Document:

ex_323954.htm

Exhibit 10.2

  

FORBEARANCE AGREEMENT

 

This FORBEARANCE AGREEMENT, dated as of January 14, 2022 (this “Forbearance Agreement”), is by and among ION Geophysical Corporation, a Delaware corporation (the “Company”), the guarantors party hereto (the “Guarantors,” and together with the Company, the “Company Parties”), and the undersigned beneficial holders (the “Directing Noteholders”) of, in the aggregate, $91,821,000 principal amount of the 8.00% Senior Secured Second Priority Notes due 2025 (the “Notes”) issued pursuant to the indenture (the “Indenture”) dated April 15, 2021 between the Company, UMB Bank, National Association, as trustee (the “Trustee”), UMB Bank, National Association, as collateral agent, and the guarantors party thereto. The Company Parties and the Directing Noteholders are referred to herein at the “Parties.”

 

RECITALS

 

WHEREAS, as a result of a Default or Event of Default that has occurred and is continuing pursuant to Section 6.01(i) of the Indenture (the “Designated Default”), each of the Company Parties acknowledges and agrees that, subject to the Intercreditor Agreement, the Directing Noteholders are entitled to (i) declare the Notes due and payable pursuant to Section 6.02 of the Indenture, (ii) pursue any available remedy to collect the payment of principal of, premium on, if any, or interest on the Notes or to enforce the performance of any provision of the Note Documents, and (iii) exercise any or all other rights and remedies under the Note Documents or applicable law;

 

WHEREAS, the Company Parties have requested that the Directing Noteholders (i) temporarily forbear from declaring the Notes due and payable pursuant to Section 6.02 of the Indenture, or otherwise exercising any rights or remedies under the Note Documents or applicable law, and (ii) direct the Trustee to not (a) declare the Notes due and payable pursuant to Section 6.02 of the Indenture, (b) pursue any available remedy to collect the payment of principal of, premium on, if any, or interest on the Notes or to enforce the performance of any provision of the Notes or the Indenture, or (c) otherwise exercise any rights or remedies available under the Indenture or applicable law;

 

WHEREAS, the Directing Noteholders agreed to grant a period of temporary forbearance from exercising such rights and remedies under the Indenture on the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE, in consideration of the agreements contained herein, as well as other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

ARTICLE I

DEFINITIONS

 

SECTION 1.1    Certain Definitions. Capitalized terms used (including in the preamble and recitals hereto) but not defined herein shall have the meanings assigned to such terms in the Indenture.

 

ARTICLE II

FORBEARANCE

 

SECTION 2.1    The “Forbearance Period” shall commence on the Forbearance Effective Date (as defined below) and shall automatically terminate on the earliest to occur of:

 

(i) February 14, 2022 at 11:59 p.m. Eastern Time.

 

(ii) January 18, 2022 at 9:00 a.m. Eastern Time, if the Company Parties fail to deliver, or cause to be delivered, to the Directing Noteholders a waiver or forbearance (the “PNC Forbearance”) by PNC Bank, National Association (“PNC”) of any applicable cross-defaults as a result of the Designated Default under that certain Revolving Credit and Security Agreement, dated as of August 22, 2014, by and among PNC, as agent, PNC Capital Markets LLC, as sole lead arranger and bookrunner, the lenders from time to time party thereto, and the Company, and the Guarantors, as amended from time to time.

 

(iii) the occurrence and continuance of any Event of Default under the Note Documents (other than the Designated Default).

 

(iv) the failure of any of the Company Parties to comply with any term, condition, or covenant set forth in Article IV hereof (and such failure continues for three (3) Business Days after an Officer of any of the Company Parties obtains knowledge thereof), or any other material term, condition or covenant of this Forbearance Agreement or the Note Documents.

 

(v) any of the Company Parties contesting or denying in any manner the legality, validity, binding nature or enforceability of the Indenture, or the other Note Documents.

 

(vi) the commencement by any of the Company Parties of any action, application, petition, suit or other proceeding under any bankruptcy, arrangement, reorganization, dissolution, liquidation, insolvency, winding-up or similar law of any jurisdiction now or hereafter in effect, including without limitation, any bankruptcy or insolvency law.

 

(vii) any receiver, receiver-manager, interim receiver, monitor, liquidator, assignee, custodian, trustee, sequestrator or other similar entity appointed in respect of any of the Company Parties or all or any part of their respective assets or operations.

 

(viii) the Trustee or any holder of Notes, other than the Directing Noteholders, (a) declares the Notes immediate due and payable pursuant to Section 6.02 of the Indenture, (b) pursues any available remedy to collect the payment of principal of, premium on, if any, or interest on the Notes or to enforce the performance of any provision of the Note Documents, or (c) pursues any other right or remedy available under the Note Documents or applicable law as a result of the occurrence and continuation of the Designated Default.

 

(ix) the pursuit of any Claim (as defined herein) by any of the Company Parties against any Directing Noteholder or any Releasees (as defined herein) in violation of Section 6.1 hereof (each of the foregoing clauses (i)–(ix), a “Forbearance Default”).

 

The Company Parties shall provide notice to the Trustee and the Directing Noteholders as soon as possible but in any event within one (1) Business Day of an Officer of any of the Company Parties obtaining knowledge of the occurrence and continuance of any Forbearance Default, which notice shall state that such event occurred and set forth, in reasonable detail, the facts and circumstances that gave rise to such event. Such notice shall be given in accordance with Section 7.05 of the Indenture.

 

SECTION 2.2    Subject to the satisfaction or waiver of the conditions precedent set forth in Article III hereof, during the Forbearance Period, the Directing Noteholders agree to (i) not (a) declare the Notes due and payable pursuant to Section 6.02 of the Indenture, (b) pursue any available remedy to collect the payment of principal of, premium on, if any, or interest on the Notes or to enforce the performance of any provision of the Note Documents, or (c) otherwise exercise any rights or remedies available under the Note Documents or applicable law in respect of the Designated Default against any of the Company Parties or theirs assets, and (ii) cause to be delivered and not withdrawn or revised, a letter, substantially in the form attached hereto as Exhibit A (the “Direction Letter”), directing the Trustee not to (a) declare the Notes due and payable pursuant to Section 6.02 of the Indenture, (b) pursue any available remedy to collect the payment of principal of, premium on, if any, or interest on the Notes or to enforce the performance of any provision of the Note Documents, or (c) otherwise exercise any rights or remedies available under the Note Documents or applicable law (the “Forbearance”). Upon termination of the Forbearance Period, the Directing Noteholders may, but are not required to, withdraw or revise the Direction Letter.

 

SECTION 2.3    The Forbearance is limited in nature and nothing contained herein is intended, or shall be deemed or construed (i) to constitute a waiver of the Designated Default or any other existing or future Defaults or Events of Default or compliance with any term or provision of the Note Documents or (ii) to establish a custom or course of dealing between any of the Company Parties, on the one hand, and the Directing Noteholders, on the other hand. Each of the Company Parties acknowledges and agrees that the Directing Noteholders’ agreement hereunder to forbear from exercising their default-related remedies with respect to the Designated Default shall not constitute a waiver of the Designated Default and that, except as expressly set forth in this Forbearance Agreement, the Directing Noteholders expressly reserve all rights and remedies that the Directing Noteholders now or may in the future have under the Note Documents and applicable law in connection with all Defaults or Events of Default (including, without limitation, the Designated Default). Any waiver of any Default or Event of Default (including the Designated Default) would be subject to, and effective only in accordance with, Section 6.04 of the Indenture. Each of the Company Parties acknowledges and agrees that defaulted interest is accruing under the Notes during the Forbearance Period.

 

SECTION 2.4    Upon the termination of the Forbearance Period, (i) the Forbearance shall terminate automatically and be of no further force or effect, (ii) the Directing Noteholders shall have all other rights and remedies available at law or in equity or pursuant to the Note Documents, all of which rights and remedies are fully reserved by the Directing Noteholders and (iii) the Directing Noteholders may, but are not required to, withdraw or revise the Direction Letter or submit a new direction letter to the Trustee. Each of the Company Parties acknowledges that the Directing Noteholders have not made any assurances concerning (i) any possibility of an extension of the Forbearance Period, (ii) the manner in which or whether the Designated Default may be resolved, (iii) whether the Trustee will comply with the Direction Letter, or otherwise exercise any rights or remedies available to the Trustee under the Indenture, or (iv) any additional forbearance, waiver, restructuring or other accommodations, except as set forth herein. The Parties agree that the running of all statutes of limitation and the doctrine of laches applicable to all claims or causes of action that any Directing Noteholder may be entitled to take or bring in order to enforce its rights and remedies against any of the Company Parties are, to the fullest extent permitted by law, tolled and suspended during the Forbearance Period. Each of the Company Parties acknowledges and agrees that any financial accommodation that any Directing Noteholder makes on or after the Forbearance Effective Date with respect to the Notes has been made by any such Directing Noteholders in reliance upon, and is consideration for, among other things, the general releases and indemnities contained in Section 6.1 hereof, and the other covenants, agreements, representations and warranties of the each of the Company Parties hereunder.

 

SECTION 2.5    As consideration for entering into this Forbearance Agreement, the Directing Noteholders acknowledge and consent to each of GX Technology Sismica do Brasil Ltda., ION International S.a.r.l. and ION International Holdings, L.P. (collectively, the “Granting Subsidiaries”) granting Liens to PNC on certain of their assets (the “Subsidiary Liens”) in accordance with the terms of the PNC Forbearance; provided that the Company Parties shall cause the Granting Subsidiaries to concurrently tender Subsidiary Liens to the Trustee with the same priority and on the same terms as currently exist under the Intercreditor Agreement.

 

ARTICLE III

CONDITIONS TO EFFECTIVENESS

 

This Forbearance Agreement (including the Forbearance in Article II hereof), will become effective on the date (the “Forbearance Effective Date”) on which each of the following conditions have been satisfied in accordance with the terms therein:

 

SECTION 3.1    This Forbearance Agreement shall have been executed and delivered by each of the Parties.

 

SECTION 3.2    No Default or Event of Default (other than the Designated Default) shall have occurred and be continuing as of the Forbearance Effective Date.

 

SECTION 3.3    The representations and warranties in Article V hereof shall be true and correct in all material respects as of the Forbearance Effective Date.

 

ARTICLE IV

TERMS, CONDITIONS

AND COVENANTS DURING THE FORBEARANCE PERIOD

 

Each of the Company Parties agrees to comply with the following terms, conditions and covenants during the Forbearance Period:

 

SECTION 4.1    None of the Company Parties shall (i) access any basket, exception or other provision of the Indenture that would require the absence of the occurrence and continuance of a Default or Event of Default, or (ii) utilize any basket or exception that is subject to a dollar basket or leverage threshold.

 

SECTION 4.2    None of the Company Parties shall release (i) any Guarantor from any Note Guarantee, or (ii) any Lien on any property or other assets granted to or held by the Trustee (or any sub-agent thereof) under any Note Document.

 

SECTION 4.3    Each of the Company Parties shall, and shall cause their officers, directors, employees, and advisors (i) to cooperate with the Directing Noteholders in furnishing any diligence materials reasonably requested by the Directing Noteholders regarding the Collateral, or any of the Company Parties’ financial affairs, finances, financial condition, business and operations, and (ii) participate in weekly telephonic conference calls with the Directing Noteholders to discuss, among other things, the Company Parties’ operations, cash position, and asset sale process.

 

SECTION 4.4    The Company Parties shall pay all reasonable fees and expenses of Ropes & Gray LLP, as counsel to the Directing Noteholders pursuant to the existing engagement letter.

 

SECTION 4.5    The Company Parties shall pay all reasonable fees and expenses of the Trustee and its counsel.

 

ARTICLE V

 

REPRESENTATIONS AND WARRANTIES

 

SECTION 5.1    Each of the Parties hereby represents and warrants as of the date hereof, that the execution, delivery and performance under the Forbearance Agreement (i) is within its corporate powers, (ii) has been duly authorized by all necessary corporate action, as applicable, (ii) does not and will not (a) contravene its certificates of incorporation, by-laws or other governing documents, (b) violate any judgment, order, notice, decree, statute, law, ordinance, rule, or regulation applicable to it or any of its properties or assets, (c) conflict with or result in the breach of, or constitute a default under, or result in or permit the termination or acceleration of, any other contractual obligation, or (d) result in the creation or imposition of any lien or encumbrance upon any property or other assets, and (iv) does not require the consent, authorization, or approval of any governmental authority or any other Person.

 

ARTICLE VI

GENERAL RELEASE

 

SECTION 6.1    In consideration of, among other things, the Directing Noteholders’ execution and delivery of this Forbearance Agreement, each of the Company Parties, on behalf of itself and its agents, representatives, officers, directors, advisors, employees, subsidiaries, affiliates, successors and assigns (collectively, “Releasors”), hereby forever agrees and covenants not to sue or prosecute against any Releasee (as hereinafter defined) and hereby forever waives, releases and discharges, to the fullest extent permitted by law, each Releasee from any and all claims (including, without limitation, crossclaims, counterclaims, rights of set-off and recoupment), actions, causes of action, suits, debts, accounts, interests, liens, promises, warranties, damages and consequential damages, demands, agreements, bonds, bills, specialties, covenants, controversies, variances, trespasses, judgments, executions, costs, expenses or claims whatsoever, that such Releasor now has or hereafter may have, of whatsoever nature and kind, that are known and now existing, whether arising at law or in equity (collectively, the “Claims”), against any or all of the Directing Noteholders and their respective affiliates, subsidiaries, shareholders and “controlling persons” (within the meaning of the federal securities laws), and their respective successors and assigns and each and all of the officers, directors, employees, agents, attorneys, advisors and other representatives of each of the foregoing (collectively, the “Releasees”), based in whole or in part on facts, that are now known and existing on or before the Forbearance Effective Date, that relate to, arise out of or otherwise are in connection with: (i) any or all of the Note Documents or transactions contemplated thereby or any actions or omissions in connection therewith, or (ii) any aspect of the dealings or relationships between or among any of the Company Parties, on the one hand, and the Directing Noteholders, on the other hand, relating to any or all of the documents, transactions, actions or omissions referenced in clause (i) hereof that have occurred prior to the Forbearance Effective Date; provided that the Company Parties do not release the Releasees from their respective obligations and agreements specifically set forth in this Forbearance Agreement. The receipt by any of the Company Parties of any financial accommodations made by the Directing Noteholders after the date hereof shall constitute a ratification, adoption, and confirmation by the Company Parties of the foregoing general release of all Claims against the Releasees that are based in whole or in part on facts, that are known and now existing prior to the date of receipt of any such financial accommodations.

 

SECTION 6.2    In entering into this Forbearance Agreement, each of the Company Parties consulted with, and has been represented by, legal counsel and expressly disclaims any reliance on any representations, acts or omissions by any of the Releasees and hereby agrees and acknowledges that the validity and effectiveness of the releases set forth above do not depend in any way on any such representations, acts and/or omissions or the accuracy, completeness or validity thereof. If the any of the Company Parties or any of their successors or assigns or legal representatives violate the provisions of this Section 6.1, the Company Parties, on behalf of themselves and their successors and assigns agree to pay, in addition to any other damages that any Releasee may sustain as a result of such violation, all reasonable attorneys’ fees and costs incurred as a result of such violation. The provisions of this Section 6.1 shall survive the termination of this Forbearance Agreement and the Indenture, the other Note Documents, and payment in full of the Obligations.

 

ARTICLE VII

EFFECTS ON THE NOTE DOCUMENTS

 

SECTION 7.1    Except as specifically amended or waived herein or contemplated hereby, all Note Documents shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. Each of the Company Parties hereby confirms that the Indenture and the other Note Documents are in full force and effect.

 

SECTION 7.2    Except as expressly set forth herein, the execution, delivery and effectiveness of this Forbearance Agreement shall not directly or indirectly (i) constitute a consent or waiver of any past, present or future violations of any provisions of the Indenture or any other Note Documents nor constitute a novation of any of the Obligations under the Indenture or other Note Documents, (ii) amend, modify or operate as a waiver of any provision of the Indenture or any other Note Documents or any right, power or remedy of any of the Directing Noteholders, (iii) constitute a consent to any merger or other transaction or to any sale, restructuring or refinancing transaction or (iv) constitute a course of dealing or other basis for altering any Obligations or any other contract or instrument. Except as expressly set forth herein, each Directing Noteholder reserves all of its rights, powers, and remedies under the Indenture, the other Note Documents and applicable law. Except as expressly set forth herein, all of the provisions of the Indenture and the other Note Documents, including, without limitation, the time of the essence provisions, are hereby reiterated.

 

SECTION 7.3    On and after the Forbearance Effective Date, (i) each reference in the Indenture to “this Indenture”, “hereunder”, “hereof”, “herein” or words of like import referring to the Indenture, and each reference in the other Note Documents to “Indenture”, “thereunder”, “thereof” or words of like import referring to the Indenture shall mean and be a reference to the Indenture, and this Forbearance Agreement and the Indenture shall be read together and construed as a single instrument and (ii) the term “Note Documents” in the Indenture and the other Note Documents shall include, without limitation, this Forbearance Agreement and any agreements, instruments and other documents executed and/or delivered in connection herewith. Nothing herein shall be deemed to entitle any of the Company Parties to a further consent to, or a further waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Indenture or any other Note Document in similar or different circumstances.

 

SECTION 7.4    Except as expressly contemplated by this Forbearance Agreement, no Directing Noteholder has waived, is by this Forbearance Agreement waiving, and has no intention of waiving (regardless of any delay in exercising such rights and remedies), any unmatured Default or Event of Default that may occur after the Forbearance Effective Date, and no Directing Noteholder has agreed to forbear with respect to any of its rights or remedies concerning any Events of Default that may occur after the Forbearance Effective Date other than the Designated Default.

 

This Forbearance Agreement shall not be deemed or construed to be a satisfaction, reinstatement, novation or release of the Indenture or any other Note Document.

 

ARTICLE VIII

MISCELLANEOUS

 

SECTION 8.1    Indemnification. Each of the Company Parties hereby confirms that the indemnification provisions set forth in Section 7.07 of the Indenture shall apply to this Forbearance Agreement and the transactions contemplated hereby.

 

SECTION 8.2    Amendments; Execution in Counterparts; Severability.

 

(a)    This Forbearance Agreement may not be amended nor may any provision hereof be waived except pursuant to a writing signed by each of the Parties; and

 

(b)    To the extent any provision of this Forbearance Agreement is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this Forbearance Agreement in any jurisdiction.

 

SECTION 8.3    Reaffirmation. Each of the Company Parties confirms and agrees that, notwithstanding the effectiveness of this Forbearance Agreement, each Note Document to which any of the Company Parties is a party is, and the obligations of any of the Company Parties contained in the Indenture, this Forbearance Agreement or in any other Note Document to which any of the Company Parties is a party is, and shall continue to be, in full force and effect, and is hereby ratified and confirmed in all respects, in each case as amended by this Forbearance Agreement. For greater certainty and without limiting the foregoing, the each of the Company Parties hereby confirms that the existing security interests granted by any of the Company Parties in favor of the Trustee, for the benefit of, among others, the Directing Noteholders pursuant to the Note Documents in the Collateral described therein shall continue to secure the obligations of the each of the Company Parties under the Indenture and the other Note Documents as and to the extent provided in the Note Documents.

 

SECTION 8.4    Governing Law; Waiver of Jury Trial; Jurisdiction. THIS FORBEARANCE AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. SECTION 14.08 OF THE INDENTURE IS HEREBY INCORPORATED BY REFERENCE INTO THIS FORBEARANCE AGREEMENT AND SHALL APPLY HERETO.

 

SECTION 8.5    Headings. Section headings in this Forbearance Agreement are included herein for convenience of reference only, are not part of this Forbearance Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Forbearance Agreement.

 

SECTION 8.6    Severability. If any provision of this Forbearance Agreement is held to be illegal, invalid or unenforceable, (i) the legality, validity and enforceability of the remaining provisions of this Forbearance Agreement shall not be affected or impaired thereby and (ii) 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 8.7    Counterparts. This Forbearance Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery by facsimile or other electronic transmission of an executed counterpart of a signature page to this Forbearance Agreement shall be effective as delivery of an original executed counterpart of this Forbearance Agreement.

 

[Remainder of page intentionally left blank.]

 

 

 

 

IN WITNESS WHEREOF, the Parties have caused this Forbearance Agreement to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first above written.

 

	 	ION GEOPHYSICAL CORPORATION
	 	 
	 	By:      /s/ Michael Morrison                                             
	 	Name: Michael Morrison
	 	Title:    EVP & CFO
	 	 
	 	GX TECHNOLOGY CORPORATION
	 	 
	 	By:      /s/ Michael Morrison                                             
	 	Name: Michael Morrison
	 	Title:    EVP & CFO
	 	 
	 	ION EXPLORATION PRODUCTS (U.S.A.), INC.
	 	 
	 	By:      /s/ Michael Morrison                                            
	 	Name: Michael Morrison
	 	Title:   Vice President
	 	 
	 	I/O MARINE SYSTEMS, INC.
	 	 
	 	By:      /s/ Michael Morrison                                             
	 	Name: Michael Morrison
	 	Title:   Vice President
	 	 
	 	GX GEOSCIENCE CORPORATION, S. DE R.L. DE C.V.
	 	 
	 	By:      /s/ Michael Morrison                                             
	 	Name: Michael Morrison
	 	Title:    Vice President and Attorney-in-Fact

 

 

 

 

	 	
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			By:      /s/ [Redacted]                                    

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			By:      /s/ [Redacted]                                    

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			By:       /s/ [Redacted]                                     

			
	 	 
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			By:       /s/ [Redacted]                                     

			

 

 

 

 

 

 

 

 

 

 

 

Exhibit A

 

January 14, 2022

 

DIRECTION LETTER

(8.00% Senior Secured Second Priority Notes due 2025)

 

The undersigned (the “Directing Noteholders”), as the holders of, in the aggregate, $91,821,000 principal amount of the 8.00% Senior Secured Second Priority Notes due 2025 (the “Notes”) issued by ION Geophysical Corporation pursuant to that certain Indenture dated as of April 20, 2021 by and between ION Geophysical Corporation and UMB Bank, National Association, as Trustee (the “Trustee”), and UMB Bank, National Association, as Collateral Agent (the “Indenture”), hereby directs the Trustee not to (1) declare the Notes due and payable pursuant to Section 6.02 of the Indenture, (2) pursue any available remedy to collect the payment of principal of, premium on, if any, or interest on the Notes or to enforce the performance of any provision of the Note Documents, or (3) otherwise exercise any rights or remedies available under the Note Documents or applicable law, each as a result of a Default or Event of Default that has occurred and is continuing pursuant to Section 6.01(i) of the Indenture.[1]  

 

The Directing Noteholders agree that the Trustee is entitled to all the rights, privileges and benefits under the Indenture.

 

 

 

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    ____________________________________________________________________________________________

[1] Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Indenture.

 

 

 

	 	
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			By:     /s/ [Redacted]                                    

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			By:       /s/ [Redacted]                                    

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			By:      /s/ [Redacted]                                    

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			By:      /s/ [Redacted]                                    

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			By:         /s/ [Redacted]                                    

			
	 	 
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			By:      /s/ [Redacted]Exhibit 4.5

  

   
    
      

      

    

    OceanPal Inc.

    

    

    and

    

    

    Computershare Trust Company, N.A., as

    Warrant Agent

    

    

    
      

      

    

    Warrant Agency Agreement

    

    

    Dated as of [   ], 2022

    
      
        

    

    
    WARRANT AGENCY AGREEMENT

    

    

    WARRANT AGENCY AGREEMENT, dated as of [       ], 2022 (“Agreement”), between OceanPal Inc., a corporation organized under the laws of the Republic of the Marshall Islands (the “Company”),
      Computershare Inc. (“Computershare”) and Computershare Trust Company, N.A., a federally chartered trust company (collectively with Computershare, the “Warrant Agent”).

    

    

    W I T N E S S E T H

    

    

    WHEREAS, pursuant to a registered offering by the Company of (1) [___ Units (the “Offering”), with each Unit consisting of either (i) one common share of the Company, par value $0.01 per share (the “Common
          Stock”) or (ii) one pre-funded warrant to purchase one share of Common Stock and one Class A warrant (collectively, the “Unit Warrants”) to purchase
      one share of Common Stock (the “Warrant Shares”) at a price of $[___ per share and (2) an aggregate of [____ Class A Warrants to purchase [____ shares of Common Stock
      in the same form as the Unit Warrants (the “Coupled Warrants” and the Coupled Warrants, together with the Unit Warrants, the “Warrants”) which such Coupled Warrants will be sold together with shares of Common Stock sold by certain selling stockholders in the registered offering (the Coupled Warrants and shares sold by the
      selling stockholders, together, the “Selling Stockholder Units”); and

    

    

    WHEREAS, the Company granted an over-allotment option to purchase up to 15% of  the aggregate number of Units and Selling
      Stockholder Units sold, including warrants to purchase an additional [__ shares of Common Stock (the “Over-Allotment Option”) to the Underwriters; and

    

    

    WHEREAS, upon the terms and subject to the conditions hereinafter set forth and pursuant to an effective registration
      statement on Form F-[ ], as amended (File No. 333-[         ]) (the “Registration Statement”), and the terms and conditions of the Warrant Certificate, the Company
      wishes to issue the Warrants in book entry form entitling the respective holders of the Warrants (the “Holders,” which term shall include a Holder’s transferees,
      successors and assigns and “Holder” shall include, if the Warrants are held in “street name,” a Participant (as defined below) or a designee appointed by such Participant); and

    

    

    WHEREAS, the Warrants to be issued in connection with the Offering shall be immediately separable and will be issued
      separately from the shares of Common Stock, but will be purchased together in the Offering; and

    

    

    WHEREAS, the Company wishes the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act,
      in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrants [and, pursuant to a Transfer Agency Agreement dated on or around the date hereof, in the Warrant Agent’s capacity as the Company’s transfer
      agent, the delivery of the Warrant Shares (as defined below)].

    

    

    NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as
      follows:

    

    

    Section 1. Certain Definitions. For
      purposes of this Agreement, all capitalized terms not herein defined shall have the meanings hereby indicated:

    

    

    (a) “Affiliate” has the meaning
      ascribed to it in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

    

    

    (b) “Business Day” means any day
      except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which the Nasdaq Stock Market is authorized or required by law or other governmental action to close.

    

    

    (c) “Close of Business” on any given
      date means 5:00 p.m., New York City time, on such date; provided, however, that
      if such date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business Day.

    

    

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

    

    

    (e) “Warrant Certificate” means a
      certificate in substantially the form attached as Exhibit 1 hereto, representing such number of Warrant Shares as is indicated therein, provided that any reference
      to the delivery of a Warrant Certificate in this Agreement shall include delivery of a Definitive Certificate or a Global Warrant (each as defined below).

    
      2

      
        

    

    

    

    

    

    All other capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the
      Warrant Certificate.

    

    

    Section 2. Appointment of Warrant Agent.
      The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the express terms and conditions hereof, and the Warrant Agent hereby accepts such appointment.

    

    

    Section 3. Global Warrants.

    

    

    (a) The Warrants shall be registered securities and shall be evidenced by a global warrant (the “Global Warrants”), in the form of the Warrant Certificate, which shall be deposited with the Warrant Agent and registered in the name of Cede & Co., a nominee of The Depository Trust
      Company (the “Depositary”), or as otherwise directed by the Depositary. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such
      ownership shall be effected through, records maintained by (i) the Depositary or its nominee for each Global Warrant or (ii) institutions that have accounts with the Depositary (such institution, with respect to a Warrant in its account, a “Participant”).

    

    

    (b) If the Depositary subsequently ceases to make its book-entry settlement system available for the Warrants, the Company
      may instruct the Warrant Agent regarding other arrangements for book-entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall
      provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each Global Warrant, and the Company shall instruct the Warrant Agent to deliver to each Holder a Warrant Certificate.

    

    

    (c)  A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a
      Warrant Certificate Request Notice (as defined below). Upon written notice by a Holder to the Company and the Warrant Agent for the exchange of some or all of such Holder’s Global Warrants for a separate certificate in the form attached hereto as Exhibit 1 (such separate certificate, a “Definitive Certificate”) evidencing the same
      number of Warrants, which request shall be in the form attached hereto as Exhibit 2 (a “Warrant
          Certificate Request Notice” and the date of delivery of such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date”
      and the surrender by the Holder to the Warrant Agent of a number of Global Warrants for the same number of Warrants evidenced by a Warrant Certificate, a “Warrant Exchange”),
      the Company and the Warrant Agent shall promptly effect the Warrant Exchange and the Company shall promptly issue and deliver to the Holder a Definitive Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request
      Notice.  Such Definitive Certificate shall be dated the original issue date of the Warrants, shall be manually executed by an authorized signatory of the Company, shall be in the form attached hereto as Exhibit 1 and shall be reasonably acceptable in all respects to such Holder.  In connection with a Warrant Exchange, the Company agrees to deliver the Definitive Certificate to the Holder within ten (10)
      Business Days of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (“Warrant Certificate Delivery Date”). 
      If the Company fails for any reason to deliver to the Holder the Definitive Certificate subject to the Warrant Certificate Request Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages
      and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Definitive Certificate (based on the VWAP (as defined in the Warrants) of the Common Stock on the Warrant Certificate Request Notice Date), $10 per Business Day for each
      Business Day after such Warrant Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate, the Holder rescinds such Warrant Exchange.  The Warrant Agent shall have no liability for the
      Company’s failure to deliver to the Holders the Warrant Certificate as set forth in this Section 3(c). The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate Request Notice, the Holder shall be deemed to be the
      holder of the Definitive Certificate and, notwithstanding anything to the contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions of the Warrants evidenced by such Warrant
      Certificate and the terms of this Agreement, other than Sections 3(c), 3(d) and 9 herein, shall not apply to the Warrants evidenced by the Definitive Certificate.  Notwithstanding anything to the contrary contained in this Agreement, in the event of
      inconsistency between any provision in this Agreement and any provision in a Definitive Certificate, as it may from time to time be amended, the terms of such Definitive Certificate shall control; provided, that, with respect to the rights,
      immunities, and obligation of the Warrant Agent the, this Agreement shall govern and control and the Warrant Agent shall not have any obligation to perform, and shall be indemnified by the Company for failure to perform, any acts or duties
      inconsistent with the Warrant Agent’s procedures.

    

    

    (d) A Holder of a Definitive Certificate (pursuant to a Warrant Exchange or otherwise) has the right to elect at any time
      or from time to time a Global Warrants Exchange (as defined below) pursuant to a Global Warrants Request Notice (as defined below). Upon written notice by a Holder to the Company for the exchange of some or all of such Holder’s Warrants evidenced by
      a Definitive Certificate for a beneficial interest in Global Warrants held in book-entry form through the Depositary evidencing the same number of Warrants, which request shall be in the form attached hereto as Exhibit 3 (a “Global Warrants Request Notice” and the date of delivery of such Global Warrants Request Notice by the
      Holder, the “Global Warrants Request Notice Date” and the surrender upon delivery by the Holder of the Warrants evidenced by Definitive Certificates for the same
      number of Warrants evidenced by a beneficial interest in Global Warrants held in book-entry form through the Depositary, a “Global Warrants Exchange”), the Company
      shall promptly effect the Global Warrants Exchange and shall promptly direct the Warrant Agent to issue and deliver to the Holder Global Warrants for such number of Warrants in the Global Warrants Request Notice, which beneficial interest in such
      Global Warrants shall be delivered by the Depositary’s Deposit or Withdrawal at Custodian system to the Holder pursuant to the instructions in the Global Warrants Request Notice.  In connection with a Global Warrants Exchange, the Company shall
      direct the Warrant Agent to deliver the beneficial interest in such Global Warrants to the Holder within ten (10) Business Days of the Global Warrants Request Notice pursuant to the delivery instructions in the Global Warrant Request Notice (“Global Warrants Delivery Date”).  If the Company fails for any reason to deliver to the Holder Global Warrants subject to the Global Warrants Request Notice by the Global
      Warrants Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Global Warrants (based on the VWAP (as defined in the Warrants) of the Common Stock
      on the Global Warrants Request Notice Date), $10 per Business Day for each Business Day after such Global Warrants Delivery Date until such Global Warrants are delivered or, prior to delivery of such Global Warrants, the Holder rescinds such Global
      Warrants Exchange.  The Company covenants and agrees that, upon the date of delivery of the Global Warrants Request Notice, the Holder shall be deemed to be the beneficial holder of such Global Warrants.

    
      3

      
        

    

    

    

    

    

    Section 4. Form of Warrant Certificates.
      The Warrant Certificate, together with the form of election to purchase Common Stock (“Notice of Exercise”) and the form of assignment to be printed on the reverse
      thereof, shall be in the form of Exhibit 1 hereto.

    

    

    Section 5. Countersignature and Registration.
      The Global Warrant shall be executed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer or Vice President, by facsimile signature, and have affixed thereto the Company’s seal or a facsimile thereof which shall be
      attested by the Secretary or an Assistant Secretary of the Company, by facsimile signature. The Global Warrant shall be countersigned by the Warrant Agent by electronic or facsimile signature and shall not be valid for any purpose unless so
      countersigned. In case any officer of the Company who shall have signed any of the Global Warrant shall cease to be such officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company, such Global
      Warrant, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person who signed such Global Warrant had not ceased to be such officer of the Company; and any Global Warrant may be
      signed on behalf of the Company by any person who, at the actual date of the execution of such Global Warrant, shall be a proper officer of the Company to sign such Global Warrant, although at the date of the execution of this Agreement any such
      person was not such an officer.

    

    

    The Warrant Agent will keep or cause to be kept, at one of its offices designated for such purpose, or at the office of
      one of its agents, books for registration and transfer of the Global Warrants issued hereunder. Such books shall show the names and addresses of the respective Holders of the Global Warrant, the number of warrants evidenced on the face of each of
      such Global Warrant and the date of each of such Global Warrant.  The Warrant Agent will create a special account for the issuance of Global Warrants.  The Company will keep or cause to be kept at one of its offices designated for such purpose, books
      for the registration and transfer of any Definitive Certificates issued hereunder and the Warrant Agent shall not have any obligation to keep books and records with respect to any Definitive Warrants.  Such Company books shall show the names and
      addresses of the respective Holders of the Definitive Certificates, the number of warrants evidenced on the face of each such Definitive Certificate and the date of each such Definitive Certificate.

    

    

    Section 6. Transfer, Split Up, Combination and
          Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates. With respect to the Global Warrant, subject to the provisions of the Warrant Certificate and the last sentence of this first paragraph of
      Section 6 and subject to applicable law, rules or regulations, or any “stop transfer” instructions the Company may give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close of Business on the
      Termination Date (as such term is defined in the Warrant Certificate), any Global Warrant or Global Warrants may be transferred, split up, combined or exchanged for another Global Warrant or Global Warrants, entitling the Holder to purchase a like
      number of shares of Common Stock as the Global Warrant or Global Warrants surrendered then entitled such Holder to purchase. Any Holder desiring to transfer, split up, combine or exchange any Global Warrant shall make such request in writing
      delivered to the Warrant Agent, and shall surrender the Global Warrant to be transferred, split up, combined or exchanged at the office of the Warrant Agent designated for such purpose and, in the case of registration of transfer, shall provide a
      signature guarantee by an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program”. Any requested transfer of Warrants, whether in
      book-entry form or certificate form, shall be accompanied by reasonable evidence of authority of the party making such request that may be required by the Warrant Agent. Thereupon the Warrant Agent shall, subject to the last sentence of this first
      paragraph of Section 6, countersign and deliver to the Person entitled thereto a Global Warrant or Global Warrants, as the case may be, as so requested. The Company may require payment from the Holder of a sum sufficient to cover any tax or
      governmental charge that may be imposed in connection with any transfer, split up, combination or exchange of Global Warrants. The Company shall compensate the Warrant Agent for of all reasonable expenses incidental thereto. The Warrant Agent shall
      not have any duty or obligation to take any action under any section of this Agreement that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have been made.

    

    

    Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation
      of a Warrant Certificate, which evidence shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof remaining, and, in case of loss, theft or destruction, of indemnity in form and amount
      satisfactory to the Warrant Agent (including the posting of a surety bond), and satisfaction of any other reasonable requirements established by Section 8-405 of the Uniform Commercial Code as in effect in the State of Delaware, and reimbursement to
      the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Company will make and deliver a new Warrant Certificate of like
      tenor to the Warrant Agent for delivery to the Holder in lieu of the Warrant Certificate so lost, stolen, destroyed or mutilated.

    

    

    The Company shall provide to the Warrant Agent an opinion of counsel on or prior to the issuance of Warrants to set up a
      reserve of Warrant Shares for the outstanding Warrants. The opinion shall state that all Warrants or Warrant Shares, as applicable, are, (i) registered under the Securities Act of 1933, as amended, and (ii) validly issued, fully paid and
      non-assessable.

    
      4

      
        

    

    

    

    

    

    Section 7. Exercise of Warrants; Exercise Price;
          Termination Date.

    

    

    (a) The Warrants shall be exercisable commencing on the Initial Exercise Date. The Warrants shall cease to be exercisable
      and shall terminate and become void as set forth in the Warrant Certificate.  Subject to the foregoing and to Section 7(b) below, the Holder of a Warrant may exercise the Warrant in whole or in part upon surrender of the Warrant Certificate, if
      required, with the executed Notice of Exercise and payment of the Exercise Price, which may be made, at the option of the Holder, by wire transfer or by certified or official bank check in United States dollars, to the Warrant Agent at the office of
      the Warrant Agent designated for such purpose from time to time. In the case of the Holder of a Global Warrant, the Holder shall deliver the executed Notice of Exercise and the payment of the Exercise Price as described herein. Notwithstanding any
      other provision in this Agreement, a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the Depositary (or another established clearing corporation performing similar functions),
      shall effect exercises by delivering to the Depositary (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by the Depositary (or such
      other clearing corporation, as applicable). The Company acknowledges that the bank accounts maintained by the Warrant Agent in connection with the services provided under this Agreement will be in the Warrant Agent’s name and that the Warrant Agent
      may receive investment earnings in connection with the investment at Warrant Agent risk and for its benefit of funds held in those accounts from time to time.  Neither the Company nor the Holders will receive interest on any deposits or Exercise
      Price.  The Company hereby acknowledges and agrees that, with respect to a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the Depositary (or another established clearing
      corporation performing similar functions), upon delivery of irrevocable instructions to such holder’s Participant to exercise such warrants, that solely for purposes of Regulation SHO that such holder shall be deemed to have exercised such warrants.

    

    

    (b) Upon receipt of a Notice of Exercise for a Cashless Exercise the Company will promptly calculate and transmit to the
      Warrant Agent the number of Warrant Shares issuable in connection with such Cashless Exercise and deliver a copy of the Notice of Exercise to the Warrant Agent, which shall issue such number of Warrant Shares in connection with such Cashless
      Exercise.

    

    

    (c) Upon the exercise of the Warrant Certificate pursuant to the terms of Section 2 of the Warrant Certificate, the
      Warrant Agent shall cause the Warrant Shares underlying such Warrant Certificate or Global Warrant to be delivered to or upon the order of the Holder of such Warrant Certificate or Global Warrant, registered in such name or names as may be designated
      by such Holder, no later than the Warrant Share Delivery Date (as such term is defined in the Warrant Certificate). If the Company is then a participant in the DWAC system of the Depositary and either (A) there is an effective registration statement
      permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant is being exercised via Cashless Exercise, then the certificates for Warrant Shares shall be transmitted by the Warrant Agent to the Holder
      by crediting the account of the Holder’s broker with the Depositary through its DWAC system. For the avoidance of doubt, if the Company becomes obligated to pay any amounts to any Holders pursuant to Section 2(d)(i) or 2(d)(iv) of the Warrant
      Certificate, such obligation shall be solely that of the Company and not that of the Warrant Agent. Notwithstanding anything else to the contrary in this Agreement, except in the case of a Cashless Exercise, if any Holder fails to duly deliver
      payment to the Warrant Agent of an amount equal to the aggregate Exercise Price of the Warrant Shares to be purchased upon exercise of such Holder’s Warrant as set forth in Section 7(a) hereof by the Warrant Share Delivery Date, the Warrant Agent
      will not obligated to deliver such Warrant Shares (via DWAC or otherwise) until following receipt of such payment, and the applicable Warrant Share Delivery Date shall be deemed extended by one day for each day (or part thereof) until such payment is
      delivered to the Warrant Agent.

    

    

    (d) All funds received by Computershare under this Agreement that are to be distributed or applied by Computershare in the
      performance of the services hereunder (the “Funds”) shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Company.  Computershare shall have
      no responsibility or liability for any diminution of the Funds that may result from any deposit made by Computershare in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third
      party.  Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits.  Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other
      party.

    

    

    Section 8. Cancellation and Destruction of
          Warrant Certificates. All Warrant Certificates surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant Agent for
      cancellation or in canceled form, or, if surrendered to the Warrant Agent, shall be canceled by it, and no Warrant Certificate shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall
      deliver to the Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel and retire, any other Warrant Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Warrant Agent shall
      deliver all canceled Warrant Certificates to the Company, or shall, at the written request of the Company, destroy such canceled Warrant Certificates, and in such case shall deliver a certificate of destruction thereof to the Company, subject to any
      applicable law, rule or regulation requiring the Warrant Agent to retain such canceled certificates.

    
      5

      
        

    

    

    

    

    

    Section 9. Certain Representations; Reservation
          and Availability of Shares of Common Stock or Cash.

    

    

    (a) This Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization,
      execution and delivery hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms, and the Warrants have been duly authorized, executed and issued by the
      Company and, assuming due authentication thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration Statement, constitute valid and legally binding obligations of the Company enforceable against
      the Company in accordance with their terms and entitled to the benefits hereof; in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’
      rights generally or by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law).

    

    

    (b) As of the date hereof, the authorized capital stock of the Company consists of (i) 1,000,000,000 common shares, of which approximately 8,820,240 shares of Common Stock are
      issued and outstanding as of December [  ], 2021, and [            ] shares of Common Stock are reserved for issuance upon exercise of the Warrants, and (ii) [  ] million ([  ],000,000) shares of preferred stock, par value $0.001 per share, of which
      no shares are issued and outstanding. Except as disclosed in the Registration Statement, there are no other outstanding obligations, warrants, options or other rights to subscribe for or purchase from the Company any class of capital stock of the
      Company.

    

    

    (c) The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and
      unissued shares of Common Stock or its authorized and issued shares of Common Stock held in its treasury, free from preemptive rights, the number of shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding
      Warrants.

    

    

    (d) The Warrant Agent will create a special account for the issuance of Common Stock upon the exercise of Warrants.

    

    

    (e) The Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer
      taxes and charges which may be payable in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing Common Stock upon exercise of the Warrants. The Company shall not, however, be required to pay any tax or
      governmental charge which may be payable in respect of any transfer involved in the transfer or delivery of Warrant Certificates or the issuance or delivery of certificates for Common Stock in a name other than that of the Holder of the Warrant
      Certificate evidencing Warrants surrendered for exercise or to issue or deliver any certificate for shares of Common Stock upon the exercise of any Warrants until any such tax or governmental charge shall have been paid (any such tax or governmental
      charge being payable by the Holder of such Warrant Certificate at the time of surrender) or until it has been established to the Company’s reasonable satisfaction that no such tax or governmental charge is due.

    

    

    Section 10. Common Stock Record Date.
      Each Person in whose name any certificate for shares of Common Stock is issued (or to whose broker’s account is credited shares of Common Stock through the DWAC system) upon the exercise of Warrants shall for all purposes be deemed to have become the
      holder of record for the Common Stock represented thereby on, and such certificate shall be dated, the date on which submission of the Notice of Exercise was made, provided that the Warrant Certificate evidencing such Warrant is duly surrendered (but
      only if required herein) and payment of the Exercise Price (and any applicable transfer taxes) is received on or prior to the Warrant Share Delivery Date; provided,
      however, that if the date of submission of the Notice of Exercise is a date upon which the Common Stock transfer books of the Company are closed, such Person shall be
      deemed to have become the record holder of such shares on, and such certificate shall be dated, the next succeeding day on which the Common Stock transfer books of the Company are open.

    
      6

      
        

    

    

    

    Section 11. Adjustment of Exercise Price, Number
          of Shares of Common Stock or Number of the Company Warrants. The Exercise Price, the number of shares covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided in Section 3
      of the Warrant Certificate. In the event that at any time, as a result of an adjustment made pursuant to Section 3 of the Warrant Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares of capital stock
      of the Company other than shares of Common Stock, thereafter the number of such other shares so receivable upon exercise of any Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to
      the provisions with respect to the shares contained in Section 3 of the Warrant Certificate and the provisions of Sections 7, 11 and 12 of this Agreement with respect to the shares of Common Stock shall apply on like terms to any such other shares. 
      All Warrants originally issued by the Company subsequent to any adjustment made to the Exercise Price pursuant to the Warrant Certificate shall evidence the right to purchase, at the adjusted Exercise Price, the number of shares of Common Stock
      purchasable from time to time hereunder upon exercise of the Warrants, all subject to further adjustment as provided herein.

    

    

    Section 12. Certification of Adjusted Exercise
          Price or Number of Shares of Common Stock. Whenever the Exercise Price or the number of shares of Common Stock issuable upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall (a) promptly
      prepare a certificate setting forth the Exercise Price of each Warrant as so adjusted, and a brief statement of the facts accounting for such adjustment, (b) promptly file with the Warrant Agent and with each transfer agent for the Common Stock a
      copy of such certificate and (c) instruct the Warrant Agent to send a brief summary thereof to each Holder of a Warrant Certificate.

    

    

    Section 13. Fractional Shares of Common Stock.

    

    

    (a) The Company shall not issue fractions of Warrants or distribute Warrant Certificates which evidence fractional
      Warrants. Whenever any fractional Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect a rounding of such fraction to the nearest whole Warrant (rounded down).

    

    

    (b) The Company shall not issue fractions of shares of Common Stock upon exercise of Warrants or distribute stock
      certificates which evidence fractional shares of Common Stock. Whenever any fraction of a share of Common Stock would otherwise be required to be issued or distributed, the actual issuance or distribution in respect thereof shall be made in
      accordance with Section 2(d)(v) of the Warrant Certificate.

    

    

    Section 14. Conditions of the Warrant Agent’s
          Obligations. The Warrant Agent accepts its obligations herein set forth upon the express terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the Holders
      from time to time of the Warrant Certificates shall be subject:

    

    

    	

          	(a)	
            Compensation and Indemnification. The Company agrees promptly to pay the
              Warrant Agent the compensation detailed in mutually agreed upon fee schedule executed on the date hereof for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including
              reasonable counsel fees) and other disbursements incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Agreement and the exercise and performance of its duties hereunder. The Company also agrees
              to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence, or willful misconduct on the part of the Warrant Agent, finally adjudicated by a court of competent
              jurisdiction to have been directly caused by Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability. The Warrant Agent shall be under no obligation to institute or defend any
              action, suit, or legal proceeding in connection herewith or to take any other action likely to involve the Warrant Agent in expense, unless first indemnified to the Warrant Agent’s satisfaction.  The indemnities and compensation provided by
              this paragraph shall survive the resignation or discharge of the Warrant Agent, the expiration of the Warrants or the termination of this Agreement.  Anything in this Agreement to the contrary notwithstanding, in no event shall the Warrant
              Agent be liable under or in connection with the Agreement for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if
              the Warrant Agent has been advised of the possibility thereof and regardless of the form of action in which such damages are sought, and the Warrant Agent’s aggregate liability to the Company, or any of the Company’s representatives or
              agents, or any other person or entity under this Section 14(a) or under any other term or provision of this Agreement, whether in contract, tort, or otherwise, is expressly limited to, and shall not exceed in any circumstances, one (1) year’s
              fees received by the Warrant Agent as fees and charges under this Agreement, but not including reimbursable expenses previously reimbursed to the Warrant Agent by the Company hereunder.

          

    
      7

      
        

    

    

    

    	

          	(b)	
            Agent for the Company. In acting under this Agreement and in connection with
              the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the Holders of Warrant Certificates or beneficial owners of
              Warrants.

          

    

    

    	

          	(c)	
            Counsel. The Warrant Agent may consult with counsel satisfactory to it, which
              may include counsel for the Company, and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in the absence of bad faith in
              accordance with the advice or opinion of such counsel.

          

    

    

    	

          	(d)	
            Documents. The Warrant Agent shall be protected and shall incur no liability
              for or in respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been
              presented or signed by the proper parties.

          

    

    

    	

          	(e)	
            Certain Transactions. The Warrant Agent, and its officers, directors and
              employees, may become the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be
              interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of Holders of Warrant Securities or other obligations of the Company as freely as if it were not
              the Warrant Agent hereunder. Nothing in this Agreement shall be deemed to prevent the Warrant Agent from acting as trustee under any indenture to which the Company is a party.

          

    

    

    	

          	(f)	
            No Liability for Interest. Unless otherwise agreed with the Company, the
              Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.

          

    

    

    	

          	(g)	
            No Liability for Invalidity. The Warrant Agent shall have no liability with
              respect to any invalidity of this Agreement or the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon).

          

    

    

    	

          	(h)	
            No Responsibility for Representations. The Warrant Agent shall not be
              responsible for any of the recitals or representations herein or in the Warrant Certificate (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the Company.

          

    

    

    	

          	(i)	
            No Implied Obligations. The Warrant Agent shall be obligated to perform only
              such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be
              under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be
              accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the
              Company of the proceeds of the Warrant Certificate. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates
              or in the case of the receipt of any written demand from a Holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to
              initiate any proceedings at law.

          

    

    

    	

          	(j)	
            No Notice. The Warrant Agent shall not be required to take notice or be deemed
              to have notice of any event or condition hereunder, including any event or condition that may require action by the Warrant Agent, unless the Warrant Agent shall be specifically notified in writing of such event or condition by the Company,
              and all notices or other instruments required by this Agreement to be delivered to the Warrant Agent must, in order to be effective, be received by the Warrant Agent as specified in Section 19 hereof, and in the absence of such notice so
              delivered, the Warrant Agent may conclusively assume no such event or condition exists.

          

    
      8

      
        

    

    

    

    Section 15. Purchase or Consolidation or Change
          of Name of Warrant Agent. Any entity into which the Warrant Agent or any successor Warrant Agent may be merged or with which it may be consolidated, or any entity resulting from any merger or consolidation to which the Warrant Agent or
      any successor Warrant Agent shall be party, or any entity succeeding to the corporate trust business of the Warrant Agent or any successor Warrant Agent, shall be the successor to the Warrant Agent under this Agreement without the execution or filing
      of any paper or any further act on the part of any of the parties hereto, provided that such entity would be eligible for appointment as a successor Warrant Agent under the provisions of Section 17. In case at the time such successor Warrant Agent
      shall succeed to the agency created by this Agreement  any of the Warrant Certificates shall have been countersigned but not delivered, any such successor Warrant Agent may adopt the countersignature of the predecessor Warrant Agent and deliver such
      Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, any successor Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor Warrant
      Agent or in the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement.

    

    

    In case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall
      have been countersigned but not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been
      countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this
      Agreement.

    

    

    Section 16. Duties of Warrant Agent.
      The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following express terms and conditions, by all of which the Company, by its acceptance hereof, shall be bound:

    

    

    (a) Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable
      that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively
      proved and established by a certificate signed by the Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate shall be full authentication to the Warrant Agent for any action taken or suffered in the
      absence of bad faith by it under the provisions of this Agreement in reliance upon such certificate.

    

    

    (c) Subject to the limitation set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross
      negligence or willful misconduct (which gross negligence, or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction).

    

    

    (d) The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this
      Agreement or in the Warrant Certificate (except its countersignature thereof) by the Company or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only.

    

    

    (e) The Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution
      and delivery hereof (except the due execution hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
      covenant or condition contained in this Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise Price or the making of any change in the number of shares of Common Stock required under the provisions of
      Section 11 or 13 or responsible for the manner, method or amount of any such change or the ascertaining of the existence of facts that would require any such adjustment or change (except with respect to the exercise of Warrants evidenced by the
      Warrant Certificates after actual notice of any adjustment of the Exercise Price); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued
      pursuant to this Agreement or any Warrant Certificate or as to whether any shares of Common Stock will, when issued, be duly authorized, validly issued, fully paid and nonassessable.

    

    

    (f) Each party hereto agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed,
      acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the other party hereto for the carrying out or performing by any party of the provisions of this Agreement.

    
      9

      
        

    

    

    

    (g) The Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder
      from the Chief Executive Officer, Chief Financial Officer or Vice President of the Company, and to apply to such officers for advice or instructions in connection with its duties, and it shall not be liable and shall be indemnified and held harmless
      for any action taken or suffered to be taken by it in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions without gross negligence or willful misconduct (which gross negligence or willful misconduct
      must be determined by a final, non-appealable judgment of a court of competent jurisdiction).

    

    

    (h) The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any
      of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not
      Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity.

    

    

    (i) The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty
      hereunder either itself or by or through its attorneys or agents, and the Warrant Agent shall not be answerable or accountable for any act, omission, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company, to
      the Holder or any other Person resulting from any such act, omission, default, neglect or misconduct, absent gross negligence or willful misconduct in the selection and continued employment thereof (which gross negligence or willful misconduct must
      be determined by a final, non-appealable judgment of a court of competent jurisdiction).

    

    

    Section 17. Change of Warrant Agent.
      The Warrant Agent may resign and be discharged from its duties under this Agreement upon 30 days’ notice in writing sent to the Company and to each transfer agent of the Common Stock (if known to the Warrant Agent), and to the Holders of the Warrant
      Certificates. In the event the transfer agency relationship in effect between the Company and the Warrant Agent terminates, the Warrant Agent will be deemed to have resigned automatically and be discharged from its duties under this Agreement as of
      the effective date of such termination, and the Company shall be responsible for sending any required notice. The Company may remove the Warrant Agent or any successor Warrant Agent upon 30 days’ notice in writing, sent to the Warrant Agent or
      successor Warrant Agent, as the case may be, and to each transfer agent of the Common Stock, and to the Holders of the Warrant Certificates. If the Warrant Agent shall resign or be removed or shall otherwise become incapable of acting, the Company
      shall appoint a successor to the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after such removal or after it has been notified in writing of such resignation or incapacity by the resigning or
      incapacitated Warrant Agent or by the Holder of a Warrant Certificate (who shall, with such notice, submit his Warrant Certificate for inspection by the Company), then the Holder of any Warrant Certificate may apply to any court of competent
      jurisdiction for the appointment of a new Warrant Agent, provided that, for purposes of this Agreement, the Company shall be deemed to be the Warrant Agent until a new warrant agent is appointed. Any successor Warrant Agent, whether appointed by the
      Company or by such a court, shall be an entity organized and doing business under the laws of the United States or of a state thereof, in good standing, which is authorized under such laws to exercise corporate trust powers and is subject to
      supervision or examination by federal or state authority and which has at the time of its appointment as Warrant Agent a combined capital and surplus of at least $50,000,000. After appointment, the successor Warrant Agent shall be vested with the
      same powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent without further act or deed; but the predecessor Warrant Agent shall deliver and transfer to the successor Warrant Agent any property at the time
      held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose at the Company’s expense and without further liability to the Warrant Agent. Not later than the effective date of any such
      appointment, the Company shall file notice thereof in writing with the predecessor Warrant Agent and each transfer agent of the Common Stock, and mail a notice thereof in writing to the Holders of the Warrant Certificates. However, failure to give
      any notice provided for in this Section 17, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor Warrant Agent, as the case may be.

    

    

    Section 18. Issuance of New Warrant Certificates.
      Notwithstanding any of the provisions of this Agreement or of the Warrants to the contrary, the Company may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved by its Board of Directors to reflect any
      adjustment or change in the Exercise Price per share and the number or kind or class of shares of stock or other securities or property purchasable under the several Warrant Certificates made in accordance with the provisions of this Agreement.

    
      10

      
        

    

    

    

    Section 19. Notices. Notices or
      demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the Holder of any Warrant Certificate to or on the Company, (ii) subject to the provisions of Section 17, by the Company or by the Holder of any Warrant
      Certificate to or on the Warrant Agent or (iii) by the Company or the Warrant Agent to the Holder of any Warrant Certificate shall be deemed given (a) on the date delivered, if delivered personally, (b) on the first Business Day following the deposit
      thereof with Federal Express or another recognized overnight courier, if sent by Federal Express or another recognized overnight courier, (c) on the fourth Business Day following the mailing thereof with postage prepaid, if mailed by registered or
      certified mail (return receipt requested), and (d) the date of transmission, if such notice or communication is delivered via facsimile or email attachment at or prior to 5:30 p.m. (New York City time) on a Business Day and (e) the next Business Day
      after the date of transmission, if such notice or communication is delivered via facsimile or email attachment on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, in each case to the parties at the
      following addresses (or at such other address for a party as shall be specified by like notice):

    

    

    	

          	(a)	
            If to the Company, to:

          

    

    

    [                  ]

    [                  ]

    [                  ]

    

    

    	

          	(b)	
            If to the Warrant Agent, to:

          

    

    

    Computershare Trust Company, N.A.

    Computershare Inc.

    150 Royall Street

    Canton, MA 02021

    Attention: Client Services

    

    

    For any notice delivered by email to be deemed given or made, such notice must be followed by notice sent by overnight courier service to be
      delivered on the next business day following such email, unless the recipient of such email has acknowledged via return email receipt of such email.

    

    

    (c) If to the Holder of any Warrant Certificate to the address of such Holder as shown on the registry books of the
      Company. Any notice required to be delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company. Notwithstanding any other provision of this Agreement, where this Agreement provides for notice of
      any event to a Holder of any Warrant, such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the procedures of the Depositary or its designee.

    

    

    Section 20. Supplements and Amendments.

    

    

    (a) The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any
      Holders of Global Warrants in order to add to the covenants and agreements of the Company for the benefit of the Holders of the Global Warrants or to surrender any rights or power reserved to or conferred upon the Company in this Agreement, provided
      that such addition or surrender shall not adversely affect the interests of the Holders of the Global Warrants or Warrant Certificates in any material respect.

    

    

    (b) In addition to the foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not
      less than a majority of the shares of Common Stock issuable thereunder, the Company and the Warrant Agent may modify this Agreement for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this
      Agreement or modifying in any manner the rights of the Holders of the Global Warrants; provided, however, that no modification of the terms (including but not limited to the adjustments described in Section 11) upon which the Warrants are exercisable or the rights of holders of Warrants to receive liquidated damages or
      other payments in cash from the Company or reducing the percentage required for consent to modification of this Agreement may be made without the consent of the Holder of each outstanding Warrant Certificate affected thereby; provided further, however, that no amendment hereunder shall affect any terms of any Warrant Certificate issued in a Warrant Exchange. As a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the
      Warrant Agent a certificate from a duly authorized officer of the Company that states that the proposed amendment complies with the terms of this Section 20. Notwithstanding anything in this Agreement to the contrary, the Warrant Agent shall not be
      required to execute any supplement or amendment to this Agreement that it has determined would adversely affect its own rights, duties, obligations or immunities under this Agreement. No supplement or amendment to this Agreement shall be effective
      unless duly executed by the Warrant Agent.

    
      11

      
        

    

    

    

    Section 21. Successors. All covenants
      and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.

    

    

    Section 22. Benefits of this Agreement.
      Nothing in this Agreement shall be construed to give any entity or person other than the Company, the Holders of Warrant Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement.  This Agreement shall be
      for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant Certificates.

    

    

    Section 23. Governing Law. This
      Agreement and each Warrant Certificate and Global Warrant issued hereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to the conflicts of law principles thereof.

    

    

    Section 24. Counterparts. This
      Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

    

    

    Section 25. Captions. The captions of
      the sections of this Agreement have been inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

    

    

    Section 26. Information. The Company
      agrees to promptly provide to the Holders of the Warrants any information it  provides to the holders of the Common Stock, except to the extent any such information is publicly available on the EDGAR system (or any successor thereof) of the
      Securities and Exchange Commission.

    

    

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above
      written.

    

    

    	 	
            OceanPal Inc.

          	 
	 	 	 
	 	 	 
	 	
            By:

          	 	 
	 	 	
            Name:

          	 
	 	 	
            Title:

          	 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	
            Computershare Inc.

          	 
	 	
            Computershare Trust Company, N.A.

          	 
	 	 	 
	 	
            By:

          	 	 
	 	 	
            Name:

          	 
	 	 	
            Title:

          	 
	 	 	 	 
	 	 	 	 

    

    

    

    

     

    

    
      12

      
        

    

    Exhibit 1

    

    

     Form of Warrant Certificate

     

    

    

    

    
      
        

    

    Exhibit 2

     Form of Warrant Certificate Request Notice

    

    

    WARRANT CERTIFICATE REQUEST NOTICE

    To: Computershare Trust Company, N.A., as Warrant Agent for OceanPal Inc. (the
      “Company”)

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

    1. Name of Holder of Warrants in form of Global Warrants: _____________________________

    2. Name of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of Global Warrants):
        ________________________________

    3. Number of Warrants in name of Holder in form of Global Warrants: ___________________

    4. Number of Warrants for which Warrant Certificate shall be issued: __________________

    5. Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant Certificate, if any: ___________

    

    

    6. Warrant Certificate shall be delivered to the following address:

    

    

     

    

    	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

    

    

    

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

    

    

    [SIGNATURE OF HOLDER]

    

    

    	
            Name of Investing Entity:

          	 	 
	 	 	 
	
            Signature of Authorized Signatory of Investing
                Entity:

          	 	 
	 	 	 
	 	 	 
	
            Name of Authorized Signatory:

          	 	 
	 	 	 
	
            Title of Authorized Signatory:

          	 	 
	 	 	 
	
            Date:

          	 	 
	 	 	 
	 	 	 
	 	 	 

    

    

    

    

    

    

    
      
        

    

    Exhibit 3

     Form of Global Warrant Request Notice

    

    

    GLOBAL WARRANT REQUEST NOTICE

    To: Computershare Trust Company, N.A., as Warrant Agent for OceanPal Inc. (the
      “Company”)

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

    	

          	1.	
            Name of Holder of Warrants in form of Warrant Certificates: _____________________________

          

    	

          	2.	
            Name of Holder in Global Warrant (if different from name of Holder of Warrants in form of Warrant Certificates): ________________________________

          

    	

          	3.	
            Number of Warrants in name of Holder in form of Warrant Certificates: ___________________

          

    	

          	4.	
            Number of Warrants for which Global Warrant shall be issued: __________________

          

    	

          	5.	
            Number of Warrants in name of Holder in form of Warrant Certificates after issuance of Global Warrant, if any: ___________

          

    

    

    	

          	6.	
            Global Warrant shall be delivered to the following address:

          

    

    

    	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

    

    

    

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

    

    

    [SIGNATURE OF HOLDER]

    

    

    

    

    	
            Name of Investing Entity:

          	 	 
	 	 	 
	
            Signature of Authorized Signatory of Investing
                Entity:

          	 	 
	 	 	 
	 	 	 
	
            Name of Authorized Signatory:

          	 	 
	 	 	 
	
            Title of Authorized Signatory:

          	 	 
	 	 	 
	
            Date:

          	 	 
	 	 	 
	 	 	 
	 	 	 

    

    

    

    

    

    

    
      
        

    

    Exhibit 4

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