Document:

Exhibit 10.2

 

REGISTRATION RIGHTS AGREEMENT

 

This REGISTRATION
RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of October 19, 2017 among Globus Maritime Limited,
a Marshall Islands corporation (the “Company”), and the persons set forth on Schedule A to this Agreement (the
“Investor”).

 

WHEREAS, this Agreement
is made in connection with the entry into the Share and Warrant Purchase Agreement (the “Purchase Agreement”),
October 19, 2017 between the Company and the Investors; and

 

WHEREAS, the Company
has agreed to provide the Investors with certain registration rights with respect to its shares of Common Stock (as hereinafter
defined) for the benefit of the Investors pursuant to the Purchase Agreement.

 

NOW THEREFORE, in
consideration of the mutual covenants and agreements herein contained and other good and valid consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

 

		1.	Certain Definitions.

 

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

 

“2016 Registration
Rights Agreement” means that certain registration rights agreement dated November 23, 2016 between the Company and Firment
Trading Limited.

 

“2017 Registration
Rights Agreement” means that certain registration rights agreement dated February 9, 2017 between the Company and the
purchasers named therein.

 

“Affiliate”
of any Person means any other Person which directly or indirectly through one or more intermediaries, controls, or is controlled
by, or is under common control with, such Person.

 

“Common Stock”
means shares of common stock, par value $0.004 per share, of the Company, including common stock issuable upon conversion of other
securities or issuable in exchange for or with respect to the common stock, par value $0.004 per share, of the Company by way of
a stock dividend, stock split or combination of shares or in connection with a reclassification, recapitalization, exchange, merger,
consolidation or other reorganization.

 

“Control,”
including the terms “controlling,” “controlled by” and “under common control with,” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether
through the ownership of voting shares, by contract or otherwise. A person who is the owner of 20% or more of the outstanding voting
shares of any corporation, limited liability company, partnership, unincorporated association or other entity shall be presumed,
for purposes of this Agreement, to have control of such entity, in the absence of proof by a preponderance of the evidence to the
contrary. Notwithstanding the foregoing, a presumption of control shall not apply where such person holds voting shares, in good
faith and not for the purpose of circumventing this provision, as an agent, bank, broker, nominee, custodian or trustee for one
or more owners who do not individually or as a group have control of such entity.

 

     

     

    

 

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

 

“Dissolution”
has the meaning set forth in Section 7 hereof.

 

“Effectiveness
Period” has the meaning set forth in Section 2(g) hereof.

 

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

 

“Governmental
Entity” means any national, federal, state, municipal, local, territorial, foreign or other government or any department,
commission, board, bureau, agency, regulatory authority or instrumentality thereof, or any court, judicial, administrative or arbitral
body or public or private tribunal.

 

“Holder”
means any Person that owns Registrable Shares, including the Investors, their Affiliates and such successors and permitted assigns
as acquire Registrable Shares, directly or indirectly, from such Person. For purposes of this Agreement, the Company may deem and
treat the registered holder of Registrable Shares as the Holder and absolute owner thereof, and the Company shall not be affected
by any notice to the contrary.

 

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

 

“Losses”
has the meaning set forth in Section 8(a) hereof.

 

“Majority
Holders” means the Holders of a majority of the Registrable Shares.

 

“Person”
means any individual, sole proprietorship, partnership, limited liability company, joint venture, trust, incorporated or unincorporated
organization, association, corporation, institution, public benefit corporation, Governmental Entity or any other entity.

 

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

 

“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 Shares covered by such Registration Statement and by
all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference
in such prospectus or prospectuses.

 

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“Registrable
Shares” means shares of Common Stock issued by the Company pursuant to the Purchase Agreement held by an Investor or
any Affiliate of an Investor, shares of Common Stock receivable upon the conversion or exercise of securities or loans or debt
of the Company issued pursuant to the Purchase Agreement held by an Investor or any Affiliate of an Investor, or any shares of
any successor or acquiror of the Company issued in exchange or substitution for any of the foregoing in connection with any acquisition,
merger, combination or similar transaction involving the Company or any successor of the Company; provided, however,
that Registrable Shares shall not include any securities sold by a Person to the public either pursuant to a Registration Statement
or Rule 144 or any securities that may be sold pursuant to Rule 144 without restriction or limitation on volume or manner of sale.

 

“Registration
Expenses” has the meaning set forth in Section 6(a) hereof.

 

“Registration
Statement” means any registration statement of the Company which covers any of the Registrable Shares 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 materials incorporated by reference in such Registration Statement.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

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

 

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

 

“Suspension
Notice” has the meaning set forth in Section 5(f) hereof.

 

“Underwritten
Offering” means a registration in which securities of the Company are sold to underwriters for reoffering to the public.

 

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

 

		2.	Demand Registration. Subject to Section 10(l):

 

(a)       Right
to Request Registration. Subject to Section 2(d) hereof, at any time commencing one hundred eighty (180) days after the date
hereof, any Holder or Holders collectively holding in the aggregate a majority of the then outstanding Registrable Shares (“Initiating
Holders”) shall have the right to require the Company to register under the Securities Act (“Demand Registration”)
all or part of the Registrable Shares; provided, however, that each Demand Registration be for Registrable Shares.

 

Within ten (10) 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 Shares and shall, subject to the provisions of Section 2(d) hereof, include in such registration all such Registrable
Shares with respect to which the Company has received written requests for inclusion therein within fifteen (15) days after the
receipt of the Company’s notice.

 

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(b)       Number
of Demand Registrations. Subject to the provisions of Section 2(a), the Holders shall collectively be entitled to request an
aggregate of one (1) Demand Registrations in any one twelve (12) month period and a maximum of two (2) Demand Registrations in
total. A registration shall not count as one of the permitted Demand Registrations (i) until it has become effective, (ii) if the
Initiating Holders requesting such registration are not able to have registered and sold at least 50% of the Registrable Shares
requested by such Initiating Holders to be included in such registration or (iii) in the case of a Demand Registration that would
be the last permitted Demand Registration requested hereunder, if the Initiating Holders requesting such registration are not able
to have registered and sold all of the Registrable Shares requested to be included by such Initiating Holders in such registration.

 

(c)       Allocation
of Securities Included in Registration Statement. If any requested registration made pursuant to Section 2(a) involves an Underwritten
Offering and the managing underwriters of the requested Demand Registration advise the Company in writing that in their opinion
the number of Registrable Shares proposed to be included in any such registration exceeds the number of securities which can be
sold in such offering without having an adverse affect on such offering, including the price at which such Registrable Shares can
be sold, the Company shall include in such registration only the number of Registrable Shares which in the reasonable opinion of
such managing underwriters can be sold without having the adverse effect referred to above. If the number of shares which can be
sold without having the adverse effect referred to above is less than the number of Registrable Shares proposed to be registered,
the amount of Registrable Shares to be so sold shall be allocated pro rata among the Holders of Registrable Shares desiring to
participate in such registration on the basis of the amount of such Registrable Shares initially proposed to be registered by such
Holders. If the number of shares which can be sold exceeds the number of Registrable Shares 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.

 

(d)       
Restrictions on Demand Registrations. The Company shall not be obligated to effect any Demand Registration within three
(3) months after the termination of an offering under a previous Demand Registration or within three (3) months after the effectiveness
of a previous registration under which the Initiating Holder had piggyback rights pursuant to Section 4 hereof where the Initiating
Holder was permitted to register and sell 50% or more of the Registrable Shares requested to be included therein. The Company may
postpone for up to ninety (90) days the filing or the effectiveness of a Registration Statement for a Demand Registration if (i)
the Company’s board of directors reasonably determines that a Demand Registration would reasonably be expected to materially
and adversely affect an offering of securities of the Company, the preparation of which had then been commenced, (ii) the Company
is in possession of material non-public information the disclosure of which during the period specified in such notice the Company’s
board of directors reasonably believes would not be in the best interests of the Company, (iii) the Company, in its good faith
judgment, determines that any registration of Registrable Shares should not be made or continued because it would materially interfere
with any material financing, acquisition, corporate reorganization or merger or other transactions or events involving the Company
or any of its subsidiaries or (iv) such Demand Registration would render the Company unable to comply with the requirements of
applicable securities laws; provided, however, that in the event described above, the Initiating Holders requesting
such Demand Registration shall be entitled to withdraw such request prior to its effective date 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(d), (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(d) only once during any twelve (12)
month period.

 

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(e)        Withdrawal
by Holders. Any Holder requesting a Demand Registration will be permitted to withdraw in good faith all or part of the Registrable
Shares from such Demand Registration at any time prior to the date the Commission declares effective the Registration Statement
relating to such Demand Registration, in which event the Company will promptly amend or, if applicable, terminate or withdraw the
related Registration Statement; provided, however, that if the Holder requesting a Demand Registration pursuant to
this Section 2(e) withdraws from such registration, such registration shall count as a Demand Registration unless such Holder pays
all of the out-of-pocket expenses of the Company in connection with such registration.

 

(f)        Selection
of Underwriters. If any of the Registrable Shares covered by a Demand Registration are to be sold in an Underwritten Offering,
the Initiating Holders shall have the right, but not the obligation, to select the managing underwriter(s) to administer the offering
subject to the approval of the Company, which approval shall not be unreasonably withheld or delayed.

 

(g)       
Effective Period of Demand Registrations. The Company will use its reasonable efforts to comply with all necessary provisions
of the federal securities laws in order to keep each Registration Statement relating to a Demand Registration effective for a period
of (i) in the case of an Underwritten Offering, three (3) months from its effectiveness date, or (ii) in any other case, the lesser
of three (3) months or such shorter period as will terminate when all Registrable Shares covered by such Registration Statement
have been sold pursuant to such Registration Statement (the “Effectiveness Period”). If the Company shall withdraw
any Demand Registration pursuant to Section 2(d) (a “Withdrawn Demand Registration”), the Initiating Holders
of the Registrable Shares remaining unsold and originally covered by such Withdrawn Demand Registration shall be entitled to a
replacement Demand Registration which (subject to the provisions of this Section 2) the Company shall use its 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) in the case of an Underwritten Offering, three (3) months from its effectiveness date, or (ii) in any other case,
the lesser of three (3) months or such shorter period as will terminate when all Registrable Shares covered by such Registration
Statement have been sold pursuant to such Registration Statement.

 

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		3.	Shelf Registration. Subject to Section 10(l):

 

(a)       At
such time as the Company is able to use Form F-3 under the Securities Act (or any successor or similar form) for sales of Registrable
Shares by a Holder, at the request of one or more Holders, the Company shall use its reasonable efforts to effect, as expeditiously
as possible, the registration under the Securities Act of any number of Registrable Shares for which it receives requests in accordance
with Section 2(a) (the “Shelf Registration”). The Company shall use its reasonable efforts to cause such Registration
Statement to become effective as promptly as practicable and maintain the effectiveness of such Registration Statement (subject
to the terms and conditions herein) for a period ending on the earliest of (i) three (3) years following the date on which such
Registration Statement first becomes effective (but one (1) year if the Company is not able to continue to use Form F-3 under the
Securities Act (or any successor or similar form)), (ii) the date on which all Registrable Shares covered by such Registration
Statement have been sold, and the distribution contemplated thereby has been completed, and (iii) the date on which all Registrable
Shares covered by such Registration Statement have become freely saleable pursuant to Rule 144 without restriction or limitation
on volume or manner of sale.

 

(b)       The Registration Statement pursuant to this Section 3 shall, to the extent possible under applicable law, be effected to permit
sales on a continuous basis pursuant to Rule 415 under the Securities Act. Any sale pursuant to the Shelf Registration pursuant
to this Section 3 may or may not be underwritten; provided, however, that (i) Holders may request any underwritten
takedown only to be effected as a Demand Registration (in which event, unless such Demand Registration would not require representatives
of the Company to meet with prospective purchasers of the Company’s securities, a Demand Registration must be available thereunder
and the number of Demand Registrations available shall be reduced by one, subject to Section 2(b)) or (ii) Holders may request
an unlimited number of underwritten takedowns to be effected in accordance with the terms of Section 4.

 

(c)       In the event of a request for a Shelf Registration pursuant to Section 3(a), the Company shall give written notice of the proposed
filing of the Registration Statement in connection therewith to all Holders of Registrable Shares, offering to each such Holder
the opportunity to have any or all of the Registrable Shares held by such Holder included in such registration statement. Each
Holder of Registrable Shares desiring to have its Registrable Shares registered under this Section 3(c) shall so advise the Company
in writing within fifteen (15) days after the date of such notice from the Company (which request shall set forth the amount of
Registrable Shares for which registration is requested), and the Company shall include in such Registration Statement all such
Registrable Shares so requested to be included therein.

 

(d)       The number, percentage, fraction or kind of shares referred to in this Section 3 shall be appropriately adjusted for any stock
dividend, stock split, reverse stock split, combination, recapitalization, reclassification, merger or consolidation, exchange
or distribution in respect of the shares of Common Stock.

 

(e)       The Company, and any other holder of the Company’s securities who has registration rights, may include its securities in
any Shelf Registration effected pursuant to this Section 3.

 

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		4.	Piggyback Registration. Subject to Section
10(l):

 

(a)       Right
to Piggyback. If at any time commencing one hundred eighty (180) days following the date hereof, the Company proposes to register
any of its shares of common stock, par value $0.004 per share, under the Securities Act (other than a registration statement on
Form S-8 or on Form F-4 or any similar successor forms thereto or a registration statement covering an offering of convertible
securities), whether for its own account or for the account of one or more shareholders of the Company, and the registration form
to be used may be used for any registration of Registrable Shares (a “Piggyback Registration”), the Company
shall give prompt written notice to each Holder of Registrable Shares of its intention to effect such a registration and, subject
to Sections 4(b) and 4(c), shall include in such registration all Registrable Shares with respect to which the Company has received
written requests for inclusion therein within fifteen (15) days after the effectiveness of the Company’s notice, provided,
however, that the Company shall not be required to register any Registrable Shares pursuant to this Section 4(a) that are
eligible for sale pursuant to Rule 144 without restriction or limitation on volume or manner of sale. 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 which can be sold in such offering without having an adverse effect on such offering, the
Company shall include in such registration (i) first, the securities the Company proposes to sell, (ii) second, securities requested
to be included in such registration by the holders of securities pursuant to the 2016 Registration Rights Agreement, (iii) third,
securities requested to be included in such registration by the holders of securities pursuant to the 2017 Registration Rights
Agreement, (iv) fourth, the Registrable Shares requested to be included therein by the Holders, pro rata among the Holders of such
Registrable Shares on the basis of the number of shares requested to be registered by such Holders, and (v) fifth, other securities
requested to be included in such registration pro rata among the holders of such securities on the basis of the number of shares
requested to be registered by such holders or as such holders may otherwise agree.

 

(c)       Priority
on Secondary Registrations. If a Piggyback Registration is an underwritten secondary registration on behalf of a holder of
the Company’s 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 which can be sold in such offering without having an
adverse effect on such offering, the Company shall include in such registration (i) first, the securities requested to be included
therein by the holders requesting such registration and the securities requested to be included in such registration pursuant to
the 2016 Registration Rights Agreement, pro rata among the holders of such securities on the basis of the number of shares requested
to be registered by such holders, and (ii) second, other securities requested to be included in such registration pro rata among
the holders (including the Holders) of such securities on the basis of the number of shares requested to be registered by such
holders or as such holders may otherwise agree.

 

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(d)       Selection
of Underwriters. If any Piggyback Registration is an underwritten primary offering, the Company shall have the right, but not
the obligation, to select the managing underwriter or underwriters to administer any such offering. If the Piggyback Registration
is an underwritten secondary offering, the holders of a majority (in value) of the securities to be included in such offering shall
have the right, but not the obligation, to select the managing underwriter or underwriters to administer any such offering subject
to the approval of the Company, which approval shall not be unreasonably withheld or delayed; provided that, if holders of a majority
(in value) do not select such managing underwriter or underwriters within (15) days after the effectiveness of the Company’s
notice contemplated by Section 4(a), the Company shall have the right, but not the obligation, to select such managing underwriter
or underwriters.

 

(e)       Other
Registrations. If the Company has previously filed a Registration Statement with respect to Registrable Shares, 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 at the request of any holder or holders of such Registrable Shares, until a period of at least ninety (90) days
has elapsed from the effectiveness of the previous registration.

 

		5.	Registration Procedures. Subject to Section
10(l):

 

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

 

(i)       prepare
and file with the SEC a Registration Statement with respect to such Registrable Shares and use its 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 Shares 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 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 will 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 SEC such amendments (including, without limitation, post effective amendments) and supplements to such
Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement
effective for a period of not less than 90 days (or such shorter period agreed in this Agreement), in the case of a Demand Registration
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;

 

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(iii)       
furnish to each seller of Registrable Shares 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 Shares owned by such seller;

 

(iv)       
use its reasonable efforts to register or qualify such Registrable Shares 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 Shares owned by such
seller; provided, however, that the Company will 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 subparagraph 5(a)(iv), (B) subject itself to taxation in any such
jurisdiction, or (C) consent to general service of process in any such jurisdiction;

 

(v)       
promptly notify each seller of such Registrable Shares, 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 Prospectus included in such Registration Statement
contains an untrue statement of a material fact or omits any fact 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 Prospectus so that, as thereafter
delivered to the purchasers of such Registrable Shares, 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 reasonably acceptable to the Company) and take all such other actions as the Holders
of a majority of the Registrable Shares being sold or the underwriters reasonably request in order to expedite or facilitate the
disposition of such Registrable Shares and cause 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)       
make available for reasonable inspection during normal business hours by any seller of Registrable Shares, 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, subject to any confidentiality and other restrictions
which the Company reasonably deems necessary;

 

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(viii)       use its reasonable efforts to cause all such Registrable Shares to be listed on the principal securities exchange on which securities
of the same class issued by the Company are then listed;

 

(ix)         if requested, 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 Shares sold to the underwriters pursuant thereto), letters
from the Company’s independent certified public accountants addressed to 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 SEC 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;

 

(x)          make generally available to its shareholders a consolidated earnings statement (which need not be audited) for the twelve (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 earning statement under Section 11(a) of the Securities Act; and

 

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

 

(A)       
when the Registration Statement, the Prospectus or any Prospectus supplement or 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 comments of the SEC or of any written request by the SEC for amendments or supplements to the Registration Statement
or Prospectus;

 

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

 

(D)       of
the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Shares for
sale under the applicable securities or “blue sky” laws of any jurisdiction.

 

(b)         The
Company shall use its reasonable efforts to 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 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).

 

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(c)       
The Company shall make available to each Holder whose Registrable Shares are included in a Registration Statement (i) promptly
after the same is prepared and publicly distributed, filed with the SEC, or received by the Company, one copy of each Registration
Statement and any amendment thereto, each preliminary Prospectus and Prospectus and each amendment or supplement thereto, each
letter written by or on behalf of the Company to the SEC or the staff of the SEC (or other governmental agency or self-regulatory
body or other body having jurisdiction, including any domestic or foreign securities exchange), and each item of correspondence
from the SEC or the staff of the SEC (or other governmental agency or self-regulatory body or other body having jurisdiction, including
any domestic or foreign securities exchange), in each case relating to such Registration Statement (other than any portion thereof
which contains information for which the Company has sought confidential treatment), 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 Shares owned by such Holder. The Company will promptly notify
each Holder 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 SEC, with a view towards causing each Registration Statement or any amendment thereto
to be declared effective by the SEC as soon as reasonably practicable and shall file an acceleration request as soon as reasonably
practicable following the resolution or clearance of all SEC comments or, if applicable, following notification by the SEC that
any such Registration Statement or any amendment thereto will not be subject to review.

 

(d)       At
all times after the Company has filed a registration statement with the SEC pursuant to the requirements of either the Securities
Act or the Exchange Act, the Company shall take reasonable efforts to file all reports required to be filed by it under the Securities
Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder, and take such further action as any Holders
may reasonably request, to the extent required to enable such Holders to be eligible to sell Registrable Shares pursuant to Rule
144 (or any similar rule then in effect).

 

(e)       
The Company may require each seller of Registrable Shares as to which any registration is being effected to furnish in writing
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, including, but not limited to, a shareholder questionnaire that may include a certified
statement as to the number of shares of Common Stock beneficially owned by each Holder and the natural persons thereof that have
voting and dispositive control over the Registrable Shares.

 

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(f)       Each
seller of Registrable Shares agrees by having its shares treated as Registrable Shares hereunder that, upon notice that the Prospectus
included in such Registration Statement (or any document incorporated therein) contains an untrue statement of a material fact
or omits any material fact necessary to make the statements therein not misleading or that such Prospectus or Registration Statement
(or any document incorporated therein) must be amended or supplemented for any other reason (a “Suspension Notice”),
such seller will forthwith immediately discontinue disposition of Registrable Shares for a reasonable length of time not to exceed
sixty (60) days 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 5(a)(v) hereof, and, if so directed by the Company, such seller
will 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 Shares current at the time of receipt of such notice; provided,
however, that such postponement of sales of Registrable Shares by the Holders shall not exceed ninety (90) days in the aggregate
in any one (1) year. If the Company shall give any notice to suspend the disposition of Registrable Shares 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 5(a)(v). In any event, the Company shall not be entitled
to deliver more than three (3) Suspension Notices in any one (1) year.

 

		6.	Registration Expenses. Subject to Section
10(l):

 

(a)       All
expenses incident to the Company’s performance of or compliance with this Agreement, including, without limitation, 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 Shares, any taxes of any kind (including,
without limitation, transfer taxes) with respect to any disposition, sale or transfer of Registrable Shares, or fees and expenses
of more than one counsel representing the Holders of Registrable Shares), shall be borne by the Company. In addition, the Company
shall pay its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), the expense of any annual audit or quarterly review, the expense of any liability insurance which
the Company may elect to obtain and the expenses and fees for listing the securities to be registered on each securities exchange
on which they are to be listed.

 

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

 

    	 	12	 

     

    

 

(c)       The
obligation of the Company to bear the expenses described in Section 6(a) and to reimburse the Holders for the expenses described
in Section 6(b) shall apply irrespective of whether a registration, once properly demanded, if applicable, becomes effective, is
withdrawn or suspended, is converted to another form of registration and irrespective of when any of the foregoing shall occur;
provided, however, that Registration Expenses for any supplements or amendments to a Registration Statement or Prospectus
resulting from a misstatement furnished to the Company by or on behalf of a Holder shall be borne by such Holder. If any Registration
Statement for a Demand Registration is withdrawn solely at the request of a Holder of Registrable Shares (unless withdrawn following
postponement of filing by the Company in accordance with Sections 2(d)(i) or (ii)) and such request is the second or subsequent
such withdrawal request by any Holder complied with by the Company, then at the election of the requesting Holder, either such
Holder shall bear the Registration Expenses for such Registration Statement, or the number of Demand Registrations available to
such Holder shall be reduced by one.

 

		7.	Distribution of Rights upon Dissolution of an Investor.

 

If at any time after
the execution date of this Agreement, an Investor ceases to exist for any reason as a legal entity (a “Dissolution”)
and prior to such Dissolution such Investor distributed its shares in the Company to its members or if such Investor has otherwise
distributed such shares to its members, then such members shall have the same rights and obligations under this Agreement as granted
to such Investor as if such Dissolution had not occurred, provided that, such members shall promptly notify the Company of the
Dissolution in accordance with provisions of Section 10(a).

 

		8.	Indemnification.

 

(a)       The
Company shall indemnify, to the fullest extent permitted by law, each Holder, each underwriter for such Holder, their respective
officers, directors and Affiliates and each Person who controls such Holder or underwriter (within the meaning of the Securities
Act) against all losses, claims, damages, liabilities and expenses (collectively, “Losses”), arising out of
or based upon any untrue or alleged untrue statement of material fact contained in any 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 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 or on behalf of 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).

 

    	 	13	 

     

    

 

(b)       In
connection with any Registration Statement in which a Holder of Registrable Shares 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 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 or on behalf of 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
Shares 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; provided, however, that the failure to notify the indemnifying party shall
not relieve the indemnifying party from any liability that it may have under this Section 8 except to the extent that it has been
materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further,
that the failure to notify the indemnifying party shall not relieve the indemnifying party from any liability that it may have
to an indemnified party otherwise than under this Section 8 and (ii) unless, in an opinion of indemnified party’s counsel,
that a conflict of interest between such indemnified and indemnifying parties exists with respect to such claim, permit such indemnifying
party to 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 will 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.

 

(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.

 

    	 	14	 

     

    

 

(e)       
If the indemnification provided for in or pursuant to this Section 8 is due in accordance with the terms hereof, but is held by
a court to be unavailable or unenforceable in respect of any Losses 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 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 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) hereof had been available
under the circumstances.

 

		9.	Participation in Underwritten Offerings.

 

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.

 

		10.	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 transmission (with immediate telephone confirmation
thereafter),

 

if to the Company:

 

Globus Maritime Limited

c/o Globus Shipmanagement Corp.

128 Vouliagmenis Avenue, 3rd
Floor

166 74 Glyfada Athens, Greece

Attention: Chief Executive Officer

Fax: +30 2210 960 8300

 

with copies (which shall not
constitute notice) to:

 

Watson Farley & Williams LLP

250 West 55th Street

New York, New York 10019

Attention: Steven Hollander

Facsimile: +1-212-922-1512

 

    	 	15	 

     

    

 

if to any Investor:

 

to the respective address set
forth on Schedule A hereto

 

If to a transferee
Holder, to the address of such Holder set forth in the transfer documentation provided to the Company or at such other address
as such party each may specify by written notice to the others, and each such notice, request, consent and other communication
shall for all purposes of the Agreement be treated as being effective or having been given when delivered personally or upon receipt
of facsimile confirmation if transmitted by facsimile, or, if sent by mail, at the earlier of its receipt or seventy two (72) hours
after the same has been deposited in a regularly maintained receptacle for the deposit of incoming mail, addressed and postage
prepaid as aforesaid.

 

(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 their
respective successors and permitted assigns, it being understood that subsequent Holders of the Registrable Shares are intended
third party beneficiaries of this Agreement. Any purported assignment of rights under this Agreement to a Person other than an
Investor, a successor of an Investor or Affiliate of an Investor shall be void unless made in a duly-executed writing signed by
the assignor.

 

(d)       Governing
Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICTS OF LAWS.

 

(e)       Arbitration.
Any controversy, dispute or claim arising out of or in connection with this Agreement (including, without limitation, the existence,
validity, interpretation or breach hereof and any claim based on contract, tort of statute) shall be finally settled under the
Rules of Arbitration of the International Chamber of Commerce arbitration by three arbitrators appointed in accordance with the
said Rules. Each of the parties hereto consents to process being served by the other party hereto in any suit, action, proceeding
or arbitration by the mailing of a copy thereof in accordance with the provisions of Section 10(a).

 

(f)       Counterparts.
This Agreement may be executed in any number of counterparts with the same effect as if all signatory parties hereto had signed
the same document. All counterparts shall be construed together and shall constitute one and the same instrument.

 

(g)       Captions.
The headings and other captions in this Agreement are for convenience and reference only; they are not part of this Agreement and
shall not be used in interpreting, construing or enforcing any provision of this Agreement. Facsimile or electronic (including
PDF) signatures shall be as effective as original signatures.

 

    	 	16	 

     

    

 

(h)       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 hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto
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.

 

(i)       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 Majority
Holders; 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); and
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.

 

(j)       Aggregation
of Shares. All Registrable Shares held by or acquired by any Affiliated Persons will be aggregated together for the purpose
of determining the availability of any rights under this Agreement.

 

(k)       Specific
Performance. In the event of a breach by a party hereto of its obligations under this Agreement, each other party hereto, in
addition to being entitled to exercise all rights granted by law, including recovery of damages, may be entitled to specific performance
of its rights under this Agreement. Each party hereto agrees that monetary damages may not be adequate compensation for any loss
incurred by reason of a breach by it of any provision of this Agreement and hereby further agrees that, in the event of any action
for specific performance in respect of such breach, it will waive the defense that a remedy at law would be adequate.

 

(l)       Suspension
of Provisions. If at any time the Common Stock is not trading on either or both of Nasdaq and the New York Stock Exchange or
the Company has received a notice of deficiency from a relevant stock exchange on which its Common Stock then trades, or is aware
that it is not in compliance with the continued listing requirements of a relevant stock exchange on which its Common Stock then
trades, then the provisions of Sections 2, 3, 4, 5 and 6 of this Agreement shall not apply whatsoever during such time and shall
be inoperative. It is understood, for the avoidance of doubt, that nothing in this Agreement shall require the Company to register
under the Securities Act or the Exchange Act any class of securities with the Commission if and to the extent the Common Shares
are not at such time (i) registered pursuant to the Exchange Act and (ii) trading on either or both of Nasdaq and the New York
Stock Exchange.

 

    	 	17	 

     

    

 

(m)       Entire
Agreement. This Agreement constitutes the entire agreement of the parties hereto relating to the matters contained herein,
superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein.

 

(n)       Obligations
of Holders. The obligations of each Holder under this Agreement are several and not joint with the obligations of any other
Holder, and no Holder shall be responsible in any way for performance of the obligations of any other Holder under this Agreement.
Nothing contained herein, and no action taken by any Holder pursuant hereto, shall be deemed to constitute the Holders as, and
the Company acknowledges that the Holders do not so constitute, a partnership, an association, a joint venture or any other kind
of group or entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity with respect
to such obligations or the transactions contemplated by this Agreement. The Company acknowledges that each Holder shall be entitled
to independently protect and enforce its rights, including without limitation, the rights arising out of this Agreement, and it
shall not be necessary for any other Holder to be joined as an additional party in any proceeding for such purpose. Notwithstanding
anything to the contrary in this Section 10(n), it is expressly understood and acknowledged by the Holders that Section 2(a) of
this Agreement requires the Holder or Holders collectively holding in the aggregate a majority of the then outstanding Registrable
Shares held by Holders to collectively demand registration and Section 10(i) requires amendments of this Agreement only upon prior
written consent of the Majority Holders.

 

[Signature Page Follows]

 

    	 	18	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their respective authorized persons as of the date first indicated
above.

 

	 	GLOBUS MARITIME LIMITED
	 	 	 
	 	By:	/s/ Athanasios Feidakis
	 	 	Name:  	Athanasios Feidakis
	 	 	Title:   	Chief Executive Officer

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

	 	UNITED CAPITAL INVESTMENTS CORP.
	 	 	 
	 	By:	/s/ Victor
    Restis
	 	 	Name:  	Victor Restis
	 	 	Title:  	Director & President

 

Signature Page
to Registration Rights Agreement

 

     

     

    

 

Schedule A

 

Investors’ Names and Addresses

 

United Capital Investments Corp.

c/o

Kostis Kinigakis

11, Poseidonos Av.

16777, Elliniko

Athens

GreeceExhibit
10.3

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS DOCUMENT NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED OR EXERCISED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT
FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE
COMPANY), IN A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD
OR ELIGIBLE TO BE SOLD PURSUANT TO RULE 144 UNDER SAID ACT. THE NUMBER OF SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
WARRANT MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE HEREOF PURSUANT TO SECTION 1(a)
OF THIS WARRANT.

 

Globus Maritime Limited

 

Warrant To Purchase Common
Shares

 

Warrant No.: 7

 

Date of Issuance: October 19, 2017 (“Issuance
Date”)

 

Globus Maritime Limited,
a Marshall Islands corporation (the “Company”), hereby certifies that, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, UNITED CAPITAL INVESTMENTS CORP., the registered holder hereof or
its permitted assigns (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the
Company, at the Exercise Price (as defined below) then in effect, upon exercise of this Warrant to Purchase Common Shares (including
any Warrants to Purchase Common Shares issued in exchange, transfer or replacement hereof, the “Warrant”),
at any time or times on or after the Issuance Date, but not after 11:59 p.m., New York time, on the Expiration Date (as defined
below), 12,500,000 (subject to adjustment as provided herein) fully paid and non-assessable Common Shares (as defined below) (the
“Warrant Shares”). Except as otherwise defined herein, capitalized terms in this Warrant shall have the meanings
set forth in Section 16. This Warrant is to Purchase Common Shares (the “SPA Warrants”) issued pursuant
to Section 2.6(i) of that certain Share and Warrant Purchase Agreement, dated as of October 19, 2017 (the “Subscription
Date”), by and among the Company and the investor (the “Buyers”) referred to therein, as amended
from time to time (the “Securities Purchase Agreement”).

 

     

     

    

 

1.             EXERCISE
OF WARRANT.

 

(a)       Mechanics
of Exercise. Subject to the terms and conditions hereof (including, without limitation, the limitations set forth in
Section 1(f)), this Warrant may be exercised by the Holder on any day on or after the Issuance Date, in whole or in
part, by delivery (whether via facsimile or otherwise) of a written notice, in the form attached hereto as Exhibit
A (along with all documents and opinions required or requested to be delivered as described herein and therein,
including Section 1(h), the “Exercise Notice”), of the Holder’s election to exercise this Warrant.
Within one Trading Day following an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the Company of
an amount equal to the Exercise Price in effect on the date of such exercise multiplied by the number of Warrant Shares as to
which this Warrant was so exercised (the “Aggregate Exercise Price”) in cash or via wire transfer of
immediately available funds if the Holder did not notify the Company in such Exercise Notice that such exercise was made
pursuant to a Cashless Exercise (as defined in Section 1(d)). The Holder shall not be required to deliver the original
of this Warrant in order to effect an exercise hereunder.  Execution and delivery of an Exercise Notice with respect
to less than all of the Warrant Shares shall have the same effect as cancellation of the original of this Warrant and
issuance of a new Warrant evidencing the right to purchase the remaining number of Warrant Shares. Execution and delivery of
an Exercise Notice for all of the then-remaining Warrant Shares shall have the same effect as cancellation of the original of
this Warrant after delivery of the Warrant Shares in accordance with the terms hereof. On or before the third full Trading
Day following the date on which the Company has received an Exercise Notice, the Company shall transmit by facsimile or
electronic mail an acknowledgment of confirmation of receipt of such Exercise Notice, in the form attached hereto as Exhibit B,
to the Holder and the Company’s transfer agent (the “Transfer Agent”). On or before the fifth full
Trading Day following the date on which the Company has received such Exercise Notice, so long as the Holder delivers the
Aggregate Exercise Price (or notice of a Cashless Exercise along with an appropriate representation letter of the Holder
relating to Rule 144, including its non-affiliate status and length of time in which it has held this Warrant and lack of
material non-public information (the “Rule 144 Representation Letter”)) on or prior to the first
Trading Day following the date of which the Company has received the Exercise Notice, the Company shall (X) provided that the
Transfer Agent is participating in The Depository Trust Company (“DTC”) Fast Automated Securities Transfer
Program, and the Warrant Shares are subject to an effective resale registration statement in favor of the Holder or, if
exercised via Cashless Exercise, can be immediately sold or transferred by the Holder pursuant to Rule 144 without
restrictions on volume or manner of sale irrespective of whether the Company is a reporting company, upon the request of the
Holder, credit such aggregate number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the
Holder’s or its designee’s balance account with DTC through its Deposit/Withdrawal at Custodian system, or (Y)
otherwise, issue and deliver (via reputable overnight courier) to the address as specified in the Exercise Notice, a
certificate or book entry notification, registered in the name of the Holder or its designee, for the number of Warrant
Shares to which the Holder shall be entitled pursuant to such exercise, which Warrant Shares shall contain such legends as
may be required pursuant to applicable law and the Securities Purchase Agreement. If this Warrant is submitted in connection
with any exercise pursuant to this Section 1(a) and the number of Warrant Shares represented by this Warrant submitted
for exercise is greater than the number of Warrant Shares being acquired upon an exercise, then, at the request of the
Holder, the Company shall as soon as practicable and at its own expense issue and deliver to the Holder (or its designee) a
new Warrant (in accordance with Section 6(d)) representing the right to purchase the number of Warrant Shares
purchasable immediately prior to such exercise under this Warrant, less the number of Warrant Shares with respect to
which this Warrant is exercised. No fractional Common Shares are to be issued upon the exercise of this Warrant, but rather
the number of Common Shares to be issued shall be rounded down to the nearest whole number. The Company shall pay any and all
transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees and expenses of the
Transfer Agent) that may be payable with respect to the issuance and delivery of Warrant Shares to the Holder upon exercise
of this Warrant. Notwithstanding the foregoing, the Company’s failure to deliver Warrant Shares to the Holder on or
prior to the later of (i) five full Trading Days after receipt of the applicable Exercise Notice and (ii) three full Trading
Days after the Company’s receipt of the Aggregate Exercise Price (or valid notice of a Cashless Exercise along with the
Rule 144 Representation Letter (such later date, the “Share Delivery Date”)) shall not be deemed to be a
breach of this Warrant. Notwithstanding anything to the contrary contained in this Warrant or the Registration Rights
Agreement, after the effective date of the Registration Statement (as defined in the Registration Rights Agreement), the
Company shall cause the Transfer Agent to deliver unlegended Common Shares to the Holder (or its designee) in connection with
any sale of Registrable Securities (as defined in the Registration Rights Agreement) with respect to which the Holder has
entered into a contract for sale, and delivered a copy of the prospectus included as part of the particular Registration
Statement to the extent applicable, and for which the Holder has not yet settled. From the Issuance Date through and
including the Expiration Date, the Company shall maintain a transfer agent that participates in the DTC’s Fast
Automated Securities Transfer Program. If an Exercise Notice is not accompanied by all relevant documents and opinions
required to be included therein, including documentation necessary to ensure compliance with applicable securities laws, it
shall be automatically deemed, without any further action, as if such Exercise Notice had not been sent by the Holder, and
the Company shall not be required to issue any Common Shares relating thereto or take any other action. The Holder agrees
that if any Warrant Shares were unlegended due to an effective registration statement covering the sale of such Warrant
Shares no longer being effective, and such Warrant Shares are not eligible to be sold, assigned or transferred under Rule 144
without manner of sale or volume limitations irrespective of whether the Company is a reporting company, then the Holder
shall return the Warrant Shares to direct, book entry notation and any certificates or statements shall bear a legend as
required by the “blue sky” laws of any state and a restrictive legend in substantially the form contained in the
Securities Purchase Agreement (and a stop-transfer order may be placed against transfer of such Securities).

 

    	 	2	 

     

    

 

(b)       Exercise
Price. For purposes of this Warrant, “Exercise Price” means $1.60, subject to adjustment as provided herein.

 

(c)       Company’s
Failure to Timely Deliver Securities. If on or prior to the Share Delivery Date the Company shall fail to issue and deliver
to the Holder (or its designee) a certificate or book entry statement and register such Common Shares on the Company’s share
register or, if the Transfer Agent is participating in the DTC Fast Automated Securities Transfer Program and the Warrant Shares
are subject to an effective resale registration statement in favor of the Holder or, if exercised via Cashless Exercise, can be
immediately sold or transferred by the Holder pursuant to Rule 144 without restrictions on volume or manner of sale irrespective
of whether the Company is a reporting company, the Transfer Agent shall fail to credit the balance account of the Holder or the
Holder’s designee with DTC for the number of Common Shares to which the Holder is entitled upon the Holder’s exercise
hereunder, and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise) Common Shares
to deliver in satisfaction of a sale by the Holder of Common Shares issuable upon such exercise that the Holder anticipated receiving
from the Company, then the Company shall, within five Trading Days after the Holder’s request promptly honor its obligation
to so issue and deliver to the Holder a certificate or certificates or book entry statement representing such Warrant Shares or
credit the balance account of such Holder or such Holder’s designee, as applicable, with DTC for the number of Warrant Shares
to which the Holder is entitled upon the Holder’s exercise hereunder (as the case may be) and pay cash to the Holder in
an amount equal to the excess (if any) of an amount equal to the Holder’s total purchase price (including brokerage commissions
and other out-of-pocket expenses, if any) for the Common Shares so purchased over the product of (A) such number of Common Shares
multiplied by (B) the sale price per Common Share that the Holder agreed to sell and for which Common Shares the Holder anticipated
receiving from the Company. Nothing shall limit the Holder’s right to pursue any other remedies available to it hereunder
in equity, such as a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely
deliver certificates representing Common Shares (or to electronically deliver such Common Shares or deliver book entry statements)
upon the exercise of this Warrant as required pursuant to the terms hereof. Notwithstanding anything herein to the contrary, this
Section 1(c) shall not apply to the Holder to the extent the Company has already paid such amounts in full to such Holder pursuant
to an analogous sections of the Securities Purchase Agreement.

 

    	 	3	 

     

    

 

(d)       Cashless
Exercise. This Section 1(d) shall not apply, and has no force and effect, until six months after the Issuance Date. Notwithstanding
anything contained herein to the contrary (other than Section 1(f) below and the first sentence of this Section 1(d)), if
a registration statement covering the resale of the Warrant Shares that are subject to the Exercise Notice is not available for
the resale of such unavailable Warrant Shares and the Warrant Shares are not otherwise eligible to be sold, assigned or transferred
without manner of sale or volume limitations, then the Holder may, in its sole discretion, exercise this Warrant in whole or in
part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of
the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of Common Shares determined
according to the following formula (a “Cashless Exercise”):

 

Net Number = (A x B) - (A
x C)

B

 

For purposes of the foregoing
formula:

 

A= the total number of shares with respect
to which this Warrant is then being exercised.

 

B = the quotient of (x) the sum
of the VWAP of the Common Shares of each of the twenty (20) Trading Days ending at the close of business on the Principal Market
(or, if the Principal Market is not the principal trading market for such security, then on the principal securities exchange
or securities market on which such security is then traded) immediately prior to the time of exercise as set forth in the applicable
Exercise Notice, divided by (y) twenty (20).

 

C = the
Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

For purposes of Rule
144(d) promulgated under the Securities Act, as in effect on the date hereof, it is intended that the Warrant Shares issued in
a Cashless Exercise shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be
deemed to have commenced, on the date this Warrant was originally issued pursuant to the Securities Purchase Agreement.

 

The Company shall issue
Warrant Shares with a legend as provided in the Securities Purchase Agreement.

 

(e)          Disputes.
In the case of a dispute as to the determination of the Exercise Price or the arithmetic calculation of the number of Warrant
Shares to be issued pursuant to the terms hereof, the Company shall promptly issue to the Holder the number of Warrant Shares
that are not disputed and resolve such dispute in accordance with Section 10.

 

    	 	4	 

     

    

 

(f)           Limitations
on Exercises. Notwithstanding anything to the contrary herein, the Company shall not effect the exercise of any portion of
this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant to the terms and conditions
of this Warrant and any such exercise shall be null and void and treated as if never made, to the extent that after giving effect
to such exercise, the Holder together with the other Attribution Parties to which the Company is aware holds securities of the
Company collectively would beneficially own in excess of 4.99% or such other percentage as specified in the Securities Purchase
Agreement (the “Maximum Percentage”) of the number of Common Shares outstanding immediately after giving effect
to such exercise. For purposes of the foregoing sentence, the aggregate number of Common Shares beneficially owned by the Holder
and the other Attribution Parties shall include the number of Common Shares held by the Holder and all other Attribution Parties
plus the number of Common Shares issuable upon exercise of this Warrant with respect to which the determination of such sentence
is being made, but shall exclude Common Shares which would be issuable upon (A) exercise of the remaining, unexercised portion
of this Warrant beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or conversion of the
unexercised or unconverted portion of any other securities of the Company (including, without limitation, any convertible notes
or convertible preferred shares or warrants, including other SPA Warrants) beneficially owned by the Holder or any other Attribution
Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section 1(f). For purposes
of this Section 1(f), beneficial ownership shall be calculated in accordance with Section 13(d) of the 1934 Act. For purposes
of this Warrant, in determining the number of outstanding Common Shares the Holder may acquire upon the exercise of this Warrant
without exceeding the Maximum Percentage, the Holder may rely on the number of outstanding Common Shares as reflected in (x) the
Company’s most recent Annual Report on Form 20-F, Current Report on Form 6-K or other public filing with the Securities
and Exchange Commission, as the case may be, (y) a more recent public announcement by the Company or (z) any other written notice
by the Company or the Transfer Agent, if any, setting forth the number of Common Shares outstanding (the “Reported Outstanding
Share Number”). If the Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding
Common Shares is less than the Reported Outstanding Share Number, the Company shall (i) notify the Holder in writing of the number
of Common Shares then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder’s beneficial
ownership, as determined pursuant to this Section 1(f), to exceed the Maximum Percentage, the Holder must notify the Company of
a reduced number of Warrant Shares to be purchased pursuant to such Exercise Notice (the number of shares by which such purchase
is reduced, the “Reduction Shares”) and (ii) as soon as reasonably practicable, the Company shall return to
the Holder any exercise price paid by the Holder for the Reduction Shares. For any reason at any time, upon the written or oral
request of the Holder, the Company shall within three Business Days confirm orally and in writing or by electronic mail to the
Holder the number of Common Shares then outstanding. In any case, the number of outstanding Common Shares shall be determined
after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder and any
other Attribution Party since the date as of which the Reported Outstanding Share Number was reported. In the event that the issuance
of Common Shares to the Holder upon exercise of this Warrant results in the Holder and the other Attribution Parties being deemed
to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding Common Shares (as determined
under Section 13(d) of the 1934 Act), the number of shares so issued by which the Holder’s and the other Attribution Parties’
aggregate beneficial ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be deemed null and
void and shall be cancelled ab initio, and the Holder shall not have the power to vote or to transfer the Excess Shares. As soon
as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, the Company shall return to the
Holder the exercise price paid by the Holder for the Excess Shares. Upon delivery of a written notice to the Company, the Holder
may from time to time increase or decrease the Maximum Percentage to any other percentage not in excess of 9.99% (unless there
is a higher percentage specified in the Securities Purchase Agreement, in which case such higher percentage shall prevail) as
specified in such notice; provided that (i) any such increase in the Maximum Percentage will not be effective until the sixty-first
(61st) day after such notice is delivered to the Company and (ii) any such increase or decrease will apply only to
the Holder and the other Attribution Parties and not to any other holder of SPA Warrants that is not an Attribution Party
of the Holder. For purposes of clarity, the Common Shares issuable pursuant to the terms of this Warrant in excess of the Maximum
Percentage shall not be deemed to be beneficially owned by the Holder for any purpose including for purposes of Section 13(d)
or Rule 16a-1(a)(1) of the 1934 Act. The provisions of this paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 1(f) to the extent necessary to correct this paragraph or any portion
of this paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section
1(f) or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitation contained
in this paragraph may not be waived and shall apply to a successor holder of this Warrant.

 

    	 	5	 

     

    

 

(g)          Reservation
of Shares. 

 

(i)       Required
Reserve Amount. So long as this Warrant remains outstanding, the Company shall at all times keep reserved for issuance under
this Warrant a number of Common Shares at least equal to 100% of the maximum number of Common Shares as shall be necessary to
satisfy the Company’s obligation to issue Common Shares under the SPA Warrants then outstanding (without regard to any limitations
on exercise) (the “Required Reserve Amount”); provided that at no time shall the number of Common Shares reserved
pursuant to this Section 1(g)(i) be reduced other than proportionally in connection with any exercise or redemption of SPA Warrants
or such other event covered by Section 2(a) below. The Required Reserve Amount (including, without limitation, each increase in
the number of shares so reserved) shall be allocated pro rata among the holders of the SPA Warrants based on number of Common
Shares issuable upon exercise of SPA Warrants held by each holder on the Closing Date (as defined in the Securities Purchase Agreement)
(without regard to any limitations on exercise) or increase in the number of reserved shares, as the case may be (the “Authorized
Share Allocation”). In the event that a holder shall sell or otherwise transfer any of such holder’s SPA Warrants,
each transferee shall be allocated a pro rata portion of such holder’s Authorized Share Allocation. Any Common Shares reserved
and allocated to any Person which ceases to hold any SPA Warrants shall be allocated to the remaining holders of SPA Warrants,
pro rata based on the number of Common Shares issuable upon exercise of the SPA Warrants then held by such holders (without regard
to any limitations on exercise).

 

(ii)       Insufficient
Authorized Shares. If, notwithstanding Section 1(g)(i) above, and not in limitation thereof, at any time while any of the
SPA Warrants remain outstanding, the Company does not have a sufficient number of authorized and unreserved Common Shares to satisfy
its obligation to reserve the Required Reserve Amount (an “Authorized Share Failure”), then the Company shall
immediately take all action necessary to increase the Company’s authorized Common Shares to an amount sufficient to allow
the Company to reserve the Required Reserve Amount for all the SPA Warrants then outstanding. Without limiting the generality
of the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event
later than sixty (60) days after the occurrence of such Authorized Share Failure, the Company shall call a meeting of its shareholders
for the approval of an increase in the number of authorized Common Shares. In connection with such meeting, the Company shall
provide each shareholder with a proxy statement and shall use its best efforts to solicit its shareholders’ approval of
such increase in authorized Common Shares and to cause its board of directors to recommend to the shareholders that they approve
such proposal. 

 

    	 	6	 

     

    

 

(h)         Restrictions
on Exercise. Notwithstanding anything hereon to the contrary, this Warrant may not be exercised if the issuance of the Warrant
Shares upon such exercise would constitute a violation of any applicable federal or state securities laws or other laws or regulations.
Without limiting the generality of the foregoing, the Company may reasonably request information and documentation from the Holder,
including the location of exercise of the warrant, to ensure compliance with Regulation S promulgated under the Securities Act
(to the extent that Regulation S is used as the exemption to issue Warrant Shares), or to ensure compliance with any other exemption
of the registration requirements of the Securities Act utilized by the Holder, and the Holder shall promptly comply with any such
request.

 

2.             ADJUSTMENT
OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The
Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time
as set forth in this Section 2.

 

(a)          Share
Dividends and Splits. If the Company, at any time on or after the Subscription Date, (i) pays a share dividend on one or more
classes of its then outstanding Common Shares or otherwise makes a distribution on any class of share capital that is payable
in Common Shares, (ii) subdivides (by any share split, share dividend, recapitalization or otherwise) one or more classes of its
then outstanding Common Shares into a larger number of shares or (iii) combines (by combination, reverse share split or otherwise)
one or more classes of its then outstanding Common Shares into a smaller number of shares, then in each such case the Exercise
Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares outstanding immediately before
such event and of which the denominator shall be the number of Common Shares outstanding immediately after such event. Any adjustment
made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of
shareholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph
shall become effective immediately after the effective date of such subdivision or combination. If any event requiring an adjustment
under this paragraph occurs during the period that an Exercise Price is calculated hereunder, then the calculation of such Exercise
Price shall be adjusted appropriately to reflect such event. Simultaneously with any adjustment to the Exercise Price pursuant
to this Section 2(a), the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased
or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number
of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment (without regard
to any limitations on exercise contained herein).

 

(b)          Calculations.
All calculations under this Section 2 shall be made by rounding to the nearest cent or the nearest 1/100th of
a share, as applicable. The number of Common Shares outstanding at any given time shall not include shares owned or held by or
for the account of the Company, and the disposition of any such shares shall be considered an issuance or sale of Common Shares.

 

(c)          No
Other Adjustments. Other than as described in Section 2 (but subject to Section 3), no adjustment need be made for the issuance
of any additional Common Shares, preferred shares convertible into Common Shares, or debt, warrants, options or other instruments
or securities whether or not convertible into or exercisable for Common Shares.

 

    	 	7	 

     

    

 

3.             FUNDAMENTAL
TRANSACTIONS.

 

(a)          Fundamental
Transactions. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity assumes
in writing all of the obligations of the Company under this Warrant and the other Operative Documents (as defined in the Securities
Purchase Agreement) in accordance with the provisions of this Section 3(a) pursuant to written agreements in form and substance
satisfactory to the Required Holders and approved by the Required Holders prior to such Fundamental Transaction, including agreements,
if so requested by the Holder, to deliver to each holder of SPA Warrants in exchange for such SPA Warrants a security of the Successor
Entity evidenced by a written instrument substantially similar in form and substance to this Warrant, including, without limitation,
an adjusted exercise price equal to the value for the Common Shares reflected by the terms of such Fundamental Transaction and
exercisable for a corresponding number of shares of capital stock equivalent to the Common Shares acquirable and receivable upon
exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction,
and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account
the relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock,
such adjustments to the number of shares of capital stock and such exercise price being for the purpose of protecting the economic
value of this Warrant immediately prior to the consummation of such Fundamental Transaction). Upon the consummation of a Fundamental
Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of the applicable
Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor
Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this
Warrant with the same effect as if such Successor Entity had been named as the Company herein. Upon consummation of a Fundamental
Transaction in which the Company is not the Successor Entity, the Successor Entity shall deliver to the Holder confirmation that
there shall be issued upon exercise of this Warrant at any time after the consummation of the applicable Fundamental Transaction,
in lieu of the Common Shares (or other securities, cash, assets or other property) issuable upon the exercise of this Warrant
prior to the applicable Fundamental Transaction, such common equity of the Successor Entity (including its parent) which the Holder
would have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised
immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant),
as adjusted in accordance with the provisions of this Warrant. Notwithstanding the foregoing, and without limiting Section 1(f)
hereof, the Holder may elect, at its sole option, by delivery of written notice to the Company to waive this Section 4(a)
to permit the Fundamental Transaction without the assumption of this Warrant. In addition to and not in substitution for any other
rights hereunder, prior to the consummation of each Fundamental Transaction pursuant to which holders of Common Shares are entitled
to receive securities or other assets with respect to or in exchange for Common Shares (a “Corporate Event”),
the Company shall make appropriate provision to ensure that the Holder will thereafter have the right to receive upon an exercise
of this Warrant at any time after the consummation of the applicable Fundamental Transaction but prior to the Expiration Date,
in lieu of the shares of the Common Shares (or other securities, cash, assets or other property) issuable upon the exercise of
the Warrant prior to such Fundamental Transaction, such shares, securities, cash, assets or any other property whatsoever (including
warrants or other purchase or subscription rights) which the Holder would have been entitled to receive upon the happening of
the applicable Fundamental Transaction had this Warrant been exercised immediately prior to the applicable Fundamental Transaction
(without regard to any limitations on the exercise of this Warrant) only to the extent that the Holder did not have an opportunity
to exercise this Warrant prior to the Fundamental Transaction (it being agreed that if the Company provides the notice in accordance
with Section 7(iii), then the Holder shall automatically be deemed to have an opportunity to exercise this Warrant). 

    	 	8	 

     

    

 

(b)         Application.
The provisions of this Section 3 shall apply similarly and equally to successive Fundamental Transactions and Corporate Events
and shall be applied as if this Warrant (and any such subsequent warrants) were fully exercisable and without regard to any limitations
on the exercise of this Warrant (provided that the Holder shall continue to be entitled to the benefit of the Maximum Percentage,
applied however with respect to shares of capital stock registered under the 1934 Act and thereafter receivable upon exercise
of this Warrant (or any such other warrant)).

 

4.             NON-CIRCUMVENTION.
 The Company hereby covenants and agrees that the
Company will not, by amendment of its Articles of Incorporation, Bylaws or through any reorganization, transfer of assets, consolidation,
merger, scheme of arrangement, dissolution, issuance or sale of securities, or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms of this Warrant, and will at all times in good faith carry out all the provisions
of this Warrant and take all action as may be required to protect the rights of the Holder. Without limiting the generality of
the foregoing, the Company (a) shall not increase the par value of any Common Shares receivable upon the exercise of this Warrant
above the Exercise Price then in effect, and (b) shall take all such actions as may be necessary or appropriate in order that
the Company may validly and legally issue fully paid and non-assessable Common Shares upon the exercise of this Warrant. Notwithstanding
anything herein to the contrary, if after the sixty (60) calendar day anniversary of the Issuance Date, the Holder is not permitted
to exercise this Warrant in full for any reason (other than pursuant to restrictions set forth in Section 1(f) hereof or applicable
securities laws), the Company shall use its best efforts to promptly remedy such failure, including, without limitation, obtaining
such consents or approvals as necessary to permit such exercise into Common Shares.

 

5.             WARRANT
HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise
specifically provided herein, the Holder, solely in its capacity as a holder of this Warrant, shall not be entitled to vote or
receive dividends or be deemed the holder of capital stock of the Company for any purpose, nor shall anything contained in this
Warrant be construed to confer upon the Holder, solely in its capacity as the Holder of this Warrant, any of the rights of a shareholder
of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of shares,
reclassification of shares, consolidation, merger, conveyance or otherwise), receive notice of meetings, receive dividends or
subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which the Holder is then entitled
to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing
any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a shareholder of the
Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 5,
the Company shall provide the Holder with copies of the same notices and other information given to the shareholders of the Company
generally, contemporaneously with the giving thereof to the shareholders.

 

6.             REISSUANCE
OF WARRANTS.

 

(a)          Transfer
of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Warrant (in accordance with Section 6(d)), registered
as the Holder may request, representing the right to purchase the number of Warrant Shares being transferred by the Holder and,
if less than the total number of Warrant Shares then underlying this Warrant is being transferred, a new Warrant (in accordance
with Section 6(d)) to the Holder representing the right to purchase the number of Warrant Shares not being transferred.

 

    	 	9	 

     

    

 

(b)          Lost,
Stolen or Mutilated Warrant. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant, and, in the case of loss, theft or destruction, of any indemnification undertaking
by the Holder to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation
of this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with Section 6(d)) representing
the right to purchase the Warrant Shares then underlying this Warrant.

 

(c)          Exchangeable
for Multiple Warrants. This Warrant is exchangeable, upon the surrender hereof by the Holder at the principal office of the
Company, for a new Warrant or Warrants (in accordance with Section 6(d)) representing in the aggregate the right to purchase
the number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the right to purchase such
portion of such Warrant Shares as is designated by the Holder at the time of such surrender; provided, however, no warrants for
fractional Warrants Shares shall be given.

 

(d)          Issuance
of New Warrants. Whenever the Company is required to issue a new Warrant pursuant to the terms of this Warrant, such new Warrant
(i) shall be of like tenor with this Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to
purchase the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued pursuant to Section 6(a)
or Section 6(c), the Warrant Shares designated by the Holder which, when added to the number of Common Shares underlying the other
new Warrants issued in connection with such issuance, does not exceed the number of Warrant Shares then underlying this Warrant),
(iii) shall have an issuance date, as indicated on the face of such new Warrant which is the same as the Issuance Date, and (iv)
shall have the same rights and conditions as this Warrant.

 

7.             NOTICES.
Whenever notice is required to be given under this
Warrant, unless otherwise provided herein, such notice shall be given in accordance with Section 6.5 of the Securities Purchase
Agreement. The Company shall provide the Holder with prompt written notice of all actions taken pursuant to this Warrant (other
than the issuance of Common Shares upon exercise in accordance with the terms hereof), including in reasonable detail a description
of such action and the reason therefor. Without limiting the generality of the foregoing, the Company will give written notice
to the Holder (i) immediately upon each adjustment of the Exercise Price and the number of Warrant Shares, setting forth in reasonable
detail the calculation of such adjustment(s), (ii) at least 15 days prior to the date on which the Company closes its books or
takes a record (A) with respect to any dividend or distribution upon the Common Shares, (B) with respect to any grants, issuances
or sales of any Options, Convertible Securities or rights to purchase shares, warrants, securities or other property to holders
of Common Shares (other than issuances of securities to directors, officers, employees or consultants of the Company) or (C) for
determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation, provided in each case that
such information shall be made known to the public prior to or in conjunction with such notice being provided to the Holder, and
(iii) at least 10 Trading Days prior to the consummation of any Fundamental Transaction. To the extent that any notice provided
hereunder constitutes, or contains, material, non-public information regarding the Company or any of its Subsidiaries, and the
Holder has not agreed to receive such material non-public information, the Company hereby covenants and agrees that the Holder
shall not have any duty of confidentiality to the Company, any of its Subsidiaries or any of their respective officers, directors,
employees, affiliates or agents with respect to, or a duty to any of the foregoing not to trade on the basis of, such material
non-public information. It is expressly understood and agreed that the time of execution specified by the Holder in each Exercise
Notice shall be definitive and may not be disputed or challenged by the Company.

 

    	 	10	 

     

    

 

8.             AMENDMENT
AND WAIVER. Except as otherwise provided herein,
the provisions of this Warrant may be amended or waived and the Company may take any action herein prohibited, or omit to perform
any act herein required to be performed by it, only if the Company has obtained the written consent of the Holder. No waiver shall
be effective unless it is in writing and signed by an authorized representative of the waiving party.

 

9.             SEVERABILITY.
If any provision of this Warrant is prohibited by
law or otherwise determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that would otherwise
be prohibited, invalid or unenforceable shall be deemed amended to apply to the broadest extent that it would be valid and enforceable,
and the invalidity or unenforceability of such provision shall not affect the validity of the remaining provisions of this Warrant
so long as this Warrant as so modified continues to express, without material change, the original intentions of the parties as
to the subject matter hereof and the prohibited nature, invalidity or unenforceability of the provision(s) in question does not
substantially impair the respective expectations or reciprocal obligations of the parties or the practical realization of the
benefits that would otherwise be conferred upon the parties. The parties will endeavor in good faith negotiations to replace the
prohibited, invalid or unenforceable provision(s) with a valid provision(s), the effect of which comes as close as possible to
that of the prohibited, invalid or unenforceable provision(s).

 

10.           GOVERNING
LAW. This Warrant shall be governed by and construed
and enforced in accordance with, and all questions concerning the construction, validity, interpretation and performance of this
Warrant shall be governed by, the internal laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of New York. Each of the Holder and the Company hereby irrevocably waives personal
service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to the
Company at the address set forth in Section 6.5 of the Securities Purchase Agreement and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Each of the Holder and the Company hereby irrevocably submits to the
exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby
irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue
of such suit, action or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude the Holder from bringing
suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations
to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a judgment or other court
ruling in favor of the Holder. THE COMPANY AND THE HOLDER EACH HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES
NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT
OR ANY TRANSACTION CONTEMPLATED HEREBY. To the extent that the Company, or any of its properties, assets or revenues may have
or may hereafter become entitled to any right of immunity in any such court in which proceedings may at any time be commenced,
the Company hereby waives such right to the extent permitted by law and hereby consents to such relief and enforcement as provided
in this Warrant.

 

    	 	11	 

     

    

 

 

11.           CONSTRUCTION;
HEADINGS. This Warrant shall be deemed to be jointly drafted by the Company and the Holder and shall not be construed
against any Person as the drafter hereof. The headings of this Warrant are for convenience of reference and shall not form part
of, or affect the interpretation of, this Warrant.

 

12.           REMEDIES,
CHARACTERIZATION, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Warrant shall be
cumulative and in addition to all other remedies available under this Warrant and the other Operative Documents, at law or in
equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the right of
the Holder to pursue damages for any failure by the Company to comply with the terms of this Warrant. The Company acknowledges
that a breach by it of its obligations hereunder may cause irreparable harm to the Holder and that the remedy at law for any such
breach may be inadequate. The Company therefore agrees that, in the event of any such breach or threatened breach, the holder
of this Warrant shall be entitled, in addition to all other available remedies, to specific performance and/or temporary, preliminary
and permanent injunctive or other equitable relief from any court of competent jurisdiction in any such case without the necessity
of proving actual damages and without posting a bond or other security. The Company shall provide all information and documentation
to the Holder that is requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and
conditions of this Warrant (including, without limitation, compliance with Section 2 hereof). The issuance of shares and
certificates for shares or book entry statements as contemplated hereby upon the exercise of this Warrant shall be made without
charge to the Holder or such shares for any issuance tax or other costs in respect thereof, provided that the Company shall not
be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any Common
Shares in a name other than the Holder.

 

13.           PAYMENT
OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If this Warrant is placed in the hands of an attorney for collection or
enforcement or is collected or enforced through any legal proceeding or the holder otherwise takes action to collect amounts due
under this Warrant or to enforce the provisions of this Warrant, then the Company shall pay the costs incurred by the Holder for
such collection, enforcement or action.

 

14.           TRANSFER.
This Warrant may be offered for sale, sold, transferred or assigned without the consent of the Company, provided that the Holder
shall provide to the Company and its transfer agent an opinion of counsel that such transfer is exempt from registration under
the Securities Act, and whether (or when) the Warrant or Warrant Shares are freely tradable without restriction, it being understood
that Warrant Shares issued pursuant to Regulation S will generally not be freely tradable unless resale is registered under the
Securities Act or pursuant to Rule 144 or another rule promulgated under the Securities Act, and provided, further, that the transferee
provide to the Company all of the representations and warranties contained in Article IV of the Securities Purchase Agreement
as if the transferee were a party thereto.

 

    	 	12	 

     

    

 

15.           Stock
Certificates. Any reference in this Warrant to stock certificates shall mean at the option of the Company, and may
be satisfied by, a book entry notation of stock of the Company or other proof that uncertificated shares have been issued.

 

16.           CERTAIN
DEFINITIONS. For purposes of this Warrant, the following terms shall have the following meanings:

 

(a)          “1934
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 

(b)          “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly controls, is controlled by, or is under common
control with, such Person, it being understood for purposes of this definition that “control” of a Person means the
power directly or indirectly either to vote 10% or more of the shares having ordinary voting power for the election of directors
of such Person or direct or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

(c)          “Approved Share Plan” means any employee benefit plan which has been approved by the board of directors of
the Company prior to or subsequent to the date hereof pursuant to which the Company’s securities may be issued to any employee,
officer or director for services provided to the Company in their capacity as such.

 

(d)          “Attribution
Parties” means, collectively, the following Persons and entities: (i) any investment vehicle, including, any funds,
feeder funds or managed accounts, currently, or from time to time after the Issuance Date, directly or indirectly managed or advised
by the Holder’s investment manager or any of its Affiliates or principals, (ii) any direct or indirect Affiliates of the
Holder or any of the foregoing, (iii) any Person acting or who could be deemed to be acting as a Group together with the Holder
or any of the foregoing and (iv) any other Persons whose beneficial ownership of the Company’s Common Shares would or could
be aggregated with the Holder’s and the other Attribution Parties for purposes of Section 13(d) of the 1934 Act. For clarity,
the purpose of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

(e)          “Bloomberg”
means Bloomberg, L.P. or a successor entity.

 

(f)           “Business
Day” means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized
or required by law to remain closed.

 

(g)          “Common
Shares” means (i) the Company’s common shares, par value $0.004 per share, and (ii) any capital stock into
which such common shares shall have been changed or any capital stock resulting from a reclassification of such common shares.

 

(h)          “Convertible
Securities” means any shares or other security (other than Options and Excluded Securities) that is at any time and
under any circumstances, directly or indirectly, convertible into, exercisable or exchangeable for, or which otherwise entitles
the holder thereof to acquire, any Common Shares.

 

    	 	13	 

     

    

 

(i)           “Excluded
Securities” means (i) Common Shares or standard options to purchase Common Shares issued to directors, officers or employees
of the Company for services rendered to the Company in their capacity as such whether or not pursuant to an Approved Share Plan;
(ii) Common Shares issued upon the conversion or exercise of Convertible Securities issued prior to the Subscription Date, provided
that the conversion price of any such Convertible Securities (other than standard options to purchase Common Shares issued pursuant
to an Approved Share Plan that are covered by clause (i) above) is not lowered, none of such Convertible Securities (other than
standard options to purchase Common Shares issued pursuant to an Approved Share Plan that are covered by clause (i) above) are
amended to increase the number of shares issuable thereunder and none of the terms or conditions of any such Convertible Securities
(other than standard options to purchase Common Shares issued pursuant to an Approved Share Plan that are covered by clause (i)
above) are otherwise materially changed in any manner that adversely affects any of the Buyers; (iii) the Common Shares issuable
upon exercise of the SPA Warrants and (iv) Common Shares, warrants and Common Shares issuable upon exercise of warrants, in each
case issued as contemplated by Section 2.6(i) of the Securities Purchase Agreement.

 

(j)           “Expiration
Date” means the date that is the second anniversary of the Issuance Date or, if such date falls on a day other than
a Trading Day or on which trading does not take place on the Principal Market (a “Holiday”), the next date
that is not a Holiday.

 

(k)         
“Fundamental Transaction” means (A) that the Company shall, directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not the Company
is the surviving corporation) another Subject Entity, in a transaction in which the shareholders of the Company prior to such
merger shall not be the shareholders holding a majority of the post-merged Company’s securities or (ii) sell, assign, transfer,
convey or otherwise dispose of all or substantially all of the properties or assets of the Company to one or more Subject Entities,
or (iii) make, or allow one or more Subject Entities to make, or allow the Company to be subject to or have its Common Shares
be subject to or party to one or more Subject Entities making, a purchase, tender or exchange offer that is accepted by the holders
of at least either (x) 50% of the outstanding Common Shares, (y) 50% of the outstanding Common Shares calculated as if any Common
Shares held by all Subject Entities making or party to, or Affiliated with any Subject Entities making or party to, such purchase,
tender or exchange offer were not outstanding; or (z) such number of Common Shares such that all Subject Entities making or party
to, or Affiliated with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively the
beneficial owners (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding Common Shares, or (iv) consummate
a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the
aggregate, acquire, either (x) at least 50% of the outstanding Common Shares, (y) at least 50% of the outstanding Common Shares
calculated as if any Common Shares held by all the Subject Entities making or party to, or Affiliated with any Subject Entity
making or party to, such stock purchase agreement or other business combination were not outstanding; or (z) such number of Common
Shares such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under the 1934 Act)
of at least 50% of the outstanding Common Shares, (B) that the Company shall, directly or indirectly, including through subsidiaries,
Affiliates or otherwise, in one or more related transactions, allow any Subject Entity individually or the Subject Entities in
the aggregate to be or become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly,
whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding Common
Shares, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization,
recapitalization or reclassification or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary
voting power represented by issued and outstanding Common Shares not held by all such Subject Entities as of the date of this
Warrant calculated as if any Common Shares held by all such Subject Entities were not outstanding, or (y) a percentage of the
aggregate ordinary voting power represented by issued and outstanding Common Shares or other equity securities of the Company
sufficient to allow such Subject Entities to effect a statutory short form merger or other transaction requiring other shareholders
of the Company to surrender their Common Shares without approval of the shareholders of the Company or (C) directly or indirectly,
including through subsidiaries, Affiliates or otherwise, in one or more related transactions, the issuance of or the entering
into any other instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of this definition
in which case this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms
of this definition to the extent necessary to correct this definition or any portion of this definition which may be defective
or inconsistent with the intended treatment of such instrument or transaction.

 

    	 	14	 

     

    

 

(l)           “Group”
means a “group” as that term is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

 

(m)         “Options”
means, except for Excluded Securities, any rights, warrants or options to subscribe for or purchase Common Shares or Convertible
Securities.

 

(n)          “Person”
means an individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization,
any other entity or a government or any department or agency thereof.

 

(o)          “Principal
Market” means the Nasdaq Capital Market.

 

(p)          “Registration
Rights Agreement” means that certain registration rights agreement, dated as of the Closing Date (as defined in the
Securities Purchase Agreement), by and among the Company and the holders of the SPA Warrants relating to, among other things,
the registration of the resale of the Common Shares issuable pursuant to the Securities Purchase Agreement and upon exercise of
the SPA Warrants, as may be amended from time to time.

 

(q)          “Required
Holders” means the holders of the SPA Warrants representing at least fifty-one percent (51%) of the aggregate number
of then outstanding SPA Warrants.

 

(r)           “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

 

(s)          “Subject
Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person, Persons or Group, but Subject
Entity shall not include Mr. Georgios Feidakis or any of his Affiliates.

 

(t)           “Successor
Entity” means the Person formed by, resulting from or surviving any Fundamental Transaction or the Person with which
such Fundamental Transaction shall have been entered into.

 

(u)          “Trading
Day” means, as applicable, any day on which the Common Shares is traded on the Principal Market, or, if the Principal
Market is not the principal trading market for the Common Shares, then on the principal securities exchange or securities market
on which the Common Shares is then traded, provided that “Trading Day” shall not include any day on which the Common
Shares is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common Shares is suspended
from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in
advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m., New York time).

 

    	 	15	 

     

    

 

(v)          “VWAP”
means, for any security as of any date, the dollar volume-weighted average price for such security on the Principal Market (or,
if the Principal Market is not the principal trading market for such security, then on the principal securities exchange or securities
market on which such security is then traded) during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00
p.m., New York time, as reported by Bloomberg through its “HP” function (set to weighted average) or, if the foregoing
does not apply, the dollar volume-weighted average price of such security in the over-the-counter market on the electronic bulletin
board for such security during the period beginning at 9:30:01 a.m., New York time, and ending at 4:00:00 p.m., New York time,
as reported by Bloomberg, or, if no dollar volume-weighted average price is reported for such security by Bloomberg for such hours,
the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as
reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC). If the VWAP cannot be calculated
for such security on such date on any of the foregoing bases, the VWAP of such security on such date shall be the fair market
value as mutually determined by the Company and the Holder. All such determinations shall be appropriately adjusted for any share
dividend, share split, share combination, recapitalization or other similar transaction during such period.

 

[signature page
follows]

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to Purchase Common Shares to be duly executed as of the Issuance Date set out above.

  

	 	Globus Maritime Limited 
	 	 	 
	 	By:	/s/Athanasios
    Feidakis
	 	 	Name: Athanasios Feidakis
	 	 	Title: Chief Executive Officer

 

     

     

    

 

EXHIBIT A

 

EXERCISE
NOTICE

 

TO
BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

 

GLOBUS MARITIME LIMITED

 

The undersigned holder
hereby elects to exercise the Warrant to Purchase Common Shares No. _______ (the “Warrant”) of Globus
Maritime Limited, a Marshall Islands corporation (the “Company”) as specified below. Capitalized terms used
herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

1.           Form
of Exercise Price. The Holder intends that payment of the Aggregate Exercise Price shall be made as:

 

	 	 ̈	a “Cash
    Exercise” with respect to _________________ Warrant Shares; and/or

 

	 	 ̈	a “Cashless
    Exercise” with respect to _______________ Warrant Shares.

 

In the event that
the Holder has elected a Cashless Exercise with respect to some or all of the Warrant Shares to be issued pursuant hereto, the
Holder hereby represents and warrants that this Exercise Notice was executed by the Holder at __________ [a.m.][p.m.] on the date
set forth below.

 

2.           Payment
of Exercise Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Warrant Shares
to be issued pursuant hereto, the Holder shall pay the Aggregate Exercise Price in the sum of $___________________ to the Company
in accordance with the terms of the Warrant.

 

3.           Delivery
of Warrant Shares. The Company shall deliver to Holder, or its designee or agent as specified below, __________ Common Shares
in accordance with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, as follows:

 

 ̈           Check
here if requesting delivery as a certificate or book entry statement to the following name and to the following address:

 

	Issue
    to:	 
	 	 
	 	 
	 	 
	 	 

 

	 	 ̈	Check here if requesting delivery by Deposit/Withdrawal
    at Custodian as follows: 

 

	DTC
    Participant:	 
	 	 
	DTC
    Number:	 
	 	 
	Account
    Number:	 

 

     

     

    

 

 

4.            [Non-U.S.
Person. By exercise hereof, the Holder certifies that it is not a U.S. person (as defined in Regulation S promulgated under
the Securities Act of 1933) and the Warrant is not being exercised on behalf of a U.S. person.] or [Opinion of Counsel.
An opinion of counsel is enclosed opining that the warrant and the securities delivered upon exercise thereof are exempt from
registration under the Securities Act of 1933, and whether (or when) the Warrant Shares are freely tradable without restriction.]

 

[5.          ONLY
IF BEING EXERCISED PURSUANT TO REGULATION S: Location of Exercise; Distribution Compliance Period. The Holder certifies
that the Warrant has not been exercised within the United States. The Holder acknowledges and understands that all offers and
sales of the Warrant Shares prior to the expiration of the 40-day period commencing the day after the Warrant Shares are issued
shall be made only in accordance with the provisions of Regulation S promulgated under the Securities Act of 1933, pursuant to
registration of the securities under the Securities Act, or pursuant to an available exemption from the registration requirements
of the Securities Act, it being understood that Warrant Shares issued pursuant to Regulation S will generally not be freely tradable
unless resale is registered under the Securities Act or pursuant to Rule 144. Such Holder further represents and warrants and
agrees that the offer or resale of the Warrant Shares by such Holder, if made prior to the expiration of the 40-day period commencing
the day after the date of issuance, shall not be made to a U.S. person (as defined in Regulation S promulgated under the Securities
Act) or for the account or benefit of a U.S. person (other than a distributor). The Holder understands that the Warrant Shares
are characterized as “restricted securities” under the Securities Act inasmuch as they are being acquired from the
Company in a transaction not involving a public offering.]

 

[6.          ONLY
IF BEING EXERCISED PURSUANT TO REGULATION S: Location of Securities. The Holder certifies that the securities delivered
pursuant to the exercise of the Warrant may not be delivered within the United States upon exercise, and has not provided a U.S.
address for any such delivery.]

 

7.           [IF
NOT EXERCISED PURSUANT TO RULE 144 OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT: The Warrant Shares are being acquired for
the Holder’s own account, not as a nominee or agent, and with no present intention of distributing the Warrant Shares or
any part thereof, and the Holder has no present intention of selling or granting any participation in or otherwise distributing
the same.] The Holder was not formed for the purpose of acquiring any of the Warrant Shares. If the Holder should in the future
decide to dispose of any of the Warrant Shares, the Holder understands and agrees (a) that it may do so only in compliance with
the Securities Act and applicable state or other securities laws, as then in effect, including a sale contemplated by any registration
statement pursuant to which such securities are being offered, or pursuant to an exemption from the Securities Act, and (b) that
stop-transfer instructions to that effect will be in effect with respect to such Warrant Shares.

 

8.           
The Holder has received or has had full access to all the information it considers necessary or appropriate to make an informed
investment decision with respect to the Warrant Shares. The Holder further has had an opportunity to ask questions and receive
answers from the Company regarding the terms and conditions of the Warrant Shares and to obtain additional information and documents
necessary to verify any information furnished to the Holder or to which the Holder had access. The Holder did not receive from
the Company or its agent any offering materials or other documents.

 

     

     

    

 

 

9.          
The Holder understands that the purchase of the Warrant Shares involves substantial risk. The Holder represents and warrants to,
and covenants and agrees with, the Company, that it (i) is an “accredited investor” within the meaning of Rule 501
of Regulation D promulgated pursuant to the Securities Act, (ii) by reason of its business and financial experience has such knowledge,
sophistication and experience in making similar investments and in business and financial matters generally so as to be capable
of evaluating the merits and risks of the prospective investment in the Warrant Shares, (iii) was advised by the Company to obtain
United States counsel, either obtained United States counsel or had a full and fair opportunity and the means to obtain United
States counsel and (iv) is able to bear the economic risk of such investment, and is able to afford a complete loss of such investment.

 

[10.       
IF NOT EXERCISED BY A NON-AFFILIATE PURSUANT TO RULE 144 AFTER ONE YEAR FROM THE ISSUANCE DATE OR PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT: The Holder understands that the Warrant Shares may be characterized as “restricted securities” under the
Securities Act inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that
under such laws and applicable regulations such Warrant Shares may be resold (i) without registration under the Securities Act
only in certain limited circumstances or (ii) if such resale is registered under the Securities Act. In this connection, the Holder
represents that it is a sophisticated party knowledgeable with respect to the exemptions from registration under the Securities
Act and applicable state securities laws (including, if available, the rules and regulations promulgated under the Securities
Act by which securities may be sold without filing a registration statement, including but not limited to §§3-4 of the
Securities Act, Regulation D, Regulation S, Rule 144, and Rule 144A).]

 

11.        
The Holder (i) acknowledges that after the issuance of the Warrant Shares, the Holder may be deemed an “affiliate”
of the Company under the Securities Act, (ii) acknowledges understanding the additional restrictions under the Securities Act
applicable to affiliates of the Company, and (iii) either (a) confirms having discussed such restrictions with United States securities
counsel or (b) acknowledges that it both the means and a full and fair opportunity to obtain United States securities counsel
and discuss such restrictions prior to exercising the relevant Warrant.

 

12.        
The Holder is not aware any form of general solicitation or general advertising (within the meaning of Regulation D promulgated
under the Securities Act) or directed selling efforts (as defined in Regulation S) relating to the Warrant Shares.

 

13.        
The Holder understands that any certificates or statements evidencing any Warrant Shares may bear a legend as provided in the
Securities Purchase Agreement.

 

14.         
[ONLY IF THE HOLDER WOULD BE AN AFFILIATE OF THE COMPANY AS DEFINED IN RULE 144:] The Holder and its beneficial owners of 20%
or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power (each, a “Covered
Person”) is not subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii)
under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2)
or (d)(3) under the Securities Act. The Holder has exercised reasonable care to determine whether any Covered Person is subject
to a Disqualification Event. The purchase of the Warrant Shares by the Holder will not subject the Company to any Disqualification
Event. There are no matters that would have triggered disqualification under Rule 506(d)(1) under the Securities Act but occurred
before September 23, 2013.

 

15.          The
Holder is not a broker dealer registered under Section 15(a) of the 1934 Act, or a member of Financial Industry Regulatory Authority,
Inc. or an entity engaged in the business of being a broker-dealer. The Holder is not a distributor as such term is defined in
Regulation S promulgated under the Securities Act.

 

     

     

    

 

 

16.         
The Holder understands that the Warrant Shares are being offered and sold to it in reliance upon specific exemptions from the
registration requirements of the Securities Act, the rules and regulations and state securities laws, and that the Company is
relying upon the truth and accuracy of, and the Holder’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Holder set forth herein in order to determine the availability of such exemptions and the eligibility
of the Holder to acquire the Warrant Shares.

 

17.          The
Holder represents and warrants that the number of Common Shares beneficially owned by the Holder together with the other Attribution
Parties plus the Common Shares requested to be issued pursuant to an Exercise Notice aggregate to a number less than or equal
to the Maximum Percentage.

 

	Date: _____________ __,             	 
	 	 	 
	 	 
	Name
    of Registered Holder	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 	 
	 	Tax ID:	 	 
	 	 	 	 
	 	Facsimile:	 	 
	 	 	 	 
	 	E-mail Address:	 	 

 

     

     

    

 

EXHIBIT B

 

ACKNOWLEDGMENT

 

The Company hereby
acknowledges this Exercise Notice and hereby directs ______________ to issue the above indicated number of Common Shares in accordance
with the Transfer Agent Instructions dated _________, 201_, from the Company and acknowledged and agreed to by _______________.

 

	 	Globus
    Maritime Limited
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

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