Document:

Exhibit 4.29

    

  

  

  

  REGISTRATION RIGHTS AGREEMENT

  This Registration Rights Agreement (this “Agreement”) is made and entered into effective as of November 7, 2019, by
    and among Euroseas Ltd., a Marshall Islands corporation (the “Company”), and the shareholder signatory hereto (the “Investor”).

  RECITALS

  A.          The Company has agreed pursuant to the Stock Purchase Agreement
      between the Company and the Investor dated November 7, 2019 (the “SPA”) to issue 4,225,352 shares (the “SPA Shares”) of the Company’s common stock, par value $0.03 per
      share (the “Common Stock”) and additional shares of Common Stock pursuant to the Letter Agreement between the Company and the Investor dated November 7, 2019 (together with the SPA Shares, the “Sale Shares”) to the Investor.

  B.          The offering of the Sale Shares was made by the Company pursuant
      to an exemption from the registration requirements of the Securities Act.

  C.          On the date hereof, the SPA Shares were issued to the Investor.

  D.          As a condition to the Investor acquiring the Sale Shares, the
      Company agreed to grant the Investor certain registration rights with respect to the Sale Shares.

  NOW, THEREFORE, in consideration of the foregoing recitals and the mutual representations, warranties, covenants and
    promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

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

  “Advice” shall have the meaning set forth in Section 6(b).

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

  “Alternative Transaction” shall have the meaning set forth in Section 2(g)(iv).

  “Business Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday or a day on
    which banking institutions in the State of New York, Nicosia, Cyprus or Athens, Greece are authorized or required by law or other governmental action to close.

  “Commission” means the Securities and Exchange Commission.

  “Effectiveness Date” shall have the meaning set forth in Section 2(a).

  “Effectiveness Period” shall have the meaning set forth in Section 2(a).

  
    
      

  

  
  

  

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

   “Holder” or “Holders” means the Investor and any subsequent permitted
    transferees or assignees under Section 6(f) of this Agreement.

  “Indemnified Party” shall have the meaning set forth in Section 5(c).

  “Indemnifying Party” shall have the meaning set forth in Section 5(c).

  “Initiating Shelf Take-Down Holder” shall have the meaning set forth in Section 2(g)(i).

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

  “Losses” shall have the meaning set forth in Section 5(a).

  “Shelf Take-Down” shall have the meaning set forth in Section 2(g)(i).

  “Marketed Underwritten Shelf Take-Down” shall have the meaning set forth in Section 2(g)(iii).

  “Marketed Underwritten Shelf Take-Down Notice” shall have the meaning set forth in Section 2(g)(iii).

  “Participating Holder” means, with respect to any registration, any Holder of Registrable Securities covered by the
    applicable Registration Statement.

  “Person” means any individual, partnership, corporation, limited liability company, unincorporated organization, trust
    or joint venture, or a governmental authority or political subdivision thereof or any other entity.

  “Piggyback Registration” shall have the meaning set forth in Section 2(b).

  “Plan of Distribution” shall have the meaning set forth in Section 2(a).

  “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an
    investigation or partial proceeding, such as a deposition), whether commenced or threatened.

  “Prospectus” means the prospectus included in the Registration Statement (including, without limitation, a prospectus
    that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with
    respect to the terms of the offering of any portion of the Registrable Securities covered by the Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by
    reference or deemed to be incorporated by reference in such Prospectus.

  
    2

    
      

  

  

  

  “Registrable Securities” means the Sale Shares (excluding any Sale Shares repurchased by the Company pursuant to
    Section 3 of the SPA) together with any securities issued or issuable upon any exchange, stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing.

  “Registration Statement” means each registration statement required to be filed hereunder, including the Prospectus,
    amendments and supplements to the registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in the Registration
    Statement.

  “Rule 415” means Rule 415 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended
    from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

  “Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended
    from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule.

  “Sale Shares” shall have the meaning set forth in the recitals above.

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

  “Shelf Take-Down” shall have the meaning set forth in Section 2(g)(i).

  “Suspension Certificate” shall have the meaning set forth in Section 6(d).

  “Trading Market” means the New York Stock Exchange, the NASDAQ Global Market or the NASDAQ Capital Market; and, with
    respect to any particular date, shall mean the Trading Market on which the Common Stock is listed or quoted for trading on such date.

  “Underwritten Offering” means a registration in which securities of the Company are sold to an underwriter or
    underwriters (or other counterparty) for reoffering to the public.

  “Underwritten Shelf Take-Down Notice” shall have the meaning set forth in Section 2(g)(ii).

  2.          Registration.  (a)
      As soon as practicable after the date hereof, and in no event more than 60 days after the date hereof, the Company shall prepare and file with the Commission a Registration Statement, covering the offering and resale of all of the Registrable
      Securities pursuant to Rule 415, or if Rule 415 is not available for offers or sales of the Registrable Securities, for such other means of distribution of Registrable Securities as the Holder may reasonably request (or, at the Holder’s option to
      delay such registration). The Registration Statement required hereunder shall be on Form F-3 (except if the Company is not then eligible to register for resale the Registrable Securities on Form F-3, in which case the registration shall be on Form
      F-1 or another appropriate form as shall be selected by the Company upon advice of its counsel). If the rules of the Commission prevent the Company from including any or all of the Registrable Securities on the Registration Statement required to be
      filed within the time period

  
    3

    
      

  

  

  

  set forth in the first sentence of this Section 2(a), the Company shall continue to use its reasonable best efforts to register all remaining Registrable Securities as set forth
    in this Section 2, whether by way of amending such Registration Statement or filing a new Registration Statement. The Registration Statement required hereunder shall contain (except if otherwise directed by the Holders) a “Plan of Distribution” acceptable to the Holder. The Company shall use its reasonable best efforts to cause the Registration Statement to be declared effective under the Securities Act as promptly as possible after the filing thereof,
    and in any event within five (5) Business Days after the Company learns that no review of a particular Registration Statement will be made by the Commission’s staff or that the Commission’s staff has no further
      comments on a particular Registration Statement (as the case may be) (the “Effectiveness Date”).  The Company shall use its reasonable best efforts to keep such Registration Statement continuously
    effective under the Securities Act (including the filing of any necessary amendments, post-effective amendments and supplements) until the date which is three years after the date hereof or such later date when all Registrable Securities covered by the
    Registration Statement (i) have been sold pursuant to the Registration Statement or an exemption from the registration requirements of the Securities Act or (ii) may be sold without volume restrictions pursuant to Rule 144 promulgated under the
    Securities Act, as determined by the counsel to the Company pursuant to a written opinion letter to such effect, addressed and reasonably acceptable to the Company’s transfer agent and the affected Holders (the “Effectiveness

      Period”).

  (a)          Right to Piggyback. If the Company does not maintain an
      effective registration statement for any portion of the Registrable Securities at any time during the Effectiveness Period, the Company proposes to register any of its common equity securities under the Securities Act (other than a registration
      statement on Form S-8 or on Form F-4 or any similar successor forms thereto or in connection with (A) an employee stock option, stock purchase or compensation plan or securities issued or issuable pursuant to any such plan, (B) a dividend
      reinvestment plan or (C) a merger or the acquisition of the securities or substantially all the assets of another entity), whether for its own account or for the account of one or more shareholders of the Company, and the registration form to be used
      may be used for any registration of Registrable Securities (a “Piggyback Registration”), the Company shall give prompt written notice (in any event within 10 Business Days after its receipt of notice of any
      exercise of other demand registration rights) to all Holders of its intention to effect such a registration and shall, subject to Sections 2(c) and 4(d), include in such registration all such Registrable Securities with respect to which the Company
      has received written requests for inclusion therein within 15 Business Days after the delivery of the Company’s notice. The Company may postpone or withdraw the filing or the effectiveness of a Piggyback Registration at any time in its sole
      discretion.

  (b)          Priority on Initial Registrations.  If, (i) as a result
      of applicable law or based upon comments received by the Commission, all of the securities to be included in the Registration Statement for any registration initiated on behalf of the Investor pursuant to Section 2(a) cannot be so included, or (ii)
      such registration is an underwritten primary registration, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such registration exceeds the number which can be sold
      in such offering without having an adverse effect on such offering, then the Company shall include in such registration (i) first, such number of Registrable Securities requested to be included therein (allocated pro rata among the Holders based on
      the relative number of such Registrable

  
    4

    
      

  

  

  

  Securities then held by each such Holder or in such manner as they may otherwise agree) and (ii) second, the securities proposed to be sold in such registration by holders of
    securities other than the Registrable Securities.

  (c)          Priority on Primary Piggyback Registrations.  If, (i) as
      a result of applicable law or based upon comments received by the Commission, all of the securities to be included in the registration statement for any Piggyback Registration initiated as a primary registration on behalf of the Company, cannot be so
      included, or (ii) a Piggyback Registration is an underwritten primary registration on behalf of the Company, and the managing underwriters advise the Company in writing that in their opinion the number of securities requested to be included in such
      registration exceeds the number which can be sold in such offering without having an adverse effect on such offering, then the Company shall include in such registration statement (x) first, the securities the Company proposes to sell, and (y)
      second, the Registrable Securities and other securities requested to be included therein by the Holders and the holders of such other securities (the “Other Holders”), if any, pro rata among the Holders and the
      Other Holders on the basis of the number of shares requested to be registered by the Holders and the Other Holders.

  (d)          Priority on Secondary Piggyback Registrations. If, (i) as
      a result of applicable law or based upon comments received by the Commission, all of the securities to be included in the registration statement for any Piggyback Registration initiated as a secondary registration on behalf of a holder of the
      Company’s securities other than Registrable Securities,  if Registrable Securities are included therein, cannot be so included or (ii) a Piggyback Registration is an underwritten secondary registration on behalf of a holder of the Company’s
      securities other than Registrable Securities, and the managing underwriters advise the Company in writing that, in their opinion, the number of securities requested to be included in such registration statement exceeds the number which can be sold in
      such offering without having an adverse effect on such offering, the Company shall include in such registration (x) first, the Registrable Securities and other securities requested to be included therein by the Holders and the Other Holders, if any,
      pro rata among the Holders and the Other Holders on the basis of the number of shares requested to be registered by the Holders and the Other Holders, and (x) second, the securities the Company proposes to sell, if any.

  (e)          Selection of Underwriters. If any Piggyback Registration
      is an underwritten primary offering, the Company or, if such Piggyback Registration is an underwritten secondary offering, the holder of the Company’s securities initiating such Piggyback Registration, shall have the right to select the managing
      underwriter or underwriters to administer any such offering.

  (f)          Shelf Takedown Registrations.

  (i)          An offering or sale of Registrable Securities pursuant to the
      shelf registration statement (each, a “Shelf Take-Down”) may be initiated only by the Investor (the “Initiating Shelf Take-Down Holder”). Except as set forth in Section
      2(g)(iii) with respect to Marketed Underwritten Shelf Take-Downs, the Initiating Shelf Take-Down Holder shall not be required to permit the offer and sale of Registrable Securities by other Holders in connection with any such Shelf Take-Down
      initiated by such Initiating Shelf Take-Down Holder.

  
    5

    
      

  

  

  

  (ii)          Subject to Section 2(j), if the Initiating Shelf Take-Down
      Holder elects by written request to the Company, a Shelf Take-Down shall be in the form of an Underwritten Offering (an “Underwritten Shelf Take-Down Notice”) and the Company shall amend or supplement the
      applicable shelf registration statement for such purpose as soon as practicable. Subject to Section 2(g)(iii) below, such Initiating Shelf Take-Down Holder shall have the right to select the managing underwriter or underwriters, which shall be
      reasonably acceptable to the Company, to administer such offering.

  (iii)          Subject to Section 3(k)(vi), if the plan of distribution set
      forth in any Underwritten Shelf Take-Down Notice includes a customary “road show” (including an “electronic road show” or other substantial marketing effort by the Company and the underwriters over a period expected to exceed 24 hours (a “Marketed Underwritten Shelf Take-Down”)), promptly upon delivery of such Underwritten Shelf Take-Down Notice (but in no event more than three (3) Business Days thereafter), the Company shall promptly deliver a
      written notice (a “Marketed Underwritten Shelf Take-Down Notice”) of such Marketed Underwritten Shelf Take-Down to all Holders (other than the Initiating Shelf Take-Down Holder), and the Company shall include
      in such Marketed Underwritten Shelf Take-Down all such Registrable Securities of such Holders that are registered on such shelf registration statement for which the Company has received written requests, which requests must specify the aggregate
      amount of such Registrable Securities of such Holder to be offered and sold pursuant to such Marketed Underwritten Shelf Take-Down, for inclusion therein within one (1) Business Day after the date that such Marketed Underwritten Shelf Take-Down
      Notice has been delivered; provided, that if the managing underwriter or underwriters of any proposed Marketed Underwritten Shelf Take-Down informs the Holders that have requested to participate in such Marketed Underwritten Shelf Take-Down in
      writing that, in its or their good-faith opinion, the number of securities which such Holders intend to include in such offering exceeds the number of securities that, in the good-faith opinion of the managing underwriter or underwriters in such
      offering (as evidenced by a written notice to the relevant Holders and the Company), can be sold in such offering without being likely to have a significant adverse effect on the price, timing or the distribution of the securities offered or the
      market for the securities offered, then the securities to be included in such Marketed Underwritten Shelf Take-Down shall be (i) first, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be
      sold without having such adverse effect in such Marketed Underwritten Shelf Take-Down, which number shall be allocated (1) first to the Registrable Securities requested to be included in such Marketed Underwritten Shelf Take-Down by the Initiating
      Shelf Take-Down Holder, and (2) second to the Registrable Securities requested to be included in such Marketed Underwritten Shelf Take-Down by any requesting Holder who is not the Initiating Shelf Take-Down Holder on a pro rata basis and (ii) second,
      and only if all the securities referred to in clause (i) above have been included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect in such Marketed
      Underwritten Shelf Take-Down, which such number shall be allocated pro rata among the Holders (excluding the requesting Holder(s)) that have requested to participate in such Marketed Underwritten Shelf Take-Down based on the relative number of
      Registrable Securities then held by each such Holder (provided that any securities thereby allocated to a Holder that exceed such Holder’s request shall be reallocated among the remaining requesting Holders in like manner). The Holders of a majority
      of the Registrable Securities to be included in any Marketed Underwritten Shelf Take-Down shall have the right to select the

  
    6

    
      

  

  

  

  managing underwriter or underwriters to administer such offering. No holder of securities of the Company shall be permitted to include such holder’s securities in any Marketed
    Underwritten Shelf Take-Down except for Holders who wish to include Registrable Securities pursuant to this Section 2(g)(iii).

  (iv)          The Company shall use its reasonable best efforts to cooperate
      in a timely manner with any request of the requesting Holders in respect of any block trade that is registered pursuant to a shelf registration (each, an “Alternative Transaction”). including (A) having
      appropriate representatives of the Company, upon reasonable request and at reasonable times, available to answer questions and make presentations to any prospective purchasers of Registrable Securities in such Alternative Transaction and (B)
      responding to reasonable information requests from prospective purchasers of Registrable Securities in such Alternative Transaction. Notwithstanding the foregoing or anything else to the contrary in this Agreement, the Company will not be required to
      (I) provide such cooperation with respect to more than two such sales efforts or (2) disclose to the transferee any material the Company deems to constitute material, non-public information to the extent that such information would not otherwise be
      required under the Securities Act or the rules and regulations promulgated thereunder to be included or incorporated by reference in the Registration Statement.

  (g)          Underwritten Offerings.

  (i)          Shelf Registrations. If requested by the underwriters for any
      Underwritten Offering, the Company shall enter into an underwriting agreement with such underwriters for such offering, such agreement to be reasonably satisfactory in substance and form to the Company, each Participating Holder and the underwriters,
      and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type, including indemnities no less favorable to the recipient thereof than those customarily provided by the
      Company as part of its public offerings. Each Participating Holder shall cooperate reasonably with the Company in the negotiation of such underwriting agreement and shall give consideration to the reasonable suggestions of the Company regarding the
      form thereof. The Participating Holders shall be parties to such underwriting agreement, which underwriting agreement shall contain such representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of
      such Participating Holders as are customarily made by issuers to selling shareholders in secondary underwritten public offerings. Any such Participating Holder shall not be required to make any representations or warranties to or agreements with the
      Company or the underwriters in connection with such underwriting agreement other than representations, warranties or agreements regarding such Participating Holder, such Participating Holder’s title to the Registrable Securities, such Participating
      Holder’s authority to sell the Registrable Securities, such Participating Holder’s intended method of distribution, absence of liens with respect to the Registrable Securities, receipt of all required consents and approvals with respect to the entry
      into such underwriting agreement and the sale of such Registrable Securities and any other representations required to be made by such Participating Holder under applicable law, rule or regulation, and the aggregate amount of the liability of such
      Participating Holder in connection with such underwriting agreement shall not exceed such Participating Holder’s net proceeds from such Underwritten Offering.

  
    7

    
      

  

  

  

  (ii)          Participation in Underwritten Registrations. Subject to
      the provisions of Section 2(i)(i) above, no Person may participate in any Underwritten Offering hereunder unless such Person (i) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Persons
      entitled to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements.

  (iii)          Price and Underwriting Discounts. In the case of an
      Underwritten Offering, the price, underwriting discount and other financial terms for the Registrable Securities shall be determined by the Investor participating in such Underwritten Offering.

  (h)          Limitation on Underwritten Offerings. Notwithstanding the
      rights and obligations set forth in this Section 2, in no event shall the Company be obligated to take any action to effect any Underwritten Shelf Take-Down or Underwritten Offering unless the Holder initiating such Underwritten Offering propose to
      sell at least five percent of Registrable Securities.

  3.          Registration Procedures.

  In connection with the Company’s registration obligations of Registrable Securities hereunder, the Company shall:

  (a)          Not less than five (5) Business Days prior to the filing of the
      Registration Statement or any related Prospectus or any amendment or supplement thereto, (i) furnish to the Holders copies of all such documents proposed to be filed (including documents incorporated or deemed incorporated by reference to the extent
      requested by such Person) which documents will be subject to the review of such Holders, and (ii) cause its officers and directors, counsel and independent certified public accountants to respond to such inquiries as shall be necessary, in the
      reasonable opinion of respective legal counsel to conduct a reasonable investigation within the meaning of the Securities Act. The Company shall not file the Registration Statement or any such Prospectus or any amendments or supplements thereto to
      which the Holders of a majority of the Registrable Securities shall reasonably object in good faith.

  (b)          (i) Prepare and file with the Commission such amendments,
      including post-effective amendments, to the Registration Statement and the Prospectus used in connection therewith as may be necessary to keep the Registration Statement continuously effective as to the Registrable Securities for the Effectiveness
      Period; (ii) cause the related Prospectus to be amended or supplemented by any required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments
      received from the Commission with respect to the Registration Statement or any amendment thereto; and (iv) comply in all material respects with the provisions of the Securities Act and the Exchange Act with respect to the disposition of all
      Registrable Securities covered by the Registration Statement in accordance with the intended methods of disposition by the Holders thereof set forth in the Registration Statement as so amended or in such Prospectus as so supplemented.

  
    8

    
      

  

  

  

  (c)          Notify the Holders of Registrable Securities to be sold as
      promptly as reasonably possible (and, in the case of (i)(A) below, not less than two (2) Business Days prior to such filing) and (if requested by any such Person) confirm such notice in writing promptly following the day (i) (A) when a Prospectus or
      any Prospectus supplement or post-effective amendment to the Registration Statement is proposed to be filed; (B) when the Commission notifies the Company whether there will be a “review” of the Registration Statement and whenever the Commission
      comments in writing on the Registration Statement (the Company shall upon request provide true and complete copies thereof and all written responses thereto as promptly as reasonably possible to each of the Holders who so requests provided such
      requesting Holders agree to keep such information confidential until it is publicly disclosed); and (C) with respect to the Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the
      Commission or any other Federal or state governmental authority during the period of effectiveness of the Registration Statement for amendments or supplements to the Registration Statement or Prospectus or for additional information; (iii) of the
      issuance by the Commission or any other federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement covering any or all of the Registrable Securities or the initiation of any Proceedings for
      that purpose; (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or the initiation or
      threatening of any Proceeding for such purpose, and (v) of the occurrence of any event or passage of time that makes the financial statements included in the Registration Statement ineligible for inclusion therein or any statement made in the
      Registration Statement or Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires any revisions to the Registration Statement, Prospectus or other documents so that, in
      the case of the Registration Statement or the Prospectus, as the case may be, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in
      light of the circumstances under which they were made, not misleading (provided that such Holder of Registrable Securities agrees to keep such information confidential until it is publicly disclosed).

  (d)          Use its reasonable best efforts to avoid the issuance of, or, if
      issued, obtain the withdrawal of (i) any order suspending the effectiveness of the Registration Statement, or (ii) any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any
      jurisdiction, at the earliest practicable moment.

  (e)          To the extent requested by such Holders, furnish to each Holder,
      without charge, at least one conformed copy of the Registration Statement and each amendment thereto, including financial statements and schedules, all documents incorporated or deemed to be incorporated therein by reference, and all exhibits
      (including those previously furnished or incorporated by reference) promptly after the filing of such documents with the Commission.

  (f)          Promptly deliver to each Holder, without charge, as many copies
      of the Prospectus or Prospectuses (including each form of prospectus) and each amendment or supplement thereto as such Persons may reasonably request in connection with resales by the Holder of Registrable Securities. The Company hereby consents to
      the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders in connection with the

  
    9

    
      

  

  

  

  offering and sale of the Registrable Securities covered by such Prospectus and any amendment or supplement thereto, except after the giving of any notice pursuant to Section
      3(c).

  (g)          Use its reasonable best efforts to register or qualify or
      cooperate with the selling Holders in connection with the registration or qualification (or exemption from the registration or qualification) of such Registrable Securities for the resale by the Holder under the securities or blue sky laws of such
      jurisdictions within the United States as any Holder reasonably requests in writing, to keep each of the registration or qualification (or exemption therefrom) effective during the Effectiveness Period and to do any and all other acts or things
      reasonably necessary to enable the disposition in such jurisdictions of the Registrable Securities covered by the Registration Statement; provided, that the Company shall not be required to qualify generally to do business in any jurisdiction where
      it is not then so qualified, subject the Company to any material tax in any such jurisdiction where it is not then so subject or file a general consent to service of process in any such jurisdiction.

  (h)          If requested by the Holders, cooperate with the Holders to
      facilitate the timely preparation and delivery of certificates representing Registrable Securities to be delivered to a transferee pursuant to the Registration Statement, which certificates shall be free, of all restrictive legends, and to enable
      such Registrable Securities to be in such denominations and registered in such names as any such Holders may request.

  (i)          Upon the occurrence of any event contemplated by Section
        3(c)(v), as promptly as reasonably possible, prepare a supplement or amendment, including a post-effective amendment, to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be
      incorporated therein by reference, and file any other required document so that, as thereafter delivered, neither the Registration Statement nor such Prospectus will contain an untrue statement of a material fact or omit to state a material fact
      required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

  (j)          Comply with all applicable rules and regulations of the
      Commission and use its reasonable best efforts to cause all Registrable Securities to be listed for trading on a Trading Market, if the Company is then listed on a Trading Market.

  (k)          In the case of an Underwritten Offering:

  (i)          make such representations and warranties to the Participating
      Holders and the underwriters or agents, if any, in form, substance and scope as are customarily made by issuers in secondary underwritten public offerings;

  (ii)          enter into such customary agreements (including underwriting
      agreements) and take all such other actions as any Participating Holder or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the registration and disposition of such Registrable Securities;

  (iii)          make reasonable efforts to obtain for delivery to the
      Participating Holders and to the underwriter or underwriters, if any, an opinion or opinions from counsel for the Company dated the date of the closing under the underwriting agreement, in customary form,

  
    10

    
      

  

  

  

  scope and substance, which opinions shall be reasonably satisfactory to such Holders or underwriters, as the case may be, and their respective counsel;

  (iv)          make reasonable efforts to obtain for delivery to the Company
      and the managing underwriter or underwriters, with copies to the Participating Holders, a cold comfort letter from the Company’s independent certified public accountants in customary form and covering such matters of the type customarily covered by
      cold comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the date of the closing of the Underwritten Offering, as specified in the underwriting
      agreement;

  (v)          subject to the execution of any confidentiality agreements as
      reasonably requested by the Company, make available upon reasonable notice at reasonable times and for reasonable periods for inspection by any Participating Holder, by any underwriter participating in any disposition to be effected pursuant to such
      Registration Statement and by any attorney, accountant or other agent retained by such Participating Holder(s) or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Company as shall be
      necessary to enable them to exercise their due diligence responsibility, and cause all of the Company’s officers, directors and employees and the independent public accountants who have certified its financial statements to make themselves available
      to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such Registration Statement as shall be necessary to enable them to exercise their due diligence responsibility; and

  (vi)          in the case of an Underwritten Offering of Registrable
      Securities in an amount of at least five percent (5%) of the Company’s then-outstanding common shares, cause executive officers of the Company to participate in customary “road show” presentations that may be reasonably requested by the managing
      underwriter or underwriters in any such Underwritten Offering no more than once per calendar quarter over a period of no more than 24 hours (provided, however, that such participation is not required to be in person by any such executive officer) and
      otherwise to facilitate, cooperate with, and participate in each such proposed Underwritten Offering to the extent reasonably requested by the managing underwriter or underwriters.

  (l)          Cooperate with each Participating Holder and each underwriter,
      if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the FINRA.

  (m)          Use its reasonable efforts to comply with all applicable
      securities laws and make available to its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder.

  The Company may require each selling Holder to furnish to the Company a certified statement as to the number of shares of Common Stock beneficially owned by
    such Holder and the person thereof that has voting and dispositive control over the Sale Shares, for purposes of disclosure in the “Selling Stockholder” table in the Registration Statement.

  
    11

    
      

  

  

  

  4.          Registration Expenses.
      All fees and expenses incident to the performance of or compliance with this Agreement by the Company shall be borne by the Company whether or not any Registrable Securities are sold pursuant to the Registration Statement. The fees and expenses
      referred to in the foregoing sentence shall include, without limitation, (i) all registration and filing fees (including, without limitation, fees and expenses (A) with respect to filings required to be made with the Trading Market on which the
      Common Stock is then listed for trading, and (B) for compliance with applicable state securities or blue sky laws), (ii) printing expenses (including, without limitation, expenses of printing certificates for Registrable Securities and of printing
      prospectuses if the printing of prospectuses is reasonably requested by the Holders of a majority of the Registrable Securities included in the Registration Statement), (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of
      counsel for the Company and reasonable fees and expenses of one counsel for the holders of Registrable Securities participating in such registration as a group (selected by the holders of a majority of the Registrable Securities included in the
      registration), (v) Securities Act liability insurance, if the Company so desires such insurance, (vi) “road show” expenses of the Company and any Persons retained by the Company in connection with any offering of securities and (vii) fees and
      expenses of all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement. In addition, the Company shall be responsible for all of its internal and accounting expenses incurred in
      connection with the consummation of the transactions contemplated by this Agreement (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties and all fees and expenses of the
      Company’s certified public accountants), the expense of the preparation of all financial statements and any audit or review thereof by the Company’s accountants, including in connection with their rendering a “cold comfort” letter to the
      underwriters, if requested, and the fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange as required hereunder. In no event shall the Company be responsible for any broker, underwriter or
      similar commissions or any legal fees or other costs of the Holders.

  5.          Indemnification.

  (a)          Indemnification by the Company. The Company shall,
      notwithstanding any termination of this Agreement, indemnify and hold harmless each Holder, the officers, directors, agents and employees of each of them, each Person who controls any such Holder (within the meaning of Section 15 of the Securities
      Act or Section 20 of the Exchange Act), and the officers, directors, agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs
      (including, without limitation, reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred (irrespective of whether they are incurred while investigating, preparing or defending any action,
      claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the Commission, irrespective of whether any such action is pending or
      threatened, and irrespective of whether such indemnified person is or may reasonably be a party thereto, to which any of them may become subject, or otherwise), to the extent arising out of or relating to any untrue or alleged untrue statement of a
      material fact contained in the Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged omission of a
      material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances

  
    12

    
      

  

  

  

  under which they were made) not misleading, or any violation or alleged violation by the Company of the Securities Act, Exchange Act or any state securities law, or any rule
    or regulation thereunder, except to the extent, but only to the extent, that (1) such untrue statements or omissions are based solely upon information regarding such Holder furnished in writing to the Company by such Holder expressly for use therein,
    or to the extent that such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities as set forth in the Plan of Distribution approved by such Holder expressly
    for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto, or (2) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the use by such Holder
    of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 6(b).

  (b)          Indemnification by Holders. Each Holder shall, severally
      and not jointly, indemnify and hold harmless the Company, its officers, directors, agents and employees, each Person who controls the Company (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act), and the
      officers, directors, agents and employees of each such controlling Person, to the fullest extent permitted by applicable law, from and against any and all Losses, as incurred, (irrespective of whether they are incurred while investigating, preparing
      or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the Commission, irrespective of whether any such
      action is pending or threatened, and irrespective of whether such indemnified person is or may reasonably be a party thereto, to which any of them may become subject, or otherwise), to the extent arising out of or based upon any untrue or alleged
      untrue statement of a material fact contained in the Registration Statement, any Prospectus or any form of prospectus or in any amendment or supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission or alleged
      omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading
      to the extent, but only to the extent, that such untrue statement or omission is contained in any information so furnished in writing by such Holder to the Company specifically for inclusion in the Registration Statement or such Prospectus expressly
      for use therein; provided, that each Holder’s obligation to indemnify such indemnified parties shall only be to the extent of the net proceeds received by such Holder in the offering to which the Registration Statement relates, or to the extent that
      such information relates to such Holder or such Holder’s proposed method of distribution of Registrable Securities as set forth in the Plan of Distribution expressly approved in writing by such Holder expressly
      for use in the Registration Statement, such Prospectus or such form of Prospectus or in any amendment or supplement thereto, or (3) in the case of an occurrence of an event of the type specified in Section 3(c)(ii)-(v), the use by such Holder
      of an outdated or defective Prospectus after the Company has notified such Holder in writing that the Prospectus is outdated or defective and prior to the receipt by such Holder of the Advice contemplated in Section 6(b).

  (c)          Conduct of Indemnification Proceedings. If any Proceeding
      shall be brought or asserted against any Person entitled to indemnity hereunder (an “Indemnified Party”), such Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall have the right to

  
    13

    
      

  

  

  

  assume the defense thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection
    with defense thereof; provided, that the failure of any Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be
    finally determined by a court of competent jurisdiction (which determination is not subject to appeal or further review) that such failure shall have prejudiced the Indemnifying Party.

  An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to participate in the defense thereof, but the fees and
    expenses of such counsel shall be at the expense of such Indemnified Parties unless: (1) the Indemnifying Party has agreed in writing to pay such fees and expenses; (2) the Indemnifying Party shall have failed promptly to assume the defense of such
    Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any such Proceeding (including any impleaded parties) include both such Indemnified Party and the Indemnifying Party,
    and such Indemnified Party shall have been advised by counsel that a conflict of interest is reasonably likely to exist if the same counsel were to represent such Indemnified Party and the Indemnifying Party (in which case, if such Indemnified Party
    notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume the defense thereof and the reasonable fees and expenses of no more
    than one separate counsel (the Indemnified Party’s counsel who first notifies the Company of such obligation) shall be at the expense of the Indemnifying Party). The Indemnifying Party shall not be liable for any settlement of any such Proceeding
    effected without its written consent. No Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement
    includes an unconditional release of such Indemnified Party from all liability on claims that are the subject matter of such Proceeding.

  All reasonable fees and expenses of the Indemnified Party (including reasonable fees and expenses to the extent incurred in connection with investigating or
    preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten (10) Business Days of written notice thereof to the Indemnifying Party; provided, that the
    Indemnified Party shall promptly reimburse the Indemnifying Party for that portion of such fees and expenses applicable to such actions for which such Indemnified Party is not entitled to indemnification hereunder, determined based upon the relative
    faults of the parties.

  (d)          Contribution. If a claim for indemnification under Section

        5(a) or 5(b) is unavailable to an Indemnified Party (by reason of public policy or otherwise), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified
      Party as a result of such Losses, in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions, statements or omissions that resulted in such Losses as well as any
      other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of
      a material fact or omission or alleged omission of a material fact, has been taken or made by, or relates to information supplied

  
    14

    
      

  

  

  

  by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action, statement
    or omission. The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject to the limitations set forth in Section 5(c), any reasonable attorneys’ or other reasonable fees or expenses incurred by such party
    in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided for in this Section was available to such party in accordance with its terms.

  The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 5(d) were determined by pro rata allocation
    or by any other method of allocation that does not take into account the equitable considerations referred to in the immediately preceding paragraph. Notwithstanding the provisions of this Section 5(d), no Holder shall be required to
    contribute, in the aggregate, any amount in excess of the amount by which the proceeds actually received by such Holder from the sale of the Registrable Securities subject to the Proceeding exceeds the amount of any damages that such Holder has
    otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission, except in the case of fraud by such Holder. The indemnity and contribution agreements contained in this Section are in addition to any
    liability that the Indemnifying Parties may have to the Indemnified Parties.

  6.          Miscellaneous.

  (a)          Compliance. Each Holder covenants and agrees that it will
      comply with the prospectus delivery requirements of the Securities Act as applicable to it in connection with sales of Registrable Securities pursuant to the Registration Statement.

  (b)          Discontinued Disposition. Each Holder agrees that, upon
      receipt of a notice from the Company of the occurrence of any event of the kind described in Section 3(c), such Holder will forthwith discontinue disposition of such Registrable Securities under the Registration Statement until the earlier of
      (i) the filing of the supplemented Prospectus and/or amended Registration Statement or (ii) such Holder is advised in writing (the “Advice”) by the Company that the use of the applicable Prospectus may be
      resumed, and, in either case, has received copies of any additional or supplemental filings that are incorporated or deemed to be incorporated by reference in such Prospectus or Registration Statement. In the event of a discontinued disposition under
      this Section 6(b), the Company will use its reasonable best efforts to ensure that the use of the Prospectus may be resumed as promptly as is practicable and to provide copies of the supplemented Prospectus and/or amended Registration
      Statement or the Advice as soon as possible in order to enable each Holder to resume dispositions of the Registrable Securities.

  (c)          Amendments in Writing. No amendment, modification,
      waiver, termination or discharge of any provision of this Agreement, or any consent to any departure by the Company and any Holder of the then outstanding Registrable Securities from any provision hereof, shall in any event be effective unless the
      same shall be in writing and made by the Company and at least a majority of the Holders of the then outstanding Registrable Securities, and each such amendment, modification, waiver, termination or discharge shall be effective only in the specific
      instance and for the specific purpose for which given. No provision of this

  
    15

    
      

  

  

  

  Agreement shall be varied, contradicted or explained by any oral agreement, course of dealing or performance or any other matter not set forth in an agreement in writing and
    signed by the Company and at least a majority of the Holders of the then outstanding Registrable Securities.

  (d)          Suspension of Trading. At any time after the Registrable
      Securities are covered by an effective Registration Statement, the Company may deliver to the Holders of such Registrable Securities a certificate (the “Suspension Certificate”) approved by the Chief Executive
      Officer of the Company and signed by an officer of the Company stating that the effectiveness of and sales of Registrable Securities under the Registration Statement would:

  (i)          materially interfere with any transaction that would require
      the Company to prepare financial statements under the Securities Act that the Company would otherwise not be required to prepare in order to comply with its obligations under the Exchange Act, or

  (ii)          require public disclosure of any transaction of the type
      discussed in Section 6(d)(i) prior to the time such disclosure might otherwise be required.

  After the delivery of a Suspension Certificate by Holders of Registrable Securities, the Company may, in its discretion, require such Holders of Registrable
    Securities to refrain from selling or otherwise transferring or disposing of any Registrable Securities or other Company securities then held by such Holders for a specified period of time that is customary under the circumstances (not to exceed sixty
    (60) days). Notwithstanding the foregoing sentence, the Company shall be permitted to cause Holders of Registrable Securities to so refrain from selling or otherwise transferring or disposing of any Registrable Securities or other securities of the
    Company on only one occasion during each twelve (12) consecutive month period that the Registration Statement remains effective. The Company may impose stop transfer instructions to enforce any required agreement of the Holders under this Section
      6(d).

  (e)          Notices. All notices, requests, consents and other
      communications under this Agreement shall be in writing and shall be deemed delivered (i) on the date of transmission when delivered via facsimile prior to 5:00 p.m. (New York City time) on a Business Day, (ii) one Business Day after transmission
      when delivered via facsimile later than 5:00 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York City time) on such date, (iii) upon delivery when delivered personally, (iv) three (3) days after being sent by registered or
      certified mail, return receipt requested, postage prepaid, or (v) one (1) Business Day after being sent via a reputable nationwide overnight courier service guaranteeing next business day delivery, in each case to the intended recipient as set forth
      below:

  If to the Company:

  

  

  Euroseas Ltd.

    4 Messogiou Street & Evropis St.

    151 25 Maroussi Greece

    Attention: Aristides J. Pittas, Chairman, President & CEO

  With a copy (which shall not constitute notice) to:

  
    16

    
      

  

  

  

  Seward & Kissel LLP

    One Battery Park Plaza

    New York, NY 10004

    Attention:  Anthony Tu-Sekine, Esq.

  If to the Investor, to:

  

  

  c/o Synergy Marine Limited

  5th Floor

  Lapithion Tower

  5 Deligiorgi Street

  Nicosia 1066, Cyprus

    Attention: Savvas Georghiades

  Email: sgeorghiades@synergy-marine.com.cy

  With a copy (which shall not constitute notice) to:

  Watson Farley & Williams LLP

  Attn: Steven Hollander

  250 West 55th Street, 31st Floor

  New York, New York 10019

  

  

  Any party may change the address to which notices, requests, consents or other communications hereunder are to be delivered by giving the other parties notice
    in the manner set forth in this Section.

  (f)          Successors and Assigns. This Agreement shall be binding
      upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors and assigns. The Company may not assign its rights or obligations hereunder without the prior written consent of all of the Holders of
      the then-outstanding Registrable Securities, provided a sale of the Company shall not be deemed an assignment. Any Holder may assign its rights hereunder to a purchaser or transferee of Registrable Securities; provided, that (i) the Company
      is furnished a written notice of the name and address of such transferee or assignee and the Registrable Securities with respect to which such registration rights are being assigned and (ii) such purchaser or transferee shall, as a condition to the
      effectiveness of such assignment, be required to execute a counterpart to this Agreement agreeing to be treated as a Holder whereupon such purchaser or transferee shall have the benefits of, and shall be subject to the restrictions contained in, this
      Agreement as if such purchaser or transferee was originally included in the definition of an Holder herein and had originally been a party hereto.

  (g)          Execution in Counterparts; Facsimile Signatures. This
      Agreement and any amendment, waiver or consent hereto may be executed by the parties hereto in separate counterparts, each of which, when so executed and delivered, shall be an original, but all such counterparts shall together constitute one and the
      same instrument. All such counterparts may be

  
    17

    
      

  

  

  

  delivered among the parties hereto by facsimile or other electronic transmission, which shall not affect the validity thereof.

  (h)          Governing Law; Jurisdiction. This Agreement shall be
      governed by and construed under the laws of the State of New York without regard to conflicts of laws principles. Any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement shall be brought
      against the parties hereto or thereto in the courts of the State of New York, County of New York, or, if it has or can acquire jurisdiction, in the United States District Court for the Southern District of New York, and each of the parties consents
      to the exclusive jurisdiction of such courts (and of the appropriate appellate courts) in any such action or proceeding and waives any objection to venue laid therein. The parties hereby expressly waive all rights to trial by jury in any suit, action
      or proceeding arising under this Agreement.

  (i)          Cumulative Remedies. All remedies, either under this
      Agreement or by law, afforded to the parties hereto, shall be cumulative and not alternative.

  (j)          Severability. Any provision of this Agreement which is
      prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or affecting the validity or enforceability of
      such provision in any other jurisdiction.

  (k)          Section Headings and References. The section headings are
      for the convenience of the parties and in no way alter, modify, amend, limit or restrict the contractual obligations of the parties. Any reference in this Agreement to a particular section or subsection shall refer to a section or subsection of this
      Agreement, unless specified otherwise.

   [Remainder of page intentionally left blank; Signature pages follow]

  

  

  
    18

    
      

  

  

  

  IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the date first written above.

  

  

  
    	 	
            THE COMPANY:

             

            

          
	 	
            EUROSEAS LTD.

             

            

          
	 	
            By:

          	/s/ Dr. Anastasios (Tasos) Aslidis
	 	 	
            Name: Dr. Anastasios (Tasos) Aslidis

          
	 	 	
            Title:  CFO & Treasurer

          

  

   

  

  [Investor Signature page follows]

  

  

  
    
      

  

  

  

  	 	
          INVESTOR:

          

            SYNERGY HOLDINGS LIMITED (formerly known as Nautilus Holdings No. 2 Limited)

          

             

        
	 	
          By:

        	 
	 	 	
          Name:

        
	 	 	
          Title:Exhibit 4.30

  

  

  

  
    EXECUTION VERSION

    EUROSEAS LTD.

    Up to US$10,000,000 of Common Shares

    EQUITY DISTRIBUTION AGREEMENT

    October 30, 2018

    Maxim Group LLC

      405 Lexington Avenue

      New York, New York 10174

    Ladies and Gentlemen:

    Euroseas Ltd., a corporation organized under the laws of the Republic of the Marshall Islands (the “Company”), proposes to
      issue and sell through Maxim Group LLC (the “Agent”), as sales agent, common shares of the Company, par value $0.03 per share (the “Common

        Shares”), having an aggregate offering price of up to US$10,000,000 of Common Shares (the Common Shares subject to this Equity Distribution Agreement (this “Agreement”) being
      referred to herein as the “Shares”) on terms set forth herein. The Shares consist entirely of authorized but unissued Common Shares to be issued and sold by the Company.

    The Company hereby confirms its agreement with the Agent with respect to the sale of the Shares.

    1.          Representations and Warranties of the Company.

    (a)          The Company represents and warrants to, and agrees with, the Agent as follows:

    (i)          A registration statement on Form F-3 (File No. 333-208305) (the “registration statement”) was initially declared effective by the Securities and Exchange Commission (the “Commission”) on December 19, 2016, and is currently effective,
        under the Securities Act of 1933, as amended (the “Securities Act of 1933”), and the rules and regulations promulgated thereunder (the “Rules

          and Regulations” and collectively with the Securities Act of 1933, the “Securities Act”); since the date of effectiveness of the registration statement, no additional or
        supplemental information was requested by the Commission; no stop order of the Commission preventing or suspending the use of any Base Prospectus (as defined below), the Prospectus Supplement (as defined below), the Prospectus (as defined below) or
        any Permitted Free Writing Prospectus (as defined below), or the effectiveness of the Registration Statement, has been issued, and no proceedings for such purpose have been instituted or, to the Company’s knowledge, are contemplated by the
        Commission. Except where the context otherwise requires, “Registration Statement,” as used herein, means the registration statement, as amended at the time of such registration statement’s
        effectiveness for purposes of Section 11 of the Securities Act, as such section applies to the Agent, including (1) all documents filed as a part thereof or incorporated or deemed to be incorporated by reference therein, (2) any information
        contained or incorporated by reference in a prospectus filed with the Commission pursuant to Rule 424(b)

    
      
        

    

    
    

    

    under the Securities Act, to the extent such information is deemed, pursuant to Rule 430B or Rule 430C under the Securities Act, to be part of the registration statement at such time, and (3) any
      registration statement filed to register the offer and sale of Shares pursuant to Rule 462(b) under the Securities Act (the “462(b) Registration Statement”). Except where the context
      otherwise requires, “Base Prospectus,” as used herein, means the prospectus filed as part of the Registration Statement, together with any amendments or supplements thereto as of the date of
      this Agreement. Except where the context otherwise requires, “Prospectus Supplement,” as used herein, means the most recent prospectus supplement relating to the Shares, filed by the Company
      with the Commission pursuant to Rule 424(b) under the Securities Act and in accordance with the terms of this Agreement. Except where the context otherwise requires, “Prospectus,” as used
      herein, means the Prospectus Supplement together with the Base Prospectus attached to or used with the Prospectus Supplement, as may be amended or supplemented from time to time. “Permitted Free
        Writing Prospectus,” as used herein, means the documents, if any, listed on Schedule A attached hereto and, after the date hereof, any “issuer free writing prospectus” as defined in Rule 433 of the Securities Act, that is expressly
      agreed to by the Company and the Agent in writing to be a Permitted Free Writing Prospectus. Any reference herein to the Registration Statement, the Base Prospectus, the Prospectus Supplement, the Prospectus or any Permitted Free Writing Prospectus
      shall be deemed to refer to and include the documents, if any, incorporated by reference, or deemed to be incorporated by reference, therein pursuant to Item 6 of Form F-3 (the “Incorporated
        Documents”), including, unless the context otherwise requires, the documents, if any, filed as exhibits to such Incorporated Documents. For purposes of this Agreement, all references to the Registration Statement, the Rule 462(b)
      Registration Statement, the Base Prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval System
      (“EDGAR”). All references in this Agreement to financial statements and schedules and other information which is “described,” “contained,” “included” or “stated” in the Registration
      Statement, the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus (or other references of like import) shall be deemed to mean and include all such financial statements and schedules and other information which is incorporated
      by reference in or otherwise deemed by the Rules and Regulations to be a part of or included in the Registration Statement, the Base Prospectus, the Prospectus or Permitted Free Writing Prospectus as the case may be. Any reference herein to the terms
      “amend,” “amendment” or “supplement” with respect to the Registration
      Statement, any Base Prospectus, the Prospectus, the Prospectus Supplement or any Permitted Free Writing Prospectus shall be deemed to refer to and include the filing of any document under the Securities Exchange Act of 1934, as amended, and the rules
      and regulations thereunder (collectively, the “Exchange Act”) on or after the initial effective date of the Registration Statement, or the date of such Base Prospectus, the Prospectus, the
      Prospectus Supplement or such Permitted Free Writing Prospectus, if any, as the case may be, and incorporated or deemed to be incorporated therein by reference pursuant to Item 6 of Form F-3. “Time
        of Sale” means each time a Share is purchased pursuant to this Agreement.

    (ii)         (A)      The Registration Statement complied when it became effective, complies as of the date hereof, and will
        comply upon the effectiveness of any amendment thereto and at each Time of Sale and each Settlement Date (as applicable), in all material respects, with the requirements of the Securities Act; at all times during which a prospectus is required by
        the Securities Act to be delivered (whether physically or through

    
      2

      
        

    

    

    

    compliance with Rule 172 under the Securities Act or any similar rule) in connection with any sale of Shares (the “Prospectus Delivery Period”);

      the Registration Statement, as may be amended, will comply, in all material respects, with the requirements of the Securities Act; the conditions to the use of Form F-3 in connection with the offering and sale of the Shares as contemplated hereby
      (the “Offering”) have been satisfied, subject to the limitations imposed on transactions conducted pursuant to General Instruction I.B.5 of Form F-3; the Registration Statement meets, and
      the Offering complies with, the requirements of Rule 415 under the Securities Act (including, without limitation, Rule 415(a)(5)); the Registration Statement did not, as of the time of its effectiveness and as of the date hereof, and will not, as of
      the effective date of any amendment thereto, at each Time of Sale, if any, and at all times during a Prospectus Delivery Period, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or
      necessary to make the statements therein not misleading.

    (B)         The Prospectus, as of the date of the Prospectus Supplement, as of the date hereof (if filed with the Commission on
        or prior to the date hereof), at each Settlement Date and Time of Sale (as applicable), and at all times during a Prospectus Delivery Period, complied, complies or will comply, in all material respects, with the requirements of the Securities Act;
        and the Prospectus, and each supplement thereto, as of their respective dates, at each Settlement Date or Time of Sale (as applicable), and at all times during a Prospectus Delivery Period, did not and will not include an untrue statement of a
        material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

    (C)         Each Permitted Free Writing Prospectus, if any, as of its date and as of each Settlement Date and Time of Sale (as
        applicable), and at all times during a Prospectus Delivery Period (when taken together with the Prospectus at such time) will not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the
        statements therein, in the light of the circumstances under which they were made, not misleading.

    The representations and warranties set forth in subparagraphs (A), (B) and (C) above shall not apply to any statement contained in the Registration Statement, any Base Prospectus,
      the Prospectus or any Permitted Free Writing Prospectus in reliance upon and in conformity with information concerning the Agent that is furnished in writing by or on behalf of the Agent expressly for use in the Registration Statement, such Base
      Prospectus, the Prospectus or such Permitted Free Writing Prospectus, if any, it being understood and agreed that only such information furnished by the Agent as of the date hereof consists of the information described in Section 6(b)(ii).

    (iii)        Prior to the execution of this Agreement, the Company has not, directly or indirectly, offered or sold any Shares
        by means of any “prospectus” (within the meaning of the Securities Act) or used any “prospectus” (within the meaning of the Securities Act) in connection with the Offering, in each case other than the Base Prospectus or any Permitted Free Writing
        Prospectus; the Company has not, directly or indirectly, prepared, used or referred to any Permitted Free Writing Prospectus except in compliance with Rules 164 and 433 under the Securities Act; assuming that a Permitted Free Writing Prospectus, if
        any, is sent or given after the Registration Statement was filed with the Commission (and after such Permitted

    
      3

      
        

    

    

    

    Free Writing Prospectus, if any, was, if required pursuant to Rule 433(d) under the Securities Act, filed with the Commission), the Company will satisfy the provisions of Rule 164 or Rule 433 necessary
      for the use of a free writing prospectus (as defined in Rule 405) in connection with the Offering; the conditions set forth in one or more of subclauses (i) through (iv), inclusive, of Rule 433(b)(1) under the Securities Act are satisfied, and the
      registration statement relating to the Offering, as initially filed with the Commission, includes a prospectus that, other than by reason of Rule 433 or Rule 431 under the Securities Act, satisfies the requirements of Section 10 of the Securities
      Act; neither the Company nor the Agent is disqualified, by reason of subsection (f) or (g) of Rule 164 under the Securities Act, from using, in connection with the Offering, “free writing prospectuses” (as defined in Rule 405 under the Securities
      Act) pursuant to Rules 164 and 433 under the Securities Act; the Company is not an “ineligible issuer” (as defined in Rule 405 under the Securities Act) as of the eligibility determination date for purposes of Rules 164 and 433 under the Securities
      Act with respect to the offering of the Shares contemplated by the Registration Statement; the parties hereto agree and understand that the content of any and all “road shows” (as defined in Rule 433 under the Securities Act) related to the Offering
      is solely the property of the Company.

    (iv)          Each Permitted Free Writing Prospectus, as of its issue date, each Time of Sale and each Settlement Date occurring
        after such issue date and at all subsequent times through the Prospectus Delivery Period (as defined below) or until any earlier date that the Company notified or notifies the Agent as described in Section 4(c)(iii), did not, does not and
        will not include any information that conflicted, conflicts or will conflict with the information contained in the Registration Statement, any Base Prospectus or the Prospectus. The foregoing sentence does not apply to statements in or omissions
        from any Permitted Free Writing Prospectus based upon and in conformity with written information furnished to the Company by the Agent specifically for use therein, it being understood and agreed that only such information furnished by the Agent as
        of the date hereof consist of the information described in Section  6(b)(ii).

    (v)          The consolidated financial statements of the Company and the Subsidiaries (as defined below), together with the
        related notes, set forth or incorporated by reference in the Registration Statement and the Prospectus comply in all material respects with the requirements of the Securities Act and the Exchange Act and fairly present in all material respects the
        financial condition of the Company and the Subsidiaries, as a whole, as of the dates indicated and the results of operations and changes in cash flows for the periods therein specified in conformity with U.S. generally accepted accounting
        principles consistently applied throughout the periods involved. The selected financial data and the summary financial information included in the documents in the Registration Statement and in the Prospectus constitute a fair summary of the
        information purported to be summarized and have been compiled on a basis consistent with that of the audited financial statements included in the Registration Statement. No other financial statements or supporting schedules are required to be
        included or incorporated by reference in the Registration Statement or the Prospectus under the Securities Act except as so included or incorporated by reference. All disclosures contained in the Registration Statement or the Prospectus or
        incorporated by reference therein regarding “non GAAP financial measures” (as such term is defined by the applicable rules and regulations of the Commission) comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the
        Securities Act to the extent applicable. To the Company’s knowledge, Deloitte Certified Public Accountants S.A.,

    
      4

      
        

    

    

    

    which has expressed its opinion with respect to the financial statements and schedules, if any, filed as a part of the Registration Statement and included in the Registration Statement and the
      Prospectus, is a registered public accounting firm within the meaning of the Securities Act, and in the performance of its work for the Company has not been in violation of the auditor independence requirements of the Sarbanes-Oxley Act of 2002 (the
      “Sarbanes-Oxley Act”).

    (vi)        The Company and each of the Subsidiaries has been duly organized and is validly existing as a corporation under the
        laws of its jurisdiction of incorporation. The Company and each of the Subsidiaries has full corporate power and authority to own its respective properties and conduct its business as currently being carried on and as described in the Registration
        Statement and the Prospectus, and is duly qualified to do business as a foreign corporation in good standing in each jurisdiction in which it owns or leases real property or in which the conduct of its business makes such qualification necessary
        and in which the failure to so qualify would have a material adverse effect upon the results of operations, business, management, properties, prospects, conditions (financial or otherwise) or operations, of the Company and the Subsidiaries, either
        individually or taken as a whole (“Material Adverse Effect”).

    (vii)       Except as disclosed in the Prospectus, subsequent to the dates as of which information is given in the Prospectus,
        the Company (including its Subsidiaries on a consolidated basis) has not incurred any material liabilities or obligations, direct or contingent, or entered into any material transactions, or declared or paid any dividends or made any distribution
        of any kind with respect to the capital stock of the Company; and there has not been any change in the capital stock of the Company, or issuance of options, warrants, convertible securities or other rights to purchase the capital stock of the
        Company, or any material change in the short-term or long-term debt of the Company (other than as a result of the exercise of any currently outstanding options or warrants that are disclosed in the Prospectus), or any Material Adverse Effect or any
        development that would reasonably be expected to result in a Material Adverse Effect. Since the date of the latest balance sheet presented in the Registration Statement and the Prospectus, neither the Company nor any Subsidiary has entered into any
        transactions, including any acquisition or disposition of any business or asset, which are material to the Company and the Subsidiaries taken as a whole, except for transactions which are disclosed in the Registration Statement and the Prospectus.

    (viii)      Except as set forth in the Prospectus, there is not pending or, to the knowledge of the Company, threatened or
        contemplated, any action, suit or proceeding to which the Company or any of its Subsidiaries or of which any property or assets of the Company or any of its Subsidiaries is the subject before or by any court or governmental agency, authority or
        body, or any arbitrator or mediator, which, individually or in the aggregate, would reasonably be expected to result in any Material Adverse Effect.

    (ix)         There are no statutes, regulations, contracts or documents that are required to be described in the Registration
        Statement and the Prospectus or be filed as exhibits to the Registration Statement by the Securities Act that have not been so described or filed.

    (x)          This Agreement has been duly authorized, executed and delivered by the Company, and constitutes a valid, legal and
        binding obligation of the Company,

    
      5

      
        

    

    

    

    enforceable against the Company in accordance with its terms, except as rights to indemnity hereunder may be limited by federal or state securities laws and except as such enforceability may be limited
      by bankruptcy, insolvency, reorganization or similar laws affecting the rights of creditors generally and subject to general principles of equity. The execution, delivery and performance of this Agreement and the consummation of the transactions
      herein contemplated will not result in a breach or violation of any of the terms and provisions of, or constitute a default under, (i) any law, rule or regulation to which the Company or any of its Subsidiaries is subject, (ii) any agreement or
      instrument to which the Company or any of its Subsidiaries or by which it is bound or to which any of its property is subject, (iii) the Company’s Amended and Restated Articles of Incorporation or Bylaws, each as amended, or the organizational
      documents of any of its Subsidiaries, or (iv) any order, rule, regulation or decree of any court or governmental agency or body having jurisdiction over the Company or any of its Subsidiaries or any of its properties, except, in the case of clauses
      (i), (ii) and (iv), for such breaches, violations or defaults that would not reasonably be expected to result in a Material Adverse Effect; no consent, approval, authorization or order of, or filing with, any court or governmental agency or body is
      required for the execution, delivery and performance of this Agreement or for the consummation of the transactions contemplated hereby and thereby, including the issuance or sale of the Shares by the Company, except for such consents, approvals,
      authorizations, orders or filings as have been obtained or made or as may be required under the Securities Act or state securities or blue sky laws; and the Company has and will have full power and authority to enter into this Agreement and to
      authorize, issue and sell the Shares as contemplated hereby and thereby.

    (xi)        All of the issued and outstanding shares of capital stock of the Company, including the outstanding Common Shares,
        are duly authorized and validly issued, fully paid and nonassessable, have been issued in compliance with all applicable foreign, federal and state securities laws, were not issued in violation of or subject to any preemptive rights or other rights
        to subscribe for or purchase securities that have not been waived in writing, and the holders thereof are not subject to personal liability by reason of being such holders; all of the issued and outstanding shares of capital stock of each of the
        Subsidiaries are duly authorized and validly issued, fully paid and nonassessable, and are owned by the Company, directly or through wholly-owned Subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or
        equity except for those arising under any credit facility or loan agreement (“Credit Facilities”) to which the Company or any of its Subsidiaries is a party or their assets are bound as
        disclosed in the Registration Statement and the Prospectus, have been issued in compliance with all applicable foreign, federal and state securities laws, were not issued in violation of or subject to any preemptive rights or other rights to
        subscribe for or purchase securities that have not been waived in writing, and the holders thereof are not subject to personal liability by reason of being such holders; the Shares which may be sold under this Agreement by the Company have been
        duly authorized and, when issued, delivered and paid for in accordance with the terms of this Agreement will have been validly issued and will be fully paid and nonassessable, and the holders thereof will not be subject to personal liability solely
        by reason of being such holders; and the capital stock of the Company, including the Common Shares, conforms in all material respects to the description thereof in the Registration Statement and the Prospectus. Except as otherwise stated in the
        Registration Statement and the Prospectus, there are no preemptive rights or other rights to subscribe for or to purchase, or any restriction upon the voting or transfer of, any Common Shares pursuant to the Company’s Amended and

    
      6

      
        

    

    

    

    Restated Articles of Incorporation, as amended, or any agreement or other instrument to which the Company is a party or by which the Company is bound. Neither the filing of the Registration Statement
      nor the Offering gives rise to any rights for or relating to the registration of any Common Shares or other securities of the Company, except for such registration rights as have been duly waived. Except as described in the Registration Statement and
      the Prospectus, there are no options, warrants, agreements, contracts or other rights in existence to purchase or acquire from the Company any shares of the capital stock of the Company. The Company has an authorized and outstanding capitalization as
      set forth in the Registration Statement and the Prospectus as of the dates set forth therein.

    (xii)       The Company and each of its Subsidiaries holds, and is operating in compliance with all grants, authorizations,
        licenses, permits, consents, certificates and orders of any governmental or self-regulatory body required for the conduct of its respective businesses and all such grants, authorizations, licenses, permits, consents, certifications and orders are
        valid and in full force and effect, except for such noncompliance or failures to be in full force and effect that would not reasonably be expected to result in a Material Adverse Effect; and neither the Company nor any of its Subsidiaries has
        received notice of any revocation or modification of any such grant, authorization, license, permit, consent, certification or order or has reason to believe that any such grant, authorization, license, permit, consent, certification or order will
        not be renewed in the ordinary course; and the Company and each of its Subsidiaries is in compliance with all applicable federal, state, local and foreign laws, regulations, orders and decrees, except for such noncompliance that would not
        reasonably be expected to result in a Material Adverse Effect. No approval, authorization, consent or order of or filing with any foreign, federal, state or local governmental or regulatory commission, board, body, authority or agency is required
        in connection with the issuance and sale of the Shares or the consummation by the Company of the transactions contemplated hereby, other than (i) registration of the Shares under the Securities Act, (ii) any necessary qualification under the
        securities or blue sky laws of the various jurisdictions in which the Shares are being offered by the Agent, (iii) the filing of any reports under the Exchange Act, (iv) such approvals as may be required by the Financial Industry Regulatory
        Authority, Inc. (“FINRA”), (v) approval of the listing of the Shares by the NASDAQ Capital Market or (vi) such approvals as have been obtained or made as of the Time of Sale.

    (xiii)      The Company and each of its Subsidiaries has good and marketable title to all property (whether real or personal)
        described in the Registration Statement and the Prospectus as being owned by it, in each case free and clear of all liens, claims, security interests, other encumbrances or defects except such as are described in the Registration Statement and the
        Prospectus, except as would not materially impair the use or value thereof. The property held under lease by the Company and each of its Subsidiaries is held by it under valid, subsisting and enforceable leases with only such exceptions with
        respect to any particular lease as do not interfere in any material respect with the conduct of the business of the Company or such Subsidiary.

    (xiv)      The Company and each of its Subsidiaries owns, possesses, or can acquire on reasonable terms, all Intellectual
        Property (as defined below) necessary for the conduct of their respective businesses as now conducted or as described in the Registration Statement and the Prospectus to be conducted. Except as would not result in a Material Adverse Effect, (A)
        there are no rights of third parties to any such Intellectual Property owned by the

    
      7

      
        

    

    

    

    Company, except as otherwise disclosed to the Agent in writing by the Company prior to the date hereof; (B) to the knowledge of the Company, there is no infringement, misappropriation or violation by
      third parties of any such Intellectual Property; (C) there is no pending or, to the knowledge of the Company, threatened, action, suit, proceeding or claim by others challenging the Company’s or any Subsidiary’s rights in or to any such Intellectual
      Property, and the Company is unaware of any facts which would form a reasonable basis for any such claim; (D) the Intellectual Property owned by the Company and each of the Subsidiaries, and to the knowledge of the Company, the Intellectual Property
      licensed to the Company, each of the Subsidiaries, has not been adjudged invalid or unenforceable, in whole or in part, and there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or claim by others challenging
      the validity or scope of any such Intellectual Property, and the Company is unaware of any facts which would form a reasonable basis for any such claim; (E) there is no pending or, to the knowledge of the Company, threatened action, suit, proceeding
      or claim by others that the Company or any of its Subsidiaries infringes, misappropriates or otherwise violates any Intellectual Property or other proprietary rights of others, and neither the Company nor any of the Subsidiaries has received any
      written notice of such claim; and (F) to the Company’s knowledge, no employee of the Company or any of its Subsidiaries is in or has ever been in violation of any term of any employment contract, patent disclosure agreement, invention assignment
      agreement, non-competition agreement, non-solicitation agreement, nondisclosure agreement or any restrictive covenant to or with a former employer where the basis of such violation relates to such employee’s employment with the Company or any of its
      Subsidiaries or actions undertaken by the employee while employed with the Company or any of its Subsidiaries. “Intellectual Property” shall mean all patents, patent applications, trade and
      service marks, trade and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, domain names, technology, know-how and other intellectual property.

    (xv)       Neither the Company nor any of its Subsidiaries is (A) in violation of its articles of incorporation or similar
        organizational documents, or (B) in breach of or otherwise in default, and no event has occurred which, with notice or lapse of time or both, would constitute such a default in the performance of any material obligation, agreement or condition
        contained in any bond, debenture, note, indenture, loan agreement, mortgage, deed of trust or any other material contract, lease or other instrument to which it is subject or by which any of them may be bound, or to which any of the material
        property or assets of the Company or any of its Subsidiaries is subject (collectively, the “Material Contracts”); or (C) in violation of any law or statute or any judgment, order, rule or
        regulation of any court or arbitrator or governmental or regulatory authority, except in the case of (B) and (C) above, as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

    (xvi)      The Company and each of the Subsidiaries has timely filed all applicable federal, state, local, foreign and other
        income and franchise tax returns required to be filed and are not in default in the payment of any taxes which were payable pursuant to said returns or any assessments with respect thereto, other than any which the Company or any of its
        Subsidiaries is contesting in good faith. There is no pending dispute with any taxing authority relating to any of such returns, and the Company has no knowledge of any proposed liability for any tax to be imposed upon the properties or assets of
        the Company or any of its Subsidiaries for which there is not an adequate reserve reflected in the Company’s financial statements included in the Registration Statement. There are no documentary, stamp or other issuance or transfer

    
      8

      
        

    

    

    

    taxes or duties or similar fees or charges under U.S. federal law or the laws of any U.S. state, the Republic of the Marshall Islands, or any political subdivision of any thereof, required to be paid
      in connection with the execution and delivery of this Agreement or the issuance, sale and delivery by the Company of the Shares.

    (xvii)     The Company has not distributed and will not distribute any prospectus or other offering material in connection with
        the Offering other than the Registration Statement and the Prospectus or other materials permitted by the Securities Act to be distributed by the Company; provided, however, that the Company has not made and will not make any offer relating to the
        Shares that would constitute a “free writing prospectus” as defined in Rule 405 under the Securities Act, except in accordance with the provisions of Section 4(o) of this Agreement.

    (xviii)    The issuance and sale of the Shares as contemplated in this Agreement does not contravene the rules and regulations
        of the NASDAQ Capital Market. The Common Shares are registered pursuant to Section 12(b) of the Exchange Act and are listed on the NASDAQ Capital Market and the Company has taken no action designed to, or likely to have the effect of, terminating
        the registration of the Common Shares under the Exchange Act or delisting the Common Shares from the NASDAQ Capital Market nor, except as disclosed in the Registration Statement or the Prospectus, has the Company received any notification that the
        Commission or the NASDAQ Capital Market is contemplating terminating such registration or listing. The Company has complied in all material respects with the applicable requirements of the NASDAQ Capital Market for maintaining the listing of the
        Common Shares thereon. The Company has filed an application to include the Shares on the NASDAQ Capital Market.

    (xix)      The Company has no subsidiaries other than those listed on Schedule E hereto (collectively, the “Subsidiaries”). The Company does not own, directly or indirectly, any shares of stock or any other equity or long-term debt securities of any other corporation or have any equity interest in
        any other corporation, partnership, joint venture, association, trust or other entity.

    (xx)       The Company and each of its Subsidiaries have established and maintain systems of internal accounting controls
        sufficient to provide reasonable assurances that (A) transactions are executed in accordance with management’s general or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity
        with generally accepted accounting principles and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management’s general or specific authorization; and (D) amounts reflected on the Company’s
        consolidated balance sheet for assets are compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. Except as described in the Registration Statement and the Prospectus, since the filing
        of the annual report on Form 20-F for the fiscal year ended December 31, 2017, there has been (i) no new material weakness identified to the Company’s board of directors (or committee thereof) in the Company’s internal control over financial
        reporting (whether or not remediated) and (ii) no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

    
      9

      
        

    

    

    

    (xxi)     Except as described in the Registration Statement or the Prospectus, the Company and each of the Subsidiaries: (A) is
        and at all times since January 1, 2018 has been in material compliance with all United States (federal, state and local) and foreign statutes, rules, regulations, treaties, or guidances applicable to the Company or the Subsidiaries (“Applicable Laws”); (B) since January 1, 2018 has not received any notice of adverse finding, warning letter, untitled letter or other correspondence or notice from any Governmental Authority
        (as defined below) alleging or asserting noncompliance with any Applicable Laws or any licenses, certificates, approvals, clearances, authorizations, permits and supplements or amendments thereto required by any such Applicable Laws (“Authorizations”); (C) since January 1, 2018 has not received notice of any claim, action, suit, proceeding, hearing, enforcement, investigation, arbitration or other action from any
        Governmental Authority or third party alleging that any product operation or activity is in violation of any Applicable Laws or Authorizations and has no knowledge that any such Governmental Authority or third party intends to assert any such
        claim, litigation, arbitration, action, suit, investigation or proceeding; (D) since January 1, 2018 has not received notice that any Governmental Authority has taken, is taking or intends to take action to limit, suspend, modify or revoke any
        Authorizations and the Company has no knowledge that any such Governmental Authority is considering such action; and (E) has filed, obtained, maintained or submitted all material reports, documents, forms, notices, applications, records, claims,
        submissions and supplements or amendments as required by any Applicable Laws or Authorizations and that all such reports, documents, forms, notices, applications, records, claims, submissions and supplements or amendments were complete and correct
        in all material respects on the date filed (or were corrected or supplemented by a subsequent submission). “Governmental Authority” means any federal, provincial, state, local, foreign or
        other governmental or quasi-governmental agency or body or any other type of regulatory authority or body, including, without limitation, the NASDAQ Capital Market. The aggregate of all pending legal or governmental proceedings to which the Company
        or any Subsidiary is a party or of which any of their respective property or assets is the subject which are not described in the Registration Statement and the Prospectus, including ordinary routine litigation incidental to the business, would not
        result in a Material Adverse Effect.

    (xxii)     Other than as contemplated by this Agreement, the Company has not incurred any liability for any finder’s or broker’s
        fee or agent’s commission in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby. The Company has not entered into any other sales agency agreements or other similar arrangements
        with any agent or any other representative in respect of “at the market” offerings of the Shares in accordance with Rule 415 under the Securities Act.

    (xxiii)    The Company and each of the Subsidiaries carries, or is covered by, insurance in such amounts and covering such risks
        the Company reasonably believes are adequate for the conduct of its respective business and the value of its properties and as is customary for companies engaged in similar businesses in similar industries; all policies of insurance and any
        fidelity or surety bonds insuring the Company, each of its Subsidiaries and their respective businesses, assets, employees, officers and directors are in full force and effect; the Company and each of its Subsidiaries is in compliance with the
        terms of such policies and instruments in all material respects; there are no claims by the Company or any of the Subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a
        reservation of rights clause; neither the Company nor any of the

    

    

    
      10

      
        

    

    Subsidiaries has been refused any insurance coverage sought or applied for; and the Company has no reason to believe that it will not be able to renew its existing insurance coverage as and when such
      coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect.

    (xxiv)    The Company is not (and is not an affiliate of), and immediately after receipt of payment for the Shares, will not be
        (and will not be an affiliate of), an “investment company” within the meaning of the Investment Company Act of 1940, as amended. The Company currently intends to conduct its business in a manner so that it will not become subject to the Investment
        Company Act of 1940, as amended.

    (xxv)     The Incorporated Documents, at the time they were or hereinafter are filed with the Commission, complied and will
        comply in all material respects to the requirements of the Securities Act and the Exchange Act, and were filed on a timely basis with the Commission and no Incorporated Document contained or will contain an untrue statement of a material fact or
        omitted to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, that, no representation is made herein regarding the
        representations, warranties and covenants, or any descriptions thereof, contained in any agreements or documents included as exhibits to the Incorporated Documents. There is no material document required to be described in the Registration
        Statement or the Prospectus or to be filed as an exhibit to the Registration Statement which was not described or filed as required. All material agreements of the Company and all agreements governing or evidencing any and all related party
        transactions have been filed with the Commission to the extent required and applicable under the Exchange Act. Neither the Company nor any Subsidiaries has sent or received any communication regarding termination of, or intent not to renew, any of
        the contracts or agreements referred to or described in the Registration Statement and the Prospectus, or referred to or described in, or filed as an exhibit to, the Registration Statement or any Incorporated Document (including, without
        limitation, all charter parties to which the Company or any Subsidiary is a party), and no such termination or non-renewal has been threatened by the Company or any of its Subsidiaries or, to the Company’s knowledge, any other party to any such
        contract or agreement. Any descriptions of the terms of any of the foregoing contracts and agreements that are contained in the Registration Statement and the Prospectus are accurate and complete in all material respects. The Shareholders Rights
        Agreement, dated May 18, 2009, by and between the Company and American Stock Transfer and Trust Company, LLC (as amended, the “Rights Agreement”), constitutes a valid and binding agreement
        of each such party enforceable against each such party in accordance with its terms; and when issued in accordance with the terms of the Rights Agreement, the preferred stock purchase rights constitute valid and binding obligations of the Company
        and the Registration Statement and the Prospectus contain a summary of the terms of the Rights Agreement, which summary is accurate and complete in all material respects.

    (xxvi)    The Company is in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act and the
        rules and regulations of the Commission thereunder.

    (xxvii)   Except as described in the Registration Statement and the Prospectus, the Company has established and maintains
        disclosure controls and procedures

    
      11

      
        

    

    

    

    

    

    (within the meaning of Rule 13a-15(e) of the Exchange Act) and such controls and procedures are designed to ensure that information required to be disclosed in the reports that the Company files or
      submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Commission and that such information is accumulated and communicated to the Company’s management, including
      its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. The Company has utilized such controls and procedures in preparing and evaluating the disclosures in the Registration
      Statement and the Prospectus.

    (xxviii) To the knowledge of the Company, neither the Company, the Subsidiaries, nor any director, officer, agent, employee or affiliate of the Company or any Subsidiary, has taken
      any action directly or indirectly, that would result in a violation by such persons of the FCPA (as defined below), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance
      of an offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “Foreign official” (as such term is defined in the FCPA) or any
      foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA, and the Company and each of its Subsidiaries has conducted its business in compliance with the FCPA and has instituted and
      maintains policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. “FCPA” means the Foreign Corrupt Practices Act
      of 1977, as amended, and the rules and regulations thereunder.

    (xxix)   The Company and each of its Subsidiaries have complied in all material respects with the money laundering statutes of
        applicable jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by applicable governmental agencies (collectively, the “Money Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to the Money
        Laundering Laws is pending or, to the knowledge of the Company, threatened.

    (xxx)    Neither the Company, any of its Subsidiaries, nor, to the knowledge of the Company, any director, officer, employee,
        representative, agent, or affiliate of the Company or any of its Subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury.

    (xxxi)   No transaction has occurred or agreement or understanding entered into between or among the Company or any of its
        Subsidiaries on the one hand, and any officer, director or 5% or greater stockholder of the Company or any Subsidiary of the Company or any affiliate or affiliates of any such officer, director or 5% or greater stockholder that is required to be
        described that is not so described in the Registration Statement and the Prospectus. Neither the Company nor any of its Subsidiaries has, directly or indirectly, extended or maintained credit, or arranged for the extension of credit, or renewed an
        extension of credit, in the form of a personal loan to or for any of its directors or executive officers in violation of applicable laws, including Section 402 of the Sarbanes-Oxley Act.

    
      12

      
        

    

    

    

    

    

    (xxxii)                (a) Neither the Company nor any of its Subsidiaries is in violation of any applicable international,
        national, state or local convention, law, regulation, order, governmental license, convention, treaty (including those promulgated by the International Maritime Organization) or other requirement relating to pollution or protection of human health
        or safety (as they relate to exposure to Materials of Environmental Concern (as defined below)) or protection of the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or
        protection of natural resources, including without limitation, conventions, laws or regulations relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous
        substances, petroleum, petroleum products or other hydrocarbons (collectively, “Materials of Environmental Concern”), or otherwise relating to the manufacture, processing, distribution,
        use, treatment, storage, disposal, transport or handling of Materials of Environmental Concern (collectively, “Environmental Laws”), nor has the Company or any Subsidiary received any
        written communication, whether from a Governmental Authority, citizens group, employee or otherwise, that alleges that the Company or any such Subsidiary is in violation of any Environmental Law or governmental license required pursuant to
        Environmental Law; except, in each case, as would not, individually or in the aggregate, have a Material Adverse Effect; (b) there is no claim, action or cause of action filed with a court or Governmental Authority and no investigation, or other
        action with respect to which the Company or any Subsidiary has received written notice alleging potential liability for investigatory costs, cleanup costs, governmental response costs, natural resources damages, property damages, personal injuries,
        attorneys’ fees or penalties arising out of, based on or resulting from the presence, or release into the environment, of any Material of Environmental Concern at any location owned, leased or operated by the Company or any Subsidiary, now or in
        the past, or from any vessel owned, leased or operated by the Company or any Subsidiary, now or in the past (collectively, “Environmental Claim”), pending or, to the knowledge of the
        Company, threatened against the Company or any Subsidiary or any person or entity whose liability for any Environmental Claim the Company or any Subsidiary has retained or assumed either contractually or by operation of law, except as would not,
        individually or in the aggregate, have a Material Adverse Effect; (c) to the knowledge of the Company, there are no past or present actions, activities, circumstances, conditions, events or incidents, including, without limitation, the release,
        emission, discharge, presence or disposal of any Material of Environmental Concern, that reasonably would be expected to result in a violation of any Environmental Law, require expenditures to be incurred pursuant to Environmental Law, or form the
        basis of an Environmental Claim against the Company, any Subsidiary or against any person or entity whose liability for any Environmental Claim the Company or any Subsidiary has retained or assumed either contractually or by operation of law,
        except as would not, individually or in the aggregate, have a Material Adverse Effect (for the avoidance of doubt, the operation of vessels in the ordinary course of business shall not be deemed, by itself, an action, activity, circumstance or
        condition set forth in this clause (c)); and (d) none of the Company or any Subsidiary is subject to any pending proceeding under Environmental Law to which a Governmental Authority is a party and which the Company reasonably believes is likely to
        result in monetary sanctions of US$100,000 or more. The Company has reasonably concluded that any existing compliance and remediation costs and liabilities arising under Environmental Laws and resulting from the business, operations or properties
        of the Company or any Subsidiary would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, except as set forth in or contemplated

    
      13

      
        

    

    

    

    

    

    in the Registration Statement and the Prospectus. In the ordinary course of its business, the Company conducts a periodic review of the effect of Environmental Laws on the business, operations and
      properties of the Company and the Subsidiaries, in the course of which it identifies and evaluates associated costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties or
      compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties). No facts or circumstances have come to the Company’s attention that could result
      in costs or liabilities that could be expected, individually or in the aggregate, to have a Material Adverse Effect.

    (xxxiii)         The Company and each of the Subsidiaries (A) is in compliance, in all material respects, with applicable
        foreign, federal, state and local laws, rules, regulations, statutes and codes promulgated by applicable governmental authorities (including pursuant to the Occupational Health and Safety Act) relating to the protection of human health and safety
        in the workplace (“Occupational Laws”); (B) has received all material permits, licenses or other approvals required of it under applicable Occupational Laws to conduct its business as
        currently conducted; and (C) is in compliance, in all material respects, with all terms and conditions of such permit, license or approval. No action, proceeding, revocation proceeding, writ, injunction or claim is pending or, to the Company’s
        knowledge, threatened against the Company or any of its Subsidiaries relating to Occupational Laws, and the Company does not have knowledge of any facts, circumstances or developments relating to its operations or cost accounting practices that
        could reasonably be expected to form the basis for or give rise to such actions, suits, investigations or proceedings.

    (xxxiv)         No material labor problem or dispute with the employees of the Company or any of its Subsidiaries exists or, to
        the knowledge of the Company, is threatened or imminent.

    (xxxv)          The Company has not, and to its knowledge no one acting on its behalf has, (a) taken, directly or indirectly, any
        action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Shares, (b) sold, bid for, purchased, or paid any compensation for soliciting
        purchases of, any of the Shares or (c) paid or agreed to pay to any person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (b) and (c), compensation paid to the Agent in
        connection with the sale of the Shares.

    (xxxvi)         Other than the Agent, no person or entity has the right to act as a placement agent, underwriter or as a
        financial advisor in connection with the sale of the Shares contemplated hereby, and the Company is not a party to any agreement with an agent or underwriter for any other “at the market” offering or continuous equity transaction.

    (xxxvii)        There is no transaction, arrangement or other relationship between the Company or any of its Subsidiaries and an
        unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in the Registration Statement or the Prospectus and is not so disclosed or that otherwise could be reasonably likely to have a Material Adverse Effect.

    
      14

      
        

    

    

    

    

    

    (xxxviii)        None of the Company, its Subsidiaries, or any of their respective affiliates, nor any person or entity acting
        on their behalf (excluding the Agent) has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause the transactions contemplated by this Agreement to require
        approval of stockholders of the Company under any applicable stockholder approval provisions, including, without limitation, under the rules and regulations of the NASDAQ Capital Market. None of the Company, its Subsidiaries, their affiliates nor
        any person or entity acting on their behalf will take any action or steps that would cause the offering of any of the Shares to be integrated with other offerings of securities of the Company.

    (xxxix)          Any statistical and market-related data included in the Registration Statement and the Prospectus are based on
        or derived from sources that the Company believes to be reliable and accurate and, to the extent required, the Company has obtained the written consent to the use of such data from such sources.

    (xl)                 The Registration Statement is not the subject of a pending proceeding or examination under Section 8(d) or
        8(e) of the Securities Act, and the Company is not the subject of a pending proceeding under Section 8A of the Securities Act in connection with the offering of the Shares.

    (xli)                Except as set forth in the Registration Statement or the Prospectus, the Company and its board of directors
        have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the
        Company’s Amended and Restated Articles of Incorporation, as amended, or the laws of the Republic of the Marshall Islands that is or could become applicable to the purchasers of the Shares.

    (xlii)                There are no affiliations with any FINRA member firm among the Company’s officers, directors or, to the
        knowledge of the Company, any five percent (5%) or greater stockholder of the Company, except as set forth in the Registration Statement or the Prospectus.

    (xliii)              Neither the Company nor any Subsidiary or any of their respective properties or assets has any immunity
        from the jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise) under the laws of the United States, the Republic of the Marshall Islands,
        Liberia, Panama or any political subdivisions thereof.

    (xliv)              The Company is a “foreign private issuer” as defined in Rule 405 promulgated under the Securities Act.

    (xlv)               The Company did not qualify as a “passive foreign investment company” within the meaning of Section 1297 of
        the United States Internal Revenue Code of 1986, as amended, for its most recently completed taxable year, if any.

    (xlvi)              Each “forward-looking statement” (within the meaning of Section 27A of the Securities Act or Section 21E of
        the Exchange Act) contained in the Registration

    
      15

      
        

    

    

    

    

    

    Statement and the Prospectus has been made or reaffirmed with a reasonable basis and has been disclosed in good faith.

    (xlvii)            The Company has the power to submit, and pursuant to Section 18 of this Agreement has legally, validly,
        effectively and irrevocably submitted, to the jurisdiction of any federal or state court in the State of New York, County of New York, and has the power to designate, appoint and empower, and pursuant to Section 18 of this Agreement has legally,
        validly and effectively designated, appointed and empowered, an agent for service of process in any suit or proceeding based on or arising under this Agreement in any federal or state court in the State of New York.

    (xlviii)            The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the
        Registration Statement fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto.

    (b)          Any certificate signed by any officer of the Company and delivered to the Agent or the Agent’s counsel shall be
        deemed a representation and warranty by the Company to the Agent as to the matters covered thereby.

    (c)          At each Bringdown Date (as defined herein) and each Time of Sale, the Company shall be deemed to have affirmed each
        representation and warranty contained in or made pursuant to this Agreement as of such date as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the Registration Statement and the
        Prospectus as amended and supplemented relating to such Shares on such date).

    
      
        	

              	2.	
                Representations and Warranties of the Company as to Maritime Matters.

              

      

    

    (a)          Each of the vessels described in the Registration Statement and the Prospectus as being owned by the Company or any
        Subsidiary as described therein (“Owned Vessels”) has been duly and validly registered in the name of a Subsidiary under the laws and regulations and flag of the nation of its
        registration; no other action is necessary to establish and perfect such entity’s title to and interest in any of the Owned Vessels as against any third party; and each Owned Vessel is owned directly by the Company or such Subsidiary free and clear
        of all liens, claims, security interests or other encumbrances, except such as are described in or contemplated by the Registration Statement or the Prospectus. Each such Subsidiary has good title to the applicable Owned Vessel, free and clear of
        all mortgages, pledges, liens, security interests and claims and all defects of the title of record except for maritime liens incurred in the ordinary course and those liens arising under Credit Facilities, each as disclosed in the Registration
        Statement and the Prospectus.

    (b)          Each memorandum of agreement or option agreement to which the Company or any of its Subsidiaries is a party to
        purchase any vessels as described in the Registration Statement and the Prospectus has been duly authorized and has been executed and delivered by the respective parties thereto, and the Company has no reason to believe that such agreements do not
        constitute valid and binding agreements of each such party enforceable in all material respects against each such party in accordance with its terms. Upon exercise of its

    
      16

      
        

    

    

    

    rights to acquire any vessel as provided for in any such memorandum of agreement or option agreement, the Company or applicable Subsidiary will have an enforceable right to acquire the vessel subject
      to the same.

    (c)          Any vessel currently being built for the Company or any Subsidiary (a “NewBuild Vessel”) is disclosed in the Registration Statement or the Prospectus. Each applicable Subsidiary has all rights, title and interest as purchaser of each NewBuild Vessel under a
        shipbuilding contract for such NewBuild Vessels (each, a “Shipbuilding Contract”), free of any mortgages, pledges, liens, security interests, claims, restrictions or encumbrances except
        for those liens arising under Credit Facilities or as disclosed in the Registration Statement or the Prospectus and all installments which were due to be paid under each Shipbuilding Contract up to and including the date hereof have been duly paid
        or extended upon the mutual consent of the parties to such Shipbuilding Contract and there are no defaults or breaches by the applicable Subsidiary or, to the Company’s knowledge, by the builder of the applicable NewBuild Vessel, under any
        Shipbuilding Contract, in any such case which would permit the builder to terminate such Shipbuilding Contract or entitle the builder to delay delivery of the applicable NewBuild Vessel for more than ten (10) days. Each Shipbuilding Contract has
        been duly authorized and has been executed and delivered by the respective parties thereto, and the Company has no reason to believe that such agreements do not constitute valid and binding agreements of each such party enforceable in all material
        respects against each such party in accordance with its terms.

    (d)          Each of the Owned Vessels is in good standing with respect to the payment of past and current taxes, fees and other
        amounts payable under the laws of the jurisdiction in which it is registered, except where such lien or defect of title or record would not result in a Material Adverse Effect.

    (e)          Each of the Owned Vessels is operated in compliance with the rules, codes of practice, conventions, protocols,
        guidelines or similar requirements or restrictions imposed, published or promulgated by any governmental authority, classification society or insurer applicable to the respective Owned Vessel (collectively, “Maritime Guidelines”) and all applicable international, national, state and local conventions, laws, regulations, orders, governmental licenses and other requirements (including, without limitation, all Environmental
        Laws), in each case as in effect on the date hereof, except where such failure to be in compliance would not result in a Material Adverse Effect. The Company and each applicable Subsidiary are qualified to own or lease, as the case may be, and
        operate such Owned Vessels under all applicable international, national, state and local conventions, laws, regulations, orders, governmental licenses and other requirements (including, without limitation, all Environmental Laws) and Maritime
        Guidelines, including the laws, regulations and orders of each such vessel’s flag state, in each case as in effect on the date hereof, except where such failure to be so qualified would not result in a Material Adverse Effect.

    (f)          Each of the Owned Vessels is classed by a classification society which is a full member of the International
        Association of Classification Societies and such Owned Vessels are in class with valid class and trading certificates, without any overdue recommendations, in each case based on the classification and certification requirements in effect on the
        date hereof.

    
      17

      
        

    

    3.          Purchase, Sale and Delivery of Shares.

    (a)          At the Market Sales. On the basis of the representations, warranties and
        agreements herein the Company agrees that, from time to time during the term of this Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through the Agent, acting as sales agent, the Shares up to an
        aggregate offering price of US$10,000,000; provided, however, that in no event shall the Company issue or sell through the Agent such number of Shares that (a) exceeds the number or dollar amount of Common Shares registered on the Registration
        Statement, pursuant to which the Offering is being made, (b) exceeds the number of authorized but unissued Common Shares or (c) would cause the Company or the offering of the Shares to not satisfy the eligibility and transaction requirements for
        use of Form F-3 (including, if applicable, General Instruction I.B.5 of Form F-3 (the lesser of (a), (b) and (c), the “Maximum Amount”)). Notwithstanding anything to the contrary contained
        herein, the parties hereto agree that compliance with the limitations set forth in this Section 3(a) on the number and aggregate sales price of Shares issued and sold under this Agreement shall be the sole responsibility of the Company and
        that Agent shall have no obligation in connection with such compliance. Notwithstanding the foregoing, the Company agrees that it will provide the Agent with written notice no less than one (1) business day prior to the date on which it makes the
        initial sale of Shares under this Agreement. As used herein, the terms “business day” means any day (other than Saturday, Sunday or any federal holiday in the United States) in which
        commercial banks in New York, New York are open for business.

    (i)          For purposes of selling the Shares through the Agent, the Company hereby appoints the Agent as exclusive agent of
        the Company for the purpose of soliciting purchases of the Shares from the Company pursuant to this Agreement and the Agent agrees to use its commercially reasonable efforts to sell the Shares on the terms and subject to the conditions stated
        herein.

    (ii)          Each time the Company wishes to issue and sell the Shares hereunder (each, a “Transaction”), it will notify the Agent by telephone (confirmed promptly by facsimile or e-mail to the appropriate individual listed on Schedule D hereto, using a form substantially similar to that set forth on
        Schedule C hereto (a “Transaction Notice”) as to the maximum number of Shares to be sold by the Agent on such day and in any event not in excess of the amount available for issuance
        under the Prospectus and the currently effective Registration Statement, the time period during which sales are requested to be made, any limitation on the number of shares that may be sold in any one Trading Day (as defined below), and any minimum
        price below which sales may not be made. The Transaction Notice shall originate from any of the individuals from the Company set forth on Schedule B (with a copy to each of the other individuals from the Company listed on such Schedule),
        and shall be addressed to each of the individuals from the Agent set forth on Schedule D, as such Schedule D may be amended from time to time. Subject to the terms and conditions hereof and unless the sale of the Shares described
        therein has been declined, suspended, or otherwise terminated in accordance with the terms of this Agreement, the Agent shall promptly acknowledge the Transaction Notice by facsimile or e-mail (or by some other method mutually agreed to in writing
        by the parties) and shall use its commercially reasonable efforts to sell all of the Shares so designated by the Company in, and in accordance with the terms set forth in, the Transaction Notice; provided, however, that any obligation of the Agent
        to use such commercially reasonable efforts shall be

    
      18

      
        

    

    

    

    

    

    subject to the continuing accuracy of the representations and warranties of the Company herein, to the performance by the Company of its obligations hereunder and to the continuing satisfaction of the
      additional conditions specified in Section 5 of this Agreement. The gross sales price of the Shares sold under this Section 3(a) shall be equal to the market price for the Common Shares sold by the Agent under this Section 3(a)
      on the NASDAQ Capital Market at the time of such sale. For the purposes hereof, “Trading Day” means any day on which Common Shares are purchased and sold on the principal market on which the
      Common Shares are listed or quoted.

    (iii)         The Company or the Agent may, upon notice to the other party hereto by telephone (confirmed promptly by facsimile
        or e-mail to the respective individuals of the other party set forth on Schedule D hereto, which confirmation shall be promptly acknowledged by the other party), suspend the Offering for any reason and at any time, whereupon the Agent shall
        so suspend the offering of Shares until further notice is provided by the other party to the contrary; provided, however, that such suspension or termination shall
        not affect or impair the parties’ respective obligations with respect to the Shares sold hereunder prior to the receipt by the Agent of such notice. Each of the parties agrees that no such notice under this Section 3(a)(iii) shall be
        effective against the other unless it is made to one of the individuals named on Schedule D hereto, as such Schedule may be amended from time to time.

    (iv)          The Company acknowledges and agrees that (A) there can be no assurance that the Agent will be successful in selling
        the Shares, (B) the Agent will incur no liability or obligation to the Company or any other person or entity if it does not sell Shares for any reason other than a failure by the Agent to use its commercially reasonable efforts consistent with its
        normal trading and sales practices and applicable law and regulations to sell such Shares as required under this Agreement, and (C) the Agent shall be under no obligation to purchase shares on a principal basis pursuant to this Agreement.

    (v)          The Agent may sell Shares by any method permitted by law to be an “at the market offering” as defined in Rule 415
        under the Securities Act, including without limitation sales made directly on the NASDAQ Capital Market, on any other existing trading market for the Common Shares or to or through a market maker. The Agent may also sell Shares in privately
        negotiated transactions (which, for the avoidance of doubt, shall not include block trades initiated on the NASDAQ Capital Market) with the Company’s prior written approval.

    (vi)          The compensation to the Agent for sales of the Shares, as an agent of the Company, shall be a transaction fee (the
        “Transaction Fee”) equal to three percent (3.0%) of the gross sales price of all the Shares sold pursuant to this Section 3(a). The remaining proceeds, after further deduction for
        any transaction or other fees imposed by any governmental or self-regulatory organization in respect of such sales, shall constitute the net proceeds to the Company for such Shares (the “Net
          Proceeds”). The Agent shall notify the Company as promptly as practicable if any deduction referenced in the preceding sentence will be required.

    (vii)        In the event the Company and the Agent mutually determine that instead of proceeding with the Offering to proceed
        with (or concurrently with the Offering engage in) a different offering of the Company’s equity, equity-linked or debt securities (each, an “Alternative Transaction”), the terms and
        conditions of such offering shall be memorialized in

    
      19

      
        

    

    

    

    

    

    a separate agreement, the terms of which shall provide a customary fee to the Agent as well as reimbursement of Agent’s related legal fees and disbursements as agreed to between the parties; provided,
      that the Company shall pay the Agent a cash fee of six percent (6.0%) of the gross proceeds of the Alternative Transaction, including the gross proceeds derived from the exercise of warrants issued in connection with the Alternative Transaction. In
      addition, the Agent shall be entitled to a Transaction Fee (whether in connection with the Offering or the Alternative Transaction) with respect to any public or private offering or other financing or capital-raising transactions of the Company or
      any Subsidiary to the extent such financing or capital is provided to the Company or any such Subsidiary by investors or lenders introduced to the Company by the Agent, but only if such Alternative Transaction is consummated within the twelve (12)
      month period from the date hereof. This Section 3(a)(vii) shall survive the termination of this Agreement.

    (viii)       The Agent shall provide written confirmation (which may be by facsimile or electronic mail) to the Company
        following the close of trading on the Capital Market each day in which the Shares are sold under this Section 3(a) setting forth the number of the Shares sold on such day, the aggregate gross sale proceeds, the Net Proceeds to the Company,
        and the compensation payable by the Company to the Agent with respect to such sales.

    (ix)        All Shares sold pursuant to this Section 3(a) will be delivered by the Company to Agent for the accounts of
        the Agent on the second full business day following the date on which such Shares are sold, or at such other time and date as Agent and the Company determine pursuant to Rule 15c6-1(a) under the Exchange Act, each such time and date of delivery
        being herein referred to as a “Settlement Date.” On each Settlement Date, the Shares sold through the Agent for settlement on such date shall be issued and delivered by the Company to the
        Agent against payment of the Net Proceeds from the sale of such Shares. Settlement for all such Shares shall be effected by free delivery of the Shares by the Company or its transfer agent (i) to the Agent or its designee’s account (provided the
        Agent shall have given the Company written notice of such designee prior to the Settlement Date) at The Depository Trust Company (“DTC”) or (ii) by such other means of delivery as may be
        mutually agreed upon by the parties hereto, which in all cases (provided that such Shares were sold pursuant to the Registration Statement) shall be freely tradable, transferable, registered shares in good deliverable form, in return for payment in
        same day funds delivered to an account designated by the Company. If the Company or its transfer agent (if applicable) shall default on its obligation to deliver the Shares on any Settlement Date, the Company shall (A) indemnify and hold the Agent
        harmless against any loss, claim or damage arising from or as a result of such default by the Company and (B) pay the Agent any commission to which it would otherwise be entitled absent such default against payment of the Net Proceeds therefor by
        wire transfer of same day funds payable to the order of the Company at 9:00 a.m. New York City time. If the Agent breaches this Agreement by failing to deliver the Net Proceeds on any Settlement Date for the shares delivered by the Company, the
        Agent will pay the Company interest based on the effective prime rate until such proceeds, together with such interest, have been fully paid.

    (x)         Under no circumstances shall the Company cause or request the offer or sale of any Shares if, after giving effect to
        the sale of such Shares, the aggregate gross sales proceeds sold pursuant to this Agreement would exceed the lesser of (A) together with all

    
      20

      
        

    

    

    

    

    

    sales of Shares under this Agreement, the Maximum Amount, (B) the amount available for offer and sale under the currently effective Registration Statement and (C) the amount authorized from time to
      time to be issued and sold under this Agreement by the Company’s board of directors, a duly authorized committee thereof or a duly authorized executive committee, and notified to the Agent in writing. Under no circumstances shall the Company cause or
      request the offer or sale of any Shares at a price lower than the minimum price authorized from time to time by the Company’s board of directors, duly authorized committee thereof or a duly authorized executive committee, and notified to the Agent in
      writing. Further, under no circumstances shall the aggregate offering amount of the Shares sold pursuant to this Agreement, including any separate underwriting or similar agreement covering principal transactions, exceed the Maximum Amount.

    (xi)        Unless the exceptive provisions set forth in Rule 101(c)(1) of Regulation M under the Exchange Act are satisfied
        with respect to the Shares, the Company shall give the Agent at least one business day’s prior notice of its intent to sell any Shares in order to allow the Agent time to comply with Regulation M.

    (xii)        The Company agrees that during the term of this Agreement, any offer to sell, any solicitation of an offer to buy,
        or any sales of Shares in an “at the market offering” as defined in Rule 415 under the Securities Act, including pursuant to Section 4(o) of this Agreement, shall only be effected by or through the Agent; provided, however, that the
        foregoing limitation shall not apply to the exercise of any outstanding option or warrant described in the Registration Statement and the Prospectus.

    (b)          Nothing herein contained shall constitute the Agent an unincorporated association or partner with the Company. Under
        no circumstances shall any Shares be sold pursuant to this Agreement after the date which is three years after the Registration Statement is first declared effective by the Commission.

    (c)          Notwithstanding any other provisions of this Agreement, the Company agrees that no sale of Shares shall take place,
        and the Company shall not request the sale of any Shares, and the Agent shall not be obligated to sell, during any period in which the Company is, or could be deemed to be, in possession of material non-public information or the Company’s insider
        trading policy would prohibit the purchase and sale of the Company’s Common Shares by its officers and directors.

    4.          Covenants. The Company covenants and agrees
        with the Agent as follows:

    (a)          After the date hereof and through any Prospectus Delivery Period, prior to amending or supplementing the Registration
        Statement (including any Rule 462(b) Registration Statement), Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, the Company shall furnish to the Agent for review a copy of each such proposed amendment or supplement, allow
        the Agent a reasonable amount of time to review and comment on such proposed amendment or supplement, and the Company shall not file any such proposed amendment or supplement to which the Agent or counsel to the Agent reasonably object; provided
        that the foregoing shall not apply with regards to the filing by the Company of any Form 20-F, Form 6-K or other Incorporated Document. Subject to this Section 4(a),

    
      21

      
        

    

    

    

    

    

    immediately following execution of this Agreement, the Company will prepare a prospectus supplement describing the selling terms of the Shares hereunder, the plan of distribution thereof and such other
      information as may be required by the Securities Act or the Rules and Regulations or as the Agent and the Company may deem appropriate, and if requested by the Agent, a Permitted Free Writing Prospectus containing the selling terms of the Shares
      hereunder and such other information as the Company and the Agent may deem appropriate, and will file or transmit for filing with the Commission, in accordance with Rule 424(b) or Rule 433, as the case may be, copies of the Prospectus as supplemented
      and each such Permitted Free Writing Prospectus.

    (b)          After the date of this Agreement, the Company shall promptly advise the Agent in writing (i) of the receipt of any
        comments of, or requests for additional or supplemental information from, the Commission or for any amendments or supplements to the Registration Statement, the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus (excluding any
        Incorporated Documents), (ii) of the time and date of any filing of any post-effective amendment to the Registration Statement or any amendment or supplement to any Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus(excluding
        any Incorporated Documents), (iii) of the time and date that any post-effective amendment to the Registration Statement becomes effective, (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
        Statement or any post-effective amendment thereto or of any order preventing or suspending its use or the use of any Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, or (v) of any proceedings to remove, suspend or terminate
        from listing or quotation the Common Shares from any securities exchange upon which it is listed for trading or included or designated for quotation, or of the threatening or initiation of any proceedings for any of such purposes. If the Commission
        shall enter any such stop order at any time, the Company may terminate this Agreement. Additionally, the Company agrees that it shall comply with the provisions of Rules 424(b), 430B and 430C, as applicable, under the Securities Act and will use
        its reasonable efforts to confirm that any filings made by the Company under Rule 424(b), Rule 433 or Rule 462 were received in a timely manner by the Commission (without reliance on Rule 424(b)(8) or Rule 164(b)).

    (c)          (i)     From the date hereof through the later of (A) the termination of this Agreement and (B) the end of any
        applicable Prospectus Delivery Period, the Company will comply with all requirements imposed upon it by the Securities Act, as now and hereafter amended, and by the Rules and Regulations, as from time to time in force, and by the Exchange Act so
        far as necessary to permit the continuance of sales of or dealings in the Shares as contemplated by the provisions hereof, the Base Prospectus, the Prospectus and any Permitted Free Writing Prospectus. If during any applicable Prospectus Delivery
        Period any event occurs as a result of which the Base Prospectus, the Prospectus, or any Permitted Free Writing Prospectus would include an untrue statement of a material fact or omit to state a material fact necessary to make the statements
        therein, in the light of the circumstances then existing, not misleading, or if during any applicable Prospectus Delivery Period it is necessary or appropriate in the opinion of the Company or its counsel or in the reasonable opinion of the Agent
        or counsel to the Agent to amend the Registration Statement or supplement the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, to comply with the Securities Act or to file under the Exchange Act any document which would be
        deemed to be incorporated by reference in the Prospectus in order to comply with the Securities Act or the Exchange Act, the Company

    
      22

      
        

    

    

    

    

    

    will promptly notify Agent (or the Agent will notify the Company, as applicable), and the Agent shall suspend the offering and sale of any such Shares, and the Company will amend the Registration
      Statement or supplement the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus or file such document (at the expense of the Company) so as to correct such statement or omission or effect such compliance within the time period
      prescribed by the Securities Act or the Exchange Act.

    (ii)          In case the Agent is required to deliver (whether physically or through compliance with Rule 172 under the
        Securities Act or any similar rule), in connection with the sale of the Shares, a Prospectus after the nine-month period referred to in Section 10(a)(3) of the Securities Act, or after the time a post-effective amendment to the Registration
        Statement is required pursuant to Item 512(a) of Regulation S-K under the Securities Act, the Company will prepare, at its expense, promptly upon request such amendment or amendments to the Registration Statement and the Prospectus as may be
        necessary to permit compliance with the requirements of Section 10(a)(3) of the Securities Act or Item 512(a) of Regulation S-K under the Securities Act, as the case may be. The Company shall cause each amendment or supplement to any Base
        Prospectus or the Prospectus to be filed with the Commission as required pursuant to the applicable paragraph of Rule 424(b) of the Securities Act or, in the case of any document which would be deemed to be incorporated by reference therein, to be
        filed with the Commission as required pursuant to the Exchange Act, within the time period prescribed. The Company shall promptly notify the Agent if any Material Contract is terminated or if the other party thereto gives written notice of its
        intent to terminate any such Material Contract.

    (iii)          If at any time following issuance of a Permitted Free Writing Prospectus there occurs an event or development as a
        result of which such Permitted Free Writing Prospectus would conflict with the information contained in the Registration Statement, the Base Prospectus or the Prospectus, or would include an untrue statement of a material fact or omitted or would
        omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company promptly will notify the Agent and will promptly amend or supplement,
        at its own expense, such Permitted Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

    (d)          The Company shall use commercially reasonable efforts to take or cause to be taken all necessary action to qualify
        the Shares for sale under the securities laws of such jurisdictions as Agent reasonably designates and to continue such qualifications in effect so long as required for the distribution of the Shares, except that the Company shall not be required
        in connection therewith to qualify as a foreign corporation or to execute a general consent to service of process in any state. The Company shall promptly advise the Agent of the receipt by the Company of any notification with respect to the
        suspension of the qualification of the Shares for offer or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose.

    (e)          The Company will furnish to the Agent and counsel for the Agent, to the extent requested, copies of the Registration
        Statement, the Base Prospectus, the Prospectus, any Permitted Free Writing Prospectus, and all amendments and supplements to such documents, in

    
      23

      
        

    

    

    

    

    

    each case as soon as available and in such quantities as the Agent may from time to time reasonably request.

    (f)          The Company will make generally available to its security holders as soon as practicable an earnings statement (which
        need not be audited) covering a 12-month period that shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 of the Rules and Regulations. If the Company makes any public announcement or release disclosing its results of
        operations or financial condition for a completed quarterly, semi-annual or annual fiscal period (each, an “Earnings Release”) and the Company has not yet filed an Annual Report on Form
        20-F or a Form 6-K with respect to such information, as applicable, then, prior to any sale of Shares, the Company shall be obligated to (x) file a prospectus supplement with the Commission under the applicable paragraph of Rule 424(b), which
        prospectus supplement shall include the applicable financial information or (y) file a Report on Form 6-K, which Form 6-K shall include the applicable financial information.

    (g)          The Company, whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated,
        will pay or cause to be paid (i) all expenses (including stock or transfer taxes and stamp or similar duties allocated to the respective transferees) incurred in connection with the registration, issue, sale and delivery of the Shares, (ii) all
        reasonable expenses and fees (including, without limitation, fees and expenses of the Company’s accountants and counsel) in connection with the preparation, printing, filing, delivery, and shipping of the Registration Statement (including the
        financial statements therein and all amendments, schedules, and exhibits thereto), the Base Prospectus, each Prospectus, any Permitted Free Writing Prospectus, and any amendment thereof or supplement thereto, and the producing, word-processing,
        printing, delivery, and shipping of this Agreement and other closing documents, including Blue Sky Memoranda (covering the states and other applicable jurisdictions) prepared by counsel, if required, and including the cost to furnish copies of each
        thereof to the Agent, (iii) all filing fees, (iv) listing fees, if any, (v) the cost and expenses of the Company relating to investor presentations or any “roadshow” undertaken in connection with marketing of the Shares as agreed to by the Company,
        and (vi) all other costs and expenses of the Company incident to the performance of its obligations hereunder that are not otherwise specifically provided for herein. The Company has advanced the sum of US$10,000 to the Agent, which pursuant to
        Rule 5110(f)(2)(C) of FINRA shall be returned to the Company to the extent the expenses have not been actually incurred. The Company shall reimburse the Agent upon request for its reasonable costs and out-of-pocket expenses incurred in connection
        with this Agreement, including the fees and disbursements of its legal counsel, not to exceed US$65,000, which amount shall be payable in three installments: (A) $20,000 within two (2) business days of the date on which US$1,000,000 in aggregate
        gross proceeds has been raised hereunder, (B) $20,000 within two (2) business days of the date on which US$2,000,000 in aggregate gross proceeds has been raised hereunder and (C) $25,000 within two (2) business days of the date on which
        US$10,000,000 in aggregate gross proceeds has been raised hereunder. In addition, the Company shall pay the Agent US$7,500 for its legal fees on each Bringdown Date. All such reimbursements under this Agreement shall be paid in U.S. dollars.

    (h)          The Company will apply the net proceeds from the sale of the Shares in the manner set forth under the caption “Use of
        Proceeds” in the Base Prospectus, the Prospectus, and any Permitted Free Writing Prospectus.

    
      24

      
        

    

    

    

    

    

    (i)          The Company will not, without (i) giving the Agent at least three business days’ prior written notice specifying the
        nature of the proposed sale and the date of such proposed sale and (ii) the Agent’s suspending activity under this Agreement for such period of time as requested by the Company or as deemed appropriate by the Agent in light of the proposed sale,
        offer for sale, sell, contract to sell, pledge, grant any option for the sale of, enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic
        disposition due to cash settlement or otherwise) by the Company or any Subsidiary, or otherwise issue or dispose of, directly or indirectly (or publicly disclose the intention to make any such offer, sale, pledge, grant, issuance or other
        disposition), of any Common Shares or any securities convertible into or exchangeable for, or any options or rights to purchase or acquire, Common Shares, or permit the registration under the Securities Act of any Common Shares, such securities,
        options or rights, except for (i) the registration of the Shares and the sales through the Agent pursuant to this Agreement (ii) the registration of Common Shares issued or issuable with respect to any currently outstanding options and warrants
        that are described in the Registration Statement and the Prospectus and (iii) a registration statement on Form F-8 relating to employee benefit plans.

    (j)          The Company shall not, at any time at or after the execution of this Agreement, offer or sell any Shares by means of
        any “prospectus” (within the meaning of the Securities Act), or use any “prospectus” (within the meaning of the Securities Act) in connection with the offer or sale of the Shares, in each case other than the Prospectus or any Permitted Free Writing
        Prospectus.

    (k)          Until the termination of this Agreement, the Company will not take, directly or indirectly, any action designed to or
        that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, stabilization or manipulation in violation of the Securities Act, the Exchange Act or the rules and regulations thereunder of the
        price of any security of the Company to facilitate the sale or resale of the Shares or otherwise violate any provision of Regulation M under the Exchange Act.

    (l)          The Company will not incur any liability for any finder’s or broker’s fee or agent’s commission in connection with
        the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby or thereby, except as contemplated herein.

    (m)          During any applicable Prospectus Delivery Period, the Company will file on a timely basis with the Commission such
        periodic and current reports as required by the Rules and Regulations.

    (n)          Except as described in the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2017, the
        Company has maintained, and will maintain, such controls and other procedures, including without limitation those required by Sections 302 and 906 of the Sarbanes-Oxley Act and the applicable regulations thereunder, that are designed to ensure that
        information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms, including
        without limitation, controls and procedures designed to ensure that information required to be disclosed by the

    
      25

      
        

    

    

    

    

    

    Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive officer and its principal financial
      officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure, to ensure that material information relating to Company is made known to them by others within those entities.

    (o)          Each of the Company and Agent represent and agree that, neither the Company nor the Agent has made and will make any
        offer relating to the Shares that would constitute an “issuer free writing prospectus,” as defined in Rule 433 under the Securities Act, or that would otherwise constitute a “free writing prospectus,” as defined in Rule 405 under the Securities
        Act, required to be filed with the Commission other than a Permitted Free Writing Prospectus. The Company represents that it has treated or agrees that it will treat each Permitted Free Writing Prospectus as an “issuer free writing prospectus,” as
        defined in Rule 433, and has complied and will comply with the requirements of Rule 433 applicable to any Permitted Free Writing Prospectus, including timely Commission filing where required, legending and record keeping.

    (p)          On the date hereof and each date when the Company (A) amends or supplements (other than a supplement to a Prospectus
        filed pursuant to Rule 424(b) under the Securities Act relating solely to the offering of securities other than the Shares ) the Registration Statement or Prospectus by means of a post-effective amendment, sticker, or supplement but not by means of
        incorporation of documents by reference into the Registration Statement or the Prospectus relating to the Shares, (B) files an annual report on Form 20-F under the Exchange Act (including any Form 20-F/A containing amended material financial
        information or a material amendment to the previously filed Form 20-F) or (C) files a report on Form 6-K containing quarterly or semi-annual financial information that is incorporated by reference in the Registration Statement and Prospectus (each
        of the dates in (A) through (C) are referred to herein as a “Bringdown Date”), the Agent shall receive a favorable opinion and negative assurances letter of Seward & Kissel LLP, U.S.
        counsel for the Company, together with a favorable opinion of Seward & Kissel LLP, special counsel for the Company on issues of Marshall Islands law, a favorable opinion of Seward & Kissel LLP, special counsel for the Company on issues of
        Liberia law, and a favorable opinion of Karnakis & Karnakis, special Panamanian counsel for the Company, each dated as of a date within ten (10) days after the applicable Bringdown Date, addressed to the Agent and modified as necessary to
        relate to the Registration Statement and the Prospectus as amended and supplemented to the time of delivery of such opinions. With respect to this Section 4(p), in lieu of delivering such opinions or letters for Bringdown Dates subsequent
        to the date hereof, such counsel may furnish agent with a letter (a “Reliance Letter”) to the effect that Agent may rely upon a prior opinion or letter delivered under this Section
          4(p) to the same extent as if it were dated the date of such letter (except that statement in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented as of the date of such
        Reliance Letter); provided, however, the requirement to provide opinions and letters under this Section 4(p) is hereby waived for any Bringdown Date occurring at a time at which no Transaction Notice is pending, which waiver shall continue
        until the earlier to occur of the date the Company delivers a Transaction Notice hereunder and the next occurring Bringdown Date. Notwithstanding the foregoing, if the Company subsequently decides to sell Shares following a Bringdown Date when the
        Company relied on such waiver and did not provide Agent with opinions and letters under this Section 4(p), then before the Company

    
      26

      
        

    

    

    

    

    

    delivers the Transaction Notice or Agent sells any Shares, the Company shall cause Seward & Kissel LLP to furnish to the Agent a written opinion and negative assurance letter dated the date of the
      Transaction Notice.

    (q)          On the date hereof, and each date when the Company files an annual report on Form 20-F, or a report on Form 6-K
        containing quarterly or semi-annual financial information that is incorporated by reference in the Registration Statement and Prospectus, the Company shall cause Deloitte Certified Public Accountants S.A., or other independent accountants
        satisfactory to the Agent, to deliver to the Agent (x) a letter, dated as of a date within ten (10) days after such date and addressed to Agent, in form and substance satisfactory to Agent (the first such letter, the “Initial Comfort Letter”), confirming that they are independent public accountants within the meaning of the Securities Act and are in compliance with the applicable requirements relating to the qualifications of
        accountants under Rule 2-01 of Regulation S-X of the Commission, and stating the conclusions and findings of said firm with respect to the financial information and other matters and (y) a letter updating the Initial Comfort Letter with any
        information that would have been included in the Initial Comfort Letter had it been given on such date and as modified as necessary to relate to the date of such letter (each such letter, a “Bringdown

          Comfort Letter”); provided, however, the requirement to provide a Bringdown Comfort Letter under this Section 4(q) is hereby waived for any Bringdown Date occurring at a time at which no
        Transaction Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Transaction Notice hereunder and the next occurring Bringdown Date. Notwithstanding the foregoing, if the Company subsequently
        decides to sell Shares following a Bringdown Date when the Company relied on such waiver and did not provide Agent with a Bringdown Comfort Letter under this Section 4(q), then before the Company delivers the Transaction Notice or Agent
        sells any Shares, the Company shall cause Deloitte Certified Public Accountants S.A., or other independent accountants satisfactory to the Agent, to deliver to the Agent a Bringdown Comfort Letter dated the date of the Transaction Notice.

    (r)          On the date hereof and each Bringdown Date, the Company shall furnish to the Agent a certificate, dated as of a date
        within ten (10) days after the applicable Bringdown Date and addressed to Agent, signed by the chief executive officer and by the chief financial officer of the Company, to the effect that:

    (i)          The representations and warranties of the Company in this Agreement are true and correct in all material respects as
        if made at and as of the date of the certificate, and the Company has complied in all material respects with all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the date of the certificate;

    (ii)         No stop order or other order suspending the effectiveness of the Registration Statement or any part thereof or any
        amendment thereof or the qualification of the Shares for offering or sale or notice that would prevent use of the Registration Statement, nor suspending or preventing the use of the Base Prospectus, the Prospectus or any Permitted Free Writing
        Prospectus, has been issued, and no proceeding for that purpose has been instituted or, to the best of their knowledge, is contemplated by the Commission or any state or regulatory body;

    
      27

      
        

    

    

    

    

    

    (iii)        The Shares to be sold on that date have been duly and validly authorized by the Company and all corporate action
        required to be taken for the authorization, issuance and sale of the Shares on that date has been validly and sufficiently taken;

    (iv)        Subsequent to the respective dates as of which information is given in the Base Prospectus, the Prospectus or any
        Permitted Free Writing Prospectus, as amended and supplemented, and except for pending transactions disclosed therein, the Company has not incurred any material liabilities or obligations, direct or contingent, or entered into any material
        transactions, not in the ordinary course of business, or declared or paid any dividends or made any distribution of any kind with respect to its capital stock, and there has not been any change in the capital stock or any issuance of options,
        warrants, convertible securities or other rights to purchase the capital stock (other than as a result of the exercise of any currently outstanding options or warrants that are disclosed in the Prospectus), or any material change in the short-term
        or long-term debt, of the Company, or any Material Adverse Effect or any development that would reasonably be likely to result in a Material Adverse Effect (whether or not arising in the ordinary course of business), or any material loss by strike,
        fire, flood, earthquake, accident or other calamity, whether or not covered by insurance, incurred by the Company; and

    (v)          Except as stated in the Base Prospectus, the Prospectus, and any Permitted Free Writing Prospectus, as amended and
        supplemented, there is not pending, or, to the knowledge of the Company, threatened or contemplated, any action, suit or proceeding to which the Company is a party before or by any court or governmental agency, authority or body, or any arbitrator,
        which would reasonably be likely to result in any Material Adverse Effect; provided, however, the requirement to provide a certificate under this Section 4(r) is hereby waived for any Bringdown Date occurring at a time at which no
        Transaction Notice is pending, which waiver shall continue until the earlier to occur of the date the Company delivers a Transaction Notice hereunder and the next occurring Bringdown Date. Notwithstanding the foregoing, if the Company subsequently
        decides to sell Shares following a Bringdown Date when the Company relied on such waiver and did not provide Agent with a certificate under this Section 4(r), then before the Company delivers the Transaction Notice or Agent sells any
        Shares, the Company shall provide Agent with a certificate dated the date of the Transaction Notice.

    (s)          A reasonable time prior to each Bringdown Date, the Company, if so requested by the Agent, shall conduct a due
        diligence session, in form and substance, satisfactory to the Agent, which shall include representatives of the management and the accountants of the Company.

    (t)          The Company shall disclose in its annual report on Form 20-F and its reports on Form 6-K with quarterly or
        semi-annual financial information the number of Shares sold through the Agent under this Agreement, the Net Proceeds to the Company and the compensation paid by the Company with respect to sales of the Shares pursuant to this Agreement.

    (u)          The Company shall ensure that there are at all times sufficient Common Shares to provide for the issuance, free of
        any preemptive rights, out of its authorized but unissued Common Shares, of the maximum aggregate number of Shares authorized for issuance by the Company’s board of directors pursuant to the terms of this Agreement. The Company will

    
      28

      
        

    

    

    

    

    

    use its reasonable best efforts to cause the Shares to be listed on the NASDAQ Capital Market, and to maintain such listing. The Company shall cooperate with Agent and use its reasonable efforts to
      permit Shares to be eligible for clearance and settlement through the facilities of DTC.

    (v)          At any time during the term of this Agreement, the Company will advise the Agent promptly after it receives notice or
        obtains knowledge of any information or fact that would alter or affect any opinion, certificate, letter and other document provided to the Agent pursuant to Section 4 herein.

    (w)          Subject to compliance with any applicable requirements of Regulation M under the Exchange Act and compliance with
        applicable securities laws, the Company consents to the Agent trading in Common Shares for the Agent’s own account and for the account of its clients (in compliance with all applicable laws) at the same time as sales of the Shares occur pursuant to
        this Agreement.

    (x)          If to the knowledge of the Company, any condition set forth in Section 5  of this Agreement shall not have
        been satisfied on the applicable Settlement Date, the Company will offer to any person who has agreed to purchase the Shares on such Settlement Date from the Company as the result of an offer to purchase solicited by the Agent the right to refuse
        to purchase and pay for such Shares.

    (y)          On the date hereof and each Bringdown Date, the Company shall furnish to the Agent an incumbency certificate, dated
        as of such date and addressed to Agent, signed by the secretary of the Company.

    (z)          Each acceptance by the Company of an offer to purchase the Shares hereunder shall be deemed to be an affirmation to
        the Agent that the representations and warranties of the Company contained in or made pursuant to this Agreement are true and correct as of the date of such acceptance as though made at and as of such date, and an undertaking that such
        representations and warranties will be true and correct as of the Settlement Date for the Shares relating to such acceptance, as though made at and as of such date (except that such representations and warranties shall be deemed to relate to the
        Registration Statement and the Prospectus as amended and supplemented relating to such Shares).

    (aa)          The Company shall ensure that there are at all times sufficient Common Shares to provide for the issuance, free of
        any preemptive rights, out of its authorized but unissued Common Shares or Common Shares held in treasury, of the maximum aggregate number of Shares authorized for issuance by the Company’s board of directors pursuant to the terms of this
        Agreement.

    (bb)          During any period when the delivery of a prospectus relating to the Shares is required (including in circumstances
        where such requirement may be satisfied pursuant to Rule 172, 173 or any similar rule) to be delivered under the Securities Act, the Company will file all documents required to be filed with the Commission pursuant to the Exchange Act within the
        time periods required by the Exchange Act and the regulations thereunder.

    (cc)          The Company shall cooperate with Agent and use its reasonable efforts to permit the Shares to be eligible for
        clearance and settlement through the facilities of DTC.

    
      29

      
        

    

    

    

    

    

    (dd)          The Company will apply the Net Proceeds from the sale of the Shares in the manner set forth in the Prospectus.

    (ee)          To the extent that the Registration Statement is not available for the sales of the Shares as contemplated by this
        Agreement, the Company shall file a new registration statement with respect to any additional shares of Common Stock necessary to complete such sales of the Shares and shall cause such registration statement to become effective as promptly as
        practicable. After the effectiveness of any such registration statement, all references to “Registration Statement” included in this Agreement shall be deemed to include such new registration statement, including all documents incorporated by
        reference therein pursuant to Item 6 of Form F-3, and all references to “Base Prospectus” included in this Agreement shall be deemed to include the final form of prospectus, including all documents incorporated therein by reference, included in any
        such registration statement at the time such registration statement became effective.

    5.          Conditions of Agent’s Obligations. The obligations of the
        Agent hereunder are subject to (i) the accuracy of, as of the date hereof, each Bringdown Date, and each Time of Sale (in each case, as if made at such date), and compliance with, all representations, warranties and agreements of the Company
        contained herein, (ii) the performance by the Company of its obligations hereunder and (iii) the following additional conditions:

    (a)          If the filing of the Prospectus, or any amendment or supplement thereto, or any Permitted Free Writing Prospectus, is
        required under the Securities Act or the Rules and Regulations, the Company shall have filed the Prospectus (or such amendment or supplement) or such Permitted Free Writing Prospectus with the Commission in the manner and within the time period so
        required (without reliance on Rule 424(b)(8) or Rule 164(b)); the Registration Statement shall remain effective; no stop order suspending the effectiveness of the Registration Statement or any part thereof, any Rule 462(b) Registration Statement,
        or any amendment thereof, nor suspending or preventing the use of the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus shall have been issued; no proceedings for the issuance of such an order shall have been initiated or
        threatened; and any request of the Commission for additional information (to be included in the Registration Statement, the Base Prospectus, the Prospectus, any Permitted Free Writing Prospectus or otherwise) shall have been complied with to the
        Agent’s satisfaction.

    (b)          The Agent shall not have advised the Company that the Registration Statement, the Base Prospectus, the Prospectus, or
        any amendment or supplement thereto, or any Permitted Free Writing Prospectus, contains an untrue statement of fact which, in the Agent’s opinion, is material, or omits to state a fact which, in the Agent’s opinion, is material and is required to
        be stated therein or is necessary to make the statements therein (i) with respect to the Registration Statement, not misleading and (ii) with respect to the Base Prospectus, the Prospectus or any Permitted Free Writing Prospectus, in light of the
        circumstances under which they were made, not misleading.

    (c)          Except as set forth or contemplated in the Base Prospectus, the Prospectus and any Permitted Free Writing Prospectus,
        subsequent to the respective dates as of which information is given therein, the Company shall not have incurred any material liabilities or

    
      30

      
        

    

    

    

    

    

    obligations, direct or contingent, or entered into any material transactions, or declared or paid any dividends or made any distribution of any kind with respect to its capital stock and there shall
      not have been any change in the capital stock, or any issuance of options, warrants, convertible securities or other rights to purchase the capital stock (other than as a result of the exercise of any currently outstanding options or warrants that
      are disclosed in the Prospectus), or any material change in the short-term or long-term debt, of the Company, or any Material Adverse Effect or any development that would be reasonably likely to result in a Material Adverse Effect (whether or not
      arising in the ordinary course of business), or any material loss by strike, fire, flood, earthquake, accident or other calamity, whether or not covered by insurance, incurred by the Company, the effect of which, in any such case described above, in
      the Agent’s judgment, makes it impractical or inadvisable to offer or deliver the Shares.

    (d)          The Company shall have performed each of its obligations under Section

    (e)          The Company shall have performed each of its obligations under Section

    (f)          The Company shall have performed each of its obligations under Section 4(r).

    (g)          FINRA shall not have raised any objection to the fairness and reasonableness of the terms and arrangements under this
        Agreement.

    (h)          All filings with the Commission required by Rule 424 under the Securities Act to have been filed by the Settlement
        Date shall have been made within the applicable time period prescribed for such filing by Rule 424.

    (i)          The Company shall have furnished to Agent and the Agent’s counsel such additional documents, certificates and
        evidence as they may have reasonably requested.

    (j)          Trading in the Common Shares shall not have been suspended on the NASDAQ Capital Market. The Shares shall have been
        listed and authorized for trading on the NASDAQ Capital Market prior to the first Settlement Date, and satisfactory evidence of such actions shall have been provided to the Agent and its counsel, which may include oral confirmation from a
        representative of the NASDAQ Capital Market.

    All such opinions, certificates, letters and other documents will be in compliance with the provisions hereof only if they are reasonably satisfactory in form and substance to Agent
      and the Agent’s counsel. The Company will furnish Agent with such conformed copies of such opinions, certificates, letters and other documents as Agent shall reasonably request.

    6.          Indemnification and Contribution.

    (a)          (i)       The Company agrees to indemnify and hold harmless the Agent and each of the other Indemnified Parties (as
        defined below) from and against, and pay on demand for, any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements, and any and all actions suits proceedings and investigations

    
      31

      
        

    

    

    

    

    

    in respect thereof and any and all legal and other costs, expenses and disbursements in giving testimony or furnishing documents in response to subpoena or otherwise (including, without limitation, the
      costs, expenses and disbursements, as and when incurred, of investigating, preparing, pursuing or defending any such action, suit, proceeding or investigation (whether or not in connection with litigation in which any Indemnified Party is a party))
      (collectively, “Losses”), directly or indirectly, caused by, relating to, based upon, arising out of , or in connection with this Agreement, including, without limitation, any act or
      omission by the Agent in connection with its acceptance of or the performance or non-performance of its obligations under the Agreement, any breach by the Company of any representation, warranty, covenant or agreement contained in the Agreement (or
      in any instrument, document or agreement relating thereto, including any agency agreement), or the enforcement by the Agent of its rights under the Agreement or these indemnification provisions, except to the extent that any such Losses are found in
      a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from the gross negligence or willful misconduct of the Indemnified Party seeking indemnification hereunder. The Company also
      agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Company for or in connection with this Agreement for any other reason, except to the extent that any such liability is
      found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from such Indemnified Party’s gross negligence or willful misconduct This indemnity agreement will be in addition
      to any liability that the Company otherwise might have.

    (ii)          These indemnification provisions shall extend to the following persons (collectively, the “Indemnified Parties”): Maxim, its present and former affiliated entities, managers, members, officers, employees, legal counsel, agents and controlling persons (within the meaning of the
        federal securities laws), and the officers, directors, partners, stockholders, members, managers, employees, legal counsel, agents and controlling persons of any of them. These indemnification provisions shall be in addition to any liability which
        the Company may otherwise have to any Indemnified Party.

    (iii)          If any action, suit, proceeding or investigation is commenced, as to which an Indemnified Party proposes to demand
        indemnification, it shall notify the Company with reasonable promptness; provided, however, that any failure by an Indemnified Party to notify the Company shall not relieve the Company from its obligations hereunder except to the
        extent that the Company is actually and materially prejudiced by such failure to notify. An Indemnified Party shall have the right to retain counsel of its own choice to represent it, and the fees, expenses and disbursements of such counsel shall
        be borne by the Company. Any such counsel shall, to the extent consistent with its professional responsibilities, cooperate with the Company and any counsel designated by the Company. The Company shall be liable for any settlement of any claim
        against any Indemnified Party made with the Company’s written consent. The Company shall not, without the prior written consent of the Agent, settle or compromise any claim, or permit a default or consent to the entry of any judgment in respect
        thereof, unless such settlement, compromise or consent (i) includes, as an unconditional term thereof, the giving by the claimant to all of the Indemnified Parties of an unconditional release from all liability in respect of such claim, and (ii)
        does not contain any factual or legal admission by or with respect to an Indemnified Party or an adverse statement with respect to the character,

    
      32

      
        

    

    

    

    

    

    professionalism, expertise or reputation of any Indemnified Party or any action or inaction of any Indemnified Party.

    (iv)          In order to provide for just and equitable contribution, if a claim for indemnification pursuant to these
        indemnification provisions is made but it is found in a final judgment by a court of competent jurisdiction (not subject to further appeal) that such indemnification may not be enforced in such case, even though the express provisions hereof
        provide for indemnification in such case, then the Company shall contribute to the Losses to which any Indemnified Party may be subject (i) in accordance with the relative benefits received by the Company and its stockholders, subsidiaries and
        affiliates, on the one hand, and the Indemnified Party, on the other hand, and (ii) if (and only if) the allocation provided in clause (i) of this sentence is not permitted by applicable law, in such proportion as to reflect not only the relative
        benefits, but also the relative fault of the Company, on the one hand, and the Indemnified Party, on the other hand, in connection with the statements, acts or omissions which resulted in such Losses as well as any relevant equitable
        considerations. No person found liable for a fraudulent misrepresentation shall be entitled to contribution from any person who is not also found liable for fraudulent misrepresentation. The relative benefits received (or anticipated to be
        received) by the Company and its stockholders, subsidiaries and affiliates shall be deemed to be equal to the aggregate consideration payable or receivable by such parties in connection with the transaction or transactions to which the Agreement
        relates relative to the amount of fees actually received by the Agent in connection with such transaction or transactions. Notwithstanding the foregoing, in no event shall the amount contributed by all Indemnified Parties exceed the amount of fees
        previously received by the Agent pursuant to the Agreement.

    (b)          (i)      The Agent will indemnify and hold harmless the Company and its affiliates and directors and each officer of
        the Company who signed the Registration Statement and each person, if any, who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (the “Company

          Indemnified Parties”) from and against any Losses to which the Company or the Company Indemnified Parties may become subject, under the Securities Act or otherwise (including in settlement of any litigation, if such settlement is effected
        with the written consent of the Agent), insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or omission or alleged untrue statement or omission of a material fact
        contained in the Registration Statement, any Base Prospectus, the Prospectus, or any amendment or supplement thereto or any Permitted Free Writing Prospectus, but only and solely to the extent that such untrue statement or alleged untrue statement
        or omission or alleged omission was made in the Registration Statement, any Base Prospectus, the Prospectus, or any amendment or supplement thereto, or any Permitted Free Writing Prospectus in reliance upon and in conformity with written
        information furnished to the Company by Agent expressly for use in the preparation thereof, it being understood and agreed that the only information furnished by the Agent consists of the information described as such in Section 6(b)(ii)
        hereof, by the Company in connection with investigating or defending against any such loss, claim, damage, liability or action.

    (ii)         The Agent confirms and the Company acknowledges that as of the date hereof no information has been furnished in
        writing to the Company by or on behalf of the Agent specifically for inclusion in the Registration Statement, any Base Prospectus, the

    
      33

      
        

    

    

    

    

    

    Prospectus or any Permitted Free Writing Prospectus except for the second sentence of the seventh paragraph in the section of the Prospectus captioned “Plan of Distribution.”

    (c)          If the indemnification provided for in this Section 6 is unavailable or insufficient to hold harmless an
        indemnified party under subsection (a) or (b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages or liabilities referred to in subsection (a) or
        (b) above, (i) in such proportion as is appropriate to reflect the relative benefits received by the Company on the one hand and the Agent on the other from the Offering or (ii) if the allocation provided by clause (i) above is not permitted by
        applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company on the one hand and the Agent on the other in connection with the statements
        or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Company on the one hand and the Agent on the other shall be deemed to be in the
        same proportion as the total net proceeds from the Offering (before deducting expenses) received by the Company and the total underwriting discounts and commissions received by the Agent, bear to the total public offering price of the Shares. The
        relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or
        the Agent and the parties’ relevant intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Company and the Agent agree that it would not be just and equitable if contributions pursuant
        to this subsection (c) were to be determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the first sentence of this subsection (c). The amount paid by an
        indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (c) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection
        with investigating or defending against any action or claim which is the subject of this subsection (c). Notwithstanding the provisions of this subsection (c), the Agent shall not be required to contribute any amount in excess of the amount by
        which the total price at which the Shares underwritten by it and distributed to the public were offered to the public exceeds the amount of any damages that the Agent has otherwise been required to pay by reason of such untrue or alleged untrue
        statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent
        misrepresentation.

    (d)          Neither termination of this Agreement nor completion of the Offering shall affect these indemnification provisions
        which shall remain operative and in full force and effect. The indemnification provisions shall be binding upon the Company and the Agent and their respective successors and assigns and shall inure to the benefit of the Indemnified Parties and the
        Company Indemnified Parties and their respective successors, assigns, heirs and personal representatives.

    7.          Representations and Agreements to Survive Delivery. All
        representations and warranties of the Company herein or in certificates delivered pursuant hereto, and agreements of the Agent and the Company herein, including but not limited to the agreements of the Agent and

    
      34

      
        

    

    

    

    

    

    the Company contained in Section 6 hereof, shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Agent or any controlling person
      thereof, or the Company or any of its officers, directors, or controlling persons, and shall survive delivery of, and payment for, the Shares to and by the Agent hereunder.

    8.          Termination of this Agreement.

    (a)          The Company shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of
        this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time upon thirty (30) days’ prior written notice. Any such termination shall be without liability of any party to any other party except that
        (i) if the Shares have been sold through the Agent for the Company, then Sections 4(g) and 4(x) shall remain in full force and effect, (ii) with respect to any pending sale, through the Agent for the Company, the obligations of the
        Company with respect to such pending sale of Shares, including in respect of compensation of the Agent, shall remain in full force and effect notwithstanding such termination and (iii) the provisions of Section 3(a)(vii), Section 4(g), Section
          6 and Section 7 of this Agreement shall remain in full force and effect notwithstanding such termination.

    (b)          The Agent shall have the right, by giving written notice as hereinafter specified, to terminate the provisions of
        this Agreement relating to the solicitation of offers to purchase the Shares in its sole discretion at any time. Any such termination shall be without liability of any party to any other party except that (i) the provisions of the last three
        sentences of Section 4(g) and the entirety of Section 3(a)(vii), Section 6 and Section 7 of this Agreement shall remain in full force and effect notwithstanding such termination and (ii) the provisions of Section
        4(g) other than the last three sentences thereof shall remain in full force and effect only if the Agent has terminated this Agreement as a result of the Company’s default of its obligations hereunder and its failure to cure any default within a
        reasonable period of time.

    (c)          This Agreement shall remain in full force and effect for twelve (12) months from the date hereof unless terminated
        pursuant to Sections 8(a) or (b) above or otherwise by mutual agreement of the parties; provided that any such termination by mutual agreement shall in all cases be deemed to provide that Section 3(a)(vii), Section 4(g), Section
          6 and Section 7 shall remain in full force and effect.

    (d)          Any termination of this Agreement shall be effective on the date specified in such notice of termination; provided
        that such termination shall not be effective until the close of business on the date of receipt of such notice by the Agent or the Company, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of the Shares,
        such sale shall settle in accordance with the provisions of Section 3(a) of this Agreement.

    9.          Default by the Company. If the Company shall fail at any
        Settlement Date to sell and deliver the number of Shares which it is obligated to sell hereunder, then this Agreement shall terminate without any liability on the part of the Agent or, except as provided in Section  4(g) hereof, any
        non-defaulting party. No action taken pursuant to this Section 9 shall relieve the Company from liability, if any, in respect of such default, and the Company shall (A) hold the Agent harmless against any loss, claim or damage arising from
        or as a result of such default by

    
      35

      
        

    

    

    

    

    

    the Company and (B) pay the Agent any commission to which it would otherwise be entitled absent such default.

    10.          Notices. Except as otherwise provided herein, all
        communications under this Agreement shall be in writing and, if to the Agent, shall be mailed, delivered or sent by facsimile or email transmission to Maxim Group LLC, 405 Lexington Avenue, New York, New York 10174, Attention: Clifford A. Teller,
        Executive Managing Director, Head of Investment Banking (fax: (212) 895-3783; email: cteller@maximgrp.com), with a required copy (which shall not constitute notice) to Ellenoff Grossman & Schole LLP, 1345 Avenue of the Americas, New
        York, New York 10105, Attention: Barry I. Grossman, Esq. (fax: (212) 370-7889; email: bigrossman@egsllp.com). Notices to the Company shall be given to it at 4 Messogiou & Evropis Street, 151 24 Maroussi, Greece, Attention: Simos
        Pariaros (fax: +30-211-1804097; email: smp@euroseas.gr; aha@euroseas.gr and ajp@euroseas.gr), with a required copy (which shall not constitute notice) to Seward & Kissel LLP, One Battery Park Plaza, New York, New York
        10004, Attn: Attention: Anthony Tu-Sekine (fax: 212-480-8421; email: mailto:tu-sekine@sewkis.com). Any party to this Agreement may change such address for notices by sending to the parties to this Agreement written notice of a new address
        for such purpose.

    11.          Persons Entitled to Benefit of Agreement. This Agreement
        shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns and the controlling persons, officers and directors referred to in Section 6. Nothing in this Agreement is intended or shall be
        construed to give to any other person, firm or corporation any legal or equitable remedy or claim under or in respect of this Agreement or any provision herein contained. The term “successors and assigns” as herein used shall not include any
        purchaser, as such purchaser, of any of the Shares from the Agent.

    12.          Absence of Fiduciary Relationship. The Company
        acknowledges and agrees that: (a) the Agent has been retained solely to act as an sales agent and/or principal in connection with the sale of the Shares and that no fiduciary, advisory or agency relationship between the Company and the Agent has
        been created in respect of any of the transactions contemplated by this Agreement, irrespective of whether the Agent has advised or are advising the Company on other matters; (b) the price and other terms of the Shares set forth in this Agreement
        were established by the Company following discussions and arms-length negotiations with the Agent and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions
        contemplated by this Agreement; (c) it has been advised that the Agent and its affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Company and that the Agent has no obligation to
        disclose such interest and transactions to the Company by virtue of any fiduciary, advisory or agency relationship; (d) it has been advised that the Agent is acting, in respect of the transactions contemplated by this Agreement, solely for the
        benefit of the Agent, and not on behalf of the Company; and (e) it waives to the fullest extent permitted by law, any claims it may have against the Agent for breach of fiduciary duty or alleged breach of fiduciary duty in respect of any of the
        transactions contemplated by this Agreement and agrees that the Agent shall have no liability (whether direct or indirect) to the Company in respect of such a fiduciary duty claim on behalf of or in right of the Company, including stockholders,
        employees or creditors of the Company.

    
      36

      
        

    

    

    

    

    

    13.          Governing Law. This Agreement shall be governed by and
        construed in accordance with the laws of the State of New York, including Section 5-1401 of the General Obligations Law of the State of New York, but otherwise without regard to conflict of laws rules that would apply the laws of any other
        jurisdiction.

    14.          Counterparts. This Agreement may be executed in one or
        more counterparts and, if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original and all such counterparts shall together constitute one and the same instrument.

    15.          Adjustments for Stock Splits. The parties acknowledge and
        agree that all share-related numbers contained in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Shares.

    16.          Entire Agreement; Amendment; Severability; Headings. This
        Agreement (including all schedules and exhibits attached hereto and transaction notices issued pursuant hereto) constitutes the entire agreement and supersedes all other prior and contemporaneous agreements and undertakings, both written and oral,
        among the parties hereto with regard to the subject matter hereof. Neither this Agreement nor any term hereof may be amended except pursuant to a written instrument executed by the Company and the Agent. In the event that any one or more of the
        provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable as written by a court of competent jurisdiction, then such provision shall be given full force and effect to the fullest possible
        extent that it is valid, legal and enforceable, and the remainder of the terms and provisions herein shall be construed as if such invalid, illegal or unenforceable term or provision was not contained herein, but only to the extent that giving
        effect to such provision and the remainder of the terms and provisions hereof shall be in accordance with the intent of the parties as reflected in this Agreement. The section headings used in this Agreement are for convenience only and shall not
        affect the construction hereof.

    17.          Waiver of Jury Trial. Each of the Company and the Agent
        hereby waives any right it may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or the transactions contemplated hereby.

    18.          Submission to Jurisdiction; Agent for Service. Except as
        set forth below, no claim arising out of or in any way relating to this Agreement may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United
        States District Court for the Southern District of New York, which courts shall have non-exclusive jurisdiction over the adjudication of such matters, and the Company consents to the jurisdiction of such courts and personal service with respect
        thereto. The Company hereby consents to personal jurisdiction, service and venue in any court in which any claim arising out of or in any way relating to this Agreement is brought by any third party against the Agent or any indemnified party. The
        Company has appointed Seward & Kissel LLP, One Battery Park Plaza, New York, New York 10004, as its authorized agent (the “Authorized Agent”) upon whom process may be served in any
        suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated herein which may be instituted in any New York Court, by the Authorized Agent, the directors, officers, partners, employees and agents of the
        Authorized Agent and each affiliate of the Authorized Agent, and

    
      37

      
        

    

    

    

    

    

    expressly accept the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. The Company hereby represents and warrants that the Authorized Agent has accepted
      such appointment and has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force and effect
      as aforesaid. The Company hereby authorizes and directs the Authorized Agent to accept such service. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company. If the Authorized
      Agent shall cease to act as agent for service of process, the Company shall appoint, without unreasonable delay, another such agent in the United States, and notify you of such appointment. Notwithstanding the foregoing, any action arising out of or
      based upon this Agreement may be instituted by the Authorized Agent, the directors, officers, partners, employees and agents of the Authorized Agent and each respective affiliate of the Authorized Agent, in any court of competent jurisdiction in the
      Republic of the Marshall Islands. This paragraph shall survive any termination of this Agreement, in whole or in part. The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be
      conclusive and binding upon the Company and may be enforced in any other courts to the jurisdiction of which the Company is or may be subject, by suit upon such judgment.

    [Signature Page Follows]

    
      38

      
        

    

    
    

    

    

    

    If the foregoing is in accordance with your understanding of our agreement, please sign and return to the Company the enclosed duplicate of this Agreement, whereupon this letter and
      your acceptance shall represent a binding agreement between the Company and the Agent in accordance with its terms.

    

    

    

    

    
      	
               

            	
              Very truly yours,

               

              EUROSEAS LTD.

            
	
               

            	
               

            
	
               

            	
              By:

            	
               /s/ Dr. Anastasios Aslidis

            	 
	
               

            	
              Name:

            	
              Anastasios Aslidis

            
	
               

            	
              Title:

            	
              Chief Financial Officer

            

    

    

    

    

    

    Confirmed as of the date first

      above mentioned.

    MAXIM GROUP LLC

    
      	
               

            	
               

            
	
               

            	
               

            
	
              By:

            	
              /s/ Clifford A. Teller

            	 	
               

            
	
              Name:

            	
              Clifford A. Teller

            	
               

            
	
              Title:

            	
              Executive Managing Director,

              Head of Investment Banking

            	
               

            

    

     

    

    

    

    
      40

      
        

    

    Schedule A

    Permitted Free Writing Prospectus

    None.

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Schedule A-1

    
      
        

    

    Schedule B

    Individuals Permitted to Authorize Sales of Shares

    	 	
            •

          	
            Simos Pariaros - smp@euroseas.gr

          
	 	
            •

          	
            Tasos Aslidis - aha@euroseas.gr

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Schedule B-1

    
      
        

    

    

    

    Schedule C

    Form of Transaction Notice

    

      
        
          	From:	
                  Euroseas Ltd

                

        

      

      
        
          	To:	
                  Maxim Group LLC

                

        

      

      
        
          	Subject:	
                  Transaction Notice

                

        

      

      
        
          	Date:	
                  [•], 201 __

                

        

      

    

    Ladies and Gentlemen:

    Pursuant to the terms and subject to the conditions contained in the Equity Distribution Agreement between Euroseas Ltd. (the “Company”),
      and Maxim Group LLC (“Agent”), dated October 30, 2018, the Company hereby requests that the Agent sell up to [•] of the Company’s common shares, par value $0.03 per share, at a minimum market price of $[•] per
      share, during the time period beginning [month, day, time] and ending [month, day, time].

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Schedule C-1

    
      
        

    

    

    

    Schedule D

    Individuals to Which Notice Can Be Given

    	 	
            •

          	
            William Vitale, Head of Equity Trading, bvitale@maximgrp.com

          
	 	
            •

          	
            Rich Vaughan - rvaughan@maximgrp.com

          
	 	
            •

          	
            Robert Sayegh - rsayegh@maximgrp.com

          

    

    

    

    

    

    

    

    

    

      

      

      

      

      

      

      

      

      

      

      

      

      

        

      

      

    

    

    

    Schedule D-1

    
      
        

    

    

    

    Schedule E

    List of Subsidiaries

    	
            Subsidiary

          	
            Country of Incorporation

          
	
            Gregos Shipping Limited

          	
            Liberia

          
	
            Joanna Maritime Ltd

          	
            Liberia

          
	
            Noumea Shipping Ltd

          	
            Liberia

          
	
            Athens Shipping Ltd

          	
            Marshall Islands

          
	
            Bridge Shipping Ltd

          	
            Marshall Islands

          
	
            Corfu Navigation Ltd

          	
            Marshall Islands

          
	
            Jonathan John Shipping Ltd

          	
            Marshall Islands

          
	
            Manolis Shipping Limited

          	
            Marshall Islands

          
	
            Oinousses Navigation Ltd

          	
            Marshall Islands

          
	
            Allendale Investments S.A.

          	
            Panama

          
	
            Alterwall Business Inc.

          	
            Panama

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Exhibit E-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00308-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00308-of-00352.parquet"}]]