Document:

Exhibit 4.2

  

  

  

  

  

  

  

  

  

  

  

  CONTRIBUTION AND SPIN OFF DISTRIBUTION AGREEMENT

  by and between

  CASTOR MARITIME INC.

  and

  TORO CORP.

  dated as of [•]

    

  

  

  

  

  

  

  

  

  

  
    
      

  

  
  TABLE OF CONTENTS

   

  

  Page

   

    

  ARTICLE I

    

      DEFINITIONS AND INTERPRETATION

  

  

  	
          Section 1.1

        	
          General

        	
          3

        
	
          Section 1.2

        	
          References; Interpretation

        	
          8

        

   

    

  ARTICLE II

    

      PRE-DISTRIBUTION TRANSACTIONS

   

    

  	
          Section 2.1

        	
          Articles of Incorporation; By-laws

        	
          8

        
	
          Section 2.2

        	
          Directors

        	
          8

        
	
          Section 2.3

        	
          Contribution

        	
          8

        
	
          Section 2.4

        	
          Other Pre-Distribution Transactions

        	
          9

        
	
          Section 2.5

        	
          Ancillary Agreements

        	
          9

        
	
          Section 2.6

        	
          Intercompany Accounts

        	
          9

        

  

  

  ARTICLE III

    

      THE DISTRIBUTION

  

  

  	
          Section 3.1

        	
          Share Dividend by Castor

        	
          10

        
	
          Section 3.2

        	
          Fractional Shares

        	
          10

        
	
          Section 3.3

        	
          Sole Discretion of Castor

        	
          11

        
	
          Section 3.4

        	
          Conditions to the Distribution

        	
          11

        

  

  

  ARTICLE IV

  

  

  REPRESENTATIONS AND WARRANTIES OF CASTOR; DISCLAIMER

   

  

  	
          Section 4.1

        	
          Representations and Warranties

        	
          12

        
	
          Section 4.2

        	
          DISCLAIMER OF WARRANTIES

        	
          13

        

   

  

  ARTICLE V

   

  

  FURTHER ASSURANCES

   

  

  	
          Section 5.1

        	
          Further Assurances

        	
          14

        

  
    i

    
      

  

  ARTICLE VI

  

  

  INDEMNIFICATION

   

  

  	
          Section 6.1

        	
          Release of Pre-Distribution Claims

        	
          14

        
	
          Section 6.2

        	
          Indemnification by Castor

        	
          15

        
	
          Section 6.3

        	
          Indemnification by SpinCo

        	
          15

        

   

  

  ARTICLE VII

   

  

  TERMINATION

   

  

  	
          Section 7.1

        	
          Termination

        	
          15

        

   

  

  ARTICLE VIII

   

  

  MISCELLANEOUS

   

  

  	
          Section 8.1

        	
          Complete Agreement; Construction

        	
          15

        
	
          Section 8.2

        	
          Amendments

        	
          15

        
	
          Section 8.3

        	
          Counterparts

        	
          16

        
	
          Section 8.4

        	
          Survival of Representations and Warranties

        	
          16

        
	
          Section 8.5

        	
          Costs and Expenses

        	
          16

        
	
          Section 8.6

        	
          Notices

        	
          16

        
	
          Section 8.7

        	
          Waivers and Consents

        	
          17

        
	
          Section 8.8

        	
          Successors and Assigns

        	
          17

        
	
          Section 8.9

        	
          Deed; Bill of Sale; Assignment

        	
          17

        
	
          Section 8.10

        	
          Subsidiaries

        	
          17

        
	
          Section 8.11

        	
          Third Party Beneficiaries

        	
          17

        
	
          Section 8.12

        	
          Titles and Headings

        	
          17

        
	
          Section 8.13

        	
          Governing Law

        	
          18

        
	
          Section 8.14

        	
          WAIVER OF JURY TRIAL

        	
          18

        
	
          Section 8.15

        	
          Severability

        	
          18

        
	
          Section 8.16

        	
          Interpretation

        	
          18

        

   

  

  
    ii

    
      

  

  CONTRIBUTION AND SPIN OFF DISTRIBUTION AGREEMENT

   

  

  This CONTRIBUTION AND SPIN OFF DISTRIBUTION AGREEMENT, dated as of [•] (this “Agreement”), is entered into by and between Castor Maritime Inc., a
    Marshall Islands corporation (“Castor”), and Toro Corp., a Marshall Islands corporation (“SpinCo”). Each of Castor and SpinCo is referred to herein as a “Party” and collectively, as the “Parties”.

   

  

  W I T N E S S E T H:

   

  

  WHEREAS, Castor is a global shipping company engaged in the business of acquiring, owning, chartering and operating oceangoing cargo vessels;

   

  

  WHEREAS, acting through its Subsidiaries, Castor currently conducts (i) the Castor Retained Business (presently comprising dry-bulk vessels engaged in the
    worldwide transportation of commodities such as iron ore, coal, soybeans, etc.) and (ii) the SpinCo Business (presently comprising tanker vessels engaged in the worldwide transportation of crude oil, oil and petroleum products);

   

  

  WHEREAS, upon the recommendation of a special committee of independent and disinterested directors (the “Castor Special Committee”) of the Board of Directors of Castor (the “Castor Board”), the independent and disinterested directors of the Castor Board (with Mr. Petros Panagiotidis recused from the related deliberations) have unanimously
    determined that it is appropriate, desirable and in the best interests of Castor and its shareholders to separate the SpinCo Business from Castor and to spin off the SpinCo Business in the manner contemplated by this Agreement;

   

  

  WHEREAS, Castor has caused SpinCo to be formed in order to facilitate such separation and spin off and SpinCo has not engaged in activities except for
    activities undertaken in preparation for the Distribution;

   

  

  WHEREAS, Castor owns all of the issued and outstanding common shares, $0.001 par value per share, of SpinCo (the “SpinCo Common Shares”) as of the
    date hereof;

   

  

  WHEREAS, in order to effect such separation, it is contemplated that the Parties will enter into a series of transactions whereby (i) Castor will contribute
    all of the Tanker-Owning Subsidiary Shares to SpinCo as a capital contribution in exchange for the issuance of the Preferred Shares and the Distribution Shares (such transactions as they may be amended or modified from time to time, collectively, the “Contribution”),

    (ii) SpinCo will replace Castor as guarantor for the Term Loan Facility (such transactions as they may be amended or modified from time to time, the “Guarantee Release”), (iii) Castor shall cause the Master Management Agreement, dated as of
    September 1, 2020, as amended and restated on July 28, 2022 (the “Existing Management Agreement”), to be terminated in respect of the Tanker-Owning Subsidiaries, and SpinCo and the Tanker-Owning Subsidiaries will enter into a new master
    management agreement with Castor Ships S.A., substantially identical in form to the Existing Management Agreement, for certain technical, commercial, crew management services and administrative services in respect of the Tanker Vessels and the business
    affairs of SpinCo (such transactions as they may be amended or modified from time to time, collectively, the “Management Arrangements”), (iv) Castor shall cause the custodial and cash pooling deed entered into between its Subsidiaries and Castor
    Maritime SCR Corp. (the “Castor Custodial Deed”) to be terminated in respect of the Tanker-Owning Subsidiaries, and SpinCo and the Tanker-Owning Subsidiaries will enter into a custodial and cash pooling deed, substantially identical in form to
    the Castor Custodial Deed, with Toro RBX Corp. (such transactions as they may be amended or modified from time to time, collectively, the “Cash Pooling Arrangements”), (v) SpinCo will adopt the form of amended and restated articles of
    incorporation and form of amended and restated by-laws filed with the SEC as exhibits to the Form 20-F (collectively the “Organizational Documents”, and such actions, the “Organizational Arrangements”) and (vi) Castor will cause the
    existing directors of SpinCo to resign from the SpinCo Board and elect the individuals identified in the Form 20-F as directors of SpinCo (the “Governance Arrangements”, and together with the Contribution, the Guarantee Release, the Management
    Arrangements, the Cash Pooling Arrangements and the Organizational Arrangements, the “Pre-Distribution Transactions”);

  
    
      

  

  
  WHEREAS, it is contemplated that immediately following the consummation of the Pre-Distribution Transactions, Castor will distribute to holders of Castor
    Common Shares on a pro rata basis, in each case without consideration being paid by such shareholders, one SpinCo Common Share, for every ten Castor Common Shares held on the Record Date (the “Distribution”,

    and together with the Pre-Distribution Transactions and any other transactions contemplated by this Agreement, in each case as they may be amended or modified from time to time, the “Transactions”), which constitutes one-hundred percent (100%)
    of the outstanding SpinCo Common Shares;

   

  

  WHEREAS, the Castor Special Committee has unanimously determined that this Agreement and the Transactions are appropriate, desirable and in the best
    interests of Castor and its shareholders and recommended to the Castor Board that this Agreement and the Transactions as set forth herein be approved by the Castor Board;

   

  

  WHEREAS, the independent and disinterested members of the Castor Board have unanimously (i) determined that this Agreement and the Transactions are
    appropriate, desirable and in the best interests of Castor and its shareholders, (ii) adopted the recommendation of the Castor Special Committee for the approval of this Agreement and the Transactions as set forth herein and (iii) approved, adopted and
    declared advisable this Agreement and the Transactions as set forth herein.

   

  

  NOW, THEREFORE, in consideration of the foregoing and the mutual agreements, provisions and covenants contained in this Agreement, the Parties hereby agree
    as follows:

  
    2

    
      

  

  ARTICLE I

      

      DEFINITIONS AND INTERPRETATION

   

    

  Section 1.1          

  General. As used in this Agreement, the following terms shall have the following meanings:

   

      

  
    
      (1)          

      “Action” shall mean any demand, action, claim, suit, countersuit, arbitration, inquiry, subpoena,
        proceeding or investigation by or before any Governmental Entity or any arbitration or mediation tribunal.

    

  

  
    
       

        

      (2)         

      “Affiliate” shall mean, when used with respect to a specified Person, a Person that directly or indirectly, through one or more intermediaries, controls, is
        controlled by, or is under common control with such specified Person. For the purposes of this definition, “control” (including the correlative meanings of the terms “controlled by” and “under common control with”), when used with respect to any
        specified Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or other interests, by Contract or
        otherwise.

    

  

  
    
       

        

      (3)          

      “Agreement” shall have the meaning set forth in the preamble.

    

  

  
    
       

        

      (4)          

      “Ancillary Agreements” shall mean all of the written Contracts, instruments, assignments, licenses or other arrangements (other than this Agreement) entered into
        in connection with the Transactions.

    

  

  
    
       

        

      (5)         

       “Business Day” shall mean any day that is not a Saturday, a Sunday or any other day on which banks are required or authorized by Law to be closed in The City of
        New York.

    

  

  
    
       

        

      (6)          

      “Cash Pooling Arrangements” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (7)         

      “Castor” shall have the meaning set forth in the preamble.

    

  

  
    
       

        

      (8)          

      “Castor Board” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (9)          

      “Castor Common Shares” shall mean the issued and outstanding common shares of Castor, par value $0.001 per share.

    

  

  
    
       

        

      (10)        

      “Castor Custodial Deed” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (11)        

      “Castor Group” shall mean Castor and each Person (other than any member of the SpinCo Group) that is a direct or indirect Subsidiary of Castor after the Relevant
        Time, and each Person that becomes a Subsidiary of Castor after the Relevant Time.

    

  

  
    
      
        3

        
          

      

      (12)        

      “Castor Retained Business” shall mean:

       

      

    

  

  
    
      
        

        

        

       (i)        

      the business and operations of Castor’s current dry bulk segment; 

    

  

  
    
      
        

        

         

      (ii)       

      the business and operations of Castor Maritime SCR Corp.; and 

    

  

  
    
      
        

        

         

       (iii)      

      the businesses and operations of the Persons acquired or established by or for Castor and any of its Subsidiaries after the date of this Agreement. 

    

  

  
    
       

        

      (13)        

      “Consents” shall mean any consents, waivers or approvals from, or notification requirements to, any Person other than a Governmental Entity.

    

  

  
    
       

        

      (14)        

      “Contract” shall mean any agreement, contract, obligation, indenture, instrument, lease, promise,
        arrangement, release, warranty, commitment or undertaking (whether written or oral and whether express or implied).

    

  

  
    
       

        

      (15)        

      “Contribution” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (16)        

      “Conveyancing and Assumption Instruments” shall mean, collectively, the various Contracts and other documents (including conveyance instruments, share transfer
        forms, assignment and bill of sale instruments) heretofore entered into and to be entered into to effect the Contribution in the manner contemplated by this Agreement, or otherwise relating to, arising out of or resulting from the Transactions, in
        such form or forms as the Parties agree.

    

  

  
    
       

        

      (17)        

      “Distribution” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (18)        

      “Distribution Agent” shall mean Broadridge Corporate Issuer Solutions, Inc.

    

  

  
    
       

        

      (19)        

      “Distribution Date” shall mean such date, as may be set by the Castor Board, on which the Distribution is effected.

    

  

  
    
       

        

      (20)        

      “Distribution Shares” shall mean 9,461,009 SpinCo Common Shares.

    

  

  
    
       

        

      (21)        

      “Existing Management Agreement” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (22)        

      “Form 20-F” shall mean the registration statement on Form 20-F filed by SpinCo with the SEC in connection
        with the Distribution.

    

  

  
    
       

        

      (23)        

      “Governance Arrangements” shall have the meaning set forth in the recitals hereto.

    

  

  
    
      
        4

        
          

      

      (24)        

      “Governmental Entity” shall mean any domestic or foreign governmental or regulatory authority, agency, commission, body, court or other legislative, executive or
        judicial governmental entity and any arbitral tribunal.

    

  

  
    
       

        

      (25)        

      “Group” shall mean (i) with respect to Castor, the Castor Group, and (ii) with respect to SpinCo, the
        SpinCo Group.

    

  

  
    
       

        

      (26)       

       “Guarantee” shall mean the Corporate Guarantee in respect of the Term Loan Facility, dated May 6, 2021,
        between Castor, as guarantor, and Alpha Bank S.A., as lender.

    

  

  
    
       

        

      (27)        

      “Guarantee Release” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (28)        

      “Law” shall mean any U.S. or non-U.S. federal, national, supranational, state, provincial, local or similar statute, law, ordinance, regulation, rule, code,
        income Tax treaty, stock exchange rule, order, requirement or rule of law (including common law).

    

  

  
    
       

        

      (29)        

      “Liabilities” shall mean any and all debts, liabilities, costs, expenses, interest and obligations, whether accrued or fixed, absolute or contingent, matured or
        unmatured, reserved or unreserved, or determined or determinable, including those arising under any Law, claim, demand, Action, whether asserted or unasserted, or order, writ, judgment, injunction, decree, stipulation, determination or award
        entered by or with any Governmental Entity and those arising under any Contract or any fines, damages or equitable relief which may be imposed and including all costs and expenses related thereto.

    

  

  
    
       

        

      (30)        

      “Management Arrangements” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (31)        

      “NASDAQ” shall mean the NASDAQ Stock Market.

    

  

  
    
       

        

      (32)        

      “Organizational Documents” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (33)       

       “Organizational Arrangements” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (34)        

      “Party” shall have the meaning set forth in the preamble.

    

  

  
    
       

        

      (35)        

      “Pelagos” shall mean Pelagos Holdings Corp.

    

  

  
    
       

        

      (36)        

      “Person” shall mean any natural person, firm, individual, corporation, business trust, joint venture,
        association, company, limited liability company, partnership or other organization or entity, whether incorporated or unincorporated, or any Governmental Entity.

    

  

  
    
      
        5

        
          

      

      (37)        

      “Pre-Distribution Transactions” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (38)       

       “Preferred Shares” shall mean 140,000 Series A Preferred Shares and 40,000 Series B Preferred Shares.

    

  

  
    
       

        

      (39)        

      “Record Date” shall mean such date as may be determined by the Castor Board as the record date for the
        Distribution.

    

  

  
    
       

        

      (40)        

      “Relevant Time” shall mean 12:01 AM, New York City Time, on the Distribution Date.

    

  

  
    
       

        

      (41)        

      “SEC” shall mean the United States Securities and Exchange Commission.

    

  

  
    
       

        

      (42)       

       “Series A Preferred Shares” shall mean the 1.00% Series A Fixed Rate Cumulative Perpetual Convertible
        Preferred Shares of SpinCo, par value $0.001 per share.

    

  

  
    
      
        
           

              

          (43)        

          “Series B Preferred Shares” shall mean the Series B
            Preferred Shares of SpinCo, par value $0.001 per share.

        

      

    

  

  
    
       

        

      (44)        

      “SpinCo” shall have the meaning set forth in the preamble.

    

  

  
    
       

        

      (45)        

      “SpinCo Board” shall have the meaning set forth in Section 2.2.

    

  

  
    
       

        

      (46)       

       “SpinCo Business” shall mean:

    

  

  
    
      
        

        

         

      (i)        

      the business and operations of Castor’s Aframax/LR2 tanker segment and Handysize tanker segment as described in the Form 20-F; 

    

  

  
    
      
        

        

         

      (ii)       

      the business and operations of Toro RBX Corp.; and 

    

  

  
    
      
        

        

         

      (iii)      

      the businesses and operations of the Persons acquired or established by or for SpinCo or any of its Subsidiaries after the date of this Agreement. 

    

  

  
    
       

        

      (47)        

      “SpinCo Common Shares” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (48)       

      “SpinCo Group” shall mean SpinCo and each Person (other than any member of the Castor Group) that is a direct or indirect Subsidiary of SpinCo immediately after
        the Relevant Time, and each Person that becomes a Subsidiary of SpinCo after the Relevant Time.

    

  

  
    
       

        

      (49)       

      “Subsidiary” shall mean, with respect to any Person, any corporation, partnership, joint venture,
        association, joint stock company, trust, unincorporated organization or other entity in which such Person, directly or indirectly (i) beneficially owns more than fifty percent (50%) of (A) the total combined voting power of all classes of voting
        securities of such Person, (B) the total combined equity economic interest thereof or (C) the capital or profits thereof, in the case of a partnership, or (ii) otherwise has the power to elect or direct the election of more than fifty percent (50%)
        of the members of the governing body of such entity or otherwise has control over such entity (e.g., as the managing partner of a partnership).

    

  

  
    
      
        6

        
          

      

      (50)        

      “Term Loan Facility” means the $18.0 Million Secured Term Loan Facility, dated April 27, 2021, by and
        among Alpha Bank S.A., as lender, and Gamora Shipping Co. and Rocket Shipping Co., as borrowers, as described in the annual report on Form 20-F filed by Castor with the Securities and Exchange Commission on March 31, 2022.

    

  

  
    
       

        

      (51)        

      “Tanker Vessels” shall mean, collectively, the Wonder Polaris, the Wonder Sirius,
        the Wonder Bellatrix, the Wonder Musica, the Wonder Avior, the Wonder Vega, the
        Wonder Mimosa and the Wonder Formosa.

    

  

  
    
       

        

      (52)       

      “Tanker-Owning Subsidiaries” shall mean, collectively, (i) Rocket Shipping Co., a Marshall Islands
        corporation, which owns the tanker vessel Wonder Polaris; (ii) Gamora Shipping Co., a Marshall Islands corporation, which owns the tanker vessel Wonder Sirius,
        (iii) Drax Shipping Co., a Marshall Islands corporation, which owns the tanker vessel Wonder Bellatrix, (iv) Colossus Shipping Co., a Marshall Islands corporation, which owns the tanker vessel Wonder Musica, (v) Hawkeye Shipping Co., a Marshall Islands corporation, which owns the tanker vessel Wonder Avior, (vi) Starlord Shipping Co., a Marshall Islands
        corporation, which owns the tanker vessel Wonder Vega, (vii) Vision Shipping Co., a Marshall Islands corporation, which owns the tanker vessel Wonder Mimosa, (viii)
        Xavier Shipping Co., a Marshall Islands corporation, which owns the tanker vessel Wonder Formosa, and (ix) Elektra Shipping Co., a Marshall Islands corporation, which owned the tanker vessel Wonder Arcturus, before it was sold to an unaffiliated third party pursuant to a memorandum of agreement entered into on May 9, 2022 and delivered to its new owner on July 15, 2022.

    

  

  
    
       

        

      (53)        

      “Tanker-Owning Subsidiary Shares” shall mean all the issued and outstanding shares of the Tanker-Owning Subsidiaries.

    

  

  
    
       

        

      (54)        

      “Transactions” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (55)        

      “Transaction Expenses” shall mean all documented third-party, out-of-pocket costs, fees and expenses paid, incurred, or to be incurred by Castor or any of its
        Subsidiaries relating to the Transactions, including (i) fees and expenses of the financial, accounting, tax and legal advisors and other consultants to Castor, the Castor Board and the Castor Special Committee in connection with the Transactions,
        (ii) SpinCo’s SEC filing expenses, (iii) the fees of NASDAQ in connection with the application and listing of SpinCo Common Shares, (iv) the costs and expenses directly related to the mailing of the information statement to holders of Castor Common
        Shares and (v) the fees and expenses of the Distribution Agent in connection with the Distribution.

    

  

  
    7

    
      

  

  Section 1.2          

  References; Interpretation. References in this Agreement to any gender include references to all genders, and
      references to the singular include references to the plural and vice versa. Unless the context otherwise requires, the words “include”, “includes” and “including” when used in this Agreement shall be deemed to be followed by the phrase “without
      limitation”. Unless the context otherwise requires, references in this Agreement to Articles and Sections shall be deemed references to Articles and Sections of this Agreement. Unless the context otherwise requires, the words “hereof”, “hereby” and
      “herein” and words of similar meaning when used in this Agreement refer to this Agreement in its entirety and not to any particular Article, Section or provision of this Agreement.

   

    

  ARTICLE II

      

      PRE-DISTRIBUTION TRANSACTIONS

   

    

  Section 2.1         

  Articles of Incorporation; By-laws.  Castor and SpinCo shall take, or cause to be taken, all necessary actions
      for the Organizational Documents to be adopted by SpinCo and for the Organizational Documents to be in effect on or before the Relevant Time.

   

    

  Section 2.2         

  Directors.  Castor shall take all necessary action to cause the Board of Directors of SpinCo (the “SpinCo
      Board”) to consist, as of the Relevant Time, of the individuals identified in the Form 20-F as directors of SpinCo, including causing the existing directors of SpinCo to resign from the SpinCo Board, as applicable.

   

    

  Section 2.3          

  Contribution.

   

    

  (a)          

  Immediately prior to the Relevant Time, Castor shall contribute all of its
      right, title and interest in the Tanker-Owning Subsidiary Shares to SpinCo as a capital contribution.

   

    

  (b)         

  Upon and in exchange for Castor’s capital contribution pursuant to Section 2.3(a), SpinCo shall (i) cancel all of the
      SpinCo Common Shares outstanding as of the date hereof, (ii) issue the Distribution Shares and 140,000 Series A Preferred Shares to Castor and grant to Castor the registration rights set forth in Annex A hereto with respect to shares issuable upon
      conversion of the Series A Preferred Shares in accordance with their terms, and (iii) issue 40,000 Series B Preferred Shares to Pelagos against payment by Pelagos of the par value of such shares previously advanced by Pelagos to SpinCo; and

   

    

  (c)         

  In connection with and furtherance of, the transfer of shares contemplated by
      Section 2.3(a) and (b) of this Agreement, the transferring Party shall execute, or cause to be executed by the appropriate entities, on or prior to, and with effect as of the Relevant Time, the Conveyancing and Assumption Instruments, necessary to
      evidence the valid transfer to the applicable Party of all right, title and interest in and to the applicable shares under the applicable Laws, in such form as the Parties shall reasonably agree. The transfer of capital stock shall be effected by
      means of executed stock powers and notation on the stock record books of the corporation or other legal entities involved and, only to the extent required by applicable Law, by notation on public registries. The Conveyancing and Assumption
      Instruments shall evidence and perfect the transfers contemplated by this Agreement and shall not constitute a second conveyance of any assets or interests therein and shall be subject to the terms of this Agreement.

  
    8

    
      

  

  Section 2.4          

  Other Pre-Distribution Transactions. On or prior to, and with effect as of the Relevant Time, the Parties shall,
      and shall cause their respective Affiliates to, effect the following transactions:

   

    

  (a)         

  Castor shall cause the Existing Management Agreement to be terminated in respect
      of the Tanker-Owning Subsidiaries, provided, however, that the vessel management agreements currently in effect between Castor Ships S.A. and the Tanker-Owning Subsidiaries in respect of the Tanker Vessels shall remain in effect;

   

    

  (b)         

  SpinCo and the Tanker-Owning Subsidiaries shall enter into a new master management agreement, substantially identical
      in form to the Existing Management Agreement, with Castor Ships S.A.;

   

    

  (c)      

  Castor shall cause the Castor Custodial Deed to be terminated in respect of the Tanker-Owning Subsidiaries, and shall
      take, or cause members of the Castor Group and the SpinCo Group to take, all necessary actions to terminate the cash pooling arrangements existing as of the date hereof between the SpinCo Group and the Castor Group;

   

    

  (d)        

  SpinCo and the Tanker-Owning Subsidiaries shall enter into a custodial and cash
      pooling deed, substantially identical in form to the Castor Custodial Deed, with Toro RBX Corp., a Subsidiary of SpinCo, for certain cash pooling arrangements for the SpinCo Group;

   

    

  (e)         

  SpinCo shall assume Castor’s obligations as guarantor of the Term Loan Facility
      and execute a guarantee agreement substantially in the form of the existing Guarantee, and Castor and, if applicable, SpinCo shall execute or cause to executed such other agreements and instruments with Alpha Bank S.A. as may be required to effect
      the Guarantee Release.

   

    

  Section 2.5         

  Ancillary Agreements. On or prior to the Distribution Date, each of Castor and SpinCo shall enter into, and/or
      (where applicable) shall cause a member or members of their respective Group to enter into, the applicable Ancillary Agreements and any other Contracts reasonably necessary or appropriate in connection with the Transactions.

   

    

  Section 2.6          

  Intercompany Accounts and Limitation of Liability.

   

    

  (a)         

  Castor (and/or any member of the Castor Group) and SpinCo (and/or any member of
      the SpinCo Group), hereby terminate, effective as of the Relevant Time, any and all Contracts and intercompany Liabilities, whether or not in writing, between Castor (and/or any member of the Castor Group) and SpinCo (and/or any member of the SpinCo
      Group), that are effective or outstanding as of immediately prior to the Relevant Time, provided, however, that notwithstanding anything herein to the contrary, the Series A Preferred Shares, when  issued pursuant to Section 2.3(b) of
      this Agreement, and related registration rights, shall remain in effect. No such terminated Contract (including any provision thereof that purports to survive termination) or intercompany Liability shall be of any further force or effect from and
      after the Relevant Time. Each Party shall, at the reasonable request of the other Party, take, or cause to be taken, such other actions as may be necessary to effect the foregoing.

  
    9

    
      

  

  (b)         

  Except as set forth in Section 2.6(a) and Article VI of this Agreement, no Party or any Subsidiary thereof shall be
      liable to the other Party or any Subsidiary of the other Party based upon, arising out of or resulting from any Contract, Liability, arrangement, course of dealing or understanding existing on or prior to the Relevant Time and terminated pursuant to
      Section 2.6(a) of this Agreement (other than, for the avoidance of doubt, this Agreement (including the Annex), any Ancillary Agreement, or any other Contract entered into in connection herewith or in order to consummate the Transactions and the
      Series A Preferred Shares).

   

    

  ARTICLE III

      

      THE DISTRIBUTION

   

    

  Section 3.1         

  Share Dividend by Castor.  On the Distribution Date, Castor will cause the Distribution Agent to distribute the
      Distribution Shares, being 100% of the outstanding SpinCo Common Shares then owned by Castor, to holders of Castor Common Shares on the Record Date, and to credit the appropriate number of such SpinCo Common Shares to book-entry accounts for each
      such holder of Castor Common Shares. For shareholders of Castor who own Castor Common Shares through a broker or other nominee, the SpinCo Common Shares will be credited to their respective accounts by such broker or nominee. Each holder of Castor
      Common Shares on the Record Date will be entitled to receive in the Distribution one SpinCo Common Share for every ten Castor Common Shares held by such shareholder. No action by any such shareholder shall be necessary for such shareholder to receive
      the applicable number of SpinCo Common Shares (and, if applicable, cash in lieu of any fractional shares pursuant to Section 3.2 hereof) that such shareholder is entitled to in the Distribution.

   

    

  Section 3.2        

  Fractional Shares. Castor shareholders holding a number of Castor Common Shares, on the Record Date, which would
      entitle such shareholders to receive less than one whole SpinCo Common Share in the Distribution, will receive cash in lieu of fractional shares. Fractional SpinCo Common Shares will not be distributed in the Distribution nor credited to book-entry
      accounts. The Distribution Agent shall, as soon as practicable after the Distribution Date (a) determine the number of whole SpinCo Common Shares and fractional SpinCo Common Shares allocable to each holder of record of Castor Common Shares as of the
      close of business on the Record Date (or in accordance with the applicable procedures of The Depository Trust Company, to members thereof), (b) aggregate all such fractional shares into whole shares and sell the whole shares obtained thereby in open
      market transactions, in each case, at then prevailing trading prices on behalf of holders who would otherwise be entitled to fractional share interests, and (c) distribute to each such holder, or for the benefit of each beneficial owner, such holder
      or owner’s ratable share of the net proceeds of such sale, net of brokerage fees incurred in such sales and after making appropriate deductions for any amount required to be withheld for United States federal income Tax and other applicable Tax
      purposes. None of Castor, SpinCo or the Distribution Agent will guarantee any minimum sale price for the fractional SpinCo Common Shares. None of Castor or SpinCo will pay any interest on the proceeds from the sale of fractional shares. The
      Distribution Agent acting on behalf of SpinCo will have the sole discretion to select the broker-dealers through which to sell the aggregated fractional shares and to determine when, how and at what price to sell such shares. Neither the Distribution
      Agent nor the broker-dealers through which the aggregated fractional shares are sold will be Affiliates of Castor or SpinCo.

  
    10

    
      

  

  Section 3.3          

  Sole Discretion of Castor. The independent and disinterested members of the Castor Board may at any time and
      from time to time until the completion of the Distribution, upon the recommendation of the Special Committee, decide to abandon any or all of the Distribution or modify or change the terms of the Distribution, including by accelerating or delaying
      the timing of the consummation of all or part of the Distribution.

   

    

  Section 3.4         

  Conditions to the Distribution. The Distribution is subject to the satisfaction of the following conditions or
      the waiver thereof by the independent and disinterested members of the Castor Board, upon the recommendation of the Special Committee:

   

    

  (a)          

  the Special Committee, will not have withdrawn its recommendation that the
      Transactions be approved by the Castor Board and will not have recommended that the Castor Board abandon the Distribution or modify the terms thereof or the Relevant Time;

   

    

  (b)        

  the independent and disinterested members of the Castor Board will not have
      withdrawn the Castor Board’s authorization and approval of any of the Transactions and will not have determined to abandon the Distribution or modified the terms thereof or the Relevant Time;

   

    

  (c)         

  the Pre-Distribution Transactions will have been completed;

   

    

  (d)         

  all material Consents required in connection with the Transactions shall have
      been received and be in full force and effect;

   

    

  (e)         

  the SEC will have declared the Form 20-F effective under the Exchange Act, no stop order suspending the effectiveness
      of the Form 20-F will be in effect, and no proceedings for that purpose will be pending before or threatened by the SEC;

   

    

  (f)          

  the SpinCo Common Shares to be delivered in the Distribution shall have been
      approved for listing on NASDAQ;

   

    

  (g)        

  no order, injunction or decree that would prevent the consummation of the
      Distribution will be threatened, pending or issued (and still in effect) by any governmental entity of competent jurisdiction, no other legal restraint or prohibition preventing the consummation of the Distribution will be in effect, and no other
      event outside the control of Castor will have occurred or failed to occur that prevents the consummation of the Distribution; and

   

    

  (h)         

  Castor and SpinCo will have executed and delivered this Agreement and all other Ancillary Agreements.

  
    11

    
      

  

  ARTICLE IV

      

      REPRESENTATIONS AND WARRANTIES OF CASTOR; DISCLAIMER

   

    

  Section 4.1          

  Representations and Warranties. Castor hereby represents and warrants that:

   

    

  (a)          

  Castor and each of the Tanker-Owning Subsidiaries has been duly formed or
      incorporated and is validly existing in good standing under the laws of its respective jurisdiction of formation or incorporation;

   

    

  (b)        

  Correct and complete copies of the certificate of incorporation, articles of incorporation, by-laws, other
      organizational documents and all material agreements (as amended to the date of this Agreement) of each Tanker-Owning Subsidiary have been made available to SpinCo;

   

    

  (c)         

  The execution and delivery of this Agreement and all documents, instruments and
      agreements required to be executed and delivered by it pursuant to this Agreement in connection with the completion of the Transactions, have been or will be duly authorized by all necessary actions by Castor and, to the extent applicable, each
      Tanker-Owning Subsidiary, and this Agreement has been duly executed and delivered by Castor and constitutes a legal, valid and binding obligation of Castor enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency,
      liquidation, reorganization, reconstruction and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the
      discretion of a court;

   

    

  (d)         

  The execution, delivery and performance by it of this Agreement will not conflict with or result in any violation of or
      constitute a breach of any of the terms or provisions of, or result in the acceleration of any obligation under, or constitute a default under any provision of: (i) the articles of association, articles of incorporation or by-laws or other
      organizational documents of Castor or any of the Tanker-Owning Subsidiaries; (ii) any lien, encumbrance, security interest, pledge, mortgage, charge, other claim, bond, indenture, agreement, contract, franchise license, permit or other instrument or
      obligation to which Castor or any of the Tanker-Owning Subsidiaries is a party or is subject or by which its assets or properties may be bound; or (iii) any applicable laws, statutes, ordinances, rules or regulations promulgated by a governmental
      authority, orders of a governmental authority, judicial decisions, decisions of arbitrators or determinations of any governmental authority or court;

   

    

  (e)        

  Except as have already been obtained or that will be obtained in the ordinary course of business, no material Consent,
      permit, approval or authorization of, notice or declaration to or filing with any Governmental Entity or any other Person, including those related to any environmental laws or regulations, is required in connection with the execution and delivery by
      Castor of this Agreement or the consummation by Castor or any of the Tanker-Owning Subsidiaries of the Transactions; and

  
    12

    
      

  

  (f)         

  The Tanker-Owning Subsidiary Shares have been duly and validly issued, are fully paid and non-assessable and free of
      preemptive rights. Castor will convey to SpinCo upon its constitution thereof good and valid title to the Tanker-Owning Subsidiary Shares, which comprise all of the issued and outstanding shares in the Tanker-Owning Subsidiaries, free and clear of
      all mortgages, liens, security interests, covenants, options, claims, restrictions, or encumbrances of any kind, except for those arising in relation to the Term Loan Facility. There are no outstanding options, warrants or other rights to acquire any
      shares of capital stock or securities convertible into or exercisable for the capital stock of any Tanker-Owning Subsidiary;

   

    

  Section 4.2         

  DISCLAIMER OF WARRANTIES. EXCEPT TO THE EXTENT PROVIDED IN THIS AGREEMENT OR IN ANY ANCILLARY AGREEMENT, THE
      PARTIES ACKNOWLEDGE AND AGREE THAT NONE OF THE PARTIES HAS MADE, DOES NOT MAKE, AND EACH SUCH PARTY SPECIFICALLY NEGATES AND DISCLAIMS, ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTEES OF ANY KIND OR CHARACTER
      WHATSOEVER, WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL OR WRITTEN, PAST OR PRESENT, REGARDING (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE ASSETS OWNED BY THE TANKER-OWNING SUBSIDIARIES, INCLUDING THE ENVIRONMENTAL CONDITION OF THE ASSETS
      GENERALLY, INCLUDING THE PRESENCE OR LACK OF HAZARDOUS SUBSTANCES OR OTHER MATTERS ON SUCH ASSETS, (B) THE INCOME TO BE DERIVED FROM SUCH ASSETS, (C) THE SUITABILITY OF SUCH ASSETS FOR ANY AND ALL ACTIVITIES AND USES THAT MAY BE CONDUCTED THEREON OR
      THEREWITH, (D) THE COMPLIANCE OF OR BY SUCH ASSETS OR THEIR OPERATION WITH ANY LAWS (INCLUDING ANY ENVIRONMENTAL PROTECTION OR POLLUTION LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS), OR (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY,
      PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF SUCH ASSETS. EXCEPT TO THE EXTENT PROVIDED IN ANY ANCILLARY AGREEMENT, EACH PARTY ACKNOWLEDGES AND AGREES THAT SUCH PARTY HAS HAD THE OPPORTUNITY TO INSPECT THE ASSETS OF THE TANKER-OWNING
      SUBSIDIARIES, AND SUCH PARTY IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE ASSETS OF THE TANKER-OWNING SUBSIDIARIES AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY THE OTHER PARTY. EACH OF THE PARTIES HEREBY ACKNOWLEDGES THAT, TO THE
      MAXIMUM EXTENT PERMITTED BY LAW, THE ASSETS OWNED BY THE TANKER-OWNING SUBSIDIARIES, AS PROVIDED FOR HEREIN, ARE CONVEYED ON AN “AS IS,” “WHERE IS” CONDITION WITH ALL FAULTS, AND THE ASSETS OF THE TANKER-OWNING SUBSIDIARIES ARE CONVEYED SUBJECT TO
      ALL OF THE MATTERS CONTAINED IN THIS SECTION. EXCEPT TO THE EXTENT PROVIDED IN ANY ANCILLARY AGREEMENT, NONE OF THE PARTIES IS LIABLE OR BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE ASSETS
      OF THE TANKER-OWNING SUBSIDIARIES FURNISHED BY ANY AGENT, EMPLOYEE, SERVANT OR THIRD PARTY. THIS SECTION SHALL SURVIVE THE CONTRIBUTION AND CONVEYANCE OF THE TANKER-OWNING SUBSIDIARY SHARES OR THE TERMINATION OF THIS AGREEMENT. THE PROVISIONS OF THIS
      SECTION HAVE BEEN NEGOTIATED BY THE PARTIES AFTER DUE CONSIDERATION AND ARE INTENDED TO BE A COMPLETE EXCLUSION AND NEGATION OF ANY REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE ASSETS OF THE TANKER-OWNING
      SUBSIDIARIES THAT MAY ARISE PURSUANT TO ANY LAW NOW OR HEREAFTER IN EFFECT, OR OTHERWISE, EXCEPT AS SET FORTH IN THIS AGREEMENT OR ANY ANCILLARY AGREEMENT.

  
    13

    
      

  

  ARTICLE V

   

    

  

  FURTHER ASSURANCES

   

  

  Section 5.1          

  Further Assurances. From time to time after the date of this Agreement, and without any further consideration,
      the Parties agree to execute, acknowledge and deliver all such additional deeds, assignments, bills of sale, conveyances, instruments, notices, releases, acquittances and other documents, and will do all such other acts and things, all in accordance
      with applicable Law, as may be necessary or appropriate (a) more fully to assure that the applicable Parties own all of the properties, rights, titles, interests, estates, remedies, powers and privileges granted by this Agreement, or which are
      intended to be so granted, (b) more fully and effectively to vest in the applicable Parties and their respective successors and assigns beneficial and record title to the interests contributed and assigned by this Agreement or intended so to be and
      (c) to more fully and effectively carry out the purposes and intent of this Agreement.

   

      

  ARTICLE VI

      

      INDEMNIFICATION

   

    

  Section 6.1          

  Release of Pre-Distribution Claims.

   

    

  (a)        

  Effective as of the Relevant Time, and except (i) as may be expressly provided
      in this Agreement or any Ancillary Agreement and (ii) for any matter for which any Party is entitled to indemnification pursuant to this Article VI, each Party, for itself and each member of its respective Group, their respective Affiliates and all
      Persons who at any time prior to the Relevant Time were directors, officers, agents or employees of any member of its Group (in their respective capacities as such), in each case, together with their respective heirs, executors, administrators,
      successors and assigns, do hereby remise, release and forever discharge the other Party and the other members of such other Party’s Group, their respective Affiliates and all Persons who at any time prior to the Relevant Time were shareholders,
      directors, officers, agents or employees of any member of such other Party’s Group (in their respective capacities as such), in each case, together with their respective heirs, executors, administrators, successors and assigns, from any and all
      Liabilities whatsoever, whether at Law or in equity, whether arising under any Contract, by operation of Law or otherwise, existing or arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to
      occur or any conditions existing or alleged to have existed on or before the Relevant Time, including in connection with all activities to implement the Distribution and any of the other transactions contemplated hereunder and under the Ancillary
      Agreements.

  
    14

    
      

  

  (b)        

  Nothing contained in Section 6.1(a) and Section 2.6 shall impair or otherwise
      affect any right of any Party, and as applicable, a member of the Party’s Group to enforce this Agreement, any Ancillary Agreement or any agreements, arrangements, commitments or understandings contemplated in this Agreement or any Ancillary
      Agreement that continue in effect after the Relevant Time. In addition, nothing contained in Section 6.1(a) shall release any Person from any Liability that the Parties may have with respect to indemnification pursuant to this Agreement. In addition,
      nothing contained in Section 6.1(a) shall release Castor from indemnifying any director, officer or employee of SpinCo who was a director, officer or employee of Castor or any of its Affiliates on or prior to the Relevant Time, as the case may be, to
      the extent such director, officer or employee is or becomes a named defendant in any Action with respect to which he or she was entitled to such indemnification pursuant to then existing obligations.

   

    

  Section 6.2        

  Indemnification by Castor. Effective as of the Relevant Time, Castor shall indemnify the SpinCo Group for any
      and all obligations and other Liabilities arising from, or relating to, the operation, management or employment of the Castor Retained Business prior to, on or after the Relevant Time.

   

    

  Section 6.3          

  Indemnification by SpinCo. Effective as of the Relevant Time, SpinCo shall indemnify the Castor Group for any
      and all obligations and other Liabilities arising from, or relating to, the operation, management or employment of the SpinCo Business prior to, on or after the Relevant Time.

   

      

  ARTICLE VII

   

  

  TERMINATION

   

  

  Section 7.1         

  Termination. This Agreement may be terminated at any time prior to the Distribution Date by and in the sole
      discretion of Castor without the approval of SpinCo or the shareholders of Castor. In the event of such termination, no Party shall have any Liability of any kind to the other Party or any other Person.

   

      

  ARTICLE VIII

   

  

  MISCELLANEOUS

   

  

  Section 8.1          

  Complete Agreement; Construction. This Agreement, including the Ancillary Agreements, shall constitute the
      entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. No understanding, representation, promise or agreement,
      whether oral or written, is intended to be or shall be included in or form part of this Agreement unless it is contained in a written amendment hereto executed by the Parties in accordance with the terms of this Agreement.

   

    

  Section 8.2          

  Amendments. This Agreement may be amended or modified only by a written agreement executed and delivered by all
      of the Parties. This Agreement may not be modified or amended except as provided in the immediately preceding sentence and any purported amendment by any Party or Parties effected in a manner which does not comply with this Section 8.2 shall be void,
      ab initio.

  
    15

    
      

  

  Section 8.3         

  Counterparts. This Agreement may be executed in more than one counterparts, all of which shall be considered one
      and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to the other Party.  This Agreement may be executed and delivered by electronic means, including “.pdf” or
      “.tiff” files, and any electronic signature shall constitute an original for all purposes.

   

    

  Section 8.4         
    Survival of Representations and Warranties. The representations and warranties of the Parties in this Agreement, and in or under
        any Ancillary Agreements, will survive the completion of the Transactions regardless of any independent investigations that SpinCo may make or cause to be made, or knowledge it may have, prior to the date of this Agreement and will continue in full
        force and effect for a period of one (1) year from the date of this Agreement. At the end of this period, such representations and warranties will terminate, and no claim may be brought by SpinCo against Castor thereafter in respect of such
        representations and warranties.

  

   

    

  Section 8.5          

  Costs and Expenses.

   

    

  (a)        

  Except as otherwise provided in this Agreement or any of the Ancillary Agreements, all third-party fees, costs and
      expenses paid or incurred in connection with the Transactions will be paid by the Party incurring such fees or expenses, whether or not the Distribution is consummated, or as otherwise agreed by the Parties.

   

    

  (b)        

  Notwithstanding Section 8.5(a), if the Distribution is consummated, SpinCo will reimburse Castor for the Transaction
      Expenses, provided that SpinCo will not reimburse Castor for any of the Transaction Expenses that were incurred or paid by any of the Subsidiaries of Castor that will become part of the SpinCo Group immediately after the Relevant Time.

   

    

  Section 8.6         

  Notices. All notices, requests, claims, demands and other communications under this Agreement and, to the extent
      applicable and unless otherwise provided therein, under each of the Ancillary Agreements, shall be in English, shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by
      overnight courier service, by facsimile (at a facsimile number to be provided by such Party to the other Party pursuant to the notice provisions of this Section 8.6) with receipt confirmed (followed by delivery of an original via overnight courier
      service), by email (at an email address to be provided by such Party to the other Party pursuant to the notice provisions of this Section 8.6) or by registered or certified mail (postage prepaid, return receipt requested) to the respective Party at
      the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 8.6):

  
    16

    
      

  

  To Castor:

   

  

  Castor Maritime Inc.

    223 Christodoulou Chatzipavlou Street

    Hawaii Royal Gardens

    3036 Limassol, Cyprus

    Attention: [•]

    Email: [•]

   

  

  To SpinCo:

   

  

  Toro Corp.

    223 Christodoulou Chatzipavlou Street

    Hawaii Royal Gardens

    3036 Limassol, Cyprus

    Attention: [•]

    Email: [•]

   

    

  Section 8.7          

  Waivers and Consents. The failure of any Party to require strict performance by the other Party of any provision
      in this Agreement will not waive or diminish that Party’s right to demand strict performance thereafter of that or any other provision hereof. Any consent required or permitted to be given by any Party to the other Party under this Agreement shall be
      in writing and signed by the Party giving such consent.

   

    

  Section 8.8          

  Successors and Assigns. The provisions of this Agreement and the obligations and rights hereunder shall be
      binding upon, inure to the benefit of and be enforceable by (and against) the Parties and their respective successors and permitted transferees and assigns.

   

    

  Section 8.9          

  Deed; Bill of Sale; Assignment. To the extent required and permitted by applicable Law, this Agreement shall
      also constitute a “deed,” “bill of sale” or “assignment” of the Tanker-Owning Subsidiary Shares.

   

    

  Section 8.10        

  Subsidiaries. Each of the Parties shall cause to be performed, and hereby guarantees the performance of, all
      actions, agreements and obligations set forth herein to be performed by any Subsidiary of such Party.

   

    

  Section 8.11        

  Third Party Beneficiaries. Except (i) as provided in Article VI for the release under Section 6.1 of any Person
      provided therein and (ii) as specifically provided in any Ancillary Agreement, this Agreement is solely for the benefit of the Parties and should not be deemed to confer upon third parties any remedy, claim, liability, reimbursement, claim of action
      or other right in excess of those existing without reference to this Agreement.

   

    

  Section 8.12        

  Titles and Headings. Titles and headings to sections herein are inserted for the convenience of reference only
      and are not intended to be a part of or to affect the meaning or interpretation of this Agreement.

  
    17

    
      

  

  Section 8.13        

  Governing Law and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of
      the Republic of Marshall Islands, without giving effect to any conflict-of-laws or other rule that would result in the application of the laws of a different jurisdiction. Each Party hereto submits to the exclusive jurisdiction of the courts of the
      Republic of Marshall Islands for any and all legal actions arising out of or in connection with this Agreement.

   

    

  Section 8.14       

  WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY
      RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO
      REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER
      INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.14.

   

    

  Section 8.15        

  Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid,
      illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The Parties shall endeavor in good-faith negotiations to
      replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

   

    

  Section 8.16       

  Interpretation. The Parties have participated jointly in the negotiation and drafting of this Agreement. This
      Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting or causing any instrument to be drafted.

   

  

  [Signature Page Follows]

  
    18

    
      

  

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

  

  

  
    	 	
            CASTOR MARITIME INC.

          
	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	
            TORO CORP.

          
	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 

  

  

  

  
    
      

  

  
    Annex A

    Registration Rights

     

    

    
      	
              PARTIES:

            	
              Toro Corp., a Marshall Islands corporation (the “Company”) and Castor Maritime Inc., a Marshall Islands corporation (“Castor”)

               

            
	
              REGISTRABLE SECURITIES:

            	
              “Registrable Securities” means (i) common shares of the Company (or any other shares of a class of stock of the Company or other securities of the Company or a successor entity
                of the Company resulting from a merger, consolidation, exchange of shares or sale of all or substantially all of the assets of the Company) (the “Common Shares”), issued to Castor upon conversion of the Company’s Series A Fixed Rate
                Cumulative Perpetual Convertible Preferred Shares of the Company (or assumed by a successor of the Company) (the “Series A Shares”) and (ii) any Common Shares received by Castor in respect thereof in connection with any split or
                subdivision, dividend, distribution or similar transaction.

               

              Any such Common Shares shall cease to be Registrable Securities upon the earliest to occur of: (i) such Common Shares being sold pursuant to an effective registration statement
                  under the U.S. Securities Act of 1933, as amended (the “Securities Act”), (ii) such Common Shares being sold pursuant to Rule 144 under the Securities Act (“Rule 144”), (iii) such Common Shares becoming eligible for sale by
                  pursuant to Rule 144 without volume or manner-of-sale restrictions and (iv) such Common Shares ceasing to be outstanding.

                 

            
	
              REGISTRATION:

            	
              Subject to Castor timely providing the Company with all information and documents reasonably requested by the Company in connection with such filings, the Company will file, as promptly
                as reasonably practicable, and in any event no later than 30 calendar days after a request by Castor, one or more registration statements to register Registrable Securities then held by Castor (including a plan and method of distribution as
                reasonably determined by the Company and Castor).  Each such registration statement may also register sales of securities for the account of the Company or other holders. The Company will use its reasonable best efforts to have each such
                registration statement declared effective as soon as possible after such filing.

               

              Subject to any Blackout Period, the Company will use its reasonable best efforts to keep such registration statement continuously effective until the end of the Term.

               

            

      

      

      A-1

      

      
        
          

      

      	
              BLACKOUT PERIODS:

            	
              In the event that the Company determines in good faith that the registration or sale of Registrable Securities would reasonably be expected to materially adversely affect or materially
                interfere with any material financing of the Company or any material transaction under consideration by the Company or would require disclosure of information that has not been, and is not otherwise required to be, disclosed to the public,
                the Company shall be entitled to postpone the filing or the effectiveness of a registration statement, or suspend the availability of a registration statement and the prospectus contained therein for sales thereunder, for a period of up to
                90 days.

               

              A Blackout Period may not occur more than 3 times in any period of 12 consecutive months or last, together with any other Blackout Period, in the aggregate, more than 90 days in any
                period of 12 consecutive months.

               

            
	
              EXPENSES:

            	
              All fees and expenses incident to the Company’s performance of its obligations hereunder (including all registration and filing fees) shall be borne solely by the Company.  Castor shall
                pay all transfer taxes, if any, and the fees and expenses of its counsel, if any, relating to a sale of Registrable Securities.

                

            
	
              TERM:

            	
              The rights and obligations hereunder shall terminate on (i) the date occurring after the seventh anniversary of the Original Issue Date of the Series A Shares on which Castor owns no
                Registrable Securities or (ii) if earlier, the date on which Castor owns no Series A Shares and no Registrable Securities.

               

            
	
              GOVERNING LAW:

            	
              New York

            

       

      

    

  

  A-2EX-10.1

 Exhibit 10.1 

ON24, INC. 
 PERFORMANCE
UNITS AGREEMENT 
 (For U.S. Participants) 

ON24, Inc. has granted to the Participant named in the Notice of Grant of Performance Units (the “Grant
Notice”) to which this Performance Units Agreement (the “Agreement”) is attached an Award consisting of Performance Units (each a “Unit”) subject to the
terms and conditions set forth in the Grant Notice and this Agreement. The Award has been granted pursuant to and shall in all respects be subject to the terms and conditions of the ON24, Inc. 2021 Equity Incentive Plan (the
“Plan”), as amended to the Date of Grant, the provisions of which are incorporated herein by reference. By signing the Grant Notice, the Participant: (a) acknowledges receipt of and represents that the
Participant has read and is familiar with the Grant Notice, this Agreement, the Plan and a prospectus for the Plan prepared in connection with the registration with the Securities and Exchange Commission of the shares issuable pursuant to the Award
(the “Plan Prospectus”), (b) accepts the Award subject to all of the terms and conditions of the Grant Notice, this Agreement and the Plan and (c) agrees to accept as binding, conclusive and final all
decisions or interpretations of the Committee upon any questions arising under the Grant Notice, this Agreement or the Plan. 
 1. Unless
otherwise defined herein, capitalized terms shall have the meanings assigned to such terms in the Grant Notice, Exhibit A to this Agreement or the Plan. 

2. DEFINITIONS AND CONSTRUCTION. 

2.1 Definitions. Unless otherwise defined herein, capitalized terms shall have the meanings assigned to such terms in the
Grant Notice or the Plan. 
 2.2 Construction. Captions and titles contained herein are for convenience only and shall
not affect the meaning or interpretation of any provision of this Agreement. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include the singular. Use of the term “or” is not
intended to be exclusive, unless the context clearly requires otherwise. 
 3.
ADMINISTRATION. 
 All questions of interpretation concerning the
Grant Notice, this Agreement, the Plan or any other form of agreement or other document employed by the Company in the administration of the Plan or the Award shall be determined by the Committee. All such determinations by the Committee shall be
final, binding and conclusive upon all persons having an interest in the Award, unless fraudulent or made in bad faith. Any and all actions, decisions and determinations taken or made by the Committee in the exercise of its discretion pursuant to
the Plan or the Award or other agreement thereunder (other than determining questions of interpretation pursuant to the preceding sentence) shall be final, binding and conclusive upon all persons having an interest in the Award. Any Officer shall
have the authority to act on behalf of the Company with respect to any matter, right, obligation, or election which is the responsibility of or which is allocated to the Company herein, provided the Officer has apparent authority with respect to
such matter, right, obligation, or election. 

 4. THE
AWARD. 
 4.1 Grant of Units. On the Date of Grant, the
Participant shall acquire, subject to the provisions of this Agreement, the right to earn up to the Maximum Number of Units set forth in the Grant Notice, subject to adjustment as provided in Section 9. Each Unit represents a right to receive
on a date determined in accordance with the Grant Notice and this Agreement one (1) share of Stock. 
 4.2 No Monetary Payment
Required. The Participant is not required to make any monetary payment (other than applicable tax withholding, if any) as a condition to receiving the Units or shares of Stock issued upon settlement of the Units, the consideration for which
shall be past services actually rendered or future services to be rendered to a Participating Company or for its benefit. Notwithstanding the foregoing, if required by applicable law, the Participant shall furnish consideration in the form of cash
or past services rendered to a Participating Company or for its benefit having a value not less than the par value of the shares of Stock issued upon settlement of the Units. 

5. VESTING OF UNITS. 

5.1 Units acquired pursuant to this Agreement shall vest and become “Vested Units” as provided in the Grant Notice and
Exhibit A to this Agreement. For purposes of determining the number of Units that are vested following an Ownership Change Event, credited Service shall include all Service with any corporation which is a Participating Company at the
time the Service is rendered, whether or not such corporation is a Participating Company both before and after the Ownership Change Event. 

6. COMPANY REACQUISITION RIGHT. 

6.1 Grant of Company Reacquisition Right. Except as otherwise provided in this Agreement or Exhibit A to this Agreement,
if the Participant’s Service terminates for any reason or no reason, with or without cause, the Participant shall forfeit and the Company shall automatically reacquire all Units which are not Vested Units as of the time of such termination of
Service (“Unvested Units”), and the Participant shall not be entitled to any payment therefor (the “Company Reacquisition Right”). 

6.2 Ownership Change Event, Non-Cash Dividends, Distributions and Adjustments.
Upon the occurrence of an Ownership Change Event, a dividend or distribution to the stockholders of the Company paid in shares of Stock or other property, or any other adjustment upon a change in the capital structure of the Company as described in
Section 9, any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends paid on Stock pursuant to the Company’s dividend policy) to which the Participant is entitled by reason of the
Participant’s ownership of Unvested Units shall be immediately subject to the Company Reacquisition Right and included in the terms “Units” and “Unvested Units” for all purposes of the Company Reacquisition Right with the
same force and effect as the Unvested Units immediately prior to the Ownership Change Event, dividend, distribution or adjustment, as the case may be. For purposes of determining the number of Vested Units following an Ownership Change Event,
dividend, distribution or adjustment, credited Service shall include all Service with any corporation which is a Participating Company at the time the Service is rendered, whether or not such corporation is a Participating Company both before and
after any such event. 

  
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 7. SETTLEMENT OF THE
AWARD. 
 7.1 Issuance of Shares of Stock. Subject
to the provisions of Section 7.3, the Company shall issue to the Participant on the Settlement Date with respect to each Vested Unit to be settled on such date one (1) share of Stock. The Settlement Date with respect to a Unit shall be the
date on which such Unit becomes a Vested Unit as provided by the Grant Notice and Exhibit A to this Agreement (an “Original Settlement Date”); provided, however, that if the tax withholding obligations of a
Participating Company, if any, will not be satisfied by the share withholding method described in Section 8.3 and the Original Settlement Date would occur on a date on which a sale by the Participant of the shares to be issued in settlement of
the Vested Units would violate the Trading Compliance Policy of the Company, then the Settlement Date for such Vested Units shall be deferred until the next day on which the sale of such shares would not violate the Trading Compliance Policy, but in
any event on or before the 15th day of the third calendar month following calendar year in which the Performance Period End Date for the applicable Performance Period occurs. Shares of Stock issued in settlement of Units shall not be subject to any
restriction on transfer other than any such restriction as may be required pursuant to Section 7.3, Section 8 or the Company’s Trading Compliance Policy. 

7.2 Beneficial Ownership of Shares; Certificate Registration. The Participant hereby authorizes the Company, in its sole
discretion, to deposit any or all shares acquired by the Participant pursuant to the settlement of the Award with the Company’s transfer agent, including any successor transfer agent, to be held in book entry form, or to deposit such shares for
the benefit of the Participant with any broker with which the Participant has an account relationship of which the Company has notice. Except as provided by the foregoing, a certificate for the shares acquired by the Participant shall be registered
in the name of the Participant, or, if applicable, in the names of the heirs of the Participant. 
 7.3 Restrictions on Grant of the
Award and Issuance of Shares. The grant of the Award and issuance of shares of Stock upon settlement of the Award shall be subject to compliance with all applicable requirements of federal, state or foreign law with respect to such
securities. No shares of Stock may be issued hereunder if the issuance of such shares would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or
market system upon which the Stock may then be listed. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s legal counsel to be necessary to the lawful issuance of
any shares subject to the Award shall relieve the Company of any liability in respect of the failure to issue such shares as to which such requisite authority shall not have been obtained. As a condition to the settlement of the Award, the Company
may require the Participant to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect thereto as may be requested by the
Company. 
 7.4 Fractional Shares. The Company shall not be required to issue fractional shares upon the settlement of
the Award. 

  
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 8. TAX
WITHHOLDING. 
 8.1 In General. At the time the Grant Notice is
executed, or at any time thereafter as requested by a Participating Company, the Participant hereby authorizes withholding from payroll and any other amounts payable to the Participant, and otherwise agrees to make adequate provision for, any sums
required to satisfy the federal, state, local and foreign tax (including any social insurance) withholding obligations of the Participating Company, if any, which arise in connection with the Award, the vesting of Units or the issuance of shares of
Stock in settlement thereof. The Company shall have no obligation to deliver shares of Stock until the tax withholding obligations of the Participating Company have been satisfied by the Participant. 

8.2 Assignment of Sale Proceeds. Subject to compliance with applicable law and the Company’s Trading Compliance Policy, if
permitted by the Company, the Participant may satisfy the Participating Company’s tax withholding obligations in accordance with procedures established by the Company providing for delivery by the Participant to the Company or a broker approved
by the Company of properly executed instructions, in a form approved by the Company, providing for the assignment to the Company of the proceeds of a sale with respect to some or all of the shares being acquired upon settlement of Units. 

8.3 Withholding in Shares. The Company shall have the right, but not the obligation, to require the Participant to satisfy all or any
portion of a Participating Company’s tax withholding obligations by deducting from the shares of Stock otherwise deliverable to the Participant in settlement of the Award a number of whole shares having a fair market value, as determined by the
Company as of the date on which the tax withholding obligations arise, not in excess of the amount of such tax withholding obligations determined by the applicable minimum statutory withholding rates if required to avoid liability classification of
the Award under generally accepted accounting principles in the United States. 
 9. ADJUSTMENTS FOR
CHANGES IN CAPITAL STRUCTURE. 

Subject to any required action by the stockholders of the Company and the requirements of Section 409A of the Code to the extent
applicable, in the event of any change in the Stock effected without receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split,
reverse stock split, split-up, split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital
structure of the Company, or in the event of payment of a dividend or distribution to the stockholders of the Company in a form other than Stock (other than regular, periodic cash dividends paid on Stock pursuant to the Company’s dividend
policy) that has a material effect on the Fair Market Value of shares of Stock, appropriate and proportionate adjustments shall be made in the number of Units subject to the Award and/or the number and kind of shares or other property to be issued
in settlement of the Award, in order to prevent dilution or enlargement of the Participant’s rights under the Award. For purposes of the foregoing, conversion of any convertible securities of the Company shall not be treated as “effected
without receipt of consideration by the Company.” Any and all new, substituted or additional securities or other property (other than regular, periodic cash dividends paid on Stock pursuant to the Company’s dividend policy) to which the
Participant is entitled by reason of ownership of Units acquired pursuant to this Award will be immediately subject to the provisions of this Award on the same basis as all Units originally acquired hereunder. Any fractional Unit or share resulting
from an adjustment pursuant to this Section shall be rounded down to the nearest whole number. Such adjustments shall be determined by the Committee, and its determination shall be final, binding and conclusive. 

  
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 10. RIGHTS AS A
STOCKHOLDER, DIRECTOR, EMPLOYEE OR CONSULTANT. 

The Participant shall have no rights as a stockholder with respect to any shares which may be issued in settlement of this Award until the
date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights for which the
record date is prior to the date the shares are issued, except as provided in Section 9. If the Participant is an Employee, the Participant understands and acknowledges that, except as otherwise provided in a separate, written employment
agreement between a Participating Company and the Participant, the Participant’s employment is “at will” and is for no specified term. Nothing in this Agreement shall confer upon the Participant any right to continue in the Service of
a Participating Company or interfere in any way with any right of the Participating Company Group to terminate the Participant’s Service at any time. 

11. LEGENDS. 

The Company may at any time place legends referencing any applicable federal, state or foreign securities law restrictions on all certificates
representing shares of stock issued pursuant to this Agreement. The Participant shall, at the request of the Company, promptly present to the Company any and all certificates representing shares acquired pursuant to this Award in the possession of
the Participant in order to carry out the provisions of this Section. 
 12. COMPLIANCE WITH
SECTION 409A. 
 It is intended
that any election, payment or benefit which is made or provided pursuant to or in connection with this Award that may result in Section 409A Deferred Compensation shall comply in all respects with the applicable requirements of
Section 409A (including applicable regulations or other administrative guidance thereunder, as determined by the Committee in good faith) to avoid the unfavorable tax consequences provided therein for
non-compliance. In connection with effecting such compliance with Section 409A, the following shall apply: 

12.1 Separation from Service; Required Delay in Payment to Specified Employee. Notwithstanding anything set forth herein to the
contrary, no amount payable pursuant to this Agreement on account of the Participant’s termination of Service which constitutes a “deferral of compensation” within the meaning of the Treasury Regulations issued pursuant to
Section 409A of the Code (the “Section 409A Regulations”) shall be paid unless and until the Participant has incurred a “separation from service” within the
meaning of the Section 409A Regulations. Furthermore, to the extent that the Participant is a “specified employee” within the meaning of the Section 409A Regulations as of the date of the Participant’s separation from
service, no amount that constitutes a deferral of compensation which is payable on account of the Participant’s separation from service shall be paid to the Participant before the date (the “Delayed 

  
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Payment Date”) which is the first day of the seventh month after the date of the Participant’s separation from service or, if earlier, the date of the
Participant’s death following such separation from service. All such amounts that would, but for this Section, become payable prior to the Delayed Payment Date will be accumulated and paid on the Delayed Payment Date. 

12.2 Other Changes in Time of Payment. Neither the Participant nor the Company shall take any action to accelerate or delay the payment
of any benefits under this Agreement in any manner which would not be in compliance with the Section 409A Regulations. 
 12.3
Amendments to Comply with Section 409A; Indemnification. Notwithstanding any other provision of this Agreement to the contrary, the Company is authorized to amend this Agreement, to void or amend any election made by the
Participant under this Agreement and/or to delay the payment of any monies and/or provision of any benefits in such manner as may be determined by the Company, in its discretion, to be necessary or appropriate to comply with the Section 409A
Regulations without prior notice to or consent of the Participant. The Participant hereby releases and holds harmless the Company, its directors, officers and stockholders from any and all claims that may arise from or relate to any tax liability,
penalties, interest, costs, fees or other liability incurred by the Participant in connection with the Award, including as a result of the application of Section 409A. 

12.4 Advice of Independent Tax Advisor. The Company has not obtained a tax ruling or other confirmation from the Internal Revenue
Service with regard to the application of Section 409A to the Award, and the Company does not represent or warrant that this Agreement will avoid adverse tax consequences to the Participant, including as a result of the application of
Section 409A to the Award. The Participant hereby acknowledges that he or she has been advised to seek the advice of his or her own independent tax advisor prior to entering into this Agreement and is not relying upon any representations of the
Company or any of its agents as to the effect of or the advisability of entering into this Agreement. 
 13.
MISCELLANEOUS PROVISIONS. 
 13.1 Termination or
Amendment. The Committee may terminate or amend the Plan or this Agreement at any time; provided, however, that except as specifically provided in this Agreement or the Plan, no such termination or amendment may have a materially adverse effect
on the Participant’s rights under this Agreement without the consent of the Participant unless such termination or amendment is necessary to comply with applicable law or government regulation, including, but not limited to, Section 409A.
No amendment or addition to this Agreement shall be effective unless in writing. 
 13.2 Nontransferability of the Award. Prior to
the issuance of shares of Stock on the applicable Settlement Date, neither this Award nor any Units subject to this Award shall be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or
garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent and distribution. All rights with respect to the Award shall be exercisable during the Participant’s lifetime
only by the Participant or the Participant’s guardian or legal representative. 

  
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 13.3 Further Instruments. The parties hereto agree to execute such further
instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement. 
 13.4 Binding
Effect. This Agreement shall inure to the benefit of the successors and assigns of the Company and, subject to the restrictions on transfer set forth herein, be binding upon the Participant and the Participant’s heirs, executors,
administrators, successors and assigns. 
 13.5 Delivery of Documents and Notices. Any document relating to participation in the Plan
or any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given (except to the extent that this Agreement provides for effectiveness only upon actual receipt of such notice) upon personal delivery,
electronic delivery at the e-mail address, if any, provided for the Participant by a Participating Company, or upon deposit in the U.S. Post Office or foreign postal service, by registered or certified mail,
or with a nationally recognized overnight courier service, with postage and fees prepaid, addressed to the other party at the address of such party set forth in the Grant Notice or at such other address as such party may designate in writing from
time to time to the other party. 
 (a) Description of Electronic Delivery and Signature. The Plan documents,
which may include but do not necessarily include: the Plan, the Grant Notice, this Agreement, the Plan Prospectus, and any reports of the Company provided generally to the Company’s stockholders, may be delivered to the Participant
electronically. In addition, if permitted by the Company, the Participant may deliver electronically the Grant Notice to the Company or to such third party involved in administering the Plan as the Company may designate from time to time. Such means
of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the Internet site of a third party involved in administering the Plan, the delivery of the document via
e-mail or such other means of electronic delivery specified by the Company. Any and all such documents and notices may be electronically signed. 

(b) Consent to Electronic Delivery and Signature. The Participant acknowledges that the Participant has read
Section 13.5(a) of this Agreement and consents to the electronic delivery of the Plan documents and, if permitted by the Company, the delivery of the Grant Notice, as described in Section 13.5(a). The Participant agrees that any and all
such documents requiring a signature may be electronically signed and that such electronic signature shall have the same effect as handwritten signature for the purposes of validity, enforceability and admissibility. The Participant acknowledges
that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost to the Participant by contacting the Company by telephone or in writing. The Participant further acknowledges that the Participant will be
provided with a paper copy of any documents if the attempted electronic delivery of such documents fails. Similarly, the Participant understands that the Participant must provide the Company or any designated third party administrator with a paper
copy of any documents if the attempted electronic delivery of such documents fails. The Participant may revoke his or her consent to the electronic delivery of documents described in Section 13.5(a) or may change the electronic mail address to
which such documents are to be delivered (if Participant has provided an electronic mail address) at any time by notifying the Company of such revoked consent or revised e-mail address by telephone, postal
service or electronic mail. Finally, the Participant understands that he or she is not required to consent to electronic delivery of documents described in Section 13.5(a). 

  
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 13.6 Integrated Agreement. The Grant Notice, this Agreement and the Plan shall
constitute the entire understanding and agreement of the Participant and the Participating Company Group with respect to the subject matter contained herein or therein and supersede any prior agreements, understandings, restrictions,
representations, or warranties among the Participant and the Participating Company Group with respect to such subject matter. To the extent contemplated herein or therein, the provisions of the Grant Notice, this Agreement and the Plan shall survive
any settlement of the Award and shall remain in full force and effect. 
 13.7 Applicable Law. This Agreement shall be governed by
the laws of the State of Delaware, without regard to its conflict of law rules. 
 13.8 Counterparts. The Grant Notice may be
executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

  
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 Exhibit A 

ON24, Inc. 
 2021 Equity
Incentive Plan 
 Performance-Based Stock Unit Award Vesting Criteria 

The number of Performance Units that may vest will be determined in accordance with the following criteria (the “Vesting
Criteria”). Certain capitalized terms used herein have the meanings set forth in Section 4 of this Exhibit A to the Performance Units Agreement (the “Agreement”). Capitalized terms not
explicitly defined in this Exhibit A to the Agreement but defined in the Plan, the Agreement or the Notice of Grant of Performance Units (the “Grant Notice”) will have the same definitions as in the Plan, the
Agreement or the Grant Notice. 
 1. EARNED UNITS. 

1.1 Determination of Performance Multiplier. The Performance Multiplier (rounded to four decimal places) for each Performance Period
will be determined on the basis of the Company TSR Percentage vs. Index achieved for such Performance Period (and without regard to the absolute Company TSR) as follows: 
  

					
	 Company TSR Percentage vs. Index
	 	 	  	 Performance Multiplier

	
                   
 
	 		  	 
	 	 		  	 
	 	 		  	 

 A [__] multiplier will be applied to the Company TSR Percentage vs. Index, and the product will be added or
subtracted (as applicable) to/from 100% to determine the Performance Multiplier. The Performance Multiplier will then be multiplied by the Target Number of Units for that Performance Period to determine the number of Earned Units for the period,
subject to a maximum payout equal to [___]% of the Target Number of Units. 
 Notwithstanding the foregoing, the Performance Multiplier for
each of the First Performance Period and the Second Performance Period will not exceed [___]%. 
 Further, notwithstanding the foregoing, in
the event of the closing of a Change in Control before the end of the Third Performance Period, the Performance Multiplier will be determined in accordance with Section 1.2(d) of this Exhibit A. 

  
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 1.2 Determination of Earned Units. The number of Earned Units for each Performance
Period will be determined as follows: 
 (a) First Performance Period. The number of Earned Units for the First Performance Period, if
any, will be equal to the product of (i) one-third of the Target Number of Units (rounded to the nearest whole number) and (ii) the Performance Multiplier for the First Performance Period, provided
that the maximum number of Earned Units for the First Performance Period may not exceed [___]% of one-third of the Target Number of Units. 

(b) Second Performance Period. The number of Earned Units for the Second Performance Period, if any, will be equal to the product of (i) one-third of the Target Number of Units (rounded to the nearest whole number) and (ii) the Performance Multiplier for the Second Performance Period, provided that the maximum number of Earned Units for
the Second Performance Period may not exceed [___]% of one-third of the Target Number of Units. 

(c) Third Performance Period. The number of Earned Units for the Third Performance Period, if any, will be equal to (i) the
product of (A) the Target Number of Units and (B) the Performance Multiplier for the Third Performance Period, reduced by (ii) the sum, if any, of (A) the number of Earned Units for the First Performance Period and (B) the
number of Earned Units for the Second Performance Period. 
 (d) Change in Control Performance Period. In the event of the closing of
a Change in Control before the end of the Third Performance Period, the number of Earned Units determined for the Change in Control Performance Period will be equal to (i) the product of (A) the Target Number of Units and (B) the
Change in Control Performance Multiplier, reduced by (ii) the sum, if any, of (A) the number of Earned Units for the First Performance Period and (B) the number of Earned Units for the Second Performance Period. “Change in
Control Multiplier” means the Performance Multiplier determined in accordance with Section 1.1 of this Exhibit A, except that, in determining the Company TSR for the Change in Control Performance Period, the Company
TSR for the Change in Control Performance Period will be determined by substituting the Change in Control Price for the Average Closing Share Price. 

2. COMMITTEE CERTIFICATION OF EARNED
UNITS. 
 As soon as practicable following completion of each Performance Period, but
no later than sixty (60) days following such completion, except as provided in Section 3.3 of this Exhibit A, the Committee shall determine and certify in writing the Company TSR Percentage vs. Index attained for such
Performance Period, the resulting Performance Multiplier, and the number of Units which have become Earned Units for such Performance Period (the date of such certification being the “Certification Date”). 

3. VESTING OF EARNED UNITS. 

3.1 Normal Vesting. Earned Units with respect to a Performance Period (as determined in Section 1.2 of this Exhibit
A) shall vest and become Vested Units on the applicable Certification Date for the Performance Period subject to Participant’s continued Service through the Performance Period End Date for the Performance Period, except as otherwise set
forth in this Section 3. 

  
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 3.2 Forfeiture upon Termination of Service. If the Participant’s Service
terminates for any reason prior to the Performance Period End Date for a Performance Period, all Units subject to the Award which have not become Vested Units as of the time of such termination of Service (other than any Units that became Earned
Units in a Performance Period ending before the date of the Participant’s termination of Service that have not yet been certified as Vested Units for such prior Performance Period as described in Section 3.1) shall be forfeited to the
Company and all rights of Participant to such Units shall immediately terminate. Notwithstanding the terms of any severance agreement, employment agreement, or other plan, agreement or letter between the Participant and the Company or any of its
Affiliates which provides for additional vesting or accelerated vesting of equity incentive or similar awards, whether upon a termination of Service, in connection with a Change in Control or similar transaction or otherwise, this Award and the
Units shall not be subject to any acceleration of or additional vesting pursuant to the terms of any such severance agreement, employment agreement or other plan, agreement or letter or any subsequent severance or employment plan, agreement, letter
or arrangement adopted by or implemented by the Company or any of its Affiliates or any of their successors. Such Earned Units will be settled in accordance with Section 7 of the Agreement. 

3.3 Change in Control. In the event of a Change in Control prior to the termination of the Participant’s Service, the vesting of
Earned Units shall be determined as follows: 
 (a) The number of Earned Units for each Performance Period that has ended prior to the last
day of the Change in Control Performance Period (all such periods, the “Completed Performance Periods”) shall be certified by the Committee no later than the Closing Date and shall be settled on the earlier of (i) in
accordance with Section 7 of the Agreement and (ii) the Closing Date. 
 (b) The number of Earned Units for the Change in Control
Performance Period as determined pursuant to Section 1.2(d) of this Exhibit A will be multiplied by a fraction, the numerator of which equals the number of days contained in the Change in Control Performance Period and the
denominator of which equals the number of days contained in the Third Performance Period (the “Accelerated Units”). The Accelerated Units shall be settled within thirty (30) days following the Closing Date. 

(c) That portion of the Earned Units determined in accordance with Section 3.3(b) of this Exhibit A in excess of the number
of Accelerated Units shall be converted to time based vesting (such excess portion, a “Time-Vesting Unit Award”) and shall vest and become Vested Units in equal installments on the remaining original Performance Period End
Dates (or in full, if only one such Performance Period End Date remains), provided that the Participant’s Service has not terminated prior to the applicable vesting dates; provided, further, that upon the termination of
Participant’s Service without Cause [or for Good Reason (as defined in [___________]], prior to vesting, such remaining Earned Units shall become Vested Units upon such termination of Service, provided that the Participant or the
Participant’s estate has executed a Release (as defined in the Employment Agreement) that becomes effective in accordance with its terms on or before the 30th day following such termination of Service. The Units subject to the Time-Vesting Unit
Award which become Vested Units pursuant to this section shall be settled in accordance with Section 7 of the Agreement. 

  
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 (d) Notwithstanding anything to the contrary in this Award Agreement or in the Plan, in the
event of a Change in Control in which the Units are not assumed or replaced by the successor entity, all of the Earned Units (as determined in accordance with Section 1.2(d) of this Exhibit A and this Section 3.3) shall
become Vested Units immediately prior to the last day of the Change in Control Performance Period and shall be settled within thirty (30) days following the Closing Date, provided the Participant remains in Service as of the Closing Date. 

(e) Notwithstanding anything to the contrary in this Award Agreement, in the event of a Change in Control, if the Participant’s severance
agreement, employment agreement or other similar agreement with the Company provides for additional vesting or accelerated vesting of equity incentive or similar awards in the event of a termination of Service in connection with a Change in Control,
such provisions in the severance agreement, employment agreement or other similar agreement shall not apply to this Award. 
 4.
DEFINED TERMS. 
 4.1 “Average Closing Share Price” means the
average of the daily closing prices per share of Stock as reported on the New York Stock Exchange for the applicable sixty (60) trading days. The Average Closing Share Price will be adjusted in each case to reflect an assumed reinvestment, as
of the of applicable ex-dividend date, of all cash dividends and other cash distributions (excluding cash distributions resulting from share repurchases or redemptions by the Company) paid to stockholders, as
applicable, during the sixty (60) trading days ending immediately prior to the Date of Grant or the applicable Performance Period End Date. 

4.2 “Average Closing Index Value” means the average of the daily closing value of the Benchmark Index for the
applicable sixty (60) trading days. 
 4.3 “Benchmark Index TSR” means the percentage increase or decrease
(rounded to four decimal places) in (i) the Average Closing Index Value for the sixty (60) trading days ending with the last trading day of the applicable Performance Period over (b) the Average Closing Index Value for the sixty
(60) trading days ending immediately prior to the Date of Grant. 
 4.4 “Change in Control” shall have the same
meaning as set forth in the Plan, with the closing date thereof referred to herein as the “Closing Date”. 
 4.5
“Change in Control Performance Period” means, in the event of the closing of a Change in Control before the end of the Third Performance Period, a special Performance Period beginning on the Date of Grant and ending on the
last trading day immediately preceding the Closing Date. 
 4.6 “Change in Control Price” means the price per share
of Stock to be paid to the holder in accordance with the definitive agreement governing the transaction constituting the Change in Control (or, in the absence of such agreement, the closing price per Share as reported on the New York Stock Exchange
for the last trading day of the Change in Control Performance Period), adjusted to reflect an assumed reinvestment, as of the applicable ex-dividend date, of all cash dividends and other cash distributions
(excluding cash distributions resulting from share repurchases or redemptions by the Company) paid to stockholders during the Change in Control Performance Period. 

  
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 4.7 “Company TSR” means the total stockholder return of the Company
over the applicable Performance Period, expressed as a percentage increase or decrease (rounded to four decimal places) and computed in accordance with the following formula: A/B, where: 

“A” is the Average Closing Share Price ending with the last trading day of the applicable Performance Period; and 

“B” is the Average Closing Share Price ending immediately prior to the Date of Grant. 

4.8 “Company TSR Percentage vs. Index” means, for the applicable Performance Period, the positive or negative
percentage point difference between the Company TSR and the Benchmark Index TSR. For example, if the Company TSR is 10% and the Benchmark Index TSR is 5%, the Company TSR Percentage vs. Index is +5%; if the Company TSR is 5% and the Benchmark Index
TSR is 10%, the Company TSR Percentage vs. Index is -5%. 
 4.9 “Earned
Unit” means a Unit that is eligible to become a Vested Unit based on the achievement of Company TSR Points vs. Index for the applicable Performance Period (as determined pursuant to Sections 1 and 3 of this Exhibit A), and
the Participant’s continued Service through the applicable Performance Period End Date. 
 4.10 “Performance
Multiplier” means, for each Performance Period, a percentage (rounded to four decimal places) determined in accordance with Section 1.1 of this Exhibit A or, in the event of the closing of a Change in Control before
the end of the Third Performance Period, in accordance with Section 1.2(d) of this Exhibit A. 
 4.11
“Performance Period” means, as applicable, the First Performance Period, Second Performance Period or Third Performance Period, or, in the event of the closing of a Change in Control before the end of the Third Performance
Period, a Change in Control Performance Period (the final day of each such period, as applicable, the “Performance Period End Date”). 

  
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