Document:

Exhibit 10.3

  

   

  

  Confidential 

   

  

  
    	 	
            Dated          November 2022

             

            

          	 
	
             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

            COSTAMARE BULKERS INC.

             

            

            and

             

            

            COSTAMARE BULKERS SERVICES PTE. LTD.

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

            

             

          
	
            AGREEMENT

            for the provision of chartering brokerage and other services

          

    

    

    

    

    

    
      
        

    

    
    Contents

    	
            Clause

          	
            Page

          

    

    

    	
            1

          	
            Definitions and interpretation

          	
            4

          
	 	 	 
	
            2

          	
            Commencement and duration

          	
            10

          
	 	 	 
	
            3

          	
            Appointment and exclusivity

          	
            10

          
	 	 	 
	
            4

          	
            Services, duties and obligations of Service Provider

          	
            10

          
	 	 	 
	
            5

          	
            Service Provider’s authority

          	
            12

          
	 	 	 
	
            6

          	
            Co-ordination between Service Providers

          	
            12

          
	 	 	 
	
            7

          	
            Fees

          	
            13

          
	 	 	 
	
            8

          	
            Invoicing and Payment

          	
            14

          
	 	 	 
	
            9

          	
            Liability

          	
            14

          
	 	 	 
	
            10

          	
            Termination

          	
            16

          
	 	 	 
	
            11

          	
            Consequences of termination

          	
            17

          
	 	 	 
	
            12

          	
            Confidentiality

          	
            17

          
	 	 	 
	
            13

          	
            Personnel

          	
            18

          
	 	 	 
	
            14

          	
            Force majeure

          	
            19

          
	 	 	 
	
            15

          	
            Rights of third parties

          	
            19

          
	 	 	 
	
            16

          	
            Assignment and subcontracting

          	
            19

          
	 	 	 
	
            17

          	
            Successors

          	
            19

          
	 	 	 
	
            18

          	
            Accumulation of remedies

          	
            19

          
	 	 	 
	
            19

          	
            Waiver

          	
            19

          
	 	 	 
	
            20

          	
            Notices

          	
            19

          
	 	 	 
	
            21

          	
            No partnership

          	
            20

          
	 	 	 
	
            22

          	
            Language

          	
            20

          
	 	 	 
	
            23

          	
            Further assurances

          	
            21

          
	 	 	 
	
            24

          	
            Severance

          	
            21

          
	 	 	 
	
            25

          	
            Variation

          	
            21

          
	 	 	 
	
            26

          	
            Costs

          	
            21

          
	 	 	 
	
            27

          	
            Counterparts

          	
            21

          
	 	 	 
	
            28

          	
            Entire agreement

          	
            21

          
	 	 	 
	
            29

          	
            Annual Budget and Business Information

          	
            21

          
	 	 	 
	
            30

          	
            Vessels

          	
            22

          
	 	 	 
	
            31

          	
            Governing law

          	
            22

          
	 	 	 
	
            32

          	
            Jurisdiction

          	
            22

          
	 	 	 
	
            33

          	
            Service of process

          	
            23

          
	 	 	 
	
            Schedule 1 The Vessels

          	
            25

          
	 	 
	
            Schedule 2 Services

          	
            26

          

    
      2

      
        

    

    	
            Schedule 3 Key Personnel

          	
            29

          
	 	 	 

    

    

    
      3

      
        

    

    
    THIS BROKERAGE AND OTHER SERVICES AGREEMENT is dated           November 2022 and is made BETWEEN:

    

    

    	(1)	
            COSTAMARE BULKERS INC., a corporation incorporated under the laws of the Republic of the Marshall Islands with company number 109505 whose principal
              administrative office is at Gildo Pastor Center, 7 rue de Gabian, Fontvieille, Monaco 98000 (the Company); and

          

    

    

    	(2)	
            
              COSTAMARE BULKERS SERVICES Pte. Ltd. a company incorporated under the laws of the Republic of Singapore with company number 202233263W whose registered office is at Singapore (Service Provider C).

            

          

    

    

    BACKGROUND

    

    

    	(A)	
            The Company is an international shipping company operating on worldwide basis, utilizing owned or chartered vessels.

          

    

    

    	(B)	
            The Service Provider C is a company specialised in chartering brokerage of mainly panamax and capesize dry-bulk vessels, providing post fixture services and the sourcing and booking of cargo to be transported by ships and providing market
              research reports and analysis of the dry-bulk shipping and transportation sector.

          

    

    

    	(C)	
            The Company wishes to receive, and the Service Provider C wishes to provide, the Services (as defined below) on the terms set out in this Agreement.

          

    

    

    NOW IT IS HEREBY AGREED as follows:

    

    

    	1	
            Definitions and interpretation

          

    

    

    	1.1	
            In this Agreement and the recitals, the following terms have the following meanings unless the context requires otherwise:

          

    

    

    Affiliate means in respect of any company any other company which is controlled by such company, controls such company or is under common
      Control with such company.

    

    

    Arm's Length means “arm's length” in accordance with the principles and methodologies described in the OECD Transfer Pricing Guidelines
      for Multinational Enterprises and Tax Administrations as updated from time to time.

    

    

    Business Day means a day other than a Saturday or Sunday on which banks are ordinarily open for the transaction of normal banking business in Athens and
      Singapore.

    

    

    Cargo means any dry-bulk cargo usually transported by dry-bulk vessels which is acceptable to the Company.

    

    

    Cargo Shipper means any party that contracts with the Company for the transportation by the Company of the relevant Cargo under a COA.

    

    

    Cargo Sourcing Services means the services set out in section 2 of Schedule 2.

    

    

    Charter means any time or voyage charter entered into:

    

    

    	

          	(a)	
            between the Company, as charterer, and an Owner in respect of the Prospective Vessel of that Owner; or

          

    

    

    	

          	(b)	
            between the Company, as disponent owner and a Charterer, as charterer, in respect of a Vessel.

          

    

    

    Charterer means, in respect of a Vessel, any party that from time to time contracts with the Company as disponent owner for the time or, as the case may be,
      voyage charter of that Vessel.

    
      4

      
        

    

    

    

    Chartering Services means the services set out in section 1 of Schedule 2.

    

    

    COA means any contract of affreightment made or to be made between the Company and a Cargo Shipper, pursuant to which the Company agrees to transport agreed
      quantities of a certain type of Cargo within a given period of time with Prospective Vessels and/or Vessels to be nominated by the Company thereunder.

    

    

    Commencement Date means 1 September 2022.

    

    

    Confidential Information means all information (of whatever nature and however recorded or preserved) which:

    

    

    	

          	(a)	
            was disclosed or received before or after the date of this Agreement as a result of the discussions leading up to this Agreement, entering into this Agreement or the performance of this Agreement; and

          

    

    

    	

          	(b)	
            is designated as “confidential information” by the Disclosing Party at the time of disclosure; or

          

    

    

    	

          	(c)	
            would be regarded as being confidential by a reasonable business person; or

          

    

    

    	

          	(d)	
            is clearly confidential from its nature and/or the circumstances in which it was imparted,

          

    

    

    and including:

    

    

    	

          	(e)	
            information which relates to the commercial affairs, business, finances, infrastructure, products, services, developments, inventions, trade secrets, Know-how, Personnel, or contracts of, and any other
              information relating to, the Disclosing Party or its Affiliates (or its or their customers);

          

    

    

    	

          	(f)	
            any information referred to in (a) to (e) above disclosed on a Disclosing Party’s behalf by its Representatives or Affiliates; and

          

    

    

    	

          	(g)	
            information extracted, copied or derived from information referred to in (a) to (f) above.

          

    

    

    Contract means any Charter or COA together with the negotiations to enter into such contract.

    

    

    Control means the possession in relation to a person, directly or indirectly, of the power to direct the management of such person (whether through ownership
      of voting securities, by contract or otherwise), and controls, controlled and controlling have meanings correlative with the
      foregoing.

    

    

    Cost Base means all direct and indirect expenses related to the provision of the Services by the Service Provider C including but not limited to salary
      charges, depreciation and rental charges of required assets and all overhead costs related thereto.

    

    

    Disclosing Party has the meaning set out in clause 12.2(a) (Confidentiality).

    

    

    Fees mean the Arm’s Length remuneration for the Services, as set out in clause 7 (Fees).

    
      5

      
        

    

    

    

    Force Majeure Event means:

    

    

    	

          	(a)	
            acts of God, flood, drought, earthquake or other natural disaster;

          

    

    

    	

          	(b)	
            epidemic or pandemic;

          

    

    

    	

          	(c)	
            terrorist attack, war or riots;

          

    

    

    	

          	(d)	
            nuclear, chemical or biological contamination;

          

    

    

    	

          	(e)	
            collapse of buildings, fire, explosion or accident;

          

    

    

    	

          	(f)	
            national strikes, lock-outs or other labour disturbances; and

          

    

    

    	

          	(g)	
            anything beyond the reasonable control of a Party.

          

    

    

    Good Industry Practice means practices in relation to the provision of services the same as or similar to the Services that are usually followed by other
      service providers in the Service Provider C’s industry, including adherence to industry codes of practice and industry standards in relation to such services.

    

    

    Insolvency Event in relation to a Party means:

    

    

    	

          	(a)	
            it becomes insolvent or unable to pay its debts;

          

    

    

    	

          	(b)	
            it ceases to carry on business, stops payment of its debts or any class of them or enters into any compromise or arrangement in respect of its debts or any class of them; or any step is taken to do any of those
              things;

          

    

    

    	

          	(c)	
            it is dissolved or enters into liquidation, administration, moratorium, administrative receivership, receivership, a voluntary arrangement, a scheme of arrangement with creditors, any analogous or similar
              procedure in any jurisdiction other than England or any other form of procedure relating to insolvency, reorganisation (except a fully solvent reorganisation) or dissolution in any jurisdiction; or a petition is presented or other step is
              taken by any person with a view to any of those things;

          

    

    

    	

          	(d)	
            any judgment or order against it is not stayed or complied with within 14 (fourteen) days; or

          

    

    

    	

          	(e)	
            any steps are taken to enforce any security over any of its assets.

          

    

    

    Key Personnel means the persons identified as such in Schedule 3 (Key Personnel), and any change to such persons
      agreed by the Company in accordance with clause 13.1(c) (Personnel).

    

    

    Know-how means information (including industrial and technical information), ideas, concepts, methodologies, techniques, processes, data, discoveries and
      improvements in any form (including paper and electronically stored) used in connection with the business of, or concerning, a Party or any of its Affiliates, including in relation to their products or services, sale and marketing activities, future
      projects, and business development initiatives.

    

    

    Losses mean all losses, liabilities, damages, costs, charges, and expenses (including reputational loss or damage, management time, legal fees on a solicitor
      and own client basis, other professional advisers’ fees, and costs and disbursements of investigation, litigation, settlement, judgment, interest, fines, penalties and remedial actions).

    

    

    Owner means any registered or disponent owner of a Prospective Vessel or, as the case may be, Vessel.

    

      Party means a party to this Agreement and Parties means both of them.

      

    

    
      6

      
        

    

    

    

    

    Permitted Disclosee has the meaning set out in clause 12.4(a) (Confidentiality).

    

    

    Personnel means employees, agents, consultants, contractors and sub-contractors and their employees, agents, consultants, contractors and sub-contractors.

    

    

    Prospective Vessel means a dry bulk carrier which:

    

    

    	

          	(a)	
            is built in a shipyard in Japan, South Korea or China, Vietnam, Taiwan, Poland, Romania, The Philippines, in each case not older than 20 years from date of construction;

          

    

    

    	

          	(b)	
            is registered with a flag of a flag state commonly encountered in the shipping market; and

          

    

    

    	

          	(c)	
            is classed with a reputable classification society commonly encountered in the shipping market and being a member of the International Association of Classification Societies.

          

    

    

    Recipient has the meaning set out in clause 12.2(a) (Confidentiality).

    

    

    Relevant Market means worldwide, but mainly Asia.

    

    

    Representatives mean, in relation to any person, its directors, partners, members, officers, employees, agents, advisers, accountants and consultants.

    

      Research Services means the services set out in section 3 of Schedule 2.

     

    
    Sanctioned Person means a person subject to Sanctions or a person owned or controlled by, or acting on behalf of, a person subject to Sanctions.

    

    

    Sanctions means any economic, financial or trade sanctions, export controls, embargoes or restrictive measures enacted, imposed, administered, implemented or
      enforced by a Sanctions Authority.

    

    

    Sanctions Authority means:

    

    

    	

          	(a)	
            the United States of America;

          

    

    

    	

          	(b)	
            the United Kingdom;

          

    

    

    	

          	(c)	
            the Hellenic Republic;

          

    

    

    	

          	(d)	
            the Kingdom of Denmark;

          

    

    

    	

          	(e)	
            the Federal Republic of Germany;

          

    

    

    	

          	(f)	
            the Republic of Singapore;

          

    

    

    	

          	(g)	
            the Republic of the Marshall Islands;

          

    

    

    	

          	(h)	
            any country with respect to which a Party is organized or resident, or has material (financial or otherwise) interests or operations;

          

    

    

    	

          	(i)	
            the European Union;

          

    

    

    	

          	(j)	
            the United Nations; and

          

    

    

    	

          	(k)	
            the governments and official institutions or agencies of any of the institutions, organisations or (as he case may be) countries set out in the foregoing paragraphs, including without limitation the U.S. Office
              of Foreign Asset Control, the U.S. Department of State, and Her Majesty’s Treasury.

          

    

    

    
      7

      
        

    

    

    

    Service Provider means each of Service Provider A, Service Provider B and Service Provider C and Service Providers
      means together all or any of them.

    

    

    Service Provider A means Costamare Bulkers Services GmbH whose registered office is at Alter Wall 65, 20457 Hamburg. 

      

      Service Provider B means Costamare Bulkers Services ApS whose registered office is at C/O Regus, Havnegade 39, kl. 1058 Copenhagen C.

       

       Services means the Chartering Services, the Cargo Sourcing Services and the Research Services or any of them, provided by the Service Provider C to the Company under this Agreement and any other
        services which are incidental or ancillary to such services.

       

      

       Singapore dollar or SGD$ mean the lawful currency of the Republic of Singapore from time to time.

    

     

    
    Subsidiary of a person means any other person:

    

    

    	

          	(a)	
            directly or indirectly controlled by such person; or

          

    

    

    	

          	(b)	
            of whose dividends or distributions on ordinary voting share capital such person is beneficially entitled to receive more than 50 per cent.

          

    

    

    Taxation means:

    

    

    	

          	(a)	
            all forms of tax, levy, duty, charge, impost, withholding or other amount whenever created or imposed and whether of the United Kingdom or elsewhere payable to or imposed by any Taxation Authority; and

          

    

    

    	

          	(b)	
            all charges, interest, penalties and fines incidental or relating to any Taxation falling within (a) above or which arise as a result of the failure to pay any Taxation on the due date or to comply with any
              obligation relating to Taxation.

          

    

    

    Taxation Authority means any revenue, customs, fiscal, governmental, statutory, state or provincial authority, body or person, whether of the United Kingdom or
      elsewhere.

    

    

    VAT means value added tax as provided in the relevant VAT/sales tax legislation of Singapore, and any other tax of a similar nature.

    

    

    Vessel means any vessel set out in Schedule 1 owned or chartered by the Company in respect of which a Charter has been entered into in accordance with this
      Agreement and Vessels means all or any of them.

    

    

    	1.2	
            In this Agreement and the recitals, unless the context requires otherwise:

          

    

    

    	

          	(a)	
            the table of contents and the headings are inserted for convenience only and do not affect the interpretation of this Agreement;

          

    

    

    	

          	(b)	
            references to clauses and Schedules are to clauses of, and schedules, to this Agreement, and references to a part or paragraph are to a part or paragraph of a Schedule to this Agreement;

          

    

    

    	

          	(c)	
            references to this Agreement:

          

    

    

    
      	
              (i)

            	
              or to any other document or to any specified provision of this Agreement are to this Agreement, that document or that provision as from time to time amended in accordance with the terms
                of this Agreement or that document or, as the case may be, with the agreement of the Parties or, as the case may be, the relevant parties thereto;

            

    

    
      8

      
        

    

    

    	

          	(ii)	
            include its Schedules together with any other documents expressly incorporated by reference;

          

    

    

    	

          	(d)	
            words importing the singular include the plural and vice versa, and words importing a gender include every gender;

          

    

    

    	

          	(e)	
            references to a person include an individual, corporation, partnership, any unincorporated body of persons and any government entity;

          

    

    

    	

          	(f)	
            references to any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall in respect of any jurisdiction other
              than England be deemed to include what most closely approximates in that jurisdiction to the English legal term;

          

    

    

    	

          	(g)	
            references to time are to London time and any reference to day mean a period of twenty-four (24) hours running from midnight to midnight;

          

    

    

    	

          	(h)	
            the rule known as the ejusdem generis rule shall not apply, and accordingly words introduced by words and phrases such as include,
              including, other and in particular shall not be given a restrictive meaning or limit the generality of any preceding
              words or be construed as being limited to the same class as the preceding words where a wider construction is possible;

          

    

    

    	

          	(i)	
            the word company shall be deemed to include any partnership, undertaking or other body of persons, whether incorporated or not incorporated and whether now existing or
              formed after the date of this Agreement;

          

    

    

    	

          	(j)	
            references to notice, a Party notifying, a Party giving notice and other similar
              references means a notice given in accordance with clause 20 (Notices);

          

    

    

    	

          	(k)	
            references in this Agreement to the termination of this Agreement, to this Agreement terminating,
              and to similar references, include termination of this Agreement by expiry; and

          

    

    

    	

          	(l)	
            references to indemnifying any person against any circumstance include reimbursing, indemnifying and keeping it indemnified at all times against the following: (i) any
              claim, demand, proceeding, investigation or other like action from time to time made against it; and (ii) all Losses incurred by it, in each case as a consequence of that circumstance, and indemnify
              has a corresponding meaning.

          

    

    

    	1.3	
            In this Agreement and the recitals, unless the context requires otherwise, a reference to any statute or statutory provision (whether of the United Kingdom or elsewhere) includes:

          

    

    

    	

          	(a)	
            any subordinate legislation (as defined by section 21(1) Interpretation Act 1978) made under it; and

          

    

    

    	

          	(b)	
            any provision superseding it or re-enacting it (with or without modification), after the date of this Agreement, except to the extent that the liability of a Party is thereby increased or extended,

          

    

    

    and any such statute, statutory provision or subordinate legislation as is in force at the date of this Agreement shall be interpreted as it is interpreted at the date of this Agreement (and no
      account shall be taken of any change in the interpretation of any of the foregoing by any court of law or tribunal made after the date of this Agreement).

     

    

    
      	1.4	
              To the extent that there is an inconsistency between the terms of:

            

      

      

      	

            	(a)	
              this Agreement (excluding the Schedules) and the Schedules, the former shall prevail; and

            

      

      

    

    
      9

      
        

    

    

    	

          	(b)	
            this Agreement and any other document referred to in this Agreement, this Agreement shall prevail,

          

    

    

    except to the extent that the prevailing document (as determined by (a) or (b) above) expressly provides otherwise.

    

    

    	2	
            Commencement and duration

          

    

    

    This Agreement shall begin as of the Commencement Date and shall continue until terminated in accordance with the terms hereof.

    

    

    	3	
            Appointment and exclusivity

          

    

    

    	3.1	
            The Company hereby appoints the Service Provider C and the Service Provider C hereby agrees to act as service provider for the Company in respect of the Services subject to the terms and conditions herein
              provided.

          

    

    

    	3.2	
            The Service Provider C will act for, and provide the Services to, the Company on an exclusive basis.

          

    

    

    	3.3	
            The Service Provider C shall not provide the Services to any person other than the Company.

          

    

    

    	4	
            Services, duties and obligations of Service Provider

          

    

    

    	4.1	
            The Service Provider C will perform and provide to the Company the Chartering Services and the Cargo Sourcing Services in the Relevant Market and the Research Services.

          

    

    

    	4.2	
            The Service Provider C shall perform and provide to the Company the Services in accordance with:

          

    

    

    	

          	(a)	
            reasonable care and skill;

          

    

    

    	

          	(b)	
            Good Industry Practice;

          

    

    

    	

          	(c)	
            without prejudice to clause 4.3, all Company’s policies and internal controls notified to the Service Provider C from time to time;

          

    

    

    	

          	(d)	
            all applicable laws. The Service Provider C shall not do or omit to do anything which may cause the Company to breach any law applying to it or to lose any licence, authority, consent or permission upon which
              the Company relies to conduct its business; and

          

    

    

    	

          	(e)	
            the other provisions of this Agreement.

          

    

    

    	4.3	
            The Service Provider C shall, in performing and providing the Services:

          

    

    

    	

          	(a)	
            except as otherwise expressly provided for in this Agreement, be responsible (at its own cost) for providing its respective facilities, Personnel and other resources necessary to provide the Services in
              accordance with this Agreement; and

          

    

    

    	

          	(b)	
            comply with:

          

    

    

    	

          	(i)	
            any date or time specified for such performance in this Agreement. Time is of the essence in relation to such dates and times.  Where this Agreement does not specify any such date or time, the Service Provider
              C shall provide the Services as soon as possible and but in any event within a reasonable period of time;

          

    
      10

      
        

    

    

    

    

    

    

    

    	

          	(ii)	
            the reasonable directions, instructions and requests made by the Company that are consistent with the terms of this Agreement, and otherwise co-operate with the Company and each other Service Provider in the
              provision of the Services;

          

    

    

    	

          	(iii)	
            health and safety regulations, and the Company site and security requirements notified to it from time to time, when on the Company’s premises and in relation to the Company’s computer, communications, software
              (licensed or own) and other technology; and

          

    

    

    	

          	(iv)	
            the Company’s risk management policy / authority matrix and other matters set out in this Agreement.

          

    

    

    	4.4	
            The Service Provider C must also co-ordinate and co-operate with any Owner or appointed manager of a Vessel for matters relating to the Services and to extent required for providing the relevant Services at any
              given time.

          

    

    

    	4.5	
            The Service Provider C is not responsible for the performance or non-performance of any Contract by the Company.

          

    

    

    	4.6	
            The Service Provider C has been given access by the Company to certain software licenced to and used by the Company in running its business (including a Risk Management module provided by such software) and
              which the Service Provider C has agreed to also use in order to:

          

    

    

    	

          	(a)	
            facilitate the Company in:

          

    

    

    	

          	(i)	
            monitoring the financial outcome of the Services performed and provided by the Service Provider C to the Company under this Agreement; and

          

    

    

    	

          	(ii)	
            safeguarding its and that of its Employees’ compliance with the Company’s risk management policy / authority matrix; and

          

    

    

    	

          	(b)	
            assist the Service Provider C in performing its duties and obligations under this Agreement.

          

    

    

    	4.7	
            The Service Provider C shall arrange for all Contracts to be uploaded and all relevant information in connection with:

          

    

    

    	

          	(a)	
            each Contract and the relevant parties’ performance thereunder; or

          

    

    

    	

          	(b)	
            a Vessel and its performance under the Contract(s) relevant to it,

          

    

    

    to be inputted and/or recorded, in each case by means of the relevant software made available to the Service Provider C by the Company.

    

    

    	4.8	
            The Service Provider C shall, at any relevant time, designate to the Company:

          

    

    

    	

          	(a)	
            those persons from the Service Provider C’s personnel which will have access to the software mentioned in clause 4.6; and

          

    

    

    	

          	(b)	
            the extent of access rights which each such person will have in the said software.

          

    

    

    	4.9	
            The Service Provider C has been given access by the Company to the software mentioned in clause 4.6 for free (i.e. without the need for the Service Provider C to make any payment to the Company for such access
              to, and/or usage of, such software) in order to be able to render its services under this Agreement.

          

    

    

    	4.10	
            The Service Provider C shall implement, maintain, duly administer and monitor compliance with policies, procedures and internal controls consistent with such of the Company’s policies, procedures and internal
              controls (as amended from time to time) as are relevant to the Service 

          

    

    

    
      11

      
        

    

    Provider C, including policies, procedures and internal controls of Costamare Inc. (CMRE), which is a corporation listed in NYSE, such as (without limitation):
    

    

    

    	

          	(a)	
            code of business conduct and ethics;

          

    

    

    	

          	(b)	
            anti‐bribery (FCPA) policy;

          

    

    

    	

          	(c)	
            whistleblower protection policy;

          

    

    

    	

          	(d)	
            policy for trading in company securities;

          

    

    

    	

          	(e)	
            sanctions policy; and

          

    

    

    	

          	(f)	
            the application of the Sarbanes–Oxley Act of 2002.

          

    

    

    	5	
            Service Provider’s authority

          

    

    

    	5.1	
            In any contractual negotiations on behalf of the Company, the Service Provider C should not act as the final decision maker and should make it clear to whoever it communicates with that the Company shall take
              the final decision in respect of any Charter, COA or other contractual agreement to be entered into by or on behalf of the Company.

          

    

    

    	5.2	
            The Service Provider C’s Personnel may not sign any contracts in the name of the Company.

          

    

    

    	5.3	
            The Service Provider C shall act as the Company’s spokesperson during any contract negotiations concerning the Company. The Service Provider C shall have close interaction with the Company and shall seek to be
              in close consultation with the Company in every contract negotiation concerning the Company.

          

    

    

    	5.4	
            The final decision with respect to the conclusion of any contract concerning the Company and negotiated by the Service Provider C shall be made by the Company.

          

    

    

    	5.5	
            It is understood by the Service Provider C that the Company always reserves the right to request that appropriate changes are made to the Service Provider C Personnel’s proposal in connection with any contract
              to be entered into by on behalf of the Company.

          

    

    

    	5.6	
            No contract shall be negotiated or entered into which is in breach of the Company’s risk management policy (including for the avoidance of doubt, exceeding a set maximum value at risk amount or the worst case
              analysis policy, in either case as determined pursuant to software shared by Company with the Service Provider C in accordance with clause 4.6). The Service Provider C acknowledges that it and its Personnel is aware of the Company’s risk
              management policy / authority matrix and that such risk management policy / authority matrix shall be duly complied with at all times.

          

    

    

    	5.7	
            The Service Provider C shall not take any action that would commit the Company or any of its Affiliates in a manner that would be contrary to the Company’s risk management policies / authority matrix (including
              the Company’s value at risk policy and the worst case analysis policy as disclosed to the Service Provider C by the Company).

          

    

    

    	5.8	
            The procedures and further restrictions set out in part 1 and part 2 of Schedule 2 shall be followed strictly by the Service Provider C.

          

    

    

    	6	
            Co-ordination between Service Providers

          

    

    

    	6.1	
            The Service Provider C will, in providing the Services to the Company, co-ordinate with:

          

    

    

    	

          	(a)	
            each other Service Provider and the Company, in order to achieve the objectives of:

          

    

    

    
      12

      
        

    

    

    

    	

          	(i)	
            sourcing and introducing or proposing Prospective Vessels of the best available quality in the Relevant Market for each such Service Provider; and/or

          

    

    

    	

          	(ii)	
            the Company agreeing Charters on the best available terms; and

          

    

    

    	

          	(b)	
            Service Provider A, in order to achieve the objectives of booking cargo and agreeing COAs for the Company on the best available terms in the Relevant Market for such Service Provider.

          

    

    

    	6.2	
            Without prejudice to the generality of clause 6.1, the Service Provider C will, in providing the respective Services to the Company, provide to the other Service Providers all information it considers
              appropriate so as for the other Service Providers to be aware of the Vessels it has acted as agent or, if applicable, the COAs it has acted as agent at any given time and the terms thereof.

          

    

    
      	6.3

            	
              Notwithstanding anything to the contrary stated in clause 12 (Confidentiality), the Service Provider C:

            

      

      

      	

            	(a)	
              will, in providing the Research Services to the Company, dispatch to the other Service Providers a copy of all the research products and information provided to the Company from time to time in the course of
                providing the Research Services to the Company under this Agreement; and

            

      

      

      	

            	(b)	
              hereby acknowledges, agrees and consents that the Company may disclose to any of the other Service Providers any product or information provided by the Service Provider C to the Company in the course of
                providing the Research Services to the Company under this Agreement.

            

    

    

    

    	6.4	
            Without prejudice to the generality of clause 6.1, the Service Provider C agrees that, for as long as all dry-bulk vessels owned (directly or indirectly) by CMRE are not transferred to the ownership (direct or
              indirect) of the Company, the Company may disclose to CMRE or any of its subsidiaries or Affiliates or to any of Costamare Shipping Services Ltd. And Costamare Shipping Company S.A. any product or information provided by the Service Provider
              C to the Company in the course of providing the Services to the Company under this Agreement.

          

    

    

    	7	
            Fees

          

    

    

    	7.1	
            The Fees payable to the Service Provider C for the performance and provision of the respective Services shall be calculated on the basis of:

          

    

    

    	

          	(a)	
            the Cost Base, plus

          

    

    

    	

          	(b)	
            an Arm’s Length mark-up on the Cost Base in accordance with the remuneration for functions performed, risks assumed and assets employed, plus

          

    

    

    	

          	(c)	
            any costs incurred by the Service Provider C on behalf of the Company (as paying agent only and without enhancing the value of the services paid for) in the provision and performance of the Services (for the
              avoidance of doubt, excluding any mark-up thereto),

          

    

    

    subject to any year-end adjustment made in accordance with clause 8.4.

    

    

    The mark-up mentioned under paragraph (b) above shall be reviewed by the Company periodically in order to ensure that it remains an Arm’s Length mark-up.

    

    

    	7.2	
            The Fees are (except where otherwise specified) exclusive of VAT (if applicable).

          

    

    

    
      13

      
        

    

    

    

    	8	
            Invoicing and Payment

          

    

    

    	8.1	
            The Service Provider C shall invoice the Company the Fees (if any) quarterly in advance (except for any Fees which arose during the period commencing on the Commencement Date and ending on 31 October 2022, in
              respect of which the Service Provider C shall invoice the Company in arrears in one singe invoice) on the basis of the budgeted costs provided to the Company in accordance with clause 29. Invoices shall be denominated in and payable in
              Singapore dollars by bank transfer.

          

    

    

    	8.2	
            Subject to the Service Provider C having provided the Services to which the invoice relates in accordance with this Agreement, and having complied with the invoicing requirements set out in this clause 8, the
              Company shall pay the invoiced amount by the end of the calendar month in which the invoice is received by the Company.

          

    

    

    	8.3	
            Where any supply for VAT purposes is made under or in connection with this Agreement by the Service Provider C:

          

    

    

    	

          	(a)	
            the Service Provider C shall provide a valid VAT invoice in respect of any such supply. Such invoice shall:

          

    

    

    	

          	(i)	
            show the VAT in any invoice as a separate item; and

          

    

    

    	

          	(ii)	
            be provided in a format and within the timescales as may be provided for by law from time to time; and

          

    

    

    	

          	(b)	
            the Company shall, in addition to any payment made for that supply, pay to the Service Provider C such VAT as is validly chargeable in respect of the supply at the same time as payment is due or, if received
              later, as soon as reasonably practicable after receipt of the VAT invoice referred to in this clause 8.3.

          

    

    

    	8.4	
            At the end of each Financial Year, and after finalisation of its financial statements, the Service Provider C shall provide the Company with final invoices which shall cater for any:

          

    

    

    	

          	(a)	
            upwards adjustment of any unbilled portion of the Fees (calculated on the basis of actual costs incurred during that Financial Year, plus the relevant mark-up thereon); or

          

    

    

    	

          	(b)	
            downwards adjustment of any excess-billed portion of the Fees (calculated on the basis of actual costs incurred during that Financial Year, plus the relevant mark-up thereon).

          

    

    

    	8.5	
            The Service Provider C shall not make any payments to third parties on behalf of the Company, unless expressly requested by the Company to do so, in which case the Service Provider C shall make such payments as
              a paying agent only and shall not enhance the value of the services paid for.

          

    

    

    	8.6	
            The Company shall not be:

          

    

    

    	

          	(a)	
            required to pay any amount to the Service Provider C in connection with the provision of the Services except for the Fees, VAT and any amounts paid by the Service Provider C as paying agent only in accordance
              with clause 8.5, in each case invoiced in accordance with this clause 8; or

          

    

    

    	

          	(b)	
            responsible for the payment of any amount in respect of the Services which were not provided in accordance with this Agreement, or which were only required due to the Service Provider C’s negligent or deficient
              provision of the Services.

          

    

    

    	9	
            Liability

          

    

    

    	9.1	
            Nothing in this Agreement limits or excludes:

          

    

    

    
      14

      
        

    

    

    

    	

          	(a)	
            a Party’s liability:

          

    

    

    	

          	(i)	
            to the extent that it cannot be legally limited or excluded by law;

          

    

    

    	

          	(ii)	
            for death or personal injury arising out of its negligence or that of its Personnel; and

          

    

    

    	

          	(iii)	
            for Losses suffered by the other Party arising out of the other Party’s (or its Personnel’s) fraud or fraudulent statement; or

          

    

    

    	

          	(b)	
            the Service Provider C’s liability:

          

    

    

    	

          	(i)	
            for breach of confidence or breach of clause 12 (Confidentiality); and

          

    

    

    	

          	(ii)	
            in respect of wilful abandonment of this Agreement.

          

    

    

    	9.2	
            Subject to clause 9.1, no Party shall have any liability to the other Party, whether in contract (including under any indemnity or warranty), in tort, for breach of statutory duty, or otherwise, arising under
              or in connection with this Agreement for:

          

    

    

    	

          	(a)	
            loss of profit;

          

    

    

    	

          	(b)	
            loss of revenue;

          

    

    

    	

          	(c)	
            loss of anticipated savings;

          

    

    

    	

          	(d)	
            loss of contract, business or opportunity;

          

    

    

    	

          	(e)	
            loss of goodwill;

          

    

    

    	

          	(f)	
            wasted expenditure; or

          

    

    

    	

          	(g)	
            indirect or consequential Losses of any kind whatsoever and however caused, whether or not reasonably foreseeable, reasonably contemplatable, or actually foreseen or actually contemplated, by that Party at the
              time of entering into this Agreement,

          

    

    

    unless same is proved to have resulted solely from the negligence, gross negligence or wilful default of such Party or its employees or agents, or sub-contractors employed by it,
      in which case (save where such loss, damage, delay or expense has resulted from such Party’s personal act or omission committed with the intent to cause same or recklessly and with knowledge that such loss, damage, delay or expense would probably
      result) such Party’s liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of the lesser of (i) two (2) times the annual fee payable hereunder by the Company to the Service Provider C and (ii)
      $1,000,000.

    

    

    	9.3	
            Each Party agrees that the other Party’s express obligations and warranties in this Agreement are (to the fullest extent permitted by law) in lieu of and to the exclusion of any other warranty, condition, term
              or undertaking of any kind (including those implied by law), statutory or otherwise, relating to anything to be done under or in connection with this Agreement and the Services.

          

    

    

    	9.4	
            The Parties agree that the limitations and exclusions of liability contained in this clause 9 have been subject to commercial negotiation and are considered by them to be reasonable in all the circumstances,
              having taken into account section 11 and the guidelines in schedule 1 of the Unfair Contract Terms Act 1977.

          

    

    

    	9.5	
            It is hereby expressly agreed that no employee or agent of the Service Provider C (including any sub-contractor from time to time employed by the Service Provider C) shall in any circumstances whatsoever be
              under any liability whatsoever to the Company for any loss, damage or delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on its part while acting in the course of or in connection with its
              employment and, without prejudice to the 

          

    
      15

      
        

    

    

    

    generality of the foregoing provisions in this clause 9, every exemption, limitation, condition and liberty herein contained and every right, exemption from liberty, defence and immunity of
      whatsoever nature applicable to the Service Provider C acting as aforesaid and for the purpose of all the foregoing provisions of this clause 9, the Service Provider C is or shall be deemed to be acting as agent or trustee on behalf of and for the
      benefit of all persons who are or might be its servants or agents from time to time (including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed to be parties to this Agreement. 

    

    

    	9.6	
            For the avoidance of doubt, it is acknowledged by the Company that:

          

    

    

    	

          	(a)	
            it is solely responsible for performing its obligations under any Contract or other contract entered into by the Company whether directly or through the Service Provider C’s intermediation; and

          

    

    

    	

          	(b)	
            the Service Provider C is not responsible to perform itself any of the Company’s obligations thereunder.

          

    

    

    	10	
            Termination

          

    

    

    	10.1	
            This Agreement may be terminated by the Company:

          

    

    

    	

          	(a)	
            with immediate effect by notice to the Service Provider C if:

          

    

    

    	

          	(i)	
            the Service Provider C is subject to an Insolvency Event; or

          

    

    

    	

          	(ii)	
            the Service Provider C is a Sanctioned Person; or

          

    

    

    	

          	(iii)	
            the Service Provider C commits a material breach of this Agreement which is not capable of remedy or, if capable of remedy, is not remedied within thirty (30) days after the Company has given written notice
              requiring such breach to be remedied; or

          

    

    

    	

          	(iv)	
            the Service Provider C commits repeated breaches (whether the same or different, whether individually material or not, and whether or not remedied) which, when taken together over any twelve (12) month period,
              in the reasonable opinion of the Company:

          

    

    

    	

          	(A)	
            deprive it as a whole of the use or enjoyment of a significant proportion of the Services; or

          

    

    

    	

          	(B)	
            cause business disruption or substantial inconvenience; or

          

    

    

    	

          	(b)	
            in accordance with clause 14 (Force Majeure).

          

    

    

    	10.2	
            This Agreement may be terminated by the Service Provider C with immediate effect by notice to the Company if:

          

    

    

    	

          	(a)	
            the Company is subject to an Insolvency Event; or

          

    

    

    	

          	(b)	
            the Company is a Sanctioned Person; or

          

    

    

    	

          	(c)	
            the Company commits a material breach of this Agreement which is not capable of remedy or, if capable of remedy, is not remedied within thirty (30) days after the Service Provider C has given written notice
              requiring such breach to be remedied; or

          

    

    

    	

          	(d)	
            the Company commits repeated breaches (whether the same or different, whether individually material or not, and whether or not remedied) which, when taken together over any twelve (12) month period, in the
              reasonable opinion of the Service Provider C cause it business disruption or substantial inconvenience.

          

    

    

    
      16

      
        

    

    

    

    	10.3	
            Each Party shall immediately notify the other Party of any Insolvency Event or of it becoming a Sanctioned Person.

          

    

    

    	11	
            Consequences of termination

          

    

    

    	11.1	
            Termination of this Agreement shall not affect any rights, remedies, obligations or liabilities of the Parties that have accrued up to the date of termination.

          

    

    

    	11.2	
            On termination of this Agreement:

          

    

    

    	

          	(a)	
            the Service Provider C shall transfer or return to the Company all material, information, documentation, assets and other items made available to it or its Personnel by the Company to enable it to provide the
              Services;

          

    

    

    	

          	(b)	
            the Recipient of Confidential Information shall return (or destroy, if requested by the Disclosing Party in writing) the Disclosing Party’s Confidential Information, including such information as was made
              available to the Recipient’s Permitted Disclosees;

          

    

    

    	

          	(c)	
            at the Disclosing Party’s request, following the return or destruction of Confidential Information in accordance with clause 11.2(b), the Recipient shall provide the Disclosing Party with a certificate signed
              by a director, confirming the Recipient’s compliance with that clause;

          

    

    

    	

          	(d)	
            the rights and obligations under provisions of this Agreement which expressly or by their nature survive termination shall remain in full force and effect, including the following provisions: clauses 8.1, 8.2,
              8.3 and 8.4 (Invoicing and Payment); clause 9 (Liability); clause 11 (Consequences of Termination); clause 12 (Confidentiality); clause 15 (Rights of Third Parties); clause 28 (Entire Agreement); clause 31 (Governing Law); clause 32 (Jurisdiction); and  clause 33 (Service of
                Process).

          

    

    

    	12	
            Confidentiality

          

    

    

    	12.1	
            No Party (nor any of its Affiliates) shall issue any announcement, circular or communication (each an Announcement) concerning the existence or content of this Agreement
              without the prior written approval of the other Party (such approval not to be unreasonably withheld or delayed), unless and to the extent that, such Announcement is required to be made by the rules of any stock exchange or by any
              governmental, regulatory or supervisory body (including, without limitation, any Taxation Authority) or court of competent jurisdiction (Relevant Authority) to which the Party or its parent making the
              Announcement is subject, whether or not any of the same has the force of law, provided that the Recipient shall, if it is not so prohibited by law, provide the Disclosing Party with prompt notice of any such Announcement.

          

    

    

    	12.2	
            Subject to clauses 12.3 and 12.4:

          

    

    

    	

          	(a)	
            each Party (the Recipient) shall keep confidential the other Party’s (the Disclosing Party) Confidential Information disclosed
              to it by or on behalf of the Disclosing Party or otherwise obtained, developed or created by the Recipient; and

          

    

    

    	

          	(b)	
            the Recipient shall:

          

    

    

    	

          	(i)	
            use the Confidential Information solely in connection with the performance of its obligations or exercise of its rights under this Agreement; and

          

    

    

    	

          	(ii)	
            take all action reasonably necessary to secure the Disclosing Party’s Confidential Information against theft, loss or unauthorised disclosure.

          

    

    

    	12.3	
            The restrictions on use or disclosure of information in clause 12.2 do not apply to information which is:

          

    

    

    
      17

      
        

    

    

    

    	

          	(a)	
            generally available in the public domain, other than as a result of a breach of an obligation under this clause 12; or

          

    

    

    	

          	(b)	
            lawfully acquired from a third party who owes no obligation of confidence in respect of the information; or

          

    

    

    	

          	(c)	
            independently developed by the Recipient, or was in the Recipient’s lawful possession prior to receipt from the relevant Disclosing Party.

          

    

    

    	12.4	
            The Recipient may disclose the Confidential Information:

          

    

    

    	

          	(a)	
            Subject to clause 12.5, to its Affiliates, Representatives and sub-contractors, to whom disclosure is required for the performance of the Recipient’s obligations or the exercise of its rights under this
              Agreement, but only to the extent necessary to perform such obligations or exercise such rights (together the Permitted Disclosees); or

          

    

    

    	

          	(b)	
            if, and to the extent that, such information is required to be disclosed (including by way of an Announcement) by the rules of any Relevant Authority to which the Recipient or its parent is subject, whether or
              not having the force of law, provided that the Recipient shall, if it is not so prohibited by law, provide the Disclosing Party with prompt notice of any such requirement or request.

          

    

    

    	12.5	
            The Recipient shall:

          

    

    

    	

          	(a)	
            ensure that each Permitted Disclosee is aware of and complies with the Recipient’s obligations under this clause 12 as if it were the Recipient, unless such Permitted Disclosee is bound by confidentiality as a
              result of its profession; and

          

    

    

    	

          	(b)	
            be responsible for the acts and omissions of any Permitted Disclosee in relation to Confidential Information of the Recipient as if they were its own acts or omissions.

          

    

    

    	12.6	
            The Parties agree that damages may not be an adequate remedy for breach of this clause 12 and (to the extent permitted by the court) that the Party not in breach shall be entitled to seek an injunction or
              specific performance in respect of such breach.

          

    

    

    	12.7	
            Notwithstanding anything stated to the contrary in this clause 12, the Parties agree that any Confidential Information which is connected with the business and/or affairs of CMRE is or may be price-sensitive
              information and that the use of such information may be regulated or prohibited by applicable legislation of the United States of America, including securities law relating to insider dealing and market abuse and each Party agrees not to use
              any such Confidential Information for any unlawful purpose and/or contrary to such applicable legislation.

          

    

    

    	13	
            Personnel

          

    

    

    	13.1	
            The Service Provider C shall:

          

    

    

    	

          	(a)	
            ensure that its respective Personnel involved in the provision of the respective Services shall be suitably qualified, experienced and trained and sufficient in number to provide the Services in accordance with
              this Agreement;

          

    

    

    	

          	(b)	
            dedicate the Key Personnel exclusively to the provision of the Services; and

          

    

    

    	

          	(c)	
            not replace any Key Personnel (sickness or death, retirement or resignation excepted) without the written consent of the Company, and in such a case the identity of any proposed replacement shall be subject to
              the prior approval of the Company (not to be unreasonably withheld or delayed).

          

    

    

    	13.2	
            The Service Provider C shall be responsible for the acts or omissions of its Personnel as if they were its own acts or omissions.

          

    

    

    
      18

      
        

    

    

    

    	14	
            Force majeure

          

    

    

    	14.1	
            Each Party shall:

          

    

    

    	

          	(a)	
            promptly notify the other Party of the occurrence of a Force Majeure Event affecting it in connection with this Agreement;

          

    

    

    	

          	(b)	
            take all reasonable steps to mitigate the effect of the Force Majeure Event; and

          

    

    

    	

          	(c)	
            continue to perform its obligations under this Agreement to the extent possible during the period of the Force Majeure Event.

          

    

    

    	14.2	
            Provided that it has complied with clause 14.1, if a Party is prevented from, hindered or delayed in performing any of its obligations under this Agreement by a Force Majeure Event, it shall not be in breach of
              this Agreement or otherwise liable to the other Party for any such failure or delay in performing such obligations.

          

    

    

    	14.3	
            If a Force Majeure Event prevents the Service Provider C from providing any of the respective Services for more than ninety (90) days, the Company may terminate this Agreement immediately by notice to the
              Service Provider C.

          

    

    

    	15	
            Rights of third parties

          

    

    

    	15.1	
            Save as provided in clause 9.5, a person who is not a Party to this Agreement shall have no rights pursuant to the Contracts (Rights of Third Parties) Act 1999 to enforce rights or benefits under this
              Agreement.

          

    

    

    	16	
            Assignment and subcontracting

          

    

    

    	16.1	
            No Party shall assign, novate, subcontract or otherwise dispose of any or all of its rights and obligations under this Agreement without the prior written consent of the other Party.

          

    

    

    	16.2	
            The Service Provider C shall be responsible for the acts or omissions of its sub-contractors as if they were its own acts or omissions.

          

    

    

    	17	
            Successors

          

    

    

    This Agreement shall be binding on, and shall enure for the benefit of, the successors and permitted assigns of a Party.

    

    

    	18	
            Accumulation of remedies

          

    

    

    Except as otherwise specifically provided for in this Agreement, no right, power, privilege or remedy conferred by any provision of this Agreement is intended to be exclusive of
      any other right, power, privilege or remedy (whether under any other provision of this Agreement, at common law, equity, under statute or otherwise).

    

    

    	19	
            Waiver

          

    

    

    A waiver of any right or remedy under this Agreement or at law is only effective if given by notice. No failure or delay by a Party to exercise any right or remedy provided under
      this Agreement or at law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent
      or restrict the further exercise of that or any other right or remedy.

    

    

    	20	
            Notices

          

    

    

    	20.1	
            A notice given under or in connection with this Agreement must be:

          

    

    

    
      19

      
        

    

    

    

    	

          	(a)	
            in writing (which includes an emailed PDF format file if this is one of the Permitted Methods specified below);

          

    

    

    	

          	(b)	
            in the English language; and

          

    

    

    	

          	(c)	
            sent by a Permitted Method to the Notified Address.

          

    

    

    	20.2	
            The Permitted Method means any of the methods set out in column (1) below. A notice given by the Permitted Method will be deemed to be given and received on the date set
              out in column (2) below.

          

    

    

    	
            (1)

            Permitted Method

          	
            (2)

            Date on which notice deemed given and received

          
	
            Personal delivery

          	
            If left at the Notified Address before 5pm on a Business Day, when left and otherwise on the next Business Day

          
	
            Courier

          	
            On receipt of delivery by relevant courier service

          
	
            E-mail, with the notice attached in PDF format file

          	
            On receipt of an automated delivery receipt or confirmation of receipt from the relevant server if before 5pm on a Business Day and otherwise on the next Business Day

          

    

    

    	20.3	
            The Notified Address of each of the Parties is as set out below:

          

    

    

    	
            Name of Party

          	
            Address

          	
            E-mail address

          	
            Marked for the attention of:

          
	
            Company

          	
            Zefyrou 60 Street,

            Palaio Faliro, 17564, Greece

          	
            gzikos@costamare.com / dsof@costamare.com

          	
            Mr. Gregory Zikos / Mr. Dimitri Sofianopoulos

          
	
            Service Provider C

          	
            
              Guoco Tower

              1 Wallich St.

              Level 14-01

              Singapore 078881

            

          	
            
              Esther.Sim@costamarebulkers.com /  Kishore.Anchan@costamarebulkers.com

            

          	
            
              Ms Esther Sim Yoke San / Mr. Kishore Sunder Anchan

               

            

          

    

    

    or such other Notified Address as a Party may, by notice to the other, substitute for their Notified Address set out above.

    

    

    	20.4	
            This clause 20 does not apply to the service of any proceedings or other documents in any legal action or, where applicable, any arbitration or other method of dispute resolution.

          

    

    

    	21	
            No partnership

          

    

    

    Nothing in this Agreement shall be construed as constituting a partnership between the Parties nor, except as expressly provided, authorise a Party to enter into any commitments
      for or on behalf of the other Party.

    

    

    
      20

      
        

    

    

    

    	22	
            Language

          

    

    

    If this Agreement is translated into any other language from English, the English language version shall prevail to the extent of any inconsistency.  Any notice given under or in
      connection with this Agreement shall be in the English language.

    

    

    	23	
            Further assurances

          

    

    

    At its own expense (unless otherwise specified in this Agreement), each Party shall, at the request of the other Party, do all acts and execute all documents which may be reasonably necessary to give
      full effect to this Agreement.

    

    

    	24	
            Severance

          

    

    

    	24.1	
            If any provision of this Agreement is or becomes invalid, illegal or unenforceable in any jurisdiction in connection with its performance, such provision shall:

          

    

    

    	

          	(a)	
            be deemed deleted to the minimum extent necessary in the relevant jurisdiction (which can include deleting only part of the relevant provision); and

          

    

    

    	

          	(b)	
            continue in full force and effect without deletion in jurisdictions where it is not invalid, illegal or unenforceable.

          

    

    

    	24.2	
            Any deletion of a provision under clause 24.1 shall not affect the validity and enforceability of the remainder of this Agreement.

          

    

    

    	25	
            Variation

          

    

    

    No variation of this Agreement shall be effective unless it is made in writing and signed by a duly authorised representative of each Party.

    

    

    	26	
            Costs

          

    

    

    Except as expressly provided in this Agreement, each Party shall pay its own costs incurred in connection with the negotiation, preparation, and execution of this Agreement and any documents referred
      to in it.

    

    

    	27	
            Counterparts

          

    

    

    This Agreement may be executed in any number of counterparts, each of which when executed shall constitute a duplicate original, but all the counterparts shall together constitute the one agreement.

    

    

    	28	
            Entire agreement

          

    

    

    	28.1	
            This Agreement constitutes the entire agreement between the Parties and supersedes and extinguishes all previous agreements, promises, assurances, warranties, representations and understandings between them,
              whether written or oral, relating to its subject matter.

          

    

    

    	28.2	
            Each Party acknowledges that, in entering into this Agreement, it does not rely on, and shall have no remedies in respect of, any statement, promises, assurances, warranties, representations or understandings
              (whether oral or written, and whether made innocently or negligently) made by or on behalf of any other Party (or any of its Representatives) that are not set out in this Agreement.

          

    

    

    	28.3	
            Each Party agrees that it shall have no claim for innocent or negligent misrepresentation or negligent misstatement based on any statement in this Agreement.

          

    

    

    	28.4	
            Nothing in this clause 28 shall limit or exclude any liability for fraud.

          

    

    

    
      21

      
        

    

    

    

    	29	
            Annual Budget and Business Information

          

    

    

    	29.1	
            The Service Provider C shall procure that a detailed draft annual budget for its next financial year shall be prepared and submitted to the Company as soon as possible and by no later than 30 October in each
              Financial Year (including estimated major items of expenditure and estimated Fees calculated on the basis of Cost Base).

          

    

    

    	29.2	
            The Service Provider C shall, not later than 20 Business Days prior to the end of each of its financial years, meet to consider the adoption of the draft annual budget for the next financial year as the annual
              budget for the Service Provider C for such financial year. The Service Provider C shall not exceed any limits contained in the applicable annual budget at the time without the Company’s approval.

          

    

    

    	29.3	
            The Service Provider C shall procure that:

          

    

    

    	

          	(a)	
            its management provide to the Company quarterly updates on progress versus the approved annual budget at the time; and

          

    

    

    	

          	(b)	
            any material change to the applicable annual budget at the time shall be communicated to the Company as soon as is reasonably practicable.

          

    

    

    	29.4	
            The Service Provider C shall provide to the Company and its internal and external auditors:

          

    

    

    	

          	(a)	
            such information in respect of the Service Provider C (including, its audited/unaudited, consolidated/unconsolidated, in each case, financial statements, prepared in accordance with the relevant accounting
              standards) and the Services (as defined in clause 1.1), as may be required by the Company; and

          

    

    

    	

          	(b)	
            upon request, all its company books, records, accounts and documents that are required by law to be maintained by the Service Provider C, as well as all tax computations, records, information, documentation and
              all correspondence with any tax authority for the purposes of (including, without limitation) inspection and auditing by the Company’s internal and external auditors and/or their respective representatives.

          

    

    

    	30	
            Vessels

          

    

    

    As soon as possible after a Contract in respect of a Vessel, in respect of which the Service Provider C acted as agent, is entered into or terminated, the Company shall seek to
      update Schedule 1 (The Vessels) accordingly and distribute a copy to the Service Provider C upon which such Schedule shall be deemed to be automatically updated.

    

    

    	31	
            Governing law

          

    

    

    	31.1	
            This Agreement and any non-contractual obligations connected with it shall be governed by English law.

          

    

    

    	31.2	
            The Parties irrevocably agree that all disputes arising under or in connection with this Agreement, or in connection with the negotiation, existence, legal validity, enforceability or termination of this
              Agreement, regardless of whether the same shall be regarded as contractual claims or not, shall be exclusively governed by and determined only in accordance with English law.

          

    

    

    	32	
            Jurisdiction

          

    

    

    	32.1	
            The Parties irrevocably agree that the courts of England and Wales are to have exclusive jurisdiction, and that no other court is to have jurisdiction to:

          

    

    

    	

          	(a)	
            determine any claim, dispute or difference arising under or in connection with this Agreement, any non-contractual obligations connected with it, or in connection with the 

          

    
      22

      
        

    

    negotiation, existence, legal validity, enforceability or termination of this Agreement, whether the alleged liability shall arise under the law of England and Wales or under the law of some other
      country and regardless of whether a particular cause of action may successfully be brought in the English courts (Proceedings); or 

    

    

    	

          	(b)	
            grant interim remedies, or other provisional or protective relief.

          

    

    

    	32.2	
            The Parties submit to the exclusive jurisdiction of the courts of England and Wales and accordingly any Proceedings may be brought against a Party or any of its assets in such courts.

          

    

    

    	32.3	
            Notwithstanding clause 32.2, the Parties may agree in writing that any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall
              be referred to and finally resolved by arbitration under the Rules of the London Maritime Arbitrators Association (the Rules) by one or more arbitrators in accordance with the Rules. In such case the
              provisions of clause 32.4 to 32.10 shall apply but otherwise shall have no effect.

          

    

    

    	32.4	
            The number of arbitrators shall be three. Each Party shall nominate one arbitrator (together the nominated arbitrators) and the third arbitrator shall be nominated by agreement between the nominated
              arbitrators.  The third arbitrator shall serve as chairman of the arbitral tribunal.

          

    

    

    	32.5	
            The seat, or legal place, of arbitration shall be London, United Kingdom.

          

    

    

    	32.6	
            The language to be used in the arbitral proceedings shall be English.

          

    

    

    	32.7	
            The governing law of this arbitration agreement shall be English law.

          

    

    

    	32.8	
            The Parties undertake to keep confidential all awards in any arbitration, together with all materials in the proceedings created for the purpose of the arbitration and all other documents produced by  the other
              Party in the proceedings not otherwise in the public domain - save and to the extent that disclosure may be required of a Party by legal duty, to protect or pursue a legal right, or to enforce or challenge an award in bona fide legal
              proceedings before a state court or other judicial authority.

          

    

    

    	32.9	
            By agreeing to arbitration in accordance with this clause, the Parties do not intend to deprive any competent court of its jurisdiction to issue a pre-arbitral injunction, pre-arbitral attachment or other order
              in aid of the arbitration proceedings, or the recognition and/or enforcement of any award.  Any interim or provisional relief ordered by any competent court may subsequently be vacated, continued or modified by the arbitral tribunal on the
              application of either Party.

          

    

    

    	32.10	
            All awards shall be final and binding on the Parties.  The Parties undertake to carry out any award immediately and without any delay; and the Parties waive irrevocably their right to any form of appeal or
              review of the award by any state court or other judicial authority, insofar as such waiver may be validly made.

          

    

    

    	33	
            Service of process

          

    

    

    	33.1	
            The Company irrevocably authorises and appoints Norose Notices Limited at its registered office (currently at 3, More London Riverside, London SE1 2AQ, United Kingdom) to accept on its behalf service of all
              legal process arising out of or in connection with any proceedings before the courts of England and Wales in connection with this Agreement.

          

    

    

    	33.2	
            The Service Provider C irrevocably authorises and appoints Law Debenture Corporation plc of 8th Floor, 100 Bishopsgate, London, EC2N 4AGUnited Kingdom to accept on its behalf service of all legal process
              arising out of or in connection with any proceedings before the courts of England and Wales in connection with this Agreement.

          

    

    

    	33.3	
            Each Party agrees that:

          

    

    

    
      23

      
        

    

    

    
      	

            	(a)	
              failure by its process agent  in England to notify it of the process will not invalidate the proceedings concerned; and

            

    

    

    

    	

          	(b)	
            if the appointment or a Party’s process agent is terminated for any reason whatsoever, that Party will appoint a replacement agent having an office or place of business in England or Wales and will notify the
              other Party of this appointment.

          

    
      24

      
        

    

    

    

    Schedule 1

    The Vessels

    

    

    	
            Name of Vessel and IMO Number

          	
            Type of Contract and date

          	
            Service Provider  responsible for 

            Chartering Services

          	
            Service Provider responsible for 

            Cargo Sourcing Services

          
	
            To be populated

          	
            To be populated

          	
            To be populated

          	
            To be populated

          

    

    

    
      25

      
        

    

    

    

    Schedule 2

    Services

    	1	
            CHARTERING SERVICES

          

    

    

    	

          	(a)	
            Nature

          

    

    

    Acting as agent for the Company in seeking and negotiating chartering-in of Prospective Vessels and/or chartering-out of Vessels in the Relevant Market and negotiating Charters
      in relation thereto on behalf of the Company.

    

    

    	

          	(b)	
            Terms of Charters and approval method

          

    

    

    	

          	(i)	
            Charter-in

          

    

    

    	

          	(A)	
            Any Prospective Vessel will be chartered-in either on a fixed rate or on the most appropriate Baltic Exchange index or other index rate for that Prospective Vessel. Voyage charters shall always be chartered on
              a fixed or index rate per ton basis.

          

    

    

    	

          	(B)	
            A Prospective Vessel should be preferably chartered-in from an Owner who is its registered owner as opposed its disponent owner (such as a time charterer/sub-charterer or bareboat charterer/sub-charterer). In
              case of negotiations with an Owner who is not the registered owner of the relevant Prospective Vessel, evidence of that Owner’s right to sub-charter should be obtained from that Owner by the Service Provider C prior to concluding the relevant
              Charter.

          

    

    

    	

          	(ii)	
            Charter-out

          

    

    

    Vessels shall be chartered-out either on a fixed rate or on the most appropriate Baltic Exchange index or other index rate for that Vessel, and (in the case of Vessels which
      have been chartered-in) preferably at a charter out rate not to be lower than the corresponding charter-in rate agreed for that Vessel for the relevant charter-out period. Vessels under a voyage charter shall always be chartered on a fixed or index
      rate per ton basis.

    

    

    	

          	(iii)	
            The Service Provider C will use its commercially reasonable endeavours to obtain the best possible terms in relation to the Charter of a Prospective Vessel / Vessel (including if possible a purchase option on
              any Prospective Vessel) by way of a recapitulation e-mail correspondence (a Recap) with the respective Owner (or the agent/broker of such Owner) seeking to include to the extent possible in that
              Charter the following terms:

          

    

    

    	

          	(A)	
            the Charter shall not violate any Sanctions, anti-corruption, anti-terrorist or anti-money laundering law of the United Kingdom, the European Union or the United States of America, including the U.S. Foreign
              Corrupt Practices Act and the UK Bribery Act 2010, nor any legislation applicable to imports or exports that is applicable to that Charter or the business of the relevant Owner. Each such Charter shall include to the extent possible all
              latest standard BIMCO provisions with regard to, and requiring compliance with, Sanctions, anti-corruption, anti-terrorist, anti-money laundering and trafficking (weapons and drugs) legislation;

          

    

    

    	

          	(B)	
            the Charter is freely assignable to any Affiliate of the Company or any prospective financier of the Company; and

          

    

    

    	

          	(C)	
            in case of a charter-out, that the Company can provide a substitute vessel.

          

    
      26

      
        

    

    

    

    Any such Recap must always be declared to be subject to the Company’s final approval.

    

    

    	

          	(iv)	
            The Service Provider C shall then relay the Recap to the Company requesting approval by the Company. The Company shall then provide such approval or not (acting reasonably and having regard to the then
              prevailing relevant market conditions) as soon as possible but not later than 2 Business Days.

          

    

    

    	

          	(v)	
            Once the Charter is in agreed form, the Service Provider C shall request the Company to proceed with executing the Charter the soonest practicably possible.

          

    

    

    	

          	(c)	
            Charters to serve a COA

          

    

    

    In addition to the above, a Charter to be entered into by the Company or its Affiliates and a Cargo Shipper in order to satisfy one or more loadings of Cargo under a COA which
      the Company has entered into with that Cargo Shipper shall:

    

    

    	

          	(i)	
            be booked on a fixed rate or on the appropriate Baltic Exchange index rate; and

          

    

    

    	

          	(ii)	
            in respect of any voyage relet under such COA, not exceed the maximum number of cargoes under such COA.

          

    

    

    	

          	(d)	
            Charter post-fixture matters

          

    

    

    Following the entering into a Charter and depending on whether it is a time charter or a voyage charter, the Service Provider C will provide the following post-fixture services:

    

    

    	

          	(i)	
            issuing voyage instructions on behalf of the Company for a Vessel under any Charter it in respect of which it has acted as agent and providing details of the relevant cargo booking to the master of the relevant
              Vessel;

          

    

    

    	

          	(ii)	
            coordinating/liaising with the Company’s Greek office for the issuance of hire statements from the said Greek office to the relevant Owner;

          

    

    

    	

          	(iii)	
            (voyage charter only) appointing agents on behalf of the Company for the relevant Vessel calling in port and coordinating with the finance department of the Company for the payment of such agents’ invoices;

          

    

    

    	

          	(iv)	
            (voyage charter only) coordinating bunker requirements for the relevant Vessel with the bunker department of the Company which will be the department ordering the relevant stem;

          

    

    

    	

          	(v)	
            (voyage charter only) coordinating with each Charterer and the laytime department of the Company for laytime calculation and issuance of necessary laytime statements; and

          

    

    

    	

          	(vi)	
            coordinating with the legal department / claims department of the Company with regards to any claims/disputes arising out of any Charter it has brokered.

          

    

    

    	2	
            CARGO SOURCING SERVICES

          

    

    

    	

          	(a)	
            Nature

          

    

    

    Acting as agent for the Company in seeking and negotiating cargo booking for Vessels and negotiating COAs in the Relevant Market on behalf of the Company.

    
      27

      
        

    

    
    

    

    	

          	(b)	
            Terms of COAs and approval method

          

    

    

    	

          	(i)	
            The Service Provider C will use its commercially reasonable endeavours to obtain the best possible terms of a COA by way of negotiating a draft thereof (and any Charter thereunder) with the respective Cargo
              Shipper (or the agent/broker of such Cargo Shipper) including to the extent possible the following terms:

          

    

    

    	

          	(A)	
            the COA shall not violate any Sanctions, anti-corruption, anti-terrorist or anti-money laundering law of the United Kingdom, the European Union or the United States of America, including the U.S. Foreign
              Corrupt Practices Act and the UK Bribery Act 2010, nor any legislation applicable to imports or exports that is applicable to any COA or the business of any Cargo Shipper. Each such COA shall include to the extent possible all latest standard
              BIMCO provisions with regard to, and requiring compliance with, Sanctions, anti-corruption, anti-terrorist, anti-money laundering and trafficking (weapons and drugs) legislation; and

          

    

    

    	

          	(B)	
            the COA should not be:

          

    

    

    	

          	(I)	
            of a duration longer than 24 months (including any option to extend);

          

    

    

    	

          	(II)	
            for more than 1 loading per month;

          

    

    

    	

          	(III)	
            for more than 12 loadings per year; and

          

    

    

    	

          	(C)	
            the draft COA must always be declared to be subject to final approval by the Company.

          

    

    

    	

          	(ii)	
            The Service Provider C shall then relay the draft COA to the Company requesting approval by the Company. The Company shall then provide such approval or not (acting reasonably and having regard to the then
              prevailing relevant market conditions) as soon as possible but not later than 2 Business Days.

          

    

    

    	

          	(iii)	
            Once the COA is in agreed form, the Service Provider C shall request the Company to proceed with executing the COA the soonest practicably possible.

          

    
      

      

      	3	
              RESEARCH SERVICES

            

      

      

      	

            	(a)	
              Nature

            

      

      

      Providing market intelligence, data analytics and information on commodity market trends relevant to shipping business for use in their business and for improving the standard of
        their services or products.

      

      

      	

            	(b)	
              Dissemination

            

      

      

      Providing all the above to the Company with a copy to the other Service Providers.

       

      

      
        28

        
          

      

      
       

    

    Schedule 3

    Key Personnel

    
      	
              1.

            	
              
                Ms Esther Sim Yoke San

              

            

    

    

    
      29

      
        

    

    

    

    IN WITNESS whereof the Parties have entered into this Agreement on the day and year first above written.

    

    

    	
            SIGNED by:

          	
            )

          	 
	 	
            )

          	 
	 	
            )

          	 
	 	
            (name)

          	
            )

          	 
	 	 	
            )

          	 	 
	 	 	
            )

          	 	
            (signature)

          
	 	
            (position)

          	
            )

          	 
	 	
            )

          	 
	
            for and on behalf of

            COSTAMARE BULKERS INC.

          	 	 
	 	 	 
	 	 	 
	
            SIGNED by:

          	
            )

          	 
	 	
            )

          	 
	 	
            )

          	 
	 	
            (name)

          	
            )

          	 
	 	 	
            )

          	 	 
	 	 	
            )

          	 	
            (signature)

          
	 	
            (position)

          	
            )

          	 
	 	
            )

          	 
	
            for and on behalf of

            COSTAMARE BULKERS SERVICES PTE. LTD.

            

          	 	 

    

    

  

  30Exhibit 4.4

 

COMMON SHARE PURCHASE WARRANT

 

VERSUS
SYSTEMS INC.

 

	Warrant Shares: _______	Initial Exercise 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 date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on ________[1]
(the “Termination Date”) but not thereafter, to subscribe for and purchase from Versus Systems Inc., a British Columbia
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).

 

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. (“Bloomberg”) (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.

 

 

	1	Insert the date that is the five year anniversary of the Initial Exercise
Date, provided that, if such date is not a Trading Day, insert the immediately following Trading Day.

 

    1 

     

    

 

“Board
of Directors” means the board of directors of 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 generally
are open for use by customers on such day.

 

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

 

“Common
Shares” means the Common Shares of the Company, no par value 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 shares, 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. 333-267896).

 

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

 

“Subsidiary”
means any subsidiary of the Company 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.

 

    2 

     

    

 

“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 Computershare, Inc., the current transfer agent of the Company, with a mailing address of 8742 Lucent Boulevard,
Suite 300, Highlands Ranch, Colorado 80129, and any successor transfer agent of the Company.

 

“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 (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.

 

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

 

 

    3 

     

    

 

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 PDF copy submitted
by e-mail (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.

 

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 only 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) 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 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;

 

    4 

     

    

 

		(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 Warrants 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 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 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 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 third Trading Day after the Warrant Share Delivery Date) 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 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.

 

    5 

     

    

 

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 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.

 

    6 

     

    

 

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 a Holder prior to the issuance of any Warrants, 9.99%) of the number
of Common Shares outstanding immediately after giving effect to the issuance of Common Shares issuable upon exercise of this Warrant.
The Holder, upon notice to the Company, may 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 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.

 

    7 

     

    

 

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 shares of 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 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 Common Shares, 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 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 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 Common Shares 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 Common Shares 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).

 

    8 

     

    

 

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 or any Subsidiary,
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 or 50% or more of the voting power of the common equity of the Company, (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 50% or more of the outstanding Common Shares or 50% or more of the voting power of the common equity
of the Company (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 of the remaining unexercised portion of
this Warrant on the date of the consummation of such 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 contemplated 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 contemplated 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 contemplated 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 highest VWAP during the period beginning on the Trading Day immediately preceding the public announcement of the
applicable contemplated Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if earlier) and
ending on the Trading Day of the Holder’s request pursuant to this Section 3(d) and (D) a remaining option time equal to the
time between the date of the public announcement of the applicable contemplated 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 (or
such other consideration) within the later of (i) five Business Days of the Holder’s election and (ii) the date of
consummation 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 and the other Transaction Documents in accordance with the provisions of this Section 3(d) 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 be added to the term “Company” under this Warrant (so that from and after the occurrence or consummation of
such Fundamental Transaction, each and every provision of this Warrant and the other Transaction Documents referring to the
“Company” shall refer instead to each of the Company and the Successor Entity or Successor Entities, jointly and
severally), and the Successor Entity or Successor Entities, jointly and severally with the Company, may exercise every right and
power of the Company prior thereto and the Successor Entity or Successor Entities shall assume all of the obligations of the Company
prior thereto under this Warrant and the other Transaction Documents with the same effect as if the Company and such Successor
Entity or Successor Entities, jointly and severally, had been named as the Company herein.

 

    9 

     

    

 

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 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 (or any of its Subsidiaries) is a party, any sale or transfer of
all or substantially all of its assets, 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 email to the Holder at its last 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 shares of the 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.

 

Section 4. Transfer
of Warrant.

 

a)   Transferability.
This Warrant and all rights hereunder (including, without limitation, any registration rights) 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.

 

    10 

     

    

 

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 initial issuance date of this Warrant and shall be identical with this Warrant except as to the number
of Warrant Shares issuable pursuant thereto.

 

c) Warrant Register.
The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time. The Company 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 evidence reasonably satisfactory
to it of 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 Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

    11 

     

    

 

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 Holder, the Company shall not by any action, including, without limitation, amending its certificate
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.

 

    12 

     

    

 

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. 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 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.

 

f)   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.

 

g)   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.

 

h)   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 e-mail, or sent by a nationally recognized overnight courier service, addressed
to the Company, at ___________, Attention: ___________, email address: ___________, or such other 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 e-mail, or sent by a nationally recognized overnight courier
service addressed to each Holder at the 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 (i) the time of transmission, if such
notice or communication is delivered via e-mail at the e-mail address set forth in this Section prior to 5:30 p.m. (New York City time)
on any date, (ii) the next Trading Day after the time of transmission, if such notice or communication is delivered via e-mail at the
e-mail address set forth in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading
Day, (iii) the second Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (iv)
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.

 

    13 

     

    

 

i)   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 Shares or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the
Company.

 

j)   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.

 

k)   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.

 

l)   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, on the other hand.

 

m)   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.

 

n)   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.

 

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

(Signature Page Follows)

 

    14 

     

    

 

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.

 

	 	versus systems inc.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    15 

     

    

 

NOTICE OF EXERCISE

 

To: versus
systems inc.

 

(1)   The
undersigned hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only 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:

 

_______________________________

 

_______________________________

 

_______________________________

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: _______________________________________________________________________

Signature of Authorized Signatory of Investing
Entity: _________________________________________________

Name of Authorized Signatory: ___________________________________________________________________

Title of Authorized Signatory: ____________________________________________________________________

Date: _______________________________________________________________________________________

 

    16 

     

    

 

 

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:	 	 

 

 

17

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