Document:

Exhibit 10.1

 

THIS PROMISSORY NOTE (“NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER
THE SECURITIES ACT OR AN EXEMPTION THEREUNDER.  

 

AMENDED AND RESTATED

SENIOR SECURED PROMISSORY NOTE

 

	Principal Amount:  $23,700,000 	October 6, 2022

 

WHEREAS, Maker, Payee, and
the other parties thereto have entered into that certain Second Amended and Restated Agreement and Plan of Merger, dated October 6, 2022,
(the “Merger Agreement”);

 

WHEREAS, in connection with
the Merger Agreement, Payee has agreed to loan certain funds to Maker as provided therein (of which $3,700,000 were previously advanced
to Maker prior to the date of this Note);

 

WHEREAS, this Note amends,
restates, supersedes and replaces in its entirety that certain First Replacement Senior Promissory Note issued by Maker to Payee on July
28, 2022, in the original principal amount of $3,500,000 (the “Prior Note”); and

 

WHEREAS, the increase in the
principal amount of this Note from the Prior is intended by Maker for the principal purpose of funding costs relating to the further development
and launch of a commodities platform.

 

NOW, THEREFORE, IT IS AGREED
as follows:

 

FOR VALUE RECEIVED, Tingo,
Inc., a Nevada corporation (“Maker”), promises to pay to the order of MICT, Inc., a Delaware corporation or its
assigns (“Lender” or “Payee”), the principal sum of Twenty-Three Million Seven Hundred Thousand
Dollars ($23,700,000.00) in lawful money of the United States of America, on the terms and conditions described below.  All
payments on this Note shall be made by check or wire transfer of immediately available funds to such account as Lender may from time to
time designate by written notice in accordance with the provisions of this Note. Any capitalized term used but not defined herein will
have the meaning ascribed to such term in the Merger Agreement.

 

1. Repayment. The
principal balance of this Note, plus (a) accrued and unpaid interest due hereunder and (b) the agreed additional sum of $35,000 in lieu
of unpaid interest that accrued under the Prior Note during the period from the date thereof to the date of this Note (the “Prior
Note Interest”), shall be due and payable on May 10, 2024 (the “Initial Maturity Date”), provided, however,
that if the Merger Agreement shall be terminated in accordance with the terms thereof, the Initial Maturity Date shall accelerate and
the principal balance of this Note and any accrued and unpaid interest due hereunder plus the Prior Note Interest shall be due and payable
on or before the thirtieth (30th) calendar day following such termination (such date, the “Maturity Date”).
The principal balance of this Note may be prepaid at any time by Maker without penalty.

 

     

     

    

 

 2. Interest. This Note shall bear interest at the rate of 5.0% per annum.

 

 3. Seniority. This Note shall rank senior to all other debts and obligations of Maker.

 

 4. Obligations Secured.

 

a. To
secure the full and prompt payment and performance of the obligations of Maker hereunder, including all renewals, extensions, restructurings
or refinancings thereof (collectively, the “Obligations”), Maker hereby grants to Payee a continuing security interest
in the following property of Maker, whether now owned and existing hereafter acquired or arising, and regardless of where located (collectively
referred to as the “Collateral”): (i) all fixtures and personal property of every
kind and nature, including without limitation: all accounts; goods (including inventory and equipment); documents (including, if applicable,
electronic documents); instruments; promissory notes; chattel paper (whether tangible or electronic); letters of credit; letter-of-credit
rights (whether or not the letter of credit is evidenced by a writing); securities and all other investment property; general intangibles
(including all payment intangibles); money; deposit accounts; insurance; contracts; licenses; intellectual property rights, applications,
and filings; copyrights, patents, and trademarks and all applications related thereto; trade secret rights; regulatory applications, filings
or submissions; know-how; and any other contract rights or rights to the payment of money; (ii) all proceeds (as such term is defined
in Section 9-102 of the Uniform Commercial Code and, in any event, including, without limitation, all dividends or other income therefrom,
collections thereon or distributions with respect thereto) and products of each of the foregoing, all books and records relating to the
foregoing, all supporting obligations related thereto, and all accessions to, substitutions and replacements for, and rents, profits and
products of, royalties, fees, income, payments, and other proceeds now or hereafter due or payable with respect to any and all of the
foregoing, and any and all proceeds of any insurance, indemnity, warranty or guaranty payable to Maker from time to time with respect
to any of the foregoing; and (iii) any and all claims and causes of action with respect to any of the foregoing, whether occurring before,
on, or after the date hereof, including all rights to and claims for damages, restitution, and injunctive and other legal and equitable
relief for past, present, and future infringement, dilution, misappropriation, violation, misuse, breach, or default, with the right,
but no obligation, to sue for such legal and equitable relief and to collect, or otherwise recover, any such damages. Notwithstanding
any of the provisions set forth in this Section 4, however, this Note shall not constitute a grant of a security interest in any property
to the extent that such grant of a security interest is prohibited by any requirement of Law or a Governmental Authority.

 

b. Maker
hereby authorizes Payee and its agents and attorneys-in-fact to prepare and file such financing statements or amendments thereof (including
financing statements and amendments thereof describing the Collateral as “all assets” or “all personal property”
or words to that effect) as Payee may from time to time deem necessary or appropriate in order to perfect and maintain the security interests
granted hereunder in accordance with the Uniform Commercial Code of the State of Nevada or the Uniform Commercial Code, or equivalent
Laws, of any applicable jurisdiction. Maker shall, at Payee’s request, at any time and from time to time, execute and deliver to
Payee within ten (10) days of such request, such documents and other agreements and instruments (and pay the cost of filing or recording
the same in all public offices deemed reasonably necessary or desirable by Payee) and do such other acts and things as Payee may deem
necessary in order to establish and maintain a valid, attached and perfected security interest in the Collateral in favor of Payee (free
and clear of all other Liens other than Permitted Liens) to secure payment and performance of the Obligations, and in order to facilitate
the collection of the Collateral. Maker hereby irrevocably makes, constitutes and appoints Payee (and all persons designated by Payee
for that purpose) as Maker’s lawful agent and attorney-in-fact to file such financing statements and other similar documents, agreements
and instruments as may be necessary to preserve and perfect Payee’s security interest in the Collateral. Maker acknowledges and
agrees that the Collateral is intended to encompass all assets and property of Maker (subject to the terms and conditions hereof) and
if at any time Maker acquires or holds any interest in any assets or property a security interest in which cannot be perfected by the
filing of a financing statement in the appropriate jurisdiction (or any assets or property a security interest in which can be so perfected,
but that are not covered by the security interest grant set forth above), then Maker will, if reasonably requested by Payee, cause such
assets or property to become part of the Collateral and take such reasonable steps as Payee may require in accordance herewith.

 

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c. Until
an Event of Default has occurred and is continuing, Maker shall have the right, except as otherwise provided herein, to (i) sell or lease
any of its inventory normally held by it for any such purpose, (ii) use and consume any raw materials, work in process or other materials
normally held by it for such purpose and (iii) dispose of any assets to the extent not otherwise prohibited under the other provisions
of this Note. If any inventory is in the possession or control of any warehouseman or the Maker’s agents or processors, them Maker
shall, upon Payee’s request, notify such warehouseman, agent or processor of Payee’s security interest in such inventory and,
upon Payee’s request, instruct them to hold all such inventory for Payee’s account and subject to Payee’s instructions.

  

d. This
Section 4 creates a continuing security interest in the Collateral and shall (i) remain in full force and effect until the payment or
satisfaction in full of the Obligations, (ii) be binding upon Maker and its successors and assigns and (iii) inure to the benefit of Payee.
Maker’s successors and assigns shall include, without limitation, a receiver, trustee or debtor-in-possession thereof or therefor.

 

e. Upon
the payment in full in cash of the Obligations, the security interest granted pursuant to this Section 4 shall terminate and all rights
to the Collateral shall revert to Maker. Upon any such termination of the security interests hereunder, Maker shall be entitled to the
return, upon its request and at its expense, of such of the Collateral held by or on behalf of Maker as shall not have been sold or otherwise
applied pursuant to the terms hereof and Payee will, at Maker’s expense, execute and deliver to Maker such other documents as they
shall reasonably request to evidence such termination.

 

5. Application
of Payments. All payments received by Payee
pursuant to this Note shall be applied first (if the payment is not made on or prior to the Maturity Date) to the payment in full of any
costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then
to the reduction of the unpaid principal balance of this Note.

 

6. Rescission
of Payments. If at any time any payment made by Maker under this Note is rescinded or must otherwise be restored or returned upon
the insolvency, bankruptcy or reorganization of Maker or otherwise, Maker’s obligation to make such payment shall be reinstated
as though such payment had not been made.

 

7. Representations
and Warranties. Maker hereby represents and warrants to Payee as of the date hereof as follows:

 

a. Maker
is a corporation duly formed, validly existing and in good standing under the Laws of the State of Nevada and has the requisite power
and authority, and the legal right, to own, lease and operate its properties and assets and to conduct its business as it is now being
conducted;

 

b. Maker
has the power and authority, and the legal right, to execute and deliver this Note and to perform his obligations hereunder and thereunder;

 

c. Maker
has duly executed and delivered this Note;

 

d. no
consent or authorization of, filing with, notice to or other act by, or in respect of, any person, entity or governmental authority is
required in order for Maker to execute, deliver, or perform any of his obligations under this Note;

 

e. the
execution and delivery of this Note and the consummation by Maker of the transactions contemplated hereby and thereby do not and will
not (i) violate any provision of Maker’s organizational documents, (ii) violate any Law or Order of a Governmental Authority applicable
to Maker or by which any of its properties or assets or any of the Collateral may be bound, or (iii) constitute a default under any Contract
by which Maker may be bound; and

 

f. the
Note is a valid, legal and binding obligation of Maker, enforceable against Maker in accordance with its terms.

 

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8. Affirmative
Covenants. Until all amounts outstanding under this Note have been paid in full, Maker shall:

 

a. (i)
preserve, renew and maintain in full force and effect its corporate or organizational existence, and (ii) take all reasonable action to
maintain all rights, privileges and franchises necessary or desirable in the normal conduct of its business;

 

b. comply
with (i) all of the terms and provisions of its Organizational Documents, (ii) its obligations under its material Contracts; and (iii)
all Laws applicable to it and its business;

 

c. pay,
discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all its material obligations
of whatever nature;

 

d. provide
written notice to Payee immediately upon its receipt of notice of the same, of all material Actions before any Governmental Authority,
to which Maker is subject;

 

e. as
soon as possible and in any event within two (2) Business Days after it becomes aware that an Event of Default has occurred, notify Payee
in writing of the nature and extent of such Event of Default and the action, if any, it has taken or proposes to take with respect to
such Event of Default; and

 

f. upon
the request of Payee, promptly execute and deliver such further instruments and do or cause to be done such further acts as may be necessary
or advisable to carry out the intent and purposes of this Note.

 

 9. Negative Covenants. Except as contemplated by the terms of the Merger Agreement or the Ancillary Documents or as required by applicable Law (including COVID-19 Measures). Until all amounts outstanding under this Note have been paid in full, without the prior written consent of Payee (such consent not to be unreasonably withheld, conditioned or delayed), Maker shall not, and shall cause its Subsidiaries not to:

 

a. amend,
waive or otherwise change, in any respect, its Organizational Documents, except as required by applicable Law, if it would adversely affect
the interests or rights of Payee under this Note or Payee’s rights and/or remedies with respect to any Collateral and the validity
or priority of Payee’s Lien on the Collateral;

 

b. authorize
for issuance, issue, grant, sell, pledge, dispose of or propose to issue, grant, sell, pledge or dispose of any of its equity securities
or any options, warrants, commitments, subscriptions or rights of any kind to acquire or sell any of its equity securities, or other securities,
including any securities convertible into or exchangeable for any of its shares or other equity securities or securities of any class
and any other equity-based awards, or engage in any hedging transaction with a third Person with respect to such securities, if it would
adversely affect the interests or rights of Payee under this Note or Payee’s rights and/or remedies with respect to any Collateral
and the validity or priority of Payee’s Lien on the Collateral; provided that neither the exercise or settlement of any Seller Option
under the Seller Equity Plan, in accordance with its terms, nor the exercise or conversion of any Seller Convertible Securities, in each
case in accordance with its terms, shall require the consent of Payee;

 

c. increase
the wages, salaries or compensation of its employees other than in the ordinary course of business, consistent with past practice, and
in any event not in the aggregate by more than five percent (5%), or make or commit to make any bonus payment (whether in cash, property
or securities) to any employee, or materially increase other benefits of employees generally, or enter into, establish, materially amend
or terminate any Company Benefit Plan, in each case other than as required by applicable Law, pursuant to the terms of any Company Benefit
Plans or in the ordinary course of business consistent with past practice;

 

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d. fail
to maintain its books, accounts and records in all material respects in the ordinary course of business consistent with past practice;

 

e. fail
to use commercially reasonable efforts to keep in force insurance policies or replacement or revised policies providing insurance coverage
with respect to its assets, operations and activities in such amount and scope of coverage substantially similar to that which is currently
in effect;

 

f. adopt
a plan of complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization
(other than with respect to the Merger);

 

g. sell,
lease, license, transfer, exchange or swap, mortgage or otherwise pledge or encumber (including securitizations), or otherwise dispose
of any material portion of its properties, assets or rights;

 

h. enter
into any agreement, understanding or arrangement with respect to the voting of its equity securities;

 

i. accelerate
the collection of any trade receivables or delay the payment of trade payables or any other liabilities other than in the ordinary course
of business consistent with past practice;

 

j. enter
into or amend, or waive any material rights under, any transaction with any Company Related Person (other than compensation and benefits
and advancement of expenses, in each case, provided in the ordinary course of business consistent with past practice);

 

k. reincorporate
or reorganize itself under the laws of any jurisdiction other than the jurisdiction in which it is incorporated as of the date hereof,
change its corporate form, or, without providing at least ten (10) days’ prior written notice to Payee, change its name;

 

l. at
any time do or perform any act which materially and adversely affects the interests or rights of Payee under this Note or which would
materially and adversely affect Payee’s rights and/or remedies under this Note with respect to any Collateral and the validity or
priority of Payee’s Lien on the Collateral;

 

m. incur
any Indebtedness, whether direct or indirect, that is not: (i) unsecured Indebtedness; or (ii) indebtedness that is secured
by the Collateral but only if the Lien in connection therewith is junior to Payee’s Lien on the Collateral pursuant to a subordination
and intercreditor agreement in form and substance acceptable to Payee; or

 

n. authorize
or agree to do any of the foregoing actions.

 

10. No
Misrepresentation. Maker represents and warrants to Payee that neither this Note nor any statements, certificates or other documents
provided by Maker to Payee in connection with the making of the loan evidenced by this Note contain any untrue statement of a material
fact, or omit to state a fact necessary to make the statements contained therein or herein misleading.

 

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11. Events
of Default. The occurrence of any one of the following events shall constitute an “Event of Default” by Maker under
this Note:

 

a. any
representation or warranty made or deemed made by Maker to Payee herein is incorrect in any respect on the date as of which such representation
or warranty was made or deemed made;

 

b. Maker
fails to timely make any payment of interest or principal due hereof, and such failure remains uncured for a period of five (5) Business
Days beyond the occurrence of such failure;

 

c. Except
as set forth in Section 11(b), Maker fails to observe or perform any covenant, obligation, condition or agreement contained in this Note,
and such failure remains uncured for a period of thirty (30) days beyond the occurrence of such failure;

 

d. Maker
shall make an assignment for the benefit of creditors, file a petition in bankruptcy, petition or apply to any tribunal for the appointment
of a custodian, receiver or trustee for itself or a substantial portion of its assets;

 

e. any
involuntary petition is filed against Maker under any bankruptcy law, rule, regulation, statute or ordinance

 

f. Maker
shall commence any proceeding under any bankruptcy, insolvency, dissolution, termination or liquidation Law of any jurisdiction;

 

g. Maker
is generally not, or is unable to, or admits in writing its inability to, pay its debts as they become due;

 

h. any
indebtedness of Maker shall not be paid when due, or there shall occur any event or condition which gives a creditor the right to accelerate
or which automatically accelerates the maturity of any such indebtedness; or

 

i. one
or more judgments or decrees shall be entered against Maker and all of such judgments or decrees shall not have been vacated, discharged,
stayed or bonded pending appeal within thirty (30) days from the entry thereof.

 

From and after the occurrence of an Event of Default,
(i) the unpaid principal balance of this Note shall be immediately due and payable, and (ii) interest thereon shall accrue at the rate
of 12.0% per annum. Maker shall pay all costs and expenses of Payee incurred in the collection of any amounts due hereunder, including
attorneys’ fees and court costs, whether or not litigation is commenced. The rights and remedies of Payee under this Section 11
shall be cumulative and shall be in addition to any other rights and remedies that Payee may have under any other agreement, or at law
or in equity.

 

12. Waivers. Maker
waives presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to this Note, all errors, defects
and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by
virtue of any present or future Laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any
such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or
extension of time for payment; and Maker agrees that any real or personal property that may be levied upon pursuant to a judgment obtained
by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

 

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13. Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party,
and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to
by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect
to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties
hereto without notice to Maker or affecting Maker’s liability hereunder.

 

14. Notices. All
notices, statements or other documents which are required or contemplated by this Note shall be: (i) in writing and delivered personally
or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address
designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may
be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party
or such other electronic mail address as may be designated in writing by such party.  Any notice or other communication so transmitted
shall be deemed to have been given on the day of delivery, if delivered personally, on the Business Day following receipt of written confirmation,
if sent by facsimile or electronic transmission, one (1) Business Day after delivery to an overnight courier service or five (5) days
after mailing if sent by mail.

 

15. Governing
Law and Jurisdiction. This Note is governed by and construed in accordance with the internal Laws of the State of New York, without
regard to conflicts of law principles. Maker hereby irrevocably and unconditionally (i) agrees that any legal action, suit or proceeding
arising out of or relating to this Note may be brought by Payee in a state or federal court located in the State of New York, and (ii)
submits to the exclusive jurisdiction of any such court in any such action, suit or proceeding. Final judgment against Maker in any action,
suit or proceeding shall be conclusive and may be enforced in any other jurisdiction by suit on the judgment. Nothing in this paragraph
shall affect the right of Payee to (i) commence legal proceedings or otherwise sue Maker in any other court having jurisdiction over Maker,
or (ii) serve process upon Maker in any manner authorized by the Laws of any such jurisdiction. Maker irrevocably and unconditionally
waives, to the fullest extent permitted by applicable Law, any objection that it may now or hereafter have to the laying of venue of any
action or proceeding arising out of or relating to this Note in any court referred to in this paragraph and the defense of an inconvenient
forum to the maintenance of such action or proceeding in any such court. MAKER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY RELATING TO THIS NOTE OR THE
TRANSACTIONS CONTEMPLATED HEREBY WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY.

 

16. Severability. Any
provision contained in this Note 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, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

17. Loss,
Theft, Destruction or Mutilation of Note. Upon receipt of notice to Maker of the loss, theft, destruction or mutilation of this Note,
and, in the case of any such loss, theft or destruction, upon receipt of an affidavit of loss from Payee to Maker, Maker shall issue a
new Note to Payee with identical terms as this Note in replacement of this Note.

 

18. Extension
of Time. No extension of time for payment of any amounts due under this Note nor any waiver of any provision of this Note shall release,
modify or otherwise affect Maker’s liability for the payments due under this Note.

 

19. Further
Assurances. Promptly upon the request of Payee, Maker shall do, execute, acknowledge, deliver, record, file and register any and all
such further acts, deeds, mortgages, assignments, financing statements and continuations thereof, certificates, assurances and other instruments
as Payee, may require from time to time in order to (a) carry out more effectively the purposes of this Note, and (b) assure, convey,
grant, assign, transfer, preserve, protect and confirm more effectively unto Payee, the rights granted or now or hereafter intended to
be granted to Payee under this Note or under any other instruments executed in connection with this Note.

 

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20. Expenses.
Maker shall reimburse Payee on demand for all reasonable costs, expenses and fees (including expenses and fees of its counsel) incurred
by Payee in connection with the transactions contemplated hereby including the negotiation, documentation and execution of this Note and
the enforcement of Payee’s rights hereunder.

 

21. Entire
Agreement. This Note constitutes the entire agreement of the parties with respect to the matters set forth herein. All prior agreements,
understanding and arrangements among the parties with respect to the subject matter hereof are hereby superseded by this Note and of no
further force or effect.

 

22. No
Strict Construction. This Note has been reviewed by the parties and is being entered into among competent persons, who are experienced
in business. In the event an ambiguity or question of intent or interpretation arises, this Note shall be construed as if drafted jointly
by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any
of the provisions of this Note.

 

23. Assignment.
Any assignment or transfer may be made by surrendering this Note to Maker together with an assignment executed by the assignor or transferor.
Upon such surrender Maker will execute and deliver, in the case of an assignment or transfer in whole, a new Note in the name of the assignee
or transferee or, in the case of an assignment or transfer in part, a new Note in the name of the assignee or transferee named in such
instrument of assignment or transfer and a new Note in the name of the assignor or transferor covering the portion of this Note not assigned
or transferred to the assignee or transferee. This Note shall inure to the benefit of and be binding upon the parties hereto and their
permitted assigns.

 

24. No
Third-Party Beneficiaries. Except as provided in Section 23, this Note is for the sole benefit of the parties hereto and nothing herein,
express or implied, is intended to or shall confer upon any other person or entity any legal or equitable right, benefit or remedy of
any nature whatsoever under or by reason of this Note.

 

25. Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of
Maker and Payee.

 

26. Effect
of Amendment and Restatement. This Note amends, restates, supersedes and replaces in its entirety the Prior Note. All references to
the Prior Note in any other document shall, from and after the date hereof, be deemed to refer to this Note (except to the extent, if
any, that such interpretation would conflict with the terms of this Note as they refer or pertain to the Prior Note).

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first
above written.

 

	 	Tingo, Inc.
	 	 
	 	By:	 /s/ Dozy Mmobuosi
	 	Name:  	Dozy Mmobuosi
	 	Title: 	CEO

 

 

9​

Exhibit 4.6
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OceanPal Inc. and
Computershare Trust Company, N.A., as
Warrant Agent

Warrant Agency Agreement
Dated as of [               ], 2022
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WARRANT AGENCY AGREEMENT
WARRANT AGENCY AGREEMENT, dated as of [], 2022 (“Agreement”), between OceanPal Inc., a corporation organized under the laws of the Republic of the Marshall Islands (the “Company”), Computershare Inc. (“Computershare”) and Computershare Trust Company, N.A., a federally chartered trust company (collectively with Computershare, the “Warrant Agent”).
WITNESSETH
WHEREAS, pursuant to a registered offering by the Company of (1) [] Units (the “Offering”), with each Unit consisting of either (i) one common share of the Company, par value $0.01 per share (the “Common Stock”) or (ii) one pre-funded warrant (collectively, the “Pre-Funded Warrants”) to purchase one share of Common Stock and one Class B warrant (collectively, the “Class B Warrants”, together with the Pre- Funded Warrants, the “Warrants”, and the shares of  Common Stock issuable upon exercise of  the  Warrants, the “Warrant Shares”) to purchase one share of Common Stock at a price of $[] per share; and
WHEREAS, upon the terms and subject to the conditions hereinafter set forth and pursuant to an effective registration statement on Form F-1, as amended (File No. 333-264167) (the “Registration Statement”), and the terms and conditions of the Warrant Certificate, the Company wishes to issue the Warrants in book entry form entitling the respective holders of the Warrants (the “Holders,” which term shall include a Holder’s transferees, successors and assigns and “Holder” shall include, if the Warrants are held in “street name,” a Participant (as defined below) or a designee appointed by such Participant); and
WHEREAS, the Company wishes the Warrant Agent to act on behalf  of  the Company, and the Warrant Agent is willing so to act, in connection with the issuance, registration, transfer, exchange, exercise and replacement of the Warrants and, pursuant to a Transfer Agency Agreement previously entered into between the Company and Warrant Agent, in the Warrant Agent’s capacity as the Company’s transfer agent, the delivery of the Warrant Shares.
NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:
Section 1. Certain Definitions. For purposes of this Agreement, all capitalized terms not herein defined shall have the meanings hereby indicated:
(a) “Affiliate” has the meaning ascribed to it in Rule 12b-2 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
(b) “Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which the Nasdaq Stock Market is authorized or required by law or other governmental action to close.
(c) “Close of Business” on any given date means 5:00 p.m., New York City time, on such date; provided, however, that if such date is not a Business Day it means 5:00 p.m., New York City time, on the next succeeding Business Day.
(d) “Person” means an individual, corporation, association, partnership, limited liability company, joint venture, trust, unincorporated organization, government or political subdivision thereof or governmental agency or other entity.
(e) “Warrant Certificate” means a certificate in substantially the form attached as Exhibit 1A (as it relates to the Class B Warrants) or Exhibit 1B (as it relates to the Pre-Funded Warrants) hereto, representing such number of Warrant Shares as is indicated therein, provided that any reference to the delivery of a Warrant Certificate in this Agreement shall include delivery of a Definitive Certificate or a Global Warrant (each as defined below).
All other capitalized terms used but not otherwise defined herein shall have the meaning ascribed to such terms in the Warrant Certificate.
​
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2

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Section 2. Appointment of Warrant Agent.  The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the express terms and conditions hereof, and the Warrant Agent hereby accepts such appointment.
Section 3. Global Warrants.
(a) The Warrants shall be registered securities and shall be evidenced by a global warrant (the “Global Warrants”), in the form of the Warrant Certificate, which shall be deposited with the Warrant Agent and registered in the name of Cede & Co., a nominee of The Depository Trust Company (the “Depositary”), or as otherwise directed by the Depositary. Ownership of beneficial interests in the Warrants shall be shown on, and the transfer of such ownership shall be effected through, records maintained by (i) the Depositary or its nominee for each Global Warrant or (ii) institutions that have accounts with the Depositary (such institution, with respect to a Warrant in its account, a “Participant”).
(b) If the Depositary subsequently ceases to make its book-entry settlement system available for the Warrants, the Company may instruct the Warrant Agent regarding other arrangements for book- entry settlement. In the event that the Warrants are not eligible for, or it is no longer necessary to have the Warrants available in, book-entry form, the Warrant Agent shall provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each Global Warrant, and the Company shall instruct the Warrant Agent to deliver to each Holder a Warrant Certificate.
(c) A Holder has the right to elect at any time or from time to time a Warrant Exchange (as defined below) pursuant to a Warrant Certificate Request Notice (as defined below). Upon written notice by a Holder to the Company and the Warrant Agent for the exchange of some or all of such Holder’s Global Warrants for a separate certificate in the form attached hereto as Exhibit 1A or  Exhibit 1B, as the case may be (such separate certificate, a “Definitive Certificate”), evidencing the same number of Warrants, which request shall be in the form attached hereto as Exhibit 2 (a “Warrant Certificate Request Notice” and the date of delivery of  such Warrant Certificate Request Notice by the Holder, the “Warrant Certificate Request Notice Date” and the surrender by the Holder to the Warrant Agent of a number of Global Warrants for the same number of Warrants evidenced by a Warrant Certificate, a “Warrant Exchange”), the Company and the Warrant Agent shall promptly effect the Warrant Exchange and the Company shall promptly issue and deliver to the Holder a Definitive Certificate for such number of Warrants in the name set forth in the Warrant Certificate Request Notice. Such Definitive Certificate shall be dated the original issue date of the Warrants, shall be manually executed by an authorized signatory of the Company, shall be in the form attached hereto as Exhibit 1A or Exhibit 1B, as the case may be, and shall be reasonably acceptable in all respects to such Holder. In connection with a Warrant Exchange, the Company agrees to deliver the Definitive Certificate to the Holder within ten (10) Business Days of the Warrant Certificate Request Notice pursuant to the delivery instructions in the Warrant Certificate Request Notice (“Warrant Certificate Delivery Date”). If the Company fails for any reason to deliver to the Holder the Definitive Certificate subject to the Warrant Certificate Request Notice by the Warrant Certificate Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Definitive Certificate (based on the VWAP (as defined in the Warrants) of the Common Stock on the Warrant Certificate Request Notice Date), $10 per Business Day for each Business Day after such Warrant Certificate Delivery Date until such Definitive Certificate is delivered or, prior to delivery of such Warrant Certificate, the Holder rescinds such Warrant Exchange. The Warrant Agent shall have no liability for the Company’s failure to deliver to the Holders the Warrant Certificate as set forth in this Section 3(c). The Company covenants and agrees that, upon the date of delivery of the Warrant Certificate Request Notice, the Holder shall be deemed to be the holder of the Definitive Certificate and, notwithstanding anything to the contrary set forth herein, the Definitive Certificate shall be deemed for all purposes to contain all of the terms and conditions of the Warrants evidenced by such Warrant Certificate and the terms of this Agreement, other than Sections 3(c), 3(d) and 9 herein, shall not apply to the Warrants evidenced by the Definitive Certificate. Notwithstanding anything to the contrary contained in this Agreement, in the event of inconsistency between any provision in this Agreement and any provision in a Definitive Certificate, as it may from time to time be amended, the terms of such Definitive Certificate shall control; provided, that, with respect to the rights, immunities, and obligation of the Warrant Agent, this Agreement shall govern and control and the
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Warrant Agent shall not have any obligation to perform, and shall be indemnified by the Company for failure to perform, any acts or duties inconsistent with the Warrant Agent’s procedures.
(d) A Holder of a Definitive Certificate (pursuant to a Warrant Exchange or otherwise) has the right to elect at any time or from time to time a Global Warrants Exchange (as defined below) pursuant to a Global Warrants Request Notice (as defined below). Upon written notice by a Holder to the Company for the exchange of some or all of such Holder’s Warrants evidenced by a Definitive Certificate for a beneficial interest in Global Warrants held in book-entry form through the Depositary evidencing the same number of Warrants, which request shall be in the form attached hereto as Exhibit 3 (a “Global Warrants Request Notice” and the date of delivery of such Global Warrants Request Notice by the Holder, the “Global Warrants Request Notice Date” and the surrender upon delivery by the Holder of the Warrants evidenced by Definitive Certificates for the same number of Warrants evidenced by a beneficial interest in Global Warrants held in book-entry form through the Depositary, a “Global Warrants Exchange”), the Company shall promptly effect the Global Warrants Exchange and shall promptly direct the Warrant Agent to issue and deliver to the Holder Global Warrants for such number of Warrants in the Global Warrants Request Notice, which beneficial interest in such Global Warrants shall be delivered by the Depositary’s Deposit or Withdrawal at Custodian system to the Holder pursuant to the instructions in the Global Warrants Request Notice. In connection with a Global Warrants Exchange, the Company shall direct the Warrant Agent to deliver the beneficial interest in such Global Warrants to the Holder within ten (10) Business Days of the Global Warrants Request Notice pursuant to the delivery instructions in the Global Warrant Request Notice (“Global Warrants Delivery Date”). If the Company fails for any reason to deliver to the Holder Global Warrants subject to the Global Warrants Request Notice by the Global Warrants Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares evidenced by such Global Warrants (based on the VWAP (as defined in the Warrants) of the Common Stock on the Global Warrants Request Notice Date), $10 per Business Day for each Business Day   after such Global Warrants Delivery Date until such Global Warrants are delivered or, prior to delivery of  such Global Warrants, the Holder rescinds such Global Warrants Exchange. The Company covenants and agrees that, upon the date of delivery of  the Global Warrants Request Notice, the Holder shall be deemed to be the beneficial holder of such Global Warrants.
Section 4. Form of  Warrant Certificates.  The Warrant Certificate, together with the form of election to purchase Common Stock (“Notice of Exercise”) and the form of assignment to be printed on the reverse thereof, shall be in the form of Exhibit 1A or Exhibit 1B, as the case may be, hereto.
Section 5. Countersignature and Registration.    The Global Warrant shall be executed on behalf  of the Company by its Chief Executive Officer, Chief Financial Officer or Vice President, by facsimile signature, and have affixed thereto the Company’s seal or a facsimile thereof which shall be attested by the Secretary or an Assistant Secretary of the Company, by facsimile signature. The Global Warrant shall be countersigned by the Warrant Agent by electronic or facsimile signature and shall not be valid for any purpose unless so countersigned. In case any officer of the Company who shall have signed any of the Global Warrant shall cease to be such officer of the Company before countersignature by the Warrant Agent and issuance and delivery by the Company, such Global Warrant, nevertheless, may be countersigned by the Warrant Agent, issued and delivered with the same force and effect as though the person who signed such Global Warrant had not ceased to be such officer of the Company; and any Global Warrant may be signed on behalf of the Company by any person who, at the actual date of the execution of such Global Warrant, shall be a proper officer of the Company to sign such Global Warrant, although at the date of the execution of this Agreement any such person was not such an officer.
The Warrant Agent will keep or cause to be kept, at one of its offices designated for such purpose, or at the office of one of its agents, books for registration and transfer of the Global Warrants issued hereunder. Such books shall show the names and addresses of the respective Holders of the Global Warrant, the number of warrants evidenced on the face of each of such Global Warrant and the date of each of such Global Warrant. The Warrant Agent will create a special account for the issuance of Global Warrants. The Company will keep or cause to be kept at one of its offices designated for such purpose, books for the registration and transfer of any Definitive Certificates issued hereunder and the Warrant Agent shall not have any obligation to keep books and records with respect to any Definitive Warrants. Such Company books
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shall show the names and addresses of the respective Holders of the Definitive Certificates, the number of warrants evidenced on the face of each such Definitive Certificate and the date of each such Definitive Certificate.
Section 6. Transfer, Split Up, Combination and Exchange of Warrant Certificates; Mutilated, Destroyed, Lost or Stolen Warrant Certificates. With respect to the Global Warrant, subject to the provisions of the Warrant Certificate and the last sentence of this first paragraph of Section 6 and subject to applicable law, rules or regulations, or any “stop transfer” instructions the Company may give to the Warrant Agent, at any time after the closing date of the Offering, and at or prior to the Close of Business on the Termination Date (as such term is defined in the Warrant Certificate), any Global Warrant or Global Warrants may be transferred, split up, combined or exchanged for another Global Warrant or Global Warrants, entitling the Holder to purchase a like number of shares of Common Stock as the Global Warrant or Global Warrants surrendered then entitled such Holder to purchase. Any Holder desiring to transfer, split up, combine or exchange any Global Warrant shall make such request in writing delivered to the Warrant Agent, and shall surrender the Global Warrant to be transferred, split up, combined or exchanged at the office of the Warrant Agent designated for such purpose and, in the case of registration of transfer, shall provide a signature guarantee by an “eligible guarantor institution” that is a member or participant in the Securities Transfer Agents Medallion Program or other comparable “signature guarantee program”. Any requested transfer of Warrants, whether in book-entry form or certificate form, shall be accompanied by reasonable evidence of authority of the party making such request that may be required by the Warrant Agent. Thereupon the Warrant Agent shall, subject to the last sentence of this first paragraph of Section 6, countersign and deliver to the Person entitled thereto a Global Warrant or Global Warrants, as the case may be, as so requested. The Company may require payment from the Holder of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer, split up, combination or exchange of Global Warrants. The Company shall compensate the Warrant Agent for of all reasonable expenses incidental thereto. The Warrant Agent shall not have any duty or obligation to take any action under any section of this Agreement that requires the payment of taxes and/or charges unless and until it is satisfied that all such payments have been made.
Upon receipt by the Warrant Agent of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of a Warrant Certificate, which evidence shall include an affidavit of loss, or in the case of mutilated certificates, the certificate or portion thereof remaining, and, in case of loss, theft or destruction, of indemnity in form and amount satisfactory to the Warrant Agent (including the posting of a surety bond), and satisfaction of any other reasonable requirements established by Section 8-405 of the Uniform Commercial Code as in effect in the State of New York, and reimbursement to the Company and the Warrant Agent of all reasonable expenses incidental thereto, and upon surrender to the Warrant Agent and cancellation of the Warrant Certificate if mutilated, the Company will make and deliver a new Warrant Certificate of  like tenor to the Warrant Agent for delivery to the Holder in lieu of  the Warrant Certificate  so lost, stolen, destroyed or mutilated.
The Company shall provide to the Warrant Agent an opinion of counsel on or prior to the issuance of Warrants to set up a reserve of  Warrant Shares for the outstanding Warrants.  The opinion shall state that   all Warrants or Warrant Shares, as applicable, are, (i) registered under the Securities Act of 1933, as amended, and (ii) validly issued, fully paid and non-assessable.
Section 7. Exercise of Warrants; Exercise Price; Termination Date.
(a) The Warrants shall be exercisable commencing on the Initial Exercise Date. The Warrants shall cease to be exercisable and shall terminate and become void as set forth in the Warrant Certificate. Subject to the foregoing and to Section 7(b) below, the Holder of a Warrant may exercise the Warrant in whole or in part upon surrender of the Warrant Certificate, if required, with the executed Notice of Exercise and payment of the Exercise Price, which may be made, at the option of the Holder, by wire transfer or by certified or official bank check in United States dollars, to the Warrant Agent at the office of the Warrant Agent designated for such purpose from time to time. In the case of the Holder of a Global Warrant, the Holder shall deliver the executed Notice of Exercise and the payment of the Exercise Price as described herein. Notwithstanding any other provision in this Agreement, a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the Depositary (or another established clearing corporation performing similar functions), shall effect
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exercises by delivering to the Depositary (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by the Depositary (or such other clearing corporation, as applicable). The Company acknowledges that the bank accounts maintained by the Warrant Agent in connection with the services provided under this Agreement will be in the Warrant Agent’s name and that the Warrant Agent may receive investment earnings in connection with the investment at Warrant Agent risk and for its benefit of funds held in those accounts from time to time. Neither the Company nor the Holders will receive interest on any deposits or Exercise Price. The Company hereby acknowledges and agrees that, with respect to a holder whose interest in a Global Warrant is a beneficial interest in a Global Warrant held in book-entry form through the Depositary (or another established clearing corporation performing similar functions), upon delivery of irrevocable instructions to such holder’s Participant to exercise such warrants, that solely for purposes of Regulation SHO that such holder shall be deemed to have exercised such warrants.
(b) Upon receipt of a Notice of Exercise for a Cashless Exercise the Company will promptly calculate and transmit to the Warrant Agent the number of Warrant Shares issuable in connection with such Cashless Exercise and deliver a copy of the Notice of Exercise to the Warrant Agent, which shall issue such number of Warrant Shares in connection with such Cashless Exercise.
(c) Upon the exercise of the Warrant Certificate pursuant to the terms of Section 2 of the Warrant Certificate, the Warrant Agent shall cause the Warrant Shares underlying such Warrant Certificate or Global Warrant to be delivered to or upon the order of the Holder of such Warrant Certificate or Global Warrant, registered in such name or names as may be designated by such Holder, no later than the Warrant Share Delivery Date (as such term is defined in the Warrant Certificate). If the Company is then a participant in the DWAC system of the Depositary and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or (B) the Warrant is being exercised via Cashless Exercise, then the certificates for Warrant Shares shall be transmitted by the Warrant Agent to the Holder by crediting the account of the Holder’s broker with the Depositary through its DWAC system. For the avoidance of doubt, if the Company becomes obligated to pay any amounts to any Holders pursuant to Section 2(d)(i) or 2(d)(iv) of the Warrant Certificate, such obligation shall be solely that of the Company and not that of the Warrant Agent. Notwithstanding anything else to the contrary in this Agreement, except in the case of a Cashless Exercise, if any Holder fails to duly deliver payment to the Warrant Agent of an amount equal to the aggregate Exercise Price of the Warrant Shares to be purchased upon exercise of such Holder’s Warrant as set forth in Section 7(a) hereof by the Warrant Share Delivery Date, the Warrant Agent will not obligated to deliver such Warrant Shares (via DWAC or otherwise) until following receipt of such payment, and the applicable Warrant Share Delivery Date shall be deemed extended by one day for each day (or part thereof) until such payment is delivered to the Warrant Agent.
(d) All funds received by Computershare under this Agreement that are to be distributed or applied by Computershare in the performance of the services hereunder (the “Funds”) shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the Company. Computershare shall have no responsibility or liability for any diminution of the Funds that may result from any deposit made by Computershare in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits. Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party.
Section 8. Cancellation and Destruction of  Warrant Certificates.   All Warrant Certificates  surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Warrant Agent for cancellation or in canceled form, or, if  surrendered to the Warrant Agent, shall be canceled by it, and no Warrant Certificate shall be issued  in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Warrant Agent for cancellation and retirement, and the Warrant Agent shall so cancel and retire, any other Warrant Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Warrant Agent shall deliver all canceled Warrant Certificates to the Company, or shall, at the
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written request of the Company, destroy such canceled Warrant Certificates, and in such case shall deliver a certificate of destruction thereof to the Company, subject to any applicable law, rule or regulation requiring the Warrant Agent to retain such canceled certificates.
Section 9. Certain Representations; Reservation and Availability of Shares of Common Stock or Cash.
(a) This Agreement has been duly authorized, executed and delivered by the Company and, assuming due authorization, execution and delivery hereof by the Warrant Agent, constitutes a valid and legally binding obligation of the Company enforceable against the Company in accordance with its terms, and the Warrants have been duly authorized, executed and issued by the Company and, assuming due authentication thereof by the Warrant Agent pursuant hereto and payment therefor by the Holders as provided in the Registration Statement, constitute valid and legally binding obligations of the Company enforceable against the Company in accordance with their terms and entitled to the benefits hereof; in each case except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally or by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law).
(b) As of the date hereof, the authorized capital stock of the Company consists of (i) 1,000,000,000 common shares, of which approximately [         ] shares of Common Stock are issued and outstanding as of [         ], 2022, and [         ] shares of Common Stock are reserved for issuance upon exercise of the Warrants, and (ii) one million (1,000,000) shares of preferred stock, par value $0.001 per share, of which no shares are issued and outstanding. Except as disclosed in the Registration Statement, there are no other outstanding obligations, warrants, options or other rights to subscribe for or purchase from the Company any class of capital stock of the Company.1
(c) The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued shares of Common Stock or its authorized and issued shares of Common Stock held in its treasury, free from preemptive rights, the number of shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants.
(d) The Warrant Agent will create a special account for the issuance of Common Stock upon the exercise of Warrants.
(e) The Company further covenants and agrees that it will pay when due and payable any and all federal and state transfer taxes and charges which may be payable in respect of the original issuance or delivery of the Warrant Certificates or certificates evidencing Common Stock upon exercise of the Warrants. The Company shall not, however, be required to pay any tax or governmental charge which may be payable in respect of any transfer involved in the transfer or delivery of Warrant Certificates or the issuance or delivery of certificates for Common Stock in a name other than that of  the Holder of the Warrant Certificate evidencing Warrants surrendered for exercise or to issue or deliver any certificate for shares of Common Stock upon the exercise of any Warrants until any such tax or governmental charge shall have been paid (any such tax or governmental charge being payable by the Holder of such Warrant Certificate at the time of surrender) or until it has been established to the Company’s reasonable satisfaction that no such tax or governmental charge is due.
Section 10. Common Stock Record Date. Each Person in whose name any certificate for shares of Common Stock is issued (or to whose broker’s account is credited shares of Common Stock through the DWAC system) upon the exercise of Warrants shall for all purposes be deemed to have become the holder  of record for the Common Stock represented thereby on, and such certificate shall be dated, the date on which submission of the Notice of Exercise was made, provided that the Warrant Certificate evidencing such Warrant is duly surrendered (but only if required herein) and payment of the Exercise Price (and any applicable transfer taxes) is received on or prior to the Warrant Share Delivery Date; provided, however, that if the date of submission of the Notice of Exercise is a date upon which the Common Stock transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such

	1
	NTD: Company to update

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shares on, and such certificate shall be dated, the next succeeding day on which the Common Stock transfer books of the Company are open.
Section 11. Adjustment of Exercise Price, Number of Shares of Common Stock or Number of the Company Warrants. The Exercise Price, the number of shares covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as provided in Section 3 of the Warrant Certificate. In the event that at any time, as a result of an adjustment made pursuant to Section 3 of the Warrant Certificate, the Holder of any Warrant thereafter exercised shall become entitled to receive any shares of capital stock of the Company other than shares of Common Stock, thereafter the number of such other shares so receivable upon exercise of  any Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the shares contained in Section 3 of the Warrant Certificate and the provisions of Sections 7, 11 and 12 of this Agreement with respect to the shares of Common Stock shall apply on like terms to any such other shares. All Warrants originally issued by the Company subsequent to any adjustment made to the Exercise Price pursuant to the Warrant Certificate shall evidence the right to purchase, at the adjusted Exercise Price, the number of shares of Common Stock purchasable from time to time hereunder upon exercise of the Warrants, all subject to further adjustment as provided herein.
Section 12. Certification of Adjusted Exercise Price or Number of Shares of Common Stock. Whenever the Exercise Price or the number of shares of Common Stock issuable upon the exercise of each Warrant is adjusted as provided in Section 11 or 13, the Company shall (a) promptly prepare a certificate setting forth the Exercise Price of each Warrant as so adjusted, and a brief statement of the facts accounting for such adjustment, (b) promptly file with the Warrant Agent and with each transfer agent for the Common Stock a copy of such certificate and (c) instruct the Warrant Agent to send a brief summary thereof to each Holder of a Warrant Certificate.
Section 13. Fractional Shares of Common Stock.
(a) The Company shall not issue fractions of Warrants or distribute Warrant Certificates which evidence fractional Warrants. Whenever any fractional Warrant would otherwise be required to be issued or distributed, the actual issuance or distribution shall reflect a rounding of such fraction to the nearest whole Warrant (rounded up).
(b) The Company shall not issue fractions of shares of Common Stock upon exercise of Warrants or distribute stock certificates which evidence fractional shares of Common Stock. Whenever any fraction of a share of Common Stock would otherwise be required to be issued or distributed, the actual issuance or distribution in respect thereof shall be made in accordance with Section 2(d)(v) of the Warrant Certificate.
Section 14. Conditions of  the Warrant Agent’s Obligations.  The Warrant Agent accepts its obligations herein set forth upon the express terms and conditions hereof, including the following to all of which the Company agrees and to all of which the rights hereunder of the Holders from time to time of the Warrant Certificates shall be subject:
(a) Compensation and Indemnification. The Company agrees promptly to pay the Warrant Agent the compensation detailed in mutually agreed upon fee schedule executed on the date hereof for all services rendered by the Warrant Agent and to reimburse the Warrant Agent for reasonable out-of-pocket expenses (including reasonable counsel fees) and other disbursements incurred in the preparation, delivery, negotiation, amendment, administration and execution of this Agreement and the exercise and performance of its duties hereunder. The Company also agrees to indemnify the Warrant Agent for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence, or willful misconduct on the part of the Warrant Agent, finally adjudicated by a court of competent jurisdiction to have been directly caused by Warrant Agent hereunder, including the reasonable costs and expenses of defending against any claim of such liability. The Warrant Agent shall be under no obligation to institute or defend any action, suit, or legal proceeding in connection herewith or to take any other action likely to involve the Warrant Agent in expense, unless first indemnified to the Warrant Agent’s satisfaction. The indemnities and compensation provided by this paragraph shall survive the resignation or discharge of the Warrant Agent, the
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expiration of the Warrants or the termination of  this Agreement. Anything in this Agreement to the contrary notwithstanding, in no event shall the Warrant Agent be liable under or in connection with the Agreement for indirect, special, incidental, punitive or consequential losses or damages of  any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even  if the Warrant Agent has been advised of the possibility thereof and regardless of the form of action in which such damages are sought, and the Warrant Agent’s aggregate liability to the Company, or any of the Company’s representatives or agents, or any other person or entity under this Section 14(a) or under any other term or provision of this Agreement, whether in contract, tort, or otherwise, is expressly limited to, and shall not exceed in any circumstances, one (1) year’s fees received by the Warrant Agent as fees and charges under this Agreement, but not including reimbursable expenses previously reimbursed to the Warrant Agent by the Company hereunder.
		(b)
	Agent for the Company. In acting under this Agreement and in connection with the Warrant Certificates, the Warrant Agent is acting solely as agent of the Company and does not assume any obligations or relationship of agency or trust for or with any of the Holders of Warrant  Certificates or beneficial owners of Warrants.

		(c)
	Counsel. The Warrant Agent may consult with counsel satisfactory to it, which may include counsel for the Company, and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in the absence of bad faith in accordance with the advice or opinion of such counsel.

		(d)
	Documents. The Warrant Agent shall be protected and shall incur no liability for or in respect of any action taken or omitted by it in reliance upon any Warrant Certificate, notice, direction, consent, certificate, affidavit, statement or other paper or document reasonably believed by it to be genuine and to have been presented or signed by the proper parties.

		(e)
	Certain Transactions. The Warrant Agent, and its officers, directors and employees, may become the owner of, or acquire any interest in, Warrants, with the same rights that it or they would have   if it were not the Warrant Agent hereunder, and, to the extent permitted by applicable law, it or they may engage or be interested in any financial or other transaction with the Company and may act on, or as depositary, trustee or agent for, any committee or body of Holders of Warrant Securities or other obligations of the Company as freely as if it were not the Warrant Agent hereunder. Nothing in this Agreement shall be deemed to prevent the Warrant Agent from acting as trustee under any indenture to which the Company is a party.

		(f)
	No Liability for Interest. Unless otherwise agreed with the Company, the Warrant Agent shall have no liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement or of the Warrant Certificates.

		(g)
	No Liability for Invalidity. The Warrant Agent shall have no liability with respect to any invalidity of this Agreement or the Warrant Certificates (except as to the Warrant Agent’s countersignature thereon).

		(h)
	No Responsibility for Representations. The Warrant Agent shall not be responsible for any of the recitals or representations herein or in the Warrant Certificate (except as to the Warrant Agent’s countersignature thereon), all of which are made solely by the Company.

		(i)
	No Implied Obligations. The Warrant Agent shall be obligated to perform only such duties as are herein and in the Warrant Certificates specifically set forth and no implied duties or obligations shall be read into this Agreement or the Warrant Certificates against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder which may tend to involve it in any expense or liability, the payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any of the Warrant Certificates authenticated by the Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the Warrant Certificate. The Warrant Agent shall have no duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in the Warrant Certificates or in the case of the

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receipt of any written demand from a Holder of a Warrant Certificate with respect to such default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law.
		(j)
	No Notice. The Warrant Agent shall not be required to take notice or be deemed to have notice  of any event or condition hereunder, including any event or condition that may require action by the Warrant Agent, unless the Warrant Agent shall be specifically notified in writing of such event or condition by the Company, and all notices or other instruments required by this Agreement to be delivered to the Warrant Agent must, in order to be effective, be received by the Warrant Agent as specified in Section 19 hereof, and in the absence of such notice so delivered, the Warrant Agent may conclusively assume no such event or condition exists.

Section 15. Purchase or Consolidation or Change of  Name of  Warrant Agent.    Any entity into which the Warrant Agent or any successor Warrant Agent may be merged or with which it may be consolidated, or any entity resulting from any merger or consolidation to which the Warrant Agent or any successor Warrant Agent shall be party, or any entity succeeding to the corporate trust business of the Warrant Agent or any successor Warrant Agent, shall be the successor to the Warrant Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such entity would be eligible for appointment as a successor Warrant Agent under the provisions of Section 17. In case at the time such successor Warrant Agent shall succeed to the agency created by this Agreement any of the Warrant Certificates shall have been countersigned but not delivered, any such successor Warrant Agent may adopt the countersignature of the predecessor Warrant Agent and deliver such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, any successor Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement.
In case at any time the name of the Warrant Agent shall be changed and at such time any of the Warrant Certificates shall have been countersigned but not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver such Warrant Certificates so countersigned; and in case at that time any of the Warrant Certificates shall not have been countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have the full force provided in the Warrant Certificates and in this Agreement.
Section 16. Duties of Warrant Agent. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the following express terms and conditions, by all of which the Company, by its acceptance hereof, shall be bound:
(a) Whenever in the performance of its duties under this Agreement the Warrant Agent shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof  be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by the Chief Executive Officer, Chief Financial Officer or Vice President of the Company; and such certificate shall be full authentication to the Warrant Agent for any action taken or suffered in the absence of bad faith by it under the provisions of this Agreement in reliance upon such certificate.
(c) Subject to the limitation set forth in Section 14, the Warrant Agent shall be liable hereunder only for its own gross negligence or willful misconduct (which gross negligence, or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction).
(d) The Warrant Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the Warrant Certificate (except its countersignature thereof) by the Company or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only.
(e) The Warrant Agent shall not be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due execution hereof by the Warrant
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Agent) or in respect of the validity or execution of any Warrant Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant Certificate; nor shall it be responsible for the adjustment of the Exercise Price or the making of any change in the number of shares of Common Stock required under the provisions of Section 11 or 13 or responsible for the manner, method or amount of any such change or the ascertaining of the existence of facts that would require any such adjustment or change (except with respect to the exercise of Warrants evidenced by the Warrant Certificates after actual notice of any adjustment of the Exercise Price); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Agreement or any Warrant Certificate or as to whether any shares of Common Stock will, when issued, be duly authorized, validly issued, fully paid and nonassessable.
(f) Each party hereto agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, instruments and assurances as may reasonably be required by the other party hereto for the carrying out or performing by any party of the provisions of this Agreement.
(g) The Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder from the Chief Executive Officer, Chief Financial Officer or Vice President of the Company, and to apply to such officers for advice or instructions in connection with its duties, and it shall not be liable and shall be indemnified and held harmless for any action taken or suffered to be taken by it in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions without gross negligence or willful misconduct (which gross negligence or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction).
(h) The Warrant Agent and any shareholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity.
(i) The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents, and the Warrant Agent shall not be answerable or accountable for any act, omission, default, neglect or misconduct of  any such attorneys or agents or for any loss to the Company, to the Holder or any other Person resulting from any such act, omission, default, neglect or misconduct, absent gross negligence or willful misconduct in the selection and continued employment thereof (which gross negligence or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction).
Section 17. Change of Warrant Agent.  The Warrant Agent may resign and be discharged from its duties under this Agreement upon 30 days’ notice in writing sent to the Company and to each transfer agent of the Common Stock (if known to the Warrant Agent), and to the Holders of the Warrant Certificates. In the event the transfer agency relationship in effect between the Company and the Warrant Agent terminates, the Warrant Agent will be deemed to have resigned automatically and be discharged from its duties under this Agreement as of the effective date of such termination, and the Company shall be responsible for sending any required notice. The Company may remove the Warrant Agent or any successor Warrant Agent upon 30 days’ notice in writing, sent to the Warrant Agent or successor Warrant Agent, as the case may be, and to each transfer agent of the Common Stock, and to the Holders of the Warrant Certificates. If the Warrant Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Warrant Agent. If the Company shall fail to make such appointment within a period of 30 days after such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Warrant Agent or by the Holder of a Warrant Certificate (who shall, with such notice, submit his Warrant Certificate for inspection by the Company), then the Holder of any Warrant Certificate may apply to any court of competent jurisdiction for the appointment of a new Warrant Agent, provided that, for purposes of this Agreement, the Company shall be deemed to be the Warrant Agent until a new warrant agent is appointed. Any successor Warrant Agent, whether appointed by the Company or by
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such a court, shall be an entity organized and doing business under the laws of the United States or of a state thereof, in good standing, which is authorized under such laws to exercise corporate trust powers and is subject to supervision or examination by federal or state authority and which has at the time of its appointment as Warrant Agent a combined capital and surplus of at least $50,000,000. After appointment, the successor Warrant Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Warrant Agent without further act or deed; but the predecessor Warrant Agent shall deliver and transfer to the successor Warrant Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose at the Company’s expense and without further liability to the Warrant Agent. Not later than the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor Warrant Agent and each transfer agent of the Common Stock, and mail a notice thereof in writing to the Holders of the Warrant Certificates. However, failure to give any notice provided for in this Section 17, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor Warrant Agent, as the case may be.
Section 18. Issuance of New Warrant Certificates. Notwithstanding any of the provisions of this Agreement or of the Warrants to the contrary, the Company may, at its option, issue new Warrant Certificates evidencing Warrants in such form as may be approved by its Board of Directors to reflect any adjustment or change in the Exercise Price per share and the number or kind or class of shares of stock or other securities or property purchasable under the several Warrant Certificates made in accordance with the provisions of this Agreement.
Section 19. Notices. Notices or demands authorized by this Agreement to be given or made (i) by the Warrant Agent or by the Holder of any Warrant Certificate to or on the Company, (ii) subject to the provisions of Section 17, by the Company or by the Holder of any Warrant Certificate to or on the Warrant Agent or (iii) by the Company or the Warrant Agent to the Holder of any Warrant Certificate shall be deemed given (a) on the date delivered, if delivered personally, (b) on the first Business Day following the deposit thereof with Federal Express or another recognized overnight courier, if sent by Federal Express or another recognized overnight courier, (c) on the fourth Business Day following the mailing thereof with postage prepaid, if mailed by registered or certified mail (return receipt requested), and (d) the date of transmission, if such notice or communication is delivered via facsimile or email attachment at or prior to 5:30 p.m. (New York City time) on a Business Day and (e) the next Business Day after the date of transmission, if such notice or communication is delivered via facsimile or email attachment on a day that is not a Business Day or later than 5:30 p.m. (New York City time) on any Business Day, in each case to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):
		(a)
	If to the Company, to:

OceanPal Inc.
Pendelis 26, 175 64 Palaio Faliro,
Athens, Greece
Attention: Eleftherios Papatrifon
email: lpapatrifon@oceanpal.com
		(b)
	If to the Warrant Agent, to:

Computershare Trust Company, N.A.
Computershare Inc.
150 Royall Street
Canton, MA 02021
Attention: Client Services
For any notice delivered by email to be deemed given or made, such notice must be followed by notice sent by overnight courier service to be delivered on the next business day following such email, unless the recipient of such email has acknowledged via return email receipt of such email.
(c) If to the Holder of any Warrant Certificate to the address of such Holder as shown on the registry books of the Company. Any notice required to be delivered by the Company to the Holder of any Warrant may be given by the Warrant Agent on behalf of the Company. Notwithstanding any other
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provision of this Agreement, where this Agreement provides for notice of any event to a Holder of any Warrant, such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the procedures of the Depositary or its designee.
Section 20. Supplements and Amendments.
(a) The Company and the Warrant Agent may from time to time supplement or amend this Agreement without the approval of any Holders of Global Warrants in order to add to the covenants and agreements of the Company for the benefit of the Holders of the Global Warrants or to surrender any rights or power reserved to or conferred upon the Company in this Agreement, provided that such addition or surrender shall not adversely affect the interests of the Holders of the Global Warrants or Warrant Certificates in any material respect.
(b) In addition to the foregoing, with the consent of Holders of Warrants entitled, upon exercise thereof, to receive not less than a majority of the shares of Common Stock issuable thereunder, the Company and the Warrant Agent may modify this Agreement for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or modifying in any manner the rights of the Holders of the Global Warrants; provided, however, that no modification of the terms (including but not limited to the adjustments described in Section 11) upon which the Warrants are exercisable or the rights of holders of Warrants to receive liquidated damages or other payments in cash from the Company or reducing the percentage required for consent to modification of this Agreement may be made without the consent of the Holder of each outstanding Warrant Certificate affected thereby; provided further, however, that no amendment hereunder shall affect any terms of any Warrant Certificate issued in a Warrant Exchange. As a condition precedent to the Warrant Agent’s execution of any amendment, the Company shall deliver to the Warrant Agent a certificate from a duly authorized officer of the Company that states that the proposed amendment complies with the terms of this Section 20. Notwithstanding anything in this Agreement to the contrary, the Warrant Agent shall not be required to execute any supplement or amendment to this Agreement that it has determined would adversely affect its own rights, duties, obligations or immunities under this Agreement. No supplement or amendment to this Agreement shall be effective unless duly executed by the Warrant Agent.
Section 21. Successors. All covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.
Section 22. Benefits of this Agreement. Nothing in this Agreement shall be construed to give any entity or person other than the Company, the Holders of Warrant Certificates and the Warrant Agent any legal or equitable right, remedy or claim under this Agreement. This Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the Holders of the Warrant Certificates.
Section 23. Governing Law.   This Agreement and each Warrant Certificate and Global Warrant   issued hereunder shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to the conflicts of law principles thereof.
Section 24. Counterparts. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.
Section 25. Captions. The captions of the sections of this Agreement have been inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.
Section 26. Information.  The Company agrees to promptly provide to the Holders of  the Warrants any information it provides to the holders of the Common Stock, except to the extent any such information is publicly available on the EDGAR system (or any successor thereof) of the Securities and Exchange Commission.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.
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	OceanPal Inc.

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	By:
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	Name:

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	Title:

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	Computershare Inc.

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	Computershare Trust Company, N.A.

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	By:
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	Name:

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	Title:

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Exhibit 1A and Exhibit 1B
Form of Warrant Certificates
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Exhibit 2
Form of Warrant Certificate Request Notice
WARRANT CERTIFICATE REQUEST NOTICE
To: Computershare Trust Company, N.A., as Warrant Agent for OceanPal Inc. (the “Company”) The undersigned Holder of Common Stock Purchase Warrants (“Warrants”) in the form of Global
Warrants issued by the Company hereby elects to receive a Warrant Certificate evidencing the Warrants held by the Holder as specified below:
	1.
	Name of Holder of Warrants in form of Global Warrants:                                               ​ ​​ ​​ ​

	2.
	Name of Holder in Warrant Certificate (if different from name of Holder of Warrants in form of
Global Warrants):                                                                                                               ​ ​​ ​​ ​​ ​​ ​

	3.
	Number of  Warrants in name of  Holder in form of  Global Warrants:                                                        ​ ​​ ​​ ​​ ​

	4.
	Number of  Warrants for which Warrant Certificate shall be issued:                                                           ​ ​​ ​​ ​​ ​

	5.
	Number of Warrants in name of Holder in form of Global Warrants after issuance of Warrant 
Certificate, if any:                                                                                                                                                       ​ ​​ ​

	6.
	Warrant Certificate shall be delivered to the following address:

	​
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The undersigned hereby acknowledges and agrees that, in connection with this Warrant Exchange and the issuance of the Warrant Certificate, the Holder is deemed to have surrendered the number of Warrants in form of Global Warrants in the name of the Holder equal to the number of Warrants evidenced by the Warrant Certificate.
[SIGNATURE OF HOLDER]
Name of Investing Entity:   ​ ​
Signature of Authorized Signatory of Investing Entity:   ​ ​
Name of Authorized Signatory:   ​ ​ 
Title of Authorized Signatory:   ​ ​
Date:  ​ ​
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Exhibit 3
Form of Global Warrant Request Notice
GLOBAL WARRANT REQUEST NOTICE
To: Computershare Trust Company, N.A., as Warrant Agent for OceanPal Inc. (the “Company”)
The undersigned Holder of Common Stock Purchase Warrants (“Warrants”) in the form of Warrants Certificates issued by the Company hereby elects to receive a Global Warrant evidencing the Warrants held by the Holder as specified below:
	1.
	Name of  Holder of  Warrants in form of  Warrant Certificates: ​ ​

	2.
	Name of Holder in Global Warrant (if different from name of Holder of Warrants in form of Warrant
Certificates): ​ ​​ ​​ ​​ ​

	3.
	Number of  Warrants in name of  Holder in form of  Warrant Certificates: ​ ​

	4.
	Number of Warrants for which Global Warrant shall be issued: ​ ​

	5.
	Number of Warrants in name of Holder in form of Warrant Certificates after issuance of Global
Warrant, if any: ​ ​

	6.
	Global Warrant shall be delivered to the following address:

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The undersigned hereby acknowledges and agrees that, in connection with this Global Warrant Exchange and the issuance of the Global Warrant, the Holder is deemed to have surrendered the number of Warrants in form of Warrant Certificates in the name of the Holder equal to the number of  Warrants evidenced by the Global Warrant.
[SIGNATURE OF HOLDER]
Name of Investing Entity:   ​ ​
Signature of Authorized Signatory of Investing Entity:   ​ ​
Name of Authorized Signatory:   ​ ​ 
Title of Authorized Signatory:   ​ ​
Date:  ​ ​

17

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