Document:

Exhibit 4.2

 

FORM OF
REGISTRATION RIGHTS AGREEMENT

 

REGISTRATION RIGHTS AGREEMENT,
dated as of March          , 2014 this “Agreement”), among STALWART TANKERS INC., a Marshall Islands corporation (the
“Company”), JUNO MARITIME LTD., a Marshall Islands corporation, HAVIET CONSULTANTS CORP., a Marshall Islands
corporation, ZENA SHIPMANAGEMENT CO., a Marshall Islands corporation, TRIGON MARITIME LIMITED, a Marshall Islands corporation,
and BALMORAL CONSULTANTS LTD., a Marshall Islands corporation (the foregoing corporations (other than the Company) are referred
to herein as the “Contributors”).

 

WHEREAS the Company and
the Contributors have entered into a Contribution and Exchange Agreement, dated as of March          , 2014 (the “Contribution
Agreement”), pursuant to which, among other things, the Contributors have agreed to contribute to the Company all their
respective interests in the capital stock of the Contributed Companies (as defined in the Contribution Agreement), in exchange
for an aggregate of          Common Shares (as defined herein).

 

WHEREAS, as a condition
to entering into the Contribution Agreement, the Contributors have requested and the Company has agreed to provide certain registration
rights under the Securities Act (as defined herein) as more particularly described herein.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

Section
1.                 
Certain Definitions.

 

In addition to the terms
defined elsewhere in this Agreement, the following terms shall have the following meanings:

 

(a)               
“Affiliate” of any Person means any other Person that, directly or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, such Person. The term “control” (including
the terms “controlling,” “controlled by” and “under common control with”) as used with respect
to any Person means the possession, directly or indirectly, of the power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by contract or otherwise.

 

(b)               
“Agreement” has the meaning set forth in the introductory paragraph hereof, including all amendments,
modifications and supplements and any exhibits or schedules to any of the foregoing, and shall refer to this Agreement as the same
may be in effect at the time such reference becomes operative.

 

(c)               
“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks
in New York, New York or Athens, Greece are authorized or required by law to close.

 

(d)               
“Commission” means the United States Securities and Exchange Commission or any successor agency.

 

(e)               
“Common Shares” means common shares, par value $0.01 per share, of the Company.

 

(f)               
“Company” has the meaning set forth in the introductory paragraph hereof.

 

(g)               
“Contribution Agreement” has the meaning set forth in the recitals hereof.

    	 

    	 

    

 

(h)               
“Contributors” has the meaning set forth in the introductory paragraph hereof.

 

(i)               
“Demand Registration” has the meaning set forth in Section 2(a).

 

(j)               
“Exchange Act” means the Securities Exchange Act of 1934, as amended.

 

(k)               
“Holder” means any holder of record of Registrable Securities and any transferees of such Registrable
Securities from such Holders. For purposes of this Agreement, the Company may deem and treat the registered holder of Registrable
Securities as the Holder and absolute owner thereof, and the Company shall not be affected by any notice to the contrary.

 

(l)                 
“Initiating Holders” has the meaning set forth in Section 2(a).

 

(m)               
“Non-Holder Securities” has the meaning set forth in Section 4(c).

 

(n)               
“Person” means any individual, sole proprietorship, partnership, limited liability company, joint
venture, trust, incorporated organization, association, corporation, institution, public benefit corporation, government (whether
federal, state, county, city, municipal or otherwise, including, without limitation, any instrumentality, division, agency, body
or department thereof) or any other entity.

 

(o)              
“Piggyback Registration” has the meaning set forth in Section 4(a).

 

(p)              
“Prospectus” means the prospectus or prospectuses included in any Registration Statement, as amended
or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities
covered by such Registration Statement and by all other amendments and supplements to the prospectus, including issuer free writing
prospectuses, post-effective amendments and all material incorporated by reference or deemed to be incorporated by reference in
such prospectus or prospectuses.

 

(q)              
“Registrable Securities” means, at any time, (i) Common Shares issued or issuable to the
Contributors or their Affiliates pursuant to the terms of the Contribution Agreement and (ii) any securities issued or issuable
by the Company after the date hereof in respect of such Common Shares by way of a share dividend or share split or in connection
with a combination of shares, recapitalization, merger, consolidation, exchange, reorganization or similar event or otherwise,
but excluding any Common Shares and other securities referred to in clauses (i) and (ii) that at any time after the date hereof
are sold by a Holder pursuant to an effective registration statement or Rule 144 promulgated under the Securities Act (in which
case only such securities sold shall cease to be Registrable Securities).

 

(r)                
“Registration Expenses” has the meaning set forth in Section 7(a).

 

(s)               
“Registration Statement” means any registration statement of the Company filed with the Commission
under the Securities Act which covers any of the Registrable Securities pursuant to the provisions of this Agreement, including
the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits and
all documents incorporated by reference in such Registration Statement.

 

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(t)                
“Shelf Registration” has the meaning set forth in Section 3(a).

 

(u)               
“Securities Act” means the Securities Act of 1933, as amended.

 

(v)               
“Suspension Notice” has the meaning set forth in Section 6(e).

 

(w)             
“underwritten offering” or “underwritten registration” means a registration
in which securities of the Company are sold to one or more underwriters for reoffering to the public.

 

(x)               
“Withdrawn Demand Registration” has the meaning set forth in Section 2(e).

 

In addition to the
above definitions, unless the context requires otherwise: (i) any reference to any statute, regulation, rule or form as of
any time shall mean such statute, regulation, rule or form as amended or modified and shall also include any successor statute,
regulation, rule or form from time to time; (ii) “including” shall be construed as inclusive without limitation,
in each case notwithstanding the absence of any express statement to such effect, or the presence of such express statement in
some contexts and not in others; (iii) references to “Section” are references to Sections of this Agreement; and
(iv) words such as “herein”, “hereof”, “hereinafter” and “hereby” when used
in this Agreement refer to this Agreement as a whole.

 

Section
2.                 
Demand Registration.

 

(a)               
Right to Request Registration. Subject to the terms of any lock-up agreement executed in connection with any
underwriting agreement to which the Company is a party, at any time from and after the date hereof, any Holder or Holders who together
hold at least 5% of the Registrable Securities (“Initiating Holders”) may request registration for resale under
the Securities Act of all or part of the Registrable Securities (“Demand Registration”), provided, however,
that if the Company is eligible to file a Registration Statement in connection with a Shelf Registration, such Holders or Holders
shall be required to request that the Company register their Registrable Securities pursuant to a Shelf Registration rather than
a Demand Registration and shall not be entitled to request any Demand Registration while such Shelf Registration is effective and
available for registration of Registrable Securities. Within 10 Business Days after receipt of any such request for Demand Registration,
the Company shall give written notice of such request to all other Holders of Registrable Securities and shall, subject to the
provisions of Sections 2(c) and 2(d), include in such registration all such Registrable Securities with respect to
which the Company has received written requests for inclusion therein within 20 days after the receipt of the Company’s notice.

 

(b)              
Priority on Demand Registrations. The Company shall not include in any Demand Registration any securities
which are not Registrable Securities without the written consent of the Holders of a majority of the Registrable Securities to
be included in such registration, or, if such Demand Registration is an underwritten offering, without the written consent of the
managing underwriters. If the managing underwriters of the requested Demand Registration advise the Company in writing that in
their opinion the number of Registrable Securities proposed to be included in any such registration exceeds the number of securities
that can be sold in such offering without having an adverse effect on such offering (including adversely affect the price per share
of the Company’s equity securities to be sold in such offering), the Company shall include in such registration only the
number of Registrable Securities that, in the opinion of such managing underwriters, can be sold without having the adverse effect
referred to above. If the number of shares that can be sold without having the adverse effect referred to above is less than the
number of Registrable Securities proposed to be registered, the Company shall allocate the amount of Registrable Securities to
be so sold shall be allocated among the Holders pro rata on the basis of Registrable Securities offered for such registration by
each Holder electing to participate in such registration. If the number of securities that can be sold exceeds the number of Registrable
Securities proposed to be sold, such excess shall be allocated pro rata among the other holders of securities, if any, desiring
to participate in such registration based on the amount of such securities initially requested to be registered by such holders
or as such holders may otherwise agree.

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(c)               
Restrictions on Demand Registrations. The Company shall not be obligated to effect any Demand Registration
within three months after the effective date of a previous Demand Registration, a previous Shelf Registration or a previous registration
under which the Initiating Holders had piggyback rights pursuant to Section 4 wherein the Initiating Holders were permitted
to register, and sold, at least 50% of the Registrable Securities requested to be included therein. The Company may postpone for
up to 90 days the filing or the effectiveness of a Registration Statement for a Demand Registration if, based on the good faith
judgment of the Company’s board of directors, such postponement or withdrawal is necessary in order to avoid premature disclosure
of a matter the board has determined would not be in the best interest of the Company to be disclosed at such time; provided,
however, that in no event shall the Company withdraw a Registration Statement after such Registration Statement has been
declared effective; and provided, further, however, that in the event described above, the Initiating Holders requesting such Demand
Registration shall be entitled to withdraw such request and, if such request is withdrawn, such Demand Registration shall not count
as one of the permitted Demand Registrations. The Company shall provide written notice to the Initiating Holders requesting such
Demand Registration of (i) any postponement or withdrawal of the filing or effectiveness of a Registration Statement pursuant to
this Section 2(c), (ii) the Company’s decision to file or seek effectiveness of such Registration Statement following
such withdrawal or postponement and (iii) the effectiveness of such Registration Statement. The Company may defer the filing of
a particular Registration Statement pursuant to this Section 2(c) only once during any 12-month period.

 

(d)              
Selection of Underwriters. If any of the Registrable Securities covered by a Demand Registration or a Shelf
Registration is to be sold in an underwritten offering, the Initiating Holders shall have the right to select the managing underwriter(s)
to administer the offering subject to the approval of the Company, which shall not be unreasonably withheld.

 

(e)               
Effective Period of Demand Registrations. After any Demand Registration filed pursuant to this Agreement has
become effective, the Company shall use all reasonable efforts to keep such Demand Registration effective for a period equal to
180 days from the date on which the Commission declares such Demand Registration effective (or if such Demand Registration is not
effective during any period within such 180 days, such 180-day period shall be extended by the number of days during such period
when such Demand Registration is not effective), or such shorter period that shall terminate when all of the Registrable Securities
covered by such Demand Registration have been sold pursuant to such Demand Registration or are freely saleable without limitation
pursuant to Rule 144 promulgated under the Securities Act. If the Company shall withdraw or reduce the number of Registrable Securities
that is subject to any Demand Registration pursuant to Section 2(c) (a “Withdrawn Demand Registration”),
the Initiating Holders of the Registrable Securities remaining unsold and originally covered by such Withdrawn Demand Registration
shall be entitled to a replacement Demand Registration that (subject to the provisions of this Section 2) the Company shall
use all reasonable efforts to keep effective for a period commencing on the effective date of such Demand Registration and ending
on the earlier to occur of the date (i) which is 180 days from the effective date of such Demand Registration and (ii) on which
all of the Registrable Securities covered by such Demand Registration have been sold or are freely saleable without limitation
pursuant to Rule 144 promulgated under the Securities Act. Such additional Demand Registration otherwise shall be subject to all
of the provisions of this Agreement.

 

Section
3.                 
Shelf Registration.

 

(a)               
Subject to the terms of any lock-up agreement executed in connection with any underwriting agreement to which the
Company is a party, if the Initiating Holders request that the Company file a Registration Statement for a public offering of all
or any portion of the Registrable Securities held by such Holders at any time that the Company is eligible to use Form F-3 or any
successor thereto then available to the Company providing for the resale pursuant to Rule 415 from time to time by the Holders
of any and all Registrable Securities (a “Shelf Registration”), then the Company shall use all reasonable efforts
to register and maintain the effectiveness of such Registration Statement until the earliest to occur of (i) the date on which
all of the Registrable Securities have been registered under a Registration Statement pursuant to the Securities Act and disposed
of in accordance with such Registration Statement and (ii) the date on which all of the Registrable Securities have been distributed
to the public or are freely saleable without limitation pursuant to Rule 144 promulgated under the Securities Act. Whenever the
Company is required by this Section 3 to use its reasonable efforts to effect the registration of Registrable Securities,
each of the procedures and requirements of Section 2 (including but not limited to the requirement that the Company notify
all Holders from whom notice has not been received and provide them with the opportunity to participate in the offering) shall
apply to such registration.

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(b)              
If at any time the Company is not eligible to use a Registration Statement or a Registration Statement ceases to
be effective in connection with a Shelf Registration, the Holders may, subject to the provisions of Section 2, during such
time exercise Demand Registration Rights, regardless of any previous exercise of their rights under Section 3(a).

 

Section
4.                 
Piggyback Registrations.

 

(a)               
Right to Piggyback. From and after the date hereof, subject to the terms of any lock-up agreement executed
in connection with any underwriting agreement to which the Company is a party, whenever the Company proposes to register any of
its common equity securities under the Securities Act (other than on a registration statement on Form S-8, F-8 or F-4 or any similar
successor forms thereto), whether for its own account or for the account of one or more shareholders of the Company, and the form
of registration statement to be used may be used for any registration of Registrable Securities (a “Piggyback Registration”),
the Company shall give prompt written notice (in any event within 10 Business Days after its receipt of notice of any exercise
of other demand registration rights) to all Holders of its intention to effect such a registration and, subject to Sections 4(b)
and 4(c), shall include in such registration all Registrable Securities with respect to which the Company has received a
written request for inclusion therein from such Holder within 20 days after the receipt of the Company’s notice. The Company
may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole discretion.

 

(b)              
Priority on Primary Registrations. If a Piggyback Registration is an underwritten primary registration on
behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities
requested to be included in such registration exceeds the number that can be sold in such offering and/or that the number of Registrable
Securities proposed to be included in any such registration would adversely affect the price per share of the Company’s equity
securities to be sold in such offering, the underwriting shall be allocated among the Company and all Holders pro rata on the basis
of the securities and Registrable Securities offered for such registration by the Company and each Holder, respectively, electing
to participate in such registration.

 

(c)               
Priority on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration
on behalf of a holder of the Company’s securities other than Registrable Securities (“Non-Holder Securities”),
and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included
in such registration exceeds the number that can be sold in such offering and/or that the number of Registrable Securities proposed
to be included in any such registration would adversely affect the price per share of the Company’s equity securities to
be sold in such offering, the underwriting shall be allocated among the holders of Non-Holder Securities and all Holders pro-rata
on the basis of the Non-Holder Securities and Registrable Securities offered for such registration by the holder of Non-Holder
Securities and each Holder, respectively, electing to participate in such registration.

 

(d)              
Selection of Underwriters. If any Piggyback Registration is an underwritten primary offering, the Company
shall have the right to select the managing underwriter or underwriters to administer any such offering, subject to the consent
of the majority of the Holders of Registrable Securities included in such registration, which shall not be unreasonably withheld.

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(e)               
Other Registrations. If the Company has previously filed a Registration Statement with respect to Registrable
Securities, and if such previous registration has not been withdrawn or abandoned, the Company shall not be obligated to cause
to become effective any other registration of any of its securities under the Securities Act, whether on its own behalf or at the
request of any holder or holders of such securities, until a period of at least 90 days has elapsed from the termination of the
offering under the previous registration.

 

Section
5.                 
Holdback Agreements. The Company and each Holder agrees to enter
into reasonable and customary lock-up agreements with the underwriters for any underwritten primary or secondary offering to the
public upon request of such underwriters.

 

Section
6.                 
Registration Procedures.

 

(a)               
Whenever Holders request that any Registrable Securities be registered pursuant to this Agreement, the Company shall
use all reasonable efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended
methods of disposition thereof, and, pursuant thereto, the Company shall, as soon as practical as provided herein:

 

		(i)	prepare and file with the Commission a Registration Statement with respect to such Registrable
Securities and use all reasonable efforts to cause such Registration Statement to become effective as soon as practicable thereafter;
and before filing a Registration Statement or Prospectus or any amendments or supplements thereto, furnish to the Holders of Registrable
Securities covered by such Registration Statement and the underwriter or underwriters, if any, copies of all such documents proposed
to be filed, including documents incorporated by reference in the Prospectus and, if requested by such Holders, the exhibits incorporated
or deemed incorporated by reference, and such Holders shall have the opportunity to object to any information pertaining to such
Holders that is contained therein and the Company shall make the corrections reasonably requested by such Holders with respect
to such information prior to filing any Registration Statement or amendment thereto or any Prospectus or any supplement thereto;

 

		(ii)	prepare and file with the Commission such amendments and supplements to such Registration Statement
and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective, (A) in the case
of a Shelf Registration, for the period described in Section 3(a), and (ii) in the case of Demand Registration, for a period
not less than 180 days, or such shorter period as is necessary to complete the distribution of the securities covered by such Registration
Statement and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such
Registration Statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth
in such Registration Statement;

 

		(iii)	furnish to each seller of Registrable Securities (without charge) such number of copies of such
Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement (including
each preliminary Prospectus) and such other documents as such seller may reasonably request in order to facilitate the disposition
of the Registrable Securities owned by such seller;

 

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		(iv)	use all reasonable efforts to register or qualify such Registrable Securities under such other
securities or blue sky laws of such jurisdictions as any seller reasonably requests and do any and all other acts and things which
may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable
Securities owned by such seller (provided, that the Company shall not be required to (A) qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this clause (iv), (B) subject itself to taxation in any
such jurisdiction or (C) consent to general service of process in any such jurisdiction);

 

		(v)	notify each seller of such Registrable Securities, at any time when a Prospectus relating thereto
is required to be delivered under the Securities Act, of the occurrence of any event as a result of which the Registration Statement,
including the Prospectus contained therein, contains an untrue statement of a material fact or omits any fact required to be stated
therein or necessary to make the statements therein not misleading, and, at the request of any such seller, the Company shall prepare
a supplement or amendment to such Registration Statement so that, as thereafter delivered to the purchasers of such Registrable
Securities, such Prospectus shall not contain an untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein not misleading;

 

		(vi)	in the case of an underwritten offering, enter into such customary agreements (including underwriting
agreements in customary form with customary indemnification provisions) and take all such other actions as the Holders of a majority
of Registrable Securities being sold or the underwriters, if any, reasonably request in order to expedite or facilitate the disposition
of such Registrable Securities, including, without limitation, making members of senior management of the Company available to
participate in, and causing them to cooperate with the underwriters in connection with, “road-show” and other customary
marketing activities (including one-on-one meetings with prospective purchasers of the Registrable Securities) and causing to be
delivered to the underwriters and the sellers, if any, opinions of counsel to the Company in customary form, covering such matters
as are customarily covered by opinions for an underwritten public offering as the underwriters may request and addressed to the
underwriters and the sellers);

 

		(vii)	subject to receipt of acceptable confidentiality agreements, make available, for inspection by
any seller of Registrable Securities or its representatives, any underwriter participating in any disposition pursuant to such
Registration Statement, and any attorney, accountant or other agent retained by any such seller or underwriter, all financial and
other records, pertinent corporate documents and properties of the Company, and cause the Company’s officers, directors,
employees and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney,
accountant or agent in connection with such Registration Statement;

 

		(viii)	use all reasonable efforts to cause all such Securities to be listed on each securities exchange
on which securities of the same class issued by the Company are then listed or, if no such similar securities are then listed,
on the New York Stock Exchange or a national securities exchange selected by the Company;

 

		(ix)	if requested, use all reasonable efforts to cause to be delivered, immediately prior to the effectiveness
of the Registration Statement (and, in the case of an underwritten offering, at the time of delivery of any Registrable Securities
sold pursuant thereto), letters from the Company’s independent certified public accountants addressed to each selling Holder
(unless such selling Holder does not provide to such accountants the appropriate representation letter required by rules governing
the accounting profession) and each underwriter, if any, stating that such accountants are independent public accountants within
the meaning of the Securities Act and the applicable rules and regulations adopted by the Commission thereunder, and otherwise
in customary form and covering such financial and accounting matters as are customarily covered by letters of the independent certified
public accountants delivered in connection with primary or secondary underwritten public offerings, as the case may be;

 

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		(x)	make generally available to its shareholders a consolidated earnings statement (which need not
be audited) for the 12 months beginning after the effective date of a Registration Statement as soon as reasonably practicable
after the end of such period, which earnings statement shall satisfy the requirements of an earnings statement under Section 11(a)
of the Securities Act and Rule 158 thereunder;

 

		(xi)	if reasonably requested by the managing underwriter or underwriters or a Holder of Registrable
Securities being sold in connection with an underwritten offering, promptly incorporate in a Prospectus supplement, post-effective
amendment or issuer free writing prospectus such information as the managing underwriters or the Holders of a majority of the Registrable
Securities being sold in such underwritten offering determine, upon advice of counsel, is legally required to be included therein
relating to the sale of the Registrable Securities, including, without limitation, information with respect to the aggregate number
of shares of Registrable Securities being sold to such underwriters, the purchase price being paid therefor by such underwriters
and with respect to any other terms of the underwritten offering of the Registrable Securities to be sold in such offering; and
promptly make all required filings of such Prospectus supplement post-effective amendment or issuer free writing prospectus;

 

		(xii)	provide a CUSIP number for the Registrable Securities no later than the effective date of such
Registration Statement;

 

		(xiii)	use commercially reasonable efforts to prevent the happening of any event of the kinds described
in clauses (C) and (D) of Section 6(a)(xv);

 

		(xiv)	cooperate and assist in any filings required to be made with the Financial Industry Regulatory
Association; and

 

		(xv)	promptly notify each seller of Registrable Securities and the underwriter or underwriters, if any:

 

		(A)	when the Registration Statement, any pre-effective amendment, the Prospectus or any Prospectus
supplement or any post-effective amendment to the Registration Statement has been filed and, with respect to the Registration Statement
or any post-effective amendment, when the same has become effective;

 

		(B)	of any written request by the Commission for amendments or supplements to the Registration Statement
or the Prospectus or for any additional information regarding Holders;

 

		(C)	of the notification to the Company by the Commission of its initiation of any proceeding with respect
to the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement;

 

		(D)	of the receipt by the Company of any notification with respect to the suspension of the qualification
of any Registrable Securities for sale under the applicable securities or blue sky laws of any jurisdiction; and

 

		(E)	of the happening of any event which makes any statement of a material fact made in any Registration
Statement, Prospectus or any document incorporated therein by reference untrue or which requires the making of any changes in any
Registration Statement, Prospectus or any document incorporated therein by reference in order to make the statements therein (in
the case of any Prospectus, in the light of the circumstances under which they were made) not misleading; and

 

		(xvi)	obtain any required regulatory or shareholder approval necessary for a Holder or any transferee
to sell its Registrable Securities in an offering.

 

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(b)              
The Company shall ensure that no Registration Statement (including any amendments or supplements thereto and Prospectuses
contained therein) shall contain any untrue statement of a material fact or omit to state a material fact required to be stated
therein, or necessary to make the statements therein (in the case of any Prospectus, in the light of the circumstances under which
they were made) not misleading (except, with respect to any Holder, for an untrue statement or alleged untrue statement of a material
fact or omission or alleged omission of a material fact made in reliance on and in conformity with written information furnished
to the Company by or on behalf of such Holder specifically for use therein).

 

(c)               
The Company shall make available upon request to each Holder whose Registrable Securities are included in a Registration
Statement (i) promptly after the same is prepared and publicly distributed or filed with the SEC, one copy of each Registration
Statement and any amendment thereto and each preliminary Prospectus and Prospectus and each amendment or supplement thereto, and
(ii) such number of copies of a Prospectus, including a preliminary Prospectus, and all amendments and supplements thereto and
such other documents as such Holder may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such Holder. The Company will promptly notify each Holder by facsimile or electronic mail of the effectiveness of each
Registration Statement or any post-effective amendment. The Company will promptly respond to any and all comments received from
the Commission, with a view towards causing each Registration Statement or any amendment thereto to be declared effective by the
Commission as soon as practicable and shall file an acceleration request as soon as practicable following the resolution or clearance
of all SEC comments or, if applicable, following notification by the Commission that any such Registration Statement or any amendment
thereto will not be subject to review.

 

(d)              
The Company may require each seller of Registrable Securities as to which any registration is being effected to furnish
to the Company any other information regarding such seller and the distribution of such securities as the Company may from time
to time reasonably request in writing.

 

(e)               
Each seller of Registrable Securities agrees by having its securities treated as Registrable Securities hereunder
that, upon notice of the happening of any event as a result of which the Prospectus included in such Registration Statement contains
an untrue statement of a material fact or omits any material fact necessary to make the statements therein not misleading (a “Suspension
Notice”), such seller shall forthwith discontinue disposition of Registrable Securities until such seller is advised
in writing by the Company that the use of the Prospectus may be resumed and is furnished with a supplemented or amended Prospectus
as contemplated by Section 6(a)(v), and, if so directed by the Company, such seller shall deliver to the Company (at the
Company’s expense) all copies, other than permanent file copies then in such seller’s possession, of the Prospectus
covering such Registrable Common Stock current at the time of receipt of such notice; provided, however, that such postponement
of sales of Registrable Securities by the Holders shall not exceed 120 days in the aggregate in any one year. If the Company shall
give any notice to suspend the disposition of Registrable Securities pursuant to a Prospectus, the Company shall extend the period
of time during which the Company is required to maintain the Registration Statement effective pursuant to this Agreement by the
number of days during the period from and including the date of the giving of such notice to and including the date such seller
either is advised by the Company that the use of the Prospectus may be resumed or receives the copies of the supplemented or amended
Prospectus contemplated by Section 6(a)(v). In any event, the Company shall not be entitled to deliver more than three Suspension
Notices in any one year.

 

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Section
7.                 
Registration Expenses.

 

(a)               
All fees and expenses incident to the Company’s performance of or compliance with this Agreement, including
all registration and filing fees, fees and expenses of compliance with securities or blue sky laws, listing application fees, printing
expenses, transfer agent’s and registrar’s fees, cost of distributing Prospectuses in preliminary and final form as
well as any supplements thereto, and fees and disbursements of counsel for the Company and all independent certified public accountants
and other Persons retained by the Company (all such expenses being herein called “Registration Expenses”) (but
not including any underwriting discounts or commissions attributable to the sale of Registrable Securities or fees and expenses
of more than one counsel representing the Holders of Registrable Securities, which shall be borne by the Holders), shall be borne
by the Company (whether or not any Registration Statement is declared effective or any of the transactions described herein is
consummated).

 

(b)              
In connection with each registration initiated hereunder (whether a Demand Registration, Shelf Registration or a
Piggyback Registration), the Company shall reimburse the Holders covered by such registration for the reasonable fees and disbursements
of one law firm retained by the Holders of a majority of the amount of Registrable Shares included in such registration.

 

(c)               
The obligation of the Company to bear the expenses described in Section 7(a) and to reimburse the Holders
for the expenses described in Section 7(b) shall apply irrespective of whether a registration, once properly demanded or
requested becomes effective or is withdrawn or suspended; provided, however, that Registration Expenses for any Registration
Statement withdrawn solely at the request of a Holder (unless withdrawn following the delivery of a Suspension Notice by the Company)
for any reason other than an adverse change in the Company or its business (unrelated to any financial market or general economic
conditions that do not disproportionately affect the Company) shall be borne by such Holder.

 

Section
8.                 
Indemnification.

 

(a)               
To the fullest extent permitted by law, the Company shall indemnify, hold harmless and defend, each Holder, each
of its directors, officers, shareholders, members, partners, employees, agents, advisors and representatives, and each Person,
if any, who controls such Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from
and against all losses, claims, damages, liabilities, judgments and expenses (including without limitation, the reasonable fees
and other expenses incurred in connection with any suit, action, investigation or proceeding or any claim asserted) caused by,
arising out of, in connection with or based upon, any untrue or alleged untrue statement of material fact contained in any Registration
Statement, Prospectus (including any preliminary Prospectus) or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary to make the statements therein, in the case of the
Prospectus in the light of the circumstances under which they were made, not misleading or any violation or alleged violation by
the Company of the Securities Act, the Exchange Act or applicable “blue sky” laws, except insofar as the same are made
in reliance and in conformity with information relating to such Holder furnished in writing to the Company by such Holder expressly
for use therein or caused by such Holder’s failure to deliver to such Holder’s immediate purchaser a copy of the Prospectus
or any amendments or supplements thereto (if the same was required by applicable law to be so delivered) after the Company has
furnished such Holder with a sufficient number of copies of the same.

 

    	10

    	 

    

(b)              
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, each
such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use
in connection with any such Registration Statement or Prospectus and, shall indemnify, to the fullest extent permitted by law,
the Company, its officers, directors, Affiliates, and each Person who controls the Company (within the meaning of the Securities
Act) against all losses, claims, damages, liabilities and expenses arising out of or based upon any untrue or alleged untrue statement
of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, but only to the extent that the same are made in reliance and in conformity with information relating to
such Holder furnished in writing to the Company by such Holder expressly for use therein or caused by such Holder’s failure
to deliver to such Holder’s immediate purchaser a copy of the Registration Statement or Prospectus or any amendments or supplements
thereto (if the same was required by applicable law to be so delivered) after the Company has furnished such Holder with a sufficient
number of copies of the same; provided, however, that the obligation to indemnify shall be several, not joint and several, among
such Holders and the liability of each such Holder shall be in proportion to and limited to the net amount received by such Holder
from the sale of Registrable Securities pursuant to such Registration Statement.

 

(c)               
Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of
any claim with respect to which it seeks indemnification and (ii) unless in such indemnified party’s reasonable judgment
a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, such indemnifying
party shall assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is
assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without
its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not
to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties
indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party there
may be one or more legal or equitable defenses available to such indemnified party which are in addition to or may conflict with
those available to another indemnified party with respect to such claim. Failure to give prompt written notice shall not release
the indemnifying party from its obligations hereunder.

 

(d)              
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation
made by or on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall
survive the transfer of securities.

 

(e)               
If the indemnification provided for in or pursuant to this Section 8 is unavailable, unenforceable or insufficient
to hold harmless any indemnified Person in respect of any losses, claims, damages, liabilities or expenses referred to herein,
then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified Person as a result of such losses, claims, damages, liabilities or expenses in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in
connection with the statements or omissions which result in such losses, claims, damages, liabilities or expenses as well as any
other relevant equitable considerations. The relative fault of the indemnifying party on the one hand and of the indemnified Person
on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or
by the indemnified party, and by such party’s relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. In no event shall the liability of any selling Holder be greater in amount than the amount
of net proceeds received by such Holder upon such sale or the amount for which such indemnifying party would have been obligated
to pay by way of indemnification if the indemnification provided for under Section 8(a) or 8(b) had been available
under the circumstances.

 

    	11

    	 

    

Section
9.                 
Participation in Underwritten Registrations. No Person may participate
in any registration hereunder which is underwritten unless such Person (a) agrees to sell such Person’s securities on the
basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements
and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
required under the terms of such underwriting arrangements.

 

Section
10.             
Reports Under the Exchange Act. The Company covenants that it
shall file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted
by the Commission thereunder, and it shall take such further action as any Holder may reasonably request to make available adequate
current public information with respect to the Company meeting the current public information requirements of Rule 144(c) under
the Securities Act (to the extent such information is available), to the extent required to enable such Holder to sell Registrable
Securities without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 under
the Securities Act, as such Rule may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by
the Commission. Upon the request of any Holder, the Company shall deliver to such Holder a written statement as to whether it has
complied with such information and requirements.

 

Section
11.             
Assignment of Registration Rights. Any or all of the rights of
a Holder under this Agreement shall be automatically assigned by such Holder to any transferee of all or any portion of such Holder’s
Registrable Securities, and such transferee shall, together with all other such transferees, also have the rights of a Holder under
this Agreement, if: (i) such Holder agrees in writing with the transferee to assign such rights and a copy of such agreement
is furnished to the Company; (ii) the Company is furnished with written notice of (A) the name and address of the transferee,
and (B) the securities with respect to which such registration rights are being assigned; and (iii) the transferee agrees
in writing with the Company to be bound by all of the provisions contained herein.

 

Section
12.             
Miscellaneous.

 

(a)               
Notices. All notices, requests, consents and other communications required or permitted hereunder shall be
in writing and shall be hand delivered or mailed postage prepaid by registered or certified mail or by facsimile or electronic
mail transmission (with immediate telephone confirmation thereafter),

 

		(1)	if to the Company, to:

 

Stalwart Tankers Inc.

7 Fragoklissias Street

Maroussi 15125

Athens, Greece

Attention: Mr. Dimitrios Souravlas   

Facsimile: +30-210-6801137       

Email: project@stalwarttankers.com  

 

		(2)	if to any Holder, to the address of such Holder on the books and records of the Company.

 

    	12

    	 

    

(b)              
No Waivers. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate
as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights
or remedies provided by law.

 

(c)               
Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and, subject to the provisions of Section 11, their respective successors and assigns.

 

(d)              
Governing Law. The laws of the State of New York shall govern the enforceability and validity of this Agreement,
the construction of its terms and the interpretation of the rights and duties of the parties, without regard to the principles
of conflicts of laws thereof.

 

(e)               
Jurisdiction. Any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising
out of or in connection with, this Agreement or the transactions contemplated hereby may be brought in any federal or state court
located in the County and State of New York, and each of the parties hereby consents to the jurisdiction of such courts (and of
the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent
permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such suit, action or proceeding
in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient
forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without
the jurisdiction of any such court.

 

(f)                
Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(g)               
Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts (including by facsimile)
and by different parties hereto in separate counterparts, with the same effect as if all parties had signed the same document.
All such counterparts shall be deemed an original, shall be construed together and shall constitute one and the same instrument.
This Agreement shall become effective when each party hereto shall have received counterparts hereof signed by all of the other
parties hereto.

 

(h)               
Entire Agreement. This Agreement contains the entire agreement among the parties hereto with respect to the
subject matter hereof and supersedes and replaces all other prior agreements, written or oral, among the parties hereto with respect
to the subject matter hereof.

 

(i)                 
Captions. The headings and other captions in this Agreement are for convenience and reference only and shall
not be used in interpreting, construing or enforcing any provision of this Agreement.

 

(j)                
Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent
jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions
of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party.
Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent
of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated
as originally contemplated to the fullest extent possible.

    	13

    	 

    

 

(k)              
Amendments. The provisions of this Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given without the prior written
consent of the Holders of a majority of the Registrable Securities (as constituted on the date hereof); provided, however,
that without a Holder’s written consent no such amendment, modification, supplement or waiver shall affect adversely such
Holder’s rights hereunder in a discriminatory manner inconsistent with its adverse effects on rights of other Holders hereunder
(other than as reflected by the different number of shares held by such Holder); provided, further, that the consent
or agreement of the Company shall be required with regard to any termination, amendment, modification or supplement of, or waivers
or consents to departures from, the terms hereof, which affect the Company’s obligations hereunder. This Agreement cannot
be changed, modified, discharged or terminated by oral agreement.

 

(l)                 
Aggregation. All Registrable Securities held by or acquired by any Holder shall be aggregated together with
all Registrable Securities held by or acquired by any Affiliate of such Holder for the purpose of determining the availability
of any rights under this Agreement.

 

(m)             
Equitable Relief. Without limiting the remedies available, the parties hereto acknowledge that any failure
by the Company to comply with its obligations under this Agreement will result in material irreparable injury to the Holders for
which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that,
in the event of any such failure, any Holder shall have the right to obtain such relief as may be required to specifically enforce
the Company’s obligations under this Agreement.

 

[Signature Page Follows]

 

    	14

    	 

    

IN WITNESS WHEREOF, this
Agreement has been duly executed by each of the parties hereto as of the date first written above.

 

	 	STALWART TANKERS INC.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

 

[Signature Page Continues
on Following Page]

    	 

    	 

    

 

	 	JUNO MARITIME LTD.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	HAVIET CONSULTANTS CORP.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	ZENA SHIPMANAGEMENT CO.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	TRIGON MARITIME LIMITED.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

	 	BALMORAL CONSULTANTS LTD.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:EXHIBIT 10.1

 

 

FORM OF CONTRIBUTION AND
EXCHANGE AGREEMENT

 

This CONTRIBUTION AND
EXCHANGE AGREEMENT (this “Agreement”) dated as of _______ __, 2014, among STALWART TANKERS INC., (the “Company”),
JUNO MARITIME LTD, (“Juno”), HAVIET CONSULTANTS CORP., (“Haviet”), ZENA SHIPMANAGEMENT CO.,
(“Zena”), TRIGON MARITIME LIMITED, (“Trigon”), and BALMORAL CONSULTANTS LTD., (“Balmoral”;
and together with Juno, Haviet, Zena and Trigon, the “Contributors”), all of which are Republic of the Marshall
Islands corporations.

 

W I T N E S S E T H:

 

WHEREAS each Contributor
owns 100% of the issued and outstanding shares of capital stock of the company set forth opposite such Contributor’s name
on Schedule I attached hereto (each, a “Contributed Company”);

 

WHEREAS the Company desires
to acquire 100% of the issued and outstanding shares of capital stock of the Contributed Companies (the “Contributed Shares”),
and the Contributors desire to transfer to the Company the Contributed Shares set forth opposite their respective names under the
heading “Contributed Shares” on Schedule I hereto and in each case, upon the terms and subject to the conditions
set forth in this Agreement;

 

WHEREAS, in exchange
for the transfer to the Company of the Contributed Shares, the Company will issue or cause to be issued to the Contributors the
number of common shares, par value $0.01 per share, of the Company (the “Common Shares”), upon the terms and
subject to the conditions set forth in this Agreement; and

 

WHEREAS, as a result
of and immediately following such acquisition and issuance by the Company, the Company shall own all the Contributed Shares, and
the Contributors shall own all the then issued and outstanding Common Shares of the Company.

 

NOW, THEREFORE, in consideration
of the mutual terms, conditions and other agreements set forth herein, the parties hereto hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

SECTION
1.1. Definitions. The following terms have the following meanings set forth below.

 

“Closing”
has the meaning provided for in Section 2.2 hereof.

 

“Closing Date”
has the meaning provided for in Section 2.2 hereof.

 

“Common Shares”
has the meaning provided for in the Recitals hereof.

 

“Contributed
Company” has the meaning provided for in the Recitals hereof.

 

“Contributed
Shares” has the meaning provided for in the Recitals hereof.

 

    	1

    	 

    

“Financial Statements”
means the audited combined financial statements of the Contributed Companies as of and for the period ending December 31, 2013
that have been made available by the Contributors to the Company prior to the date hereof.

 

“IPO”
means the initial public offering contemplated by the Registration Statement.

 

“IPO Closing
Date” means the time and date of the closing of the IPO.

 

“Liens”
means all liens, claims, interests, or other legal or equitable encumbrances, limitations and restrictions.

 

“Permitted Lien”
means (i) any Lien with respect to wages of the crew or salvage or otherwise arising in the ordinary course of trading and being
regularly settled, (ii) any Lien in respect of indebtedness of a Contributed Company secured by, among other things, a first priority
mortgage on a Vessel (as defined below) which shall be fully repaid within 30 days of the IPO Closing Date (the “First
Priority Mortgages”), (iii) any Lien arising in the ordinary course of business by operation of law, including customary
repairers’ Liens, (iv) any Lien for taxes, assessments and governmental charges or levies not yet due and payable or which
are being disputed or contested in good faith by appropriate proceedings; provided that the proceeding relating to such Lien or
the continued existence of such Lien does not give rise to any reasonable likelihood of the sale, forfeiture or other loss of the
affected Vessel, (v) any Liens created by or through or arising from debt or liabilities or any act or omission of any charterer
or of any person claiming by or through a charterer in each case not due to a breach by a Contributed Company of the terms of the
relevant charter agreement, (vi) any charter, lease or similar arrangement existing on the IPO Closing Date, (vii) any other Lien
not referred to in clauses (i) through (vi) of this definition that would not adversely affect the owner’s rights and does
not exceed, individually, $250,000 per Vessel.

 

“Registration
Rights Agreement” means the registration rights agreement in the form attached hereto as Exhibit A.

 

“Registration
Statement” means the registration statement of the Company on Form F-1 (No. 333-193961), initially filed with the
U.S. Securities and Exchange Commission on February 14, 2014, as such registration statement may be amended or supplemented
from time to time, in connection with the IPO.

 

“Securities
Act” has the meaning provided for in Section 3.1(k).

 

“Transaction
Documents” means this Agreement and the Registration Rights Agreement.

 

    	2

    	 

    

ARTICLE
II

ACQUISITION AND ISSUANCE OF SHARES

 

SECTION
2.1. Acquisition of Contributed Shares; Issuance of Company Shares. On the Closing Date and upon the terms and subject to
the conditions set forth in this Agreement:

 

(a)               
each Contributor shall sell, convey, transfer, assign and deliver to the Company, all right, title and interest of such
Contributor, legal or equitable, in and to the Contributed Shares held by such Contributor, free and clear of all Liens; and

 

(b)              
in exchange for such Contributed Shares, the Company shall issue, or cause to be issued, to each such Contributor that number
of Common Shares set forth opposite such Contributor’s name on Schedule I attached hereto.

 

SECTION
2.2. Closing. Subject to the satisfaction or waiver of each of the conditions set forth in Article VI hereof, the
closing of the transactions contemplated by this Agreement (the “Closing”) shall occur prior to or concurrently
with the IPO Closing Date and at such place as the parties hereto shall agree in writing. The date on which the Closing occurs
is referred to herein as the “Closing Date”.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

 

SECTION
3.1. Representations and Warranties of the Contributors. Each Contributor hereby represents and warrants, severally but
not jointly, as follows (such representations and warranties being made as of the date hereof and the Closing Date):

 

(a)               
Such Contributor is an entity that is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization.

 

(b)              
Such Contributor has all requisite company power and authority to execute, deliver and perform its obligations under this
Agreement and consummate the transactions contemplated hereby.

 

(c)               
This Agreement has been duly authorized, executed and delivered by such Contributor, is not subject to any further consent,
waiver, authorization, approval or filing requirements, and constitutes a legal, valid and binding agreement of such Contributor,
enforceable against such Contributor in accordance with its terms.

 

(d)              
The execution, delivery and performance by such Contributor of this Agreement do not and will not violate or conflict with
any provision of its constitutional documents, bylaws or other organizational documents or agreements or any agreement or instrument
by which such Contributor is bound or is a party, or any provision of law, order, judgment or decree of any authority, to which
such Contributor or its property is subject.

 

    	3

    	 

    

(e)               
Such Contributor has, and will have at the Closing, good, valid and transferable title to all the Contributed Shares indicated
as owned by such Contributor on Schedule I hereto, free and clear of any Lien.

 

(f)               
Except for this Agreement, there are no contracts, arrangements or restrictions to which such Contributor is party, or to
which such Contributor is subject, related to the ownership or voting of the Contributed Shares owned by such Contributor as indicated
on Schedule I hereto.

 

(g)              
The Contributed Company owned by such Contributor owns the vessel set forth opposite such Contributed Company’s name
on Schedule II hereto (each a “Vessel”), free and clear of any Lien other than Permitted Liens. As of
the date hereof, the class of each Vessel is maintained without overdue conditions or recommendations of class, and each Vessel
is free of material damage affecting such Vessel’s class. As of the date hereof, each Vessel’s classification certificate,
national certificates and other certificates are valid, unextended and without overdue conditions or recommendations of class or
the relevant governmental authority.

 

(h)              
As of the date hereof, the charterparty agreements under which the Vessels are employed are valid, binding and in full force
and effect and are enforceable by the applicable Contributed Company in accordance with their terms, except as limited by laws
affecting the enforcement of creditors’ rights generally or by general equitable principles. As of the date hereof, none
of the Contributed Companies has received any written notice of the intention of any charterparty to terminate any such charterparty
agreement.

 

(i)                
Neither the Contributed Shares nor any Vessels are subject to any prior assignment, conveyance, transfer or participation
or agreement to assign, convey, transfer or participate, in whole or in part, other than as provided in the First Priority Mortgages
and except as may result pursuant to this Agreement.

 

(j)                
The Contributed Company owned by such Contributor has no liabilities or obligations of any nature (whether known or unknown
and whether absolute, accrued, contingent or otherwise) except for (i) liabilities or obligations reflected or reserved against
in the Financial Statements, (ii) liabilities or obligations incurred in the ordinary course of business since the date of the
Financial Statements, (iii) contractual obligations under the executory portion of any contract to which such Contributed Company
is party or by which it or its assets is bound, (iv) contingent liabilities of which the Contributor does not have knowledge, (v)
liabilities and obligations in connection with Permitted Liens and (vi) other liabilities and obligations that are not material
in amount or significance in relation to the Financial Statements.

 

SECTION
3.2. Representations and Warranties of the Company The Company hereby represents and warrants as follows (such representations
and warranties being made as of the date hereof and the Closing Date):

 

(a)               
The Company is a corporation duly organized, validly existing and in good standing under the laws of the Republic of the
Marshall Islands.

 

(b)              
The Company has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement
and the other Transaction Documents to which it is a party and the transactions contemplated hereby and thereby.

 

(c)               
This Agreement has been duly authorized, executed and delivered by the Company, is not subject to any further consent, waiver,
authorization, approval or filing requirements, and constitutes a legal, valid and binding agreement of the Company, enforceable
against it in accordance with its terms.

 

(d)              
The execution, delivery and performance by the Company of this Agreement do not and will not violate or conflict with any
provision of the constitutional documents, bylaws or other organizational documents or agreement of the Company or of any other
agreement or instrument by which the Company is bound or is a party, or any provision of law, order, judgment or decree of any
authority, to which the Company or its property is subject.

 

(e)               
The Common Shares issuable pursuant to the terms of this Agreement have been duly authorized and reserved for issuance and,
when issued as provided for in this Agreement, such Common Shares will have been validly issued and fully paid and will be non-assessable
and free of pre-emptive or similar rights.

 

    	4

    	 

    

ARTICLE
IV

ADDITIONAL COVENANTS

 

SECTION
4.1. Company Deliveries. At the Closing, the Company shall deliver to each of the Contributors each of the following:

 

(a)               
such number of Common Shares as set forth in the opposite to each of the Contributors in Schedule I hereto;

 

(b)              
a counterpart to the Registration Rights Agreement, duly executed by the Company; and

 

(c)               
a certificate, executed by the Secretary or Assistant Secretary of the Company, certifying as to an attached accurate and
complete copy of (i) the Articles of Incorporation and the other organizational documents, as in force, of the Company, (ii) the
bylaws (or other similar document, if any) of the Company, (iii) current certificate of good standing of the Company issued
by the corporate registrar or other similar official of the jurisdiction of the Company’s organization, (iv) resolutions
of the board of directors the Company duly authorizing the entry into this Agreement and the transactions contemplated hereby,
and (v) the signatures and incumbency of the persons authorized to execute and deliver this Agreement and the other Transaction
Documents to which the Company is party.

 

SECTION
4.2. Contributor Deliveries. At the Closing, each Contributor shall deliver to the Company each of the following:

 

(a)               
one or more certificates representing the Contributed Shares to be transferred to the Company pursuant to the terms of this
Agreement, together with all other documents requested by the Company in connection with the transfer of such Contributed Shares
to the Company;

 

(b)              
a counterpart to the Registration Rights Agreement, duly executed by such Contributor; and

 

(c)               
a certificate, executed by the Secretary or Assistant Secretary of such Contributor, certifying as to an attached accurate
and complete copy of (i) the Articles of Incorporation and the other organizational documents, as in force, of such Contributor,
(ii) the bylaws (or other similar document, if any) of such Contributor, (iii) current certificate of good standing of such
Contributor issued by the corporate registrar or other similar official of the jurisdiction of such Contributor’s organization,
(iv) resolutions of the board of directors of such Contributor duly authorizing this Agreement and the transactions contemplated
hereby, (v) resolutions of the shareholders of such Contributor approving the aforementioned resolutions of the board of directors
thereof, and (vi) the signatures and incumbency of the persons authorized to execute and deliver this Agreement.

 

    	5

    	 

    

ARTICLE
V

CONDITIONS TO CLOSING

 

SECTION
5.1. General Conditions. The obligation of the Company and each Contributor to consummate the transactions contemplated
by this Agreement is subject to the satisfaction (unless waived in writing by the Company and the Contributors (acting unanimously))
of each of the following conditions on or prior to the Closing Date:

 

(a)               
All required governmental or third-party approvals or consents shall have been obtained, and all applicable filings with
any governmental authority shall have been made and all applicable waiting periods shall have expired, in each case necessary or
advisable to consummate the transactions contemplated by this Agreement.

 

(b)              
No court or other governmental entity of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered
any rule, regulation, standard, judgment, order, writ, injunction, decree, arbitration award, agency requirement, license or permit
(whether temporary, preliminary or permanent) that is in effect and restrains, enjoins or otherwise prohibits consummation of the
transactions contemplated by this Agreement.

 

SECTION
5.2. Company Conditions. The obligation of the Company to consummate the transactions contemplated by this Agreement is
subject to the satisfaction (unless waived in writing by the Company) of each of the following conditions on or prior to the Closing
Date:

 

(a)               
The representations and warranties of each Contributor contained in this Agreement shall have been true on and as of the
date of this Agreement and shall be true on and as of the Closing Date as though such representations and warranties were made
on and as of the Closing Date.

 

(b)              
Each Contributor shall have performed all covenants and obligations to be performed by such Contributor on or prior to the
Closing Date.

 

SECTION
5.3. Contributor’s Conditions. The obligation of each Contributor to consummate the transactions contemplated by this
Agreement is subject to the satisfaction (unless waived in writing by such Contributor) of each of the following conditions on
or prior to the Closing Date:

 

(a)               
The representations and warranties of the Company contained in this Agreement shall have been true on and as of the date
of this Agreement and shall be true on and as of the Closing Date as though such representations and warranties were made on and
as of the Closing Date.

 

(b)              
The Company shall have performed all covenants and obligations to be performed by the Company on or prior to the Closing
Date.

 

    	6

    	 

    

ARTICLE
VI

TERMINATION

 

SECTION
6.1. Termination. This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time
on or before the Closing: (a) by the mutual written consent of the parties hereto; (b) by the Contributors (acting unanimously)
if the Company fails to comply in any material respect with any of its covenants or obligations contained herein, or breaches its
representations and warranties in any material way; (c) by the Company if any Contributor fails to comply in any material
respect with any of its covenants or obligations contained herein, or breaches its representations and warranties in any material
way; or (d) by the Contributors (acting unanimously) or the Company at any time after •, 2014, if the IPO Closing Date shall
not have then occurred.

 

SECTION
6.2. Procedure Upon Termination. In the event of termination and abandonment of this Agreement pursuant to Section 6.1,
written notice thereof shall forthwith be given to the other parties and this Agreement shall terminate and the transactions contemplated
hereby shall be abandoned, without further action by the parties hereto. If this Agreement is terminated as provided herein, no
party to this Agreement shall have any liability or further obligation to any other party to this Agreement except as provided
in Article VII; provided, that no termination of this Agreement pursuant to this Article VI shall relieve
any party of liability for a breach of any provision of this Agreement occurring before such termination.

 

ARTICLE
VII

MISCELLANEOUS PROVISIONS

 

SECTION
7.1. Successors and Assigns; No Third-Party Beneficiaries. No party hereto shall assign or delegate any of the benefits
or obligations created under this Agreement without the prior written consent of the other parties. This Agreement shall be binding
upon and inure to the benefit of only the parties hereto and their successors and permitted assigns, and nothing in this Agreement
shall confer upon any person or entity not a party to this Agreement any rights or remedies of any nature or kind whatsoever under
or by reason of this Agreement.

 

SECTION
7.2. Fees, Taxes and Expenses. Except as otherwise expressly provided in this Agreement, all legal and other fees, costs,
taxes and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be the responsibility
of the party incurring such fees, costs or expenses.

 

    	7

    	 

    

SECTION
7.3. Notices. All notices and communications hereunder shall be deemed to have been duly given and made if in writing and
if served by personal delivery upon the party for whom it is intended or delivered by registered or certified mail, return receipt
requested, or if sent by telecopier or e-mail, provided that the telecopy or e-mail is promptly confirmed by telephone confirmation
thereof, to the person at the address set forth below, or such other address as may be designated in writing hereafter, in the
same manner, by such person:

 

(i)If to
the Company, at the following address:

 

Stalwart Tankers Inc.

7 Fragoklissias Street

Maroussi 15125

Athens, Greece

 

(ii)If
to any Contributor, to such Contributor at the following address:

 

Stalwart Tankers Inc.

c/o Blue Sea Shipping Monaco S.A.M.

L'Estoril, 31 Avenue Princesse Grace

98000 Monaco

 

SECTION
7.4. Entire Agreement. This Agreement, together with the Schedule and Exhibits attached hereto, represents the entire agreement
and understanding of the parties with reference to the transactions set forth herein.

 

SECTION
7.5. Survival. The representations, warranties, covenants and agreements made in this Agreement shall survive any investigation
made by the parties hereto and any Closing with respect to the transactions contemplated hereby.

 

SECTION
7.6. Waivers; Severability; Amendments. The parties hereto may by written notice to the other parties waive any provision
of this Agreement. The waiver by any party hereto of a breach of any provision of this Agreement shall be deemed severable, and
the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement
or of any other term or provision hereof. This Agreement may be amended, modified or supplemented only by a written instrument
executed by the parties hereto.

 

SECTION
7.7. Counterparts; Captions. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original and all of which together shall be considered one and the same agreement. The captions in this Agreement are for the convenience
of reference only and shall not be given any effect in the interpretation of this Agreement.

 

SECTION
7.8. Governing Law. This Agreement shall be governed by and interpreted and enforced in accordance with the laws of the
Republic of the Marshall Islands.

 

SECTION
7.9. Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of
any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement,
or the application thereof to any person or entity or any circumstance, is invalid or unenforceable, (i) a suitable and equitable
provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of
such invalid or unenforceable provision and (ii) the remainder of this Agreement and the application of such provision to
other persons or entities or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity
or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

 

    	8

    	 

    

IN WITNESS WHEREOF, the
undersigned have caused this Agreement to be executed as a deed by their respective officers thereunto duly authorized all on the
date first written above.

 

	 	STALWART TANKERS INC.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Witness:	 
	 	 	Name:
	 	 	 
	 	 	 

 

	 	JUNO MARITIME LTD
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Witness:	 
	 	 	Name:
	 	 	 
	 	 	 

 

	 	HAVIET CONSULTANTS CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Witness:	 
	 	 	Name:
	 	 	 
	 	 	 

 

	 	ZENA SHIPMANAGEMENT CO.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Witness:	 
	 	 	Name:
	 	 	 
	 	 	 

 

	 	TRIGON MARITIME LIMITED
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Witness:	 
	 	 	Name:
	 	 	 
	 	 	 

 

	 	BALMORAL CONSULTANTS LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Witness:	 
	 	 	Name:
	 	 	 
	 	 	 

 

    	9

    	 

    

SCHEDULE I

 

CONTRIBUTED SHARES 

HELD BY EACH CONTRIBUTOR

 

	Contributor	Contributed Company	Contributed Shares	Common Shares
	Juno Maritime Ltd	Force Maritime S.A.

(Liberia)	500 shares,

without par value	906,278 common shares,

par value $.01 per share
	Haviet Consultants Corp.	Liquid Platinum Corporation S.A.

(Liberia)	500 shares,

without par value	506,866 common shares,

par value $.01 per share
	Zena Shipmanagement Co.	Minimal Enterprises Company 

(Foreign Maritime Entity), Liberia	500 shares,

without par value	67,751 common shares,

par value $.01 per share
	Trigon Maritime Limited	Pride International Maritime S.A.

(Liberia)	500 shares,

without par value	1,358,045 common shares,

par value $.01 per share
	Balmoral Consultants Ltd.	Zachary Maritime Company Ltd.

(Liberia)	500 shares,

without par value	361,060 common shares,

par value $.01 per share

 

    	I-1

    	 

    

SCHEDULE II

 

VESSELS OWNED BY 

EACH CONTRIBUTED COMPANY

 

	Contributed Company	Vessel Description
	Force Maritime S.A.

(Liberia)	BSS Force Stainless

Steel Chemical Tanker

IMO 9345881

19,399 DWT

Built 2000 Japan

Flag Liberia
	Liquid Platinum Corporation S.A.

(Liberia)	BSS Platinum

Steel Chemical Tanker

IMO 9204805

16,322 DWT

Built 1997 Japan

Flag Liberia
	Minimal Enterprises Company 

(Foreign Maritime Entity), Liberia	BSS Velvet

Steel Chemical Tanker

IMO 9083940

11,559 DWT

Built 1994 Japan

Flag Liberia
	Pride International Maritime S.A.

(Liberia)	BSS Pride

Steel Chemical Tanker

IMO 9170949

23,322 DWT

Built 2006 Japan

Flag Liberia
	Zachary Maritime Company Ltd.

(Liberia)	BSS Power

Steel Chemical Tanker

IMO 9146027

15,015 DWT

Built 1996 Japan

Flag Liberia

 

    	I-2

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