders will be subject
      to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the common stock by the Selling Shareholders or any other person. We will make copies
      of this prospectus available to the Selling Shareholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

     

     

    
      
        

    

    

    

    SELLING SHAREHOLDERS

     

    The common stock being offered by the selling shareholders are those previously issued to the selling shareholders. For additional information
      regarding the issuances of those shares of common stock, see “Private Placement of Common Shares” above. We are registering the shares of common stock in order to permit the selling shareholders to offer the shares for resale from time to time.
      Except for the ownership of the shares of common stock, the selling shareholders have not had any material relationship with us within the past three years.

     

    The table below lists the selling shareholders and other information regarding the beneficial ownership of the shares of common stock by each
      of the selling shareholders. The second column lists the number of shares of common stock beneficially owned by each selling shareholder, based on its ownership of the shares of common stock, as of ________, 202__.

     

    The third column lists the shares of common stock being offered by this prospectus by the selling shareholders.

     

    In accordance with the terms of a registration rights agreement with the selling shareholders, this prospectus generally covers the resale of
      the shares of common stock issued to the selling shareholders in the Stock Purchase Agreement, dated February [  ], 2021 between Pyxis Tankers Inc. and each purchase identified on the signature page thereto. The fourth column assumes the sale of all
      of the shares offered by the selling shareholders pursuant to this prospectus. The selling shareholders may actually sell all, some or none of their shares in this offering. See “Plan of Distribution”.

     

    	
            

              

              

              Name of Selling Shareholder

          	
            Number of shares of Common Stock Owned Prior to Offering

          	
            Maximum Number of shares of Common Stock to be Sold Pursuant to this Prospectus

          	
            Number of shares of Common Stock Owned After Offering

          
	 	 	 	 
	 	 	 	 

     

     

    
      
        

    

    

    

    Annex C

     

    PYXIS TANKERS INC.

     

    Selling Shareholder Notice and Questionnaire

     

    The undersigned beneficial owner of common stock (the “Registrable
          Securities”) of PXYIS TANKERS INC., a corporation organized under the laws of the Marshall Islands (the “Company”), understands that the Company has
      filed or intends to file with the Securities and Exchange Commission (the “Commission”) a registration statement (the “Registration Statement”) for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”),
      of the Registrable Securities, in accordance with the terms of the Registration Rights Agreement (the “Registration Rights Agreement”) to which this document is
      annexed. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights
      Agreement.

     

    Certain legal consequences arise from being named as a selling shareholder in the Registration Statement and the related prospectus.
      Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling shareholder in the Registration Statement and the
      related prospectus.

     

    NOTICE

     

    The undersigned beneficial owner (the “Selling Shareholder”)
      of Registrable Securities hereby elects to include the Registrable Securities owned by it in the Registration Statement.

    The undersigned hereby provides the following information to the Company and represents and warrants that such information is accurate:

     

    QUESTIONNAIRE

     

    	
            1.

          	
            Name.

          

     

    	
             

          	
            (a)

          	
            Full Legal Name of Selling Shareholder

          

     

    	
             

          	
             

          

     

    	
             

          	
            (b)

          	
            Full Legal Name of Registered Holder (if not the same as (a) above) through which Registrable Securities are held:

          

     

    	
             

          	
             

          

     

    	
             

          	
            (c)

          	
            Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to
              vote or dispose of the securities covered by this Questionnaire):

          

    

    

     

    

    

    	
             

          	
             

          

     

    2. Address for Notices to Selling Shareholder:

     

    	
             

          
	
             

          
	
             

          

    

    

    	
            Telephone:

          	 

    

    

    	
            Fax:

          	 

    

    

    	
            Contact Person:

          	 

    

    

    
      
        

    

    

    

     

    3. Broker-Dealer Status:

     

    	
             

          	
            (a)

          	
            Are you a broker-dealer?

          

     

    Yes [  ]              No [  ]

     

    	
             

          	
            (b)

          	
            If “yes” to Section 3(a), did you receive your Registrable Securities as compensation for investment banking services to the Company?

          

     

    Yes [  ]              No [  ]

     

    	
             

          	
            Note:

          	
            If “no” to Section 3(b), the Commission’s staff has indicated that you should be identified as an underwriter in the Registration
              Statement.

             

            

          
	
             

          	
            (c)

          	
            Are you an affiliate of a broker-dealer?

          

     

    Yes [  ]              No [  ]

     

    	
             

          	
            (d)

          	
            If you are an affiliate of a broker-dealer, do you certify that you purchased the Registrable Securities in the ordinary course of
              business, and at the time of the purchase of the Registrable Securities to be resold, you had no agreements or understandings, directly or indirectly, with any person to distribute the Registrable Securities?

          

     

    Yes [  ]              No [  ]

     

    	
             

          	
            Note:

          	
            If “no” to Section 3(d), the Commission’s staff has indicated that you should be identified as an underwriter in the Registration
              Statement.

          

     

    4. Beneficial Ownership of Securities of the Company Owned by the Selling Shareholder.

     

    Except as set forth below in this Item 4, the undersigned is not the beneficial or registered owner of any securities of
      the Company other than the securities issuable pursuant to the Purchase Agreement.

     

    	
             

          	
            (a)

          	
            Type and Amount of other securities beneficially owned by the Selling Shareholder:

          

    

    

     

    	
             

          	
             

          
	
             

          	
             

          

     

    

    

    

    

    5. Relationships with the Company:

     

    Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity
      holders (owners of 5% of more of the equity securities of the undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.

     

    State any exceptions here:

     

    	
             

          	
             

          
	
             

          	
             

          

     

    The undersigned agrees to promptly notify the Company of any material inaccuracies or changes in the information provided herein that may occur
      subsequent to the date hereof at any time while the Registration Statement remains effective; provided, that the undersigned shall not be required to notify the Company of any changes to the number of securities held or owned by the undersigned or
      its affiliates.

     

    
      
        

    

    

    

    

    

    By signing below, the undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 5 and the
      inclusion of such information in the Registration Statement and the related prospectus and any amendments or supplements thereto. The undersigned understands that such information will be relied upon by the Company in connection with the preparation
      or amendment of the Registration Statement and the related prospectus and any amendments or supplements thereto.

     

    IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in
      person or by its duly authorized agent.

     

    	
            Date: _________________________________________

          	
             

          	
            Beneficial Owner: ________________________________

          
	
             

          	
             

          	
             

          
	
             

          	 	
            By: _____________________________

          
	
             

          	 	
            Name:

          
	
             

          	 	
            Title:

          

     

    PLEASE FAX A COPY (OR EMAIL A .PDF COPY) OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00322-of-00352.parquet"}]]