Document:

Exhibit 4.4

  

  

  

  
    STATEMENT OF DESIGNATION OF THE RIGHTS, PREFERENCES AND PRIVILEGES

    OF

    THE 8.0% SERIES C CUMULATIVE CONVERTIBLE PERPETUAL PREFERRED SHARES OF OCEANPAL INC.

    OCEANPAL INC., a Company organized and existing under the Business Corporations Act (the "BCA") of the Republic of the Marshall Islands (the "Company"),
      in accordance with the provisions of Section 35 thereof and the Company's Articles of Incorporation, does hereby certify:

    The Board of Directors of the Company has adopted the following resolution creating a series of Preferred
      Stock (this and other capitalized terms shall have the same meaning as in the Articles of Incorporation, unless otherwise specified in this Statement of Designation or unless the context otherwise requires) of the Company designated as "8.0% Series C
      Cumulative Convertible Perpetual Preferred Shares."

    RESOLVED, that a series of Preferred Stock, par value $0.01 per share, of the Company be and hereby is
      created, and that the designation and number of shares of such series, and the voting and other powers, preferences and relative, participating, optional or special rights and qualifications, limitations and restrictions thereof, of the shares of
      such series, are as follows:

    Section 1. Designation. The distinctive designation of such series of Preferred Stock is "8.0% Series C Cumulative Convertible Perpetual Preferred Shares" ("Series C Preferred Shares"). Each share of Series C Preferred Shares shall be identical in all
        respects to every other share of Series C Preferred Shares, except as to the respective dates from which dividends may begin accruing, to the extent such dates may differ. The Series C Preferred Shares represents perpetual equity interests in the
        Company and shall not give rise to a claim for payment of a principal amount at a particular date.

    Section 2. Shares.

    	 	
            (a)

          	
            Number. The authorized number of shares
              of Series C Preferred Shares shall be 10,000, subject to increase by filing a statement of designation with respect to such additional shares. Shares of Series C Preferred Shares that are repurchased or otherwise acquired by the Company shall
              be cancelled and shall revert to authorized but unissued Preferred Stock, undesignated as to series.

          

    Section 3. Dividends.

    	 	
            (a)

          	
            Dividends. Dividends on each share of
              Series C Preferred Shares shall be cumulative and shall accrue at the Dividend Rate from the Original Issue Date (or, for any subsequently issued and newly outstanding stock, from the Dividend Payment Date immediately preceding the issuance
              date of such stock) until such time as the Company pays the dividend or redeems the stock in full in accordance with Section 6 below, whether or not such dividends shall have been declared, and whether or not there are profits, surplus, or
              other funds legally available for the payment of dividends. Holders of Series C Preferred Shares shall be entitled to receive dividends from time to time out of any assets of the Company legally available for the payment of dividends at the
              Dividend Rate per share, when, as, and if declared by the Board of Directors. Dividends, to the extent declared to be paid by the Company in accordance with this Statement of Designation, shall be paid quarterly on each Dividend Payment Date.
              Dividends shall accumulate in each Dividend Period from and including the preceding Dividend Payment Date or the initial issue date, as the case may be, to but excluding the applicable next Dividend Payment Date for such Dividend Period. If
              any Dividend Payment Date otherwise would fall on a day that is not a Business Day, declared dividends shall be paid on the immediately succeeding Business Day without the accumulation of additional dividends. Dividends on the Series C
              Preferred Shares shall be payable based on a 360-day year consisting of twelve 30-day months. The Dividend Rate is not subject to adjustment.

          

    

    

    
      
        

    

    
    

    

    	 	 	Holders of Series C Preferred Shares shall receive preferential cumulative quarterly dividends payable in cash or, at the election of the Company, in PIK Shares, on
            each Dividend Payment Date, commencing on the first Dividend Payment Date after the first issuance of a Series C Preferred Share, in either a cash amount per share equal to the product of the Liquidation Preference and the Dividend Rate (the "Dividend Amount") or, at the election of the Company, in an amount of PIK Shares for each outstanding Series C Preferred Share equal to the
            Dividend Amount divided by the Original Issue Price (the "PIK Share Amount"). The Series A Preferred Stock and the Series B Preferred Stock
            shall be junior to the Series C Preferred Shares with respect to all dividends. 

          
	 	 	 
	 	
            (b)

          	
            Payment and Priorities of Dividends. Not later than 5:00 p.m., New York City time, on each Dividend Payment Date, the Company shall pay those dividends, if any, on the Series C Preferred
              Shares that shall have been declared by the Board of Directors to the Holders of record of such shares as such Holders' names appear on the stock transfer books of the Company maintained by the Registrar and Transfer Agent on the applicable
              record date (the "Record Date"), being the Business Day immediately preceding the applicable Dividend Payment Date, except that in the case of
              payments of dividends in arrears, the Record Date with respect to a Dividend Payment Date shall be such date as may be designated by the Board of Directors in accordance with the Company's Bylaws and this Statement of Designation. No dividend
              shall be declared or paid or set apart for payment on any Junior Stock (other than a dividend payable solely in shares of Junior Stock) unless full cumulative dividends have been or contemporaneously are being paid or provided for on all
              outstanding Series C Preferred Shares and any Parity Stock for all prior and the then-ending Dividend Periods.

             

            

            
              In the event that full cumulative dividends on the Series C Preferred Shares and any Parity Stock
                shall not have been paid or declared and set apart for payment, the Company shall not be permitted to repurchase, redeem or otherwise acquire, in whole or in part, any Series C Preferred Shares or Parity Stock except pursuant to a purchase
                or exchange offer made on the same terms to all holders of Series C Preferred Shares and any Parity Stock. The Company shall not be permitted to redeem, repurchase or otherwise acquire any Common Stock or any other Junior Stock unless full
                cumulative dividends on the Series C Preferred Shares and any Parity Stock for all prior and the then-ending Dividend Periods shall have been paid or declared and set apart for payment.

              Accumulated dividends in arrears for any past Dividend Period may be declared by the Board of
                Directors and paid on any date fixed by the Board of Directors, whether or not a Dividend Payment Date, to Holders of the Series C Preferred Shares on the record date for such payment, which may not be more than 60 days, nor less than 5
                days, before such payment date. Subject to the next succeeding sentence, if all accumulated dividends in arrears on all outstanding Series C Preferred Shares and any Parity Stock shall not have been declared and paid, or if sufficient funds
                for the payment thereof shall not have been set apart, payment of accumulated dividends in arrears on the Series C Preferred Shares and any such Parity Stock shall be made in order of their respective Dividend Payment Dates, commencing with
                the earliest. If less than all dividends payable with respect to all Series C Preferred Shares and any Parity Stock are paid, any partial payment shall be made pro rata with respect to the

            

          

    

    
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              Series C Preferred Shares and any Parity Stock entitled to a dividend payment at such time in proportion to the aggregate dividend
                amounts remaining due in respect of such shares at such time. Holders of the Series C Preferred Shares shall not be entitled to any dividend, whether payable in cash, property or stock, in excess of full cumulative dividends. No interest or
                sum of money in lieu of interest shall be payable in respect of any dividend payment which may be in arrears on the Series C Preferred Shares. Dividends shall be paid by check mailed to the registered address of the Holder, unless, in any
                particular case, the Company elects to pay by wire transfer.

               

              

            

    

    Section 4. Liquidation Rights.

    	 	
            (a)

          	
            Liquidation Event. Upon the occurrence of
              any Liquidation Event, Holders of Series C Preferred Shares shall be entitled to receive out of the assets of the Company or proceeds thereof legally available for distribution to stockholders of the Company, (i) after satisfaction of all
              liabilities, if any, to creditors of the Company, (ii) after all applicable distributions of such assets or proceeds being made to or set aside for the holders of any Senior Stock then outstanding in respect of such Liquidation Event, (iii)
              concurrently with any applicable distributions of such assets or proceeds being made to or set aside for holders of any Parity Stock then outstanding in respect of such Liquidation Event and (iv) before any distribution of such assets or
              proceeds is made to or set aside for the holders of Common Stock and any other classes or series of Junior Stock as to such distribution, a liquidating distribution or payment in full redemption of such Series C Preferred Shares in an amount
              initially equal to $1,000.00 per share in cash, plus an amount equal to accumulated and unpaid dividends thereon to the date fixed for payment of such amount (whether or not declared) (the "Liquidation Preference"). For purposes of clarity, upon the occurrence of any Liquidation Event, (x) the holders of then outstanding Senior Stock shall be entitled to receive the applicable
              liquidation preference on such Senior Stock before any distribution shall be made to the Holders of the Series C Preferred Shares or any Parity Stock and (y) the Holders of outstanding Series C Preferred Shares shall be entitled to the
              Liquidation Preference per share in cash concurrently with any distribution made to the holders of Parity Stock and before any distribution shall be made to the holders of Common Stock or any other Junior Stock. Holders of Series C Preferred
              Shares shall not be entitled to any other amounts from the Company, in their capacity as Holders of such stock, after they have received the Liquidation Preference. The payment of the Liquidation Preference shall be a payment in redemption of
              the Series C Preferred Shares such that, from and after payment of the full Liquidation Preference, any such Series C Preferred Shares shall thereafter be cancelled and no longer be outstanding.

             

            

          
	 	
            (b)

          	
            Partial Payment. In the event that the
              distribution or payment described in Section 4(a) above where the Company's assets available for distribution to holders of the outstanding Series C Preferred Shares and any Parity Stock are insufficient to permit payment of all required
              amounts, the Company's then remaining assets or proceeds thereof legally available for distribution to stockholders of the Company shall be distributed among the Series C Preferred Shares and any Parity Stock, as applicable, ratably on the
              basis of their relative aggregate liquidation preferences. To the extent that the Holders of Series C Preferred Shares receive a partial payment of their Liquidation Preference, such partial payment shall reduce the Liquidation Preference of
              their Series C Preferred Shares, but only to the extent of such amount paid.

             

            

          
	 	
            (c)

          	
            Residual Distributions. After payment of
              all required amounts to the Holders of the outstanding Series C Preferred Shares and any Parity Stock, the Company's remaining assets and funds shall be distributed among the holders of the Common Stock

          

    
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              and any other Junior Stock then outstanding according to their respective rights.

               

              

            

    

    Section 5. Voting Rights.

    	 	
            (a)

          	
            General. The Series C Preferred Shares
              shall have no voting rights except as set forth in this Section 5 or as otherwise provided by Marshall Islands law.

             

            

          
	 	
            (b)

          	
            Other Voting Rights

             

            

          
	 	
            (1)

          	
            Unless the Company shall have received the affirmative vote or consents of the Holders of at least two-thirds of the outstanding Series C
              Preferred Shares, voting as a single class, the Company may not adopt any amendment to the Articles of Incorporation that adversely alters the preferences, powers or rights of the Series C Preferred Shares.

             

            

          
	 	
            (2)

          	
            Unless the Company shall have received the affirmative vote or consent of the Holders of at least two-thirds of the outstanding Series C
              Preferred Shares, voting as a class together with holders of any other Parity Stock upon which like voting rights have been conferred and are exercisable, the Company may not (x) issue any Parity Stock if the cumulative dividends payable on
              outstanding Series C Preferred Shares are in arrears or (y) create or issue any Senior Stock.

             

            

          
	 	
            (c)

          	
            Voting Power. For any matter described in
              this Section 5 in which the Holders of the Series C Preferred Shares are entitled to vote as a class, such Holders shall be entitled to one vote in respect of each $1,000.00 in liquidation preference held by them. Any Series C Preferred
              Shares held by the Company or any of its subsidiaries or Affiliates shall not be entitled to vote

             

            

          
	 	
            (d)

          	
            No Vote or Consent in Other Cases. No
              vote or consent of Holders of Series C Preferred Shares shall be required for (i) the creation or incurrence of any indebtedness, (ii) the authorization or issuance of any Common Stock or other Junior Stock or (iii) except as expressly
              provided in paragraph (b)(2) above, the authorization or issuance of any Preferred Stock of the Company.

          

    

    

    Section 6. Rank.
      The Series C Preferred Shares shall be deemed to rank with respect to dividend distributions and distributions upon a Liquidation Event:

    	 	
            (a)

          	
            Seniority. Senior to (i) all classes of
              Common Stock, (ii) if issued, any Series A Participating Preferred Stock and any Series B Preferred Stock and (iii) any other class or series of capital stock established after the Original Issue Date, the terms of which expressly provide
              that it is made junior to the Series C Preferred Shares or any Parity Stock as to the payment of dividends and amounts payable upon any Liquidation Event (collectively referred to with the Company's Common Stock as "Junior Stock");

             

            

          
	 	
            (b)

          	
            Parity. Equal with any class or series of
              capital stock established after the Original Issue Date, the terms of which are not expressly subordinated or senior to the Series C Preferred Shares as to the payment of dividends and amounts payable upon any Liquidation Event (referred to
              as "Parity Stock"); and

             

            

          
	 	
            (c)

          	
            Junior. Junior to any class or series of
              capital stock established after the Original Issue Date, the terms of which expressly provide that it ranks senior to the Series C Preferred Shares as to the payment of dividends and amounts payable upon any Liquidation Event (referred to as
              "Senior Stock"), and to all of our indebtedness and other liabilities, including trade payables.

              

            

          

    

    

    
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    The Company may issue additional Common Stock, additional Series C Preferred Shares and Junior Stock and,
      subject to Section 5(b)(2) of this Statement of Designation, Parity Stock or Senior Stock from time to time in one or more series without the consent of the holders of the Series C Preferred Shares. The Board of Directors has the authority to
      determine the preferences, powers, qualifications, limitations, restrictions and special or relative rights or privileges, if any, of any such Series C before the issuance of any shares of that series. The Board of Directors shall also determine the
      number of shares constituting each series of securities.

    Section 7. Definitions. As used herein with respect to the Series
        C Preferred Shares:

    "Affiliate" means, in regard to a specified Person, a Person that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under
      common control with, the Person specified. As used in this definition, "control" (including the terms controlling, controlled by and under common control with) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by
      contract, or otherwise.

    "Articles of
        Incorporation" means the amended and restated articles of incorporation of the Company, as they may be amended from time to time in a manner consistent with this Statement of Designation, and shall include this Statement of Designation.

    "BCA" has
      the meaning set forth in the introductory paragraph of this Statement of Designation.

    "Board of
        Directors" means the board of directors of the Company or, to the extent permitted by the Articles of Incorporation and the BCA, any authorized committee thereof.

    "Business Day"
      means a day on which The New York Stock Exchange is open for trading and which is not a Saturday, a Sunday or other day on which banks in New York City are authorized or required by law to close.

    "Bylaws"
      means the bylaws of the Company, as they may be amended from time to time.

    "Common Stock"
      means the common stock of the Company, par value $0.01 per share, and any other outstanding class of common stock of the Company.

    "Conversion
        Price" means the lesser of (i) $6.50 and (ii) the 10-Trading Day trailing VWAP of the Common Stock, subject to adjustment as contemplated in Section 10(b) hereof.

    "Company"
      has the meaning set forth in the introductory paragraph of this Statement of Designation.

    "Dividend
        Payment Date" means each January 15, April 15, July 15 and October 15 of each year, commencing January 15, 2022.

    "Dividend Period"
      means a period of time commencing on and including a Dividend Payment Date (other than the initial Dividend Period, which shall commence on and include the Original Issue Date) and ending on and including the calendar day next preceding the next
      Dividend Payment Date.

    "Dividend Rate"
      means a rate equal to 8.0% per annum of the Liquidation Preference per share of Series C Preferred Shares.

    "Effective Price"
      of shares of Common Stock shall mean the quotient determined by dividing the total number of shares of Common Stock issued or sold, or deemed to have been issued or sold by the Company under Section 10(b)(iii) hereof, into the Aggregate Consideration
      received, or deemed to have been received by the Company for such issue under Section 10(b)(iii) hereof, for such shares of Common Stock. In the event that the number of shares of Common Stock or the Effective Price cannot be ascertained at the time
      of issuance, such shares of Common Stock shall be deemed issued immediately upon the occurrence of the first event that makes such number of shares or the Effective Price, as applicable, ascertainable.

    
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    "Excluded Shares"
      means any shares of Common Stock issued or issuable by the Company: (A) to directors, officers, employees and consultants under any stock incentive plan or similar plan or arrangement approved by the Board of Directors; (B) in respect of a conversion
      of the Series C Preferred Shares in accordance herewith; (C) pursuant to a stock split, stock dividend, reorganization or recapitalization applicable to all of the shares of Common Stock of the Company; or (D) pursuant to a transaction that the
      Initial Holder agrees shall be deemed to be an issuance of Excluded Shares.

    "Fair Market
        Value" means the 30-Trading Day trailing VWAP of the Common Stock (as adjusted to take into account any offering expenses, such as underwriting discounts and expenses (but not including discounts to the VWAP), that are customary for the type
      of offering being conducted by the Company).

    "Fundamental
        Change" means the occurrence of a liquidation, dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, or a sale of all or substantially all of the assets, property or business of the Company individually
      or in a series of transactions, or a change of control of the Company.

    "Holder"
      means the Person in whose name the Series C Preferred Shares is registered on the stock register of the Company maintained by the Registrar and Transfer Agent.

    "Initial Holder" means Diana Shipping Inc. and/or its Affiliates.

    "Junior Stock"
      has the meaning set forth in Section 6(a) of this Statement of Designation.

    "Liquidation
        Event" means the occurrence of a liquidation, dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, or a sale of all or substantially all of the assets, property or business of the Company individually or
      in a series of transactions, or a change of control of the Company. A consolidation or merger of the Company with or into any other Person, individually or in a series of transactions, shall not be deemed a Liquidation Event.

    "Liquidation
        Preference" has the meaning set forth in Section 4(a) of this Statement of Designation.

    "Officer's
        Certificate" means a certificate signed by the Company's Chief Executive Officer or the Chief Financial Officer or another duly authorized officer.

    "Original Issue
        Date" means November 29, 2021.

    "Original Issue
        Price" means $1,000.00 per share for each Series C Preferred Share (as adjusted for any stock dividends, stock splits, combinations, recapitalizations, reclassifications or other similar events with respect to the Series C Preferred Shares).

    "Parity Stock"
      has the meaning set forth in Section 6(b) of this Statement of Designation.

    "Paying Agent"
      means Computershare Inc., acting in its capacity as paying agent for the Series C Preferred Shares, and its respective successors and assigns or any other payment agent appointed by the Company.

    "Person"
      means a legal person, including any individual, Company, estate, partnership, joint venture, association, joint-stock company, limited liability company, trust or entity.

    "PIK Share
        Amount" has the meaning set forth in Section 3(a) of this Statement of Designation.

    
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    "PIK Shares"
      shall mean Series C Preferred Shares issued to Holders in lieu of cash dividends in accordance with this Statement of Designation.

    "Preferred Stock"
      means any of the Company's capital stock, however designated, which entitles the holder thereof to a preference with respect to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution
      or winding up of the Company's affairs, over shares of the Common Stock.

    "Record Date"
      has the meaning set forth in Section 3(b) of this Statement of Designation.

    "Registrar"
      means Computershare Inc., acting in its capacity as registrar for the Series C Preferred Shares, and its successors and assigns or any other registrar appointed by the Company.

    "Preferred
        Shares" means any of the Company's preferred stock, par value $0.01 per share, however designated, which entitles the holder thereof to one or more preferences over shares of the Company's Common Stock.

    "Senior Stock"
      has the meaning set forth in Section 7(c) of this Statement of Designation.

    "Series A
        Participating Preferred Stock" means the Company's Series A Participating Preferred Stock as provided for in the Company's Stockholders Rights Agreement.

    "Series C
        Preferred Shares" has the meaning set forth in Section 1 of this Statement of Designation..

    "Statement of
        Designation" means this Statement of Designation relating to the Series C Preferred Shares, as it may be amended from time to time in a manner consistent with this Statement of Designation, the Articles of Incorporation and the BCA.

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

    "Transfer Agent" means Computershare Inc., acting in its capacity as transfer agent for the Series C Preferred Shares, and its respective successors and assigns or any other
      transfer agent appointed by the Company.

    "VWAP"
      means volume-weighted average price of the Common Stock.

    For all purposes relevant to this Statement of Designation: the terms defined in the singular have a
      comparable meaning when used in the plural and vice versa; whenever the words "include," "includes," or "including" are used, they are deemed followed by the words "without limitation;" all references to number of shares, amounts per share, prices,
      and the like shall be subject to appropriate adjustment for stock splits, stock combinations, stock dividends and similar events; and, except as otherwise set forth in this Statement of Designation, if any event under this Statement of Designation
      occurs on a day that is not a Business Day, such event shall be deemed to occur on the first Business Day after such date.

    Section 8. Fractional Shares. No Series C Preferred Shares may be
        issued in fractions of a share.

    Section 9. No Mandatory Redemption or Sinking Fund. The Series C
        Preferred Shares shall not be subject to mandatory redemption and shall not have the benefit of any sinking fund.

    
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    Section 10.
        Conversion. The Series C Preferred Shares shall not be convertible into Common Stock or other of the Company's securities and shall not have exchange rights or be entitled or subject to any preemptive or similar rights, except as provided
      in this Section 10.

    (a) Optional
        Conversion. Each Holder of Series C Preferred Shares may elect to convert its Series C Preferred Shares, in whole or in part, into shares of Common Stock (i) at any time on or after the first anniversary of the issue date of the Series C
      Preferred Shares and (ii) at any time upon a Fundamental Transaction of the Company, in each case at the Conversion Price then in effect; provided, however, that except in the case of a Fundamental Change, the Holder may not convert its Series C
      Preferred Shares into shares of Common Stock if, after giving effect to such attempted conversion, the Holder would beneficially own greater than 49.0% of the outstanding shares of Common Stock.

    For purposes of this Section 10(a), "affiliate" shall have the meaning as defined in Rule 144(a)(3) under
      the Securities Act of 1933, as amended, and "beneficial ownership" shall be determined in accordance with Section 13 of the Securities Exchange Act of 1934, as amended.

    (b) Adjustment
        of Conversion Price as Result of Certain Corporate Actions. The Conversion Price in effect at any time shall be adjusted as follows:

    (i) If the Company shall, at any time or from time to time, effect a subdivision or split of the
      outstanding Common Stock, the Conversion Price in effect immediately before such subdivision or split shall be proportionately decreased and, conversely, if the Company shall, at any time or from time to time, effect a combination of the outstanding
      Common Stock, the Conversion Price in effect immediately before such combination shall be proportionately increased. Any adjustment under this Section 10(b)(i) shall become effective at the close of business on the date of the applicable subdivision,
      split or combination.

    (ii) In the event that the Company shall, at any time or from time to time, make or issue to all holders
      of shares of Common Stock, a dividend or other distribution payable in shares of Common Stock, then the Conversion Price in effect shall be decreased as of the time of such issuance in accordance with the following formula:

    	 	 	 	 	
            O

          	 	 
	 	
            C1

          	
            =

          	
            C x

          	
            ----------------

          	 	 
	 	 	 	 	
            O + N

          	 	 
	 	 	 	 	 	 	 
	 	
            where:

          	 	 	 	
             

          	 

    

    

    	 	
            C1 =

          	
            The adjusted Conversion Price.

          	 
	 	
            C =

          	
            The current Conversion Price.

          	 
	 	
            O =

          	
            The number of shares of Common Stock outstanding immediately prior to the applicable issuance.

          	 
	 	
            N =

          	
            The number of additional shares of Common Stock issued in payment of such dividend or distribution.

          	 

    

    

    (iii) In the event that the Company shall, at any time or from time to time, offer shares of Common Stock
      (other than Excluded Shares) in a non-public offering (or in a public offering in which more than 50% of such public offering is subscribed to by Affiliates of the Company) in which the Common Stock is sold at a price less than Fair Market Value,
      then the Conversion Price shall be reduced (but not increased) to an amount determined by multiplying the Conversion Price by a fraction (x) the numerator of which shall be (A) the number of shares of Common Stock deemed outstanding (as

    
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    determined in the following sentence) immediately prior to such issue or sale, plus (B) the number of shares of Common Stock
      which the Aggregate Consideration received or deemed received by the Company for the total number of additional shares of Common Stock so issued would purchase at such then-existing Conversion Price, and (y) the denominator of which shall be the
      number of shares of Common Stock deemed outstanding (as determined in the following sentence) immediately prior to such issue or sale plus the total number of additional shares of Common Stock so issued. For the purposes of the preceding sentence,
      the number of shares of Common Stock deemed to be outstanding as of a given date shall be the sum of (I) the number of shares of Common Stock outstanding, (II) the number of shares of Common Stock into which the then-outstanding Series C Preferred
      Shares could be converted if fully converted on the day immediately preceding the given date, and (III) the number of shares of Common Stock which are issuable upon the exercise or conversion of all other rights, options and Convertible Securities
      outstanding on the day immediately preceding the given date. In addition, any issuance of additional Series C Preferred Shares shall not cause an adjustment of the Conversion Price under this Section 10(b)(iii).

    An adjustment made pursuant to this Section 10(b)(iii) shall be made on the next Business Day following
      the date on which any such issuance or sale is made and shall be effective retroactively to the close of business on the date of such issuance or sale.

    For the purpose of making any adjustment required under this Section 10(b)(iii), the aggregate
      consideration received by the Company for any issue or sale of securities (the "Aggregate Consideration") shall be computed as: (A) to the extent it consists of cash, the gross amount of cash received by the Company before deduction of any
      underwriting or similar commissions, compensation or concessions paid or allowed by the Company in connection with such issue or sale and without deduction of any expenses payable by the Company, (B) to the extent it consists of property other than
      cash, the fair value of that property as determined in good faith by the Board of Directors; provided, however, that to the extent the Board of Directors determines the fair value of property other than cash is equal to or exceeds $1,000,000, then
      the Company shall have such property appraised by a qualified independent appraiser, whose valuation shall conclusively determine the value, and (C) if shares of Common Stock, Convertible Securities or rights or options to purchase either shares of
      Common Stock or Convertible Securities are issued or sold together with other stock or securities or other assets of the Company for a consideration which covers both, the portion of the consideration so received that may be reasonably determined in
      good faith by the Board of Directors to be allocable to such shares of Common Stock, Convertible Securities or rights or options.

    For the purpose of the adjustment required under this Section 7(c)(iii), if the Company issues or sells
      (x) Preferred Shares or other stock, options, warrants, purchase rights or other securities convertible into, shares of Common Stock other than Excluded Shares (such convertible stock or securities being herein referred to as "Convertible
      Securities") or (y) rights or options for the purchase of shares of Common Stock or Convertible Securities (other than Excluded Shares) and if the Effective Price of such shares of Common Stock is less than the Conversion Price, the Company shall be
      deemed to have issued at the time of the issuance of such rights or options or Convertible Securities the maximum number of shares of Common Stock issuable upon exercise or conversion thereof and to have received as consideration for the issuance of
      such shares an amount equal to the total amount of the consideration, if any, received by the Company for the issuance of such rights or options or Convertible Securities plus: (A) in the case of such rights or options, the minimum amounts of
      consideration, if any, payable to the Company upon the exercise of such rights or options; and (B) in the case of Convertible Securities, the minimum amounts of consideration, if any, payable to the Company upon the conversion thereof (other than by
      cancellation of liabilities or obligations evidenced by such Convertible Securities); provided that if the minimum amounts of such consideration cannot be ascertained, but are a function of anti-dilution or similar protective clauses, the Company
      shall be deemed to have received the minimum amounts of consideration without reference to such clauses.

    If the minimum amount of consideration payable to the Company upon the exercise or conversion of rights,
      options or Convertible Securities is reduced over time or on the occurrence or non-occurrence of specified events other than by reason of anti-dilution adjustments, the Effective Price shall be recalculated using the figure to which such minimum
      amount of consideration is reduced; provided further, that if the minimum amount of consideration payable to the Company upon the exercise or conversion of such rights, options or Convertible Securities is subsequently increased, the Effective Price
      shall be again recalculated using the increased minimum amount of consideration payable to the Company upon the exercise or conversion of such rights, options or Convertible Securities.

    
      9

      
        

    

    

    

    If any option or warrant expires or is cancelled without having been exercised, then, for the purposes of
      the adjustments set forth above, such option or warrant shall have been deemed not to have been issued and the Conversion Price shall be adjusted accordingly. No holder of Common Stock which was previously issued upon conversion of Series C Preferred
      Shares shall have any obligation to redeem or cancel any such shares of Common Stock as a result of the operation of this paragraph.

    (iv) Anything herein to the contrary notwithstanding, no adjustment will be made to the Conversion Price
      by reason of the issuance of Common Stock upon the conversion of Series C Preferred Shares or the exercise of any such rights or options.

    (c) Corporate
        Events. Prior to the consummation of any transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange for shares of Common Stock, including a
      reclassification, exchange, substitution or reorganization (a "Corporate Event"), the Company shall make appropriate provision to ensure that each Holder will thereafter have the right to receive upon a conversion of all the Series C Preferred Shares
      held by such Holder, such securities and other assets (including cash) that such Holder would have been entitled to receive had such Holder converted its Series C Preferred Shares into Common Stock immediately prior to the consummation of such
      Corporate Event. The provisions of this Section 10(c) shall apply similarly and equally to successive Corporate Events.

    (d) Mechanics
        of Conversion. No fractional shares of Common Stock shall be issued upon conversion of Series C Preferred Shares. In lieu of any fractional shares to which the Holder would otherwise be entitled, the Company shall pay cash equal to such
      fraction multiplied by the then Fair Market Value of such fractional shares. Before any Holder of Series C Preferred Shares shall be entitled to convert the same into full shares of Common Stock, and to receive certificates therefor, the Holder shall
      surrender the certificate or certificates therefor, duly endorsed, at the office of the Company or of any Transfer Agent for the Series C Preferred Shares, and shall give written notice to the Company at such office that such Holder is converting the
      same; provided, however, that the Company shall not be obligated to issue certificates evidencing the shares of Common Stock issuable upon conversion unless either the certificates evidencing such Series C Preferred Shares are delivered to the
      Company or its Transfer Agent as provided above, or the Holder notifies the Company or its Transfer Agent that such certificates have been lost, stolen or destroyed and executes an agreement satisfactory to the Company to indemnify the Company from
      any loss incurred by it in connection with such certificates.

    The Company shall, as soon as practicable after such delivery, or after such agreement and
      indemnification, issue and deliver at such office to such Holder of Series C Preferred Shares, a certificate or certificates for the number of shares of Common Stock to which such Holder shall be entitled as aforesaid (or the applicable book-entry
      account shall be created and/or noted as credited with such shares of Common Stock) and a check payable to the Holder in the amount of any cash amounts payable as the result of a conversion into fractional shares of Common Stock, plus any accrued and
      unpaid cash dividends on the converted Series C Preferred Shares. Such conversion shall be deemed to have been made immediately prior to the close of business on the date of such surrender of Series C Preferred Shares to be converted, and the Person
      or Persons entitled to receive the shares of Common Stock issuable upon such conversion shall be treated for all purposes as the record holder or holders of such shares of Common Stock on such date.

    (e) Reservation of
        Stock Issuable Upon Conversion. The Company shall at all times after the Original Issue Date, reserve and keep available out of its authorized but unissued shares of Common Stock solely for the purpose of effecting the conversion of the
      shares of the Series C Preferred Shares, such number of its shares of Common Stock as shall from time to time be sufficient to effect the conversion of all then outstanding shares of the Series C Preferred Shares; and if at any time the number of
      authorized but unissued shares of Common Stock shall not be sufficient to effect the conversion of all then outstanding shares of the Series C Preferred Shares, the Company will take such corporate action as may, in the opinion of its counsel, be
      necessary to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purpose, including engaging in best efforts to obtain the requisite shareholder approval of any necessary amendment to
      this Statement of Designation or the Articles of Incorporation.

    
      10

      
        

    

    

    

    (f) Treasury
        Stock. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held, directly or indirectly, by or for the account of the Company. The disposition of such shares of Common Stock shall be deemed a
      sale for the purpose of Section 10(b)(iii) hereof.

    (g) Other
        Events. If any event occurs of the type contemplated by the foregoing provisions of this Section 10 but not expressly provided for by such provisions, then the Board of Directors will make an appropriate adjustment to the Conversion Price so
      as to protect the rights of the holders of the Series C Preferred Shares; provided, however, that no such adjustment will increase the Conversion Price as otherwise determined pursuant to this Section 10.

    Section 11. Record Holders. To the fullest extent permitted by
        applicable law, the Company, the Registrar, the Transfer Agent and the Paying Agent may deem and treat the Holder of any Series C Preferred Shares as the true, lawful and absolute owner thereof for all purposes, and neither the Company nor the
        Registrar, the Transfer Agent or the Paying Agent shall be affected by any notice to the contrary.

    Section 12. Notices. All notices or communications in respect of
        the Series C Preferred Shares shall be sufficiently given if given in writing and delivered in person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this Statement of Designation, in the Articles of
        Incorporation and Bylaws or by applicable law.

    Section 13. Other Rights. The Series C Preferred Shares shall not
        have any voting powers, preferences or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth in this Statement of Designation or in the Articles of Incorporation
        or as provided by applicable law.

    [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

    
      11

      
        

    

    

    

    IN WITNESS WHEREOF, the undersigned, being duly authorized thereto, does hereby affirm that this certificate is the act and
      deed of the Company and that the facts herein stated are true, and accordingly has hereunto set his hand this 29th day of November, 2021.

    

    

    	
            OCEANPAL INC.

          	 
	 	 	 	 
	
            By:

          	
            /s/ Eleftherios Papatrifon

          	 
	 	
            Name:

          	
            Eleftherios Papatrifon

          	 
	 	
            Title:

          	
            Director and Chief Executive Officer

          	 
	 

    

    

  

  12Exhibit 4.6

    FORM OF CLASS A COMMON SHARE PURCHASE WARRANT

    

    

    OCEANPAL INC.

     

    	
            Warrant Shares: _______

          	
            Issue Date: [ ], 2022

          

     

    THIS COMMON SHARE PURCHASE WARRANT (the “Warrant”)
      certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the
      conditions hereinafter set forth, at any time on or after the Issue Date and on or prior to 5:00 p.m. (New York City time) on [ ], 2027 (the “Termination Date”) but
      not thereafter, to subscribe for and purchase from OceanPal Inc., a Marshall Islands corporation (the “Company”), up to ______ Common Shares (as subject to adjustment
      hereunder, the “Warrant Shares”).  The purchase price of one Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This
      Warrant shall initially be issued and maintained in the form of a security held in book-entry form and The Depository Trust Company or its nominee (“DTC”) shall
      initially be the sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply.

    Section 1.  Definitions.  In addition to the terms defined elsewhere in this Warrant, the following terms have the meanings indicated in this Section 1.

    “Affiliate” means any
      Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

    “Bid Price” means, for any
      date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading Market, the bid price of the Common Shares for the time in question (or the nearest preceding date) on the
      Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the
      volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Shares
      are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the fair market value of a Common
      Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

    “Business Day” means  any
      day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed; provided, however, for clarification, commercial banks shall not be deemed to be authorized or required
      by law to remain closed due to “stay at home”, “shelter-in-place”, “non-essential employee”  or any other similar orders or restrictions or the closure of any physical branch locations at the direction of any governmental authority so long as the
      electronic funds transfer systems (including for wire transfers) of commercial banks in The City of New York are generally are open for use by customers on such day.

    “Commission” means the
      United States Securities and Exchange Commission.

    “Common Shares” means
      common shares of the Company, par value $0.01 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

    
      
        

    

    

    

    “Common Share Equivalents”
      means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Shares, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any
      time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Shares.

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

    “Person” means an
      individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

    “Registration Statement”
      means the Company’s registration statement on Form F-1 (File No. 333-).

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

    “Subsidiary” means any
      subsidiary of the Company, which is actively engaged in a trade or business, and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

    “Trading Day” means a day
      on which the Common Shares are traded on a Trading Market.

    “Trading Market” means any
      of the following markets or exchanges on which the Common Shares are listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock
      Exchange (or any successors to any of the foregoing).

    “Transfer Agent” means [
      ], the current transfer agent of the Company with a mailing address of [ ], and any successor transfer agent of the Company.

    “Underwriting Agreement”
      means the underwriting agreement, dated as of  January [ ], 2022 among the Company and Maxim Group LLC as representative of the underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms.

    “VWAP” means, for any
      date, the price determined by the first of the following clauses that applies: (a) if the Common Shares are then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Shares for such date (or the nearest
      preceding date) on the Trading Market on which the Common Shares are then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a
      Trading Market, the volume weighted average price of the Common Shares for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Shares are not then listed or quoted for trading on OTCQB or OTCQX and if prices
      for the Common Shares are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per Common Share so reported, or (d) in all other cases, the fair market
      value of a Common Share as determined by an independent appraiser selected in good faith by the holders of a majority in interest of the Warrants then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid
      by the Company.

    
      
        

    

    

    

    “Warrant Agency Agreement”
      means that certain warrant agency agreement, dated on or about the Issue Date, between the Company and the Warrant Agent.

    “Warrant Agent” means the
      Transfer Agent or its affiliate that acts as warrant agent and any successor warrant agent of the Company.

    “Warrants” means this
      Warrant and other Common Share purchase warrants issued by the Company pursuant to the Registration Statement.

    Section 2.  Exercise.

    a)  Exercise of Warrant.  Exercise
      of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy (or
      e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number
      of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of
      Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required,
      nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the
      Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of
      the date on which the final Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the
      outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased.  The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such
      purchases. The Company shall deliver any objection to any Notice of Exercise within one (1) Business Day of receipt of such notice.  The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions
      of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

    Notwithstanding the foregoing in this Section 2(a), a holder whose interest in this Warrant is a beneficial interest in
      certificate(s) representing this Warrant held in book-entry form through DTC (or another established clearing corporation performing similar functions), shall effect exercises made pursuant to this Section 2(a) by delivering to DTC (or such other
      clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by DTC (or such other clearing corporation, as applicable), subject to a Holder’s right to elect to
      receive a Definitive Warrant pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not apply. Notwithstanding anything to the contrary contained herein, a beneficial holder of the Warrant shall have all of the
      rights and remedies of the “Holder” hereunder.

    b)  Exercise Price.  The exercise
      price per Common Share under this Warrant shall be $[  ], subject to adjustment hereunder (the “Exercise Price”).

    c)  Cashless Exercise.  If at the
      time of exercise hereof, there is no effective registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in
      part, at such time by

    
      
        

    

    

    

    means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by
      dividing [(A-B) (X)] by (A), where:

    (A) = as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable
      Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the
      opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the
      date of the applicable Notice of Exercise or (z) the Bid Price of the Common Shares on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”) as of
      the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the
      close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed
      and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

    (B) = the Exercise Price of this Warrant, as adjusted hereunder; and

    (X) = the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance
      with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

    If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with
        Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the registered characteristics of the Warrant being exercised. The Company agrees not to take any position contrary to this Section 2(c).

    Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised
      via cashless exercise pursuant to this Section 2(c).

    d)  Mechanics of Exercise.

    i.  Delivery of Warrant
          Shares Upon Exercise.  The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository
      Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective
      registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the
      Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the
      earliest of (i) two (2) Trading Days after the delivery to the Company or the Warrant Agent of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days
      comprising the Standard

    
      
        

    

    

    

    Settlement Period after the delivery to the Company or the Warrant Agent of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the
      Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within
      the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver or cause the delivery to the Holder the
      Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP
      of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share
      Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used
      herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of
      Exercise.

    ii.  Delivery of New
          Warrants Upon Exercise.  If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver or cause
      the Warrant Agent to deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

    iii.  Rescission Rights. 
      If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

    iv.  Compensation for Buy-In
          on Failure to Timely Deliver Warrant Shares Upon Exercise.  In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the
      provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage
      firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
      then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1)
      the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order

    
      
        

    

    

    

    giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion
      of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been issued had the Company
      timely complied with its exercise and delivery obligations hereunder.  For example, if the Holder purchases Common Shares having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant to purchase
      Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence, the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company
      written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.  Nothing herein shall limit a Holder’s right to pursue any other remedies available to it
      hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant to the
      terms hereof.

    v.  No Fractional Shares or
          Scrip.  No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant.  As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
      Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

    vi.  Charges, Taxes and
          Expenses.  Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid
      by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be
      accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.  The Company shall pay all
      Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to The Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the
      Warrant Shares.

    vii.  Closing of Books. 
      The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

    e)  Holder’s Exercise Limitations. 
      The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as
      set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other Persons acting as a group together with the Holder or any of the Holder’s Affiliates (such Persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined

    
      
        

    

    

    

    below).  For purposes of the foregoing sentence, the number of Common Shares beneficially owned by the Holder and its Affiliates and
      Attribution Parties shall include the number of Common Shares issuable upon exercise of this Warrant with respect to which such determination is being made, but shall exclude the number of Common Shares which would be issuable upon (i) exercise of
      the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company
      (including, without limitation, any other  Common Share Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or Attribution Parties. 
      Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being
      acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance
      therewith.   To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties)
      and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to
      other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to
      verify or confirm the accuracy of such determination.   In addition, a determination as to any group status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated
      thereunder. For purposes of this Section 2(e), in determining the number of outstanding Common Shares, a Holder may rely on the number of outstanding Common Shares as reflected in (A) the Company’s most recent periodic or annual report filed with the
      Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent written notice by the Company or the Transfer Agent setting forth the number of Common Shares outstanding.  Upon the written or oral request of
      a Holder, the Company shall within one Trading Day confirm orally and in writing to the Holder the number of Common Shares then outstanding.  In any case, the number of outstanding Common Shares shall be determined after giving effect to the
      conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding Common Shares was reported.  The “Beneficial Ownership Limitation” shall be 4.99% (or, upon election by the Holder prior to the issuance of any Warrants, 9.99%) of the number of the Common Shares outstanding immediately
      after giving effect to the issuance of Common Shares issuable upon exercise of this Warrant.  The Holder may, upon notice to the Company, increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the
      Beneficial Ownership Limitation in no event exceeds 9.99% of the number of the Common Shares outstanding immediately after giving effect to the issuance of Common Shares upon exercise of this Warrant held by the Holder and the provisions of this
      Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company.  The provisions of this paragraph shall be construed and
      implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein
      contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.

    Section 3.  Certain Adjustments.

    a)  Stock Dividends and Splits. If
      the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on its Common Shares or any other equity or equity equivalent securities payable in Common Shares (which, for
      avoidance

    
      
        

    

    

    

    of doubt, shall not include any Common Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding Common Shares
      into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding Common Shares into a smaller number of shares or (iv) issues by reclassification of the Common Shares any shares of capital stock of the Company,
      then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of Common Shares (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the
      number of Common Shares outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged.  Any
      adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective
      date in the case of a subdivision, combination or re-classification.

    b)  Subsequent Rights Offerings.  In
      addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Share Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any
      class of Common Shares (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase
      Rights which the Holder could have acquired if the Holder had held the number of Common Shares acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial
      Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of Common Shares are to be determined for
      the grant, issue or sale of such Purchase Rights (provided, however, that, to the
      extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or
      beneficial ownership of such Common Shares as a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the
      Holder exceeding the Beneficial Ownership Limitation).

    c)  Pro Rata Distributions.  During
      such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise
      (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution to the same
      extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
      the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the
      participation in such Distribution (provided, however, that, to the extent that
      the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
      ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in
      the Holder exceeding the Beneficial Ownership Limitation).  To the extent that this Warrant has not been partially or completely exercised at the time of such Distribution, such portion of the Distribution shall be held in abeyance for the benefit of
      the Holder until the Holder has exercised this Warrant.

    d)  Fundamental Transaction. If, at
      any time while this Warrant is outstanding, (i)

    
      
        

    

    

    

    the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into
      another Person, (ii) the Company (and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a
      series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange
      their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Shares, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
      reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or
      indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another
      Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not including any Common Shares held by the other Person or other Persons making or party to, or associated or affiliated with the
      other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
      exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without
      regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable
      immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply
      to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a
      reasonable manner reflecting the relative value of any different components of the Alternate Consideration.  If holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the
      Holder shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.  Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the
      Company or any Successor Entity (as defined below) shall, at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement
      of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the
      consummation of such Fundamental Transaction; provided, however, if the
      Fundamental Transaction is not within the Company's control, including not approved by the Company's Board of Directors, the Holder shall only be entitled to receive from the Company or any Successor Entity, as of the date of consummation of such
      Fundamental Transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Shares of the Company in
      connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Shares are given the choice to receive from among alternative forms of consideration in
      connection with the Fundamental Transaction.  “Black Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the
      “OV” function on Bloomberg determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time
      between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected

    
      
        

    

    

    

    volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365
      day annualization factor) as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per
      share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the greater of (x) the last VWAP immediately prior to the public announcement of such Fundamental
      Transaction and (y) the last VWAP immediately prior to the consummation of such Fundamental Transaction, (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the
      Termination Date and (E) a zero cost of borrow.  The payment of the Black Scholes Value will be made by wire transfer of immediately available funds within five Business Days of the Holder’s election (or, if later, on the effective date of the
      Fundamental Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”)
      to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder
      (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar
      in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant
      (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative
      value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
      immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be
      substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall
      assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been named as the Company herein.

    e)  Calculations. All calculations
      under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of Common Shares deemed to be issued and outstanding as of a given date shall be the sum of the
      number of Common Shares (excluding treasury shares, if any) issued and outstanding.

    f)  Notice to Holder.

    i.  Adjustment to Exercise
          Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any
      resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

    ii.  Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other
      distribution in whatever form) on the Common Shares, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Shares, (C) the Company shall authorize the granting to all holders of the Common Shares rights
      or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be

    
      
        

    

    

    

    required in connection with any reclassification of the Common Shares, any consolidation or merger to which the Company
      (and its Subsidiaries, taken as a whole) is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Shares are converted into other securities, cash or property, or
      (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile
      number or email address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for
      the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Shares of record to be entitled to such dividend, distributions, redemption, rights or
      warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Shares
      of record shall be entitled to exchange their Common Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or
      any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice.  To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public
      information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 6-K. The Holder shall remain entitled to exercise this Warrant during the period
      commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

    (g)          Voluntary Adjustment by Company. Subject to the rules and regulations of the Trading Market, the Company may at any time during the term of this Warrant reduce the then
        current Exercise Price to any amount and for any period of time deemed appropriate by the board of directors of the Company.

    Section 4.  Transfer of Warrant.

    a)  Transferability.  This Warrant
      and all rights hereunder are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached
      hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.  Upon such surrender and, if required, such payment, the Company shall execute and deliver a new
      Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not
      so assigned, and this Warrant shall promptly be cancelled.  Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in
      which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full.  The Warrant, if properly assigned in
      accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

    b)  New Warrants. If this Warrant is
      not held in global form through DTC (or any

    
      
        

    

    

    

    successor depositary), this Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
      Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney.  Subject to compliance with Section 4(a), as to any transfer which may be involved
      in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be
      dated the Issue Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

    c)  Warrant Register. The Warrant
      Agent (or, in the event a Holder elects to receive a Definitive Certificate (as defined in the Warrant Agency Agreement), the Company) shall register this Warrant, upon records to be maintained by the Warrant Agent (or, in the event a Holder elects
      to receive a Definitive Certificate, the Company) for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time.  The Company
      and the Warrant Agent may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

    Section 5.  Miscellaneous.

    a)  No Rights as Shareholder Until Exercise; No
          Settlement in Cash.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth
      in Section 3. Without limiting any rights of a Holder to receive Warrant Shares on a “cashless exercise” pursuant to Section 2(c) or to receive cash payments pursuant to Section 2(d)(i) and Section 2(d)(iv) herein, in no event shall the Company be
      required to net cash settle an exercise of this Warrant.

    b)  Loss, Theft, Destruction or Mutilation of
          Warrant. The Company covenants that upon receipt by the Company of an affidavit of loss reasonably satisfactory to the Company evidencing the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to
      the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant
      or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

    c)  Saturdays, Sundays, Holidays, etc. 
      If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Trading Day, then, such action may be taken or such right may be exercised on the next succeeding Trading Day.

    d)  Authorized Shares.

    The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
      Common Shares a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.  The Company further covenants that its issuance of this Warrant shall constitute full
      authority to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant.  The Company will take all such reasonable action as may be necessary to assure that such
      Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Shares may be listed.  The Company covenants that all Warrant Shares which may
      be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued,
      fully paid and nonassessable

    
      
        

    

    

    

    and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any
      transfer occurring contemporaneously with such issue).

    Except and to the extent as waived or consented to by the holders of a majority of the then outstanding Warrants (based on
      the number of Warrant Shares underlying such Warrants), the Company shall not by any action, including, without limitation, amending its articles of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution,
      issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of
      all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.  Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant
      Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and
      nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary
      to enable the Company to perform its obligations under this Warrant.

    Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is
      exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

    e)  Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed and enforced in accordance with the internal laws
        of the State of New York, without regard to the principles of conflicts of law thereof.

    f)  Jurisdiction; Agent for Process. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party
        hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York.  Each party hereby irrevocably submits
        to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed
        herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an
        inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or
        overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that, subject to applicable law, such service shall constitute good and sufficient service of process and notice
        thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the
        prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.
        In addition to and without limiting the foregoing, the Company has confirms that it has appointed Seward & Kissel LLP, with a business address at One Battery Park Plaza, New York, New York 10004, as its authorized agent (the “Authorized Agent”) upon whom process may be served in any suit, action or proceeding arising out of
        or based upon this Warrant or the transactions contemplated herein which may be instituted in any New York federal or state court, by a Holder, the directors, officers,

    
      
        

    

    

    

    partners, employees and agents of such Holder and each affiliate of such Holder, and expressly accept the non-exclusive jurisdiction of
        any such court in respect of any such suit, action or proceeding. The Company hereby represents and warrants that the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Company agrees
        to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect as aforesaid. The Company hereby authorizes and directs the Authorized Agent to accept such
        service. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company. If the Authorized Agent shall cease to act as agent for service of process, the Company shall appoint, without
        unreasonable delay, another such agent in the United States, and notify the Holders of such appointment. Notwithstanding the foregoing and except as set forth herein, any action arising out of or based upon this Warrant may be instituted by a
        Holder, the directors, officers, partners, employees and agents of the Holder (if applicable) and each respective affiliate of the Holder, in any court of competent jurisdiction in the Republic of the Marshall Islands.  Notwithstanding the
        foregoing, nothing in this paragraph shall limit or restrict the federal district court in which a Holder may bring a claim under the federal securities laws. This paragraph shall survive any termination of this Warrant, in whole or in part.

    g)  Restrictions.  The Holder
      acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

    h)  Nonwaiver and Expenses.  No
      course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies.  Without limiting any other provision of this
      Warrant, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and
      expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies
      hereunder.

    i)   Notices.  Any and all notices or
      other communications or deliveries to be provided by the Holders hereunder including, without limitation, any Notice of Exercise, shall be in writing and delivered personally, by facsimile, e-mail or sent by a nationally recognized overnight courier
      service, addressed to:

    If to the Warrant Agent

    [ ]

    Attention:  

    e-mail address:

    If to the Company

    OceanPal Inc.

    Pendelis 26,

    175 64 Palaio Faliro, Athens

    Greece

      Tel: + 30-210-9485-360

    Email: izafirakis@oceanpal.com

    Facsimile: +30-210-9401-810

    Attn: Chief Executive Officer

    
      
        

    

    

    

    or such other facsimile number, email address or address as the Company may specify for such purposes by notice to the Holders. Any and all
      notices or other communications or deliveries to be provided by the Company hereunder shall be in writing and delivered personally, by facsimile or e-mail, or sent by a nationally recognized overnight courier service addressed to each Holder at the
      facsimile number, e-mail address or address of such Holder appearing on the books of the Company. Any notice or other communication or deliveries hereunder shall be deemed given and effective on the earliest of (a) the time of transmission, if such
      notice or communication is delivered via facsimile at the facsimile number or e-mail attachment at the email address set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading
      Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number or e-mail attachment at the e-mail address as set forth on the signature pages attached hereto on a day that is not a Trading Day
      or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such
      notice is required to be given. To the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the
      Commission pursuant to a Current Report on Form 6-K.

    j)  Limitation of Liability.  No
      provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the
      purchase price of any Common Share or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

    k)  Remedies.  The Holder, in
      addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
      for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

    l)  Successors and Assigns.  Subject
      to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder.  The
      provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

    m)  Amendment.  This Warrant may be
      modified or amended or the provisions hereof waived with the written consent of the Company, on the one hand, and the Holder or the beneficial owner of this Warrant, on the other hand.

    n)  Severability.  Wherever possible,
      each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to
      the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

    o)  Headings.  The headings used in
      this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

    p)  Warrant Agency Agreement. If this
      Warrant is held in global form through DTC (or any successor depositary), this Warrant is issued subject to the Warrant Agency Agreement. To

    
      
        

    

    

    

    the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agency Agreement, the provisions of this
      Warrant shall govern and be controlling.

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

    (Signature Page Follows)

    
      
        

    

    

    

    IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above
      indicated.

     

    	
             

          	
            OCEANPAL INC.

          	 
	
             

          	
             

          	 
	
             

          	
            By:

          	
             

          	 
	
             

          	
             

          	
            Name:

          	 
	
             

          	
             

          	
            Title:

          	 

     

    
      
        

    

    

    

    NOTICE OF EXERCISE

    TO:          OCEANPAL INC.

    (1)       The undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the
      attached Warrant (only required if exercised in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

    (2)       Payment shall take the form of (check applicable box):

    [  ] in lawful money of the United States; or

    [  ] if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set
      forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c).

    (3)       Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

    The Warrant Shares shall be delivered to the following DWAC Account Number:

    	
            DTC number:

          	
             

          	
             

          
	
            Account name:

          	
             

          	
             

          
	
            Account number:

          	
             

          	
             

          

     

    [SIGNATURE OF HOLDER]

     

    	
            Name of Investing Entity:

          	
             

          
	
            Signature of Authorized Signatory of Investing Entity:

          	
             

          
	
            Name of Authorized Signatory:

          	
             

          

     

    	
            Title of Authorized Signatory:

          	
             

          
	
            Date:

          	
             

          

     

    
      
        

    

    

    

    EXHIBIT B

    ASSIGNMENT FORM

    (To assign the foregoing Warrant, execute this form and supply required information.  Do not use this form to purchase
      shares.)

    FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

    	
            Name:

          	
             

          
	
             

          	
            (Please Print)

          
	
            Address:

          	
             

          
	
             

          	
            (Please Print)

          
	
            Phone Number:

          	
             

          
	
            Email Address:

          	
             

          
	
            Dated: _______________ __, ______

          	
             

          
	
            Holder’s Signature: _______________

          	
             

          
	
            Holder’s Address: _______________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00338-of-00352.parquet"}]]