Document:

Exhibit 4.4

    NON-COMPETITION AGREEMENT

    This AGREEMENT (this "Agreement") is
      made effective as of November 2, 2021 between DIANA SHIPPING INC., a Marshall Islands company ("Diana") and OCEANPAL INC., a Marshall Islands company ("OceanPal", and
      together with Diana, the "parties").

    WHEREAS, Diana is engaged in the ownership, operation and chartering of dry bulk
      vessels;

    WHEREAS, OceanPal is engaged in the ownership, operation and chartering of dry
      bulk vessels (each an "OceanPal vessel");

    WHEREAS, Diana is the sole shareholder of OceanPal and intends to distribute of
      all of OceanPal's issued and outstanding common shares to Diana's shareholders (the "Spin-Off") such that OceanPal will be an independent publicly traded company following the Spin-Off;

    WHEREAS, certain of the senior executive officers and directors of Diana will
      continue to serve as senior executive officers and directors of OceanPal following the Spin-Off;

    WHEREAS, Diana and OceanPal desire to enter into this Agreement to memorialize
      their agreement relating to engaging in potentially competitive business activities and certain other matters set forth more fully herein.

    NOW, THEREFORE, in consideration of the mutual covenants and premises of the
      parties and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

    1. Rights of First Refusal.

    (a) Vessel Acquisitions. Diana hereby grants to OceanPal a right of first refusal over any opportunity available to Diana (or any wholly-owned subsidiary of
        Diana) to acquire or to charter-in any dry bulk vessel larger than 70,000 deadweight tons built prior to 2006 (an "Acquisition Opportunity") in accordance with this Section 1(a). In the event that an
        Acquisition Opportunity is made available to Diana, Diana shall notify OceanPal of such Acquisition Opportunity. To the extent such Acquisition Opportunity constitutes the acquisition of a vessel, such Acquisition Opportunity shall be offered to
        the Company at a purchase price not to exceed the fair market value of the vessel, which fair market value shall be determined as the average of two independent broker valuations of two brokers mutually agreeable to each of Diana and OceanPal. 
        Within seven (7) calendar days after receipt of such notice from Diana, OceanPal shall have the right to exercise its right of refusal and pursue the Acquisition Opportunity.  In the event that OceanPal does not exercise its right of first refusal
        on or before the seventh day following receipt of the notice from Diana, Diana shall be entitled to pursue such Acquisition Opportunity.  To the extent that the seller or charterer of any vessel that is the subject of an Acquisition Opportunity
        indicated in writing that it is unwilling or unable to sell or charter the vessel that is the subject of an Acquisition Opportunity to OceanPal, Diana shall have the right, but not the obligation, to purchase the vessel itself and offer OceanPal
        the opportunity to purchase the vessel on substantially the same terms within 30 days of such acquisition by Diana and OceanPal shall have up to 15 days to elect to purchase such vessel from Diana.

    
      
        

    

    
    (b) Vessel Employment. Diana hereby grants to OceanPal a right of first refusal over any employment opportunity for a dry bulk vessel pursuant to a spot market
        charter presented or available to Diana with respect to any vessel owned or chartered in, directly or indirectly, by Diana (a "Charter Opportunity") in accordance with this Section 1(b). In the event Diana
        receives an offer for or negotiates a Charter Opportunity relating to a dry bulk vessel for which an OceanPal vessel meets the charterer's requirements relating to, among other factors, vessel age, size and other specifications, vessel positioning,
        and cost, then prior to entering into such Charter Opportunity, Diana shall notify OceanPal of such Charter Opportunity. Within one (1) business day after receipt of such notice from Diana, OceanPal shall have the right, directly or through one or
        more wholly owned subsidiaries, to exercise its right of first refusal and enter into the Charter Opportunity. In the event that OceanPal does not exercise its right of first refusal on or before the fifth day following receipt of the notice from
        Diana, Diana shall be entitled to pursue such Charter Opportunity.

    2. Non-Solicitation.  Each of the parties agrees that during the term of this agreement and for a period of six (6) months thereafter, neither party will, without the prior written
        consent of the other party, directly or indirectly, including through a wholly-owned subsidiary or affiliate, on behalf of itself or any other individual or entity, solicit for employment, induce or encourage the resignation of any employee of the
        other party or its related entities, subsidiaries or affiliates, or any person who was employed by the other party or a subsidiary or affiliate of the other party within six months of the date of such solicitation; or in any other way interfere or
        attempt to interfere with the relationship of either party hereto with any of its or their employees, provided, however, that nothing herein shall be deemed to prohibit or limit (i) certain of the executive
        officers and/or directors of Diana set forth on Schedule I from providing services to OceanPal in their capacity as executive officers and / or directors of OceanPal or (ii) either party from hiring any
        person, including a person then employed by the other party, that is introduced to either party, or which Diana or OceanPal become aware of through, any non-targeted solicitation.

    3. Confidentiality.  Except as (i) the parties may otherwise agree or (ii) as may be required by either party in the disclosing party's reasonable opinion after consultation with
        outside legal counsel by applicable law (including without limitation U.S. federal securities law) or compliance with the requirements of any regulatory authority or stock exchange on which the shares of a party may be listed, any non-public
        information or confidential information relating to or obtained in the pursuant to this Agreement or any transaction contemplated therefor, or the business or affairs of either party, their respective subsidiaries or affiliates, shall be kept
        strictly confidential by the other party hereto; provided, however, in the case of clause (ii) of this Section 3, prior to any public disclosure by a party hereto contemplated to be made in order to comply with applicable law or requirements of
        regulatory authorities or stock exchange requirements, the disclosing party shall provide a draft of such public disclosure or other communication to the non-disclosing party in advance and consult with the non-disclosing party regarding the
        contents of such disclosure and, to the extent reasonably practicable in the circumstances, take into consideration any comments on such disclosure as may be provided by the non-disclosing party.

    4. Notices.  Each notice, consent or request required to be given to a party pursuant to this Agreement must be given in writing (including prepaid overnight courier or electronic
        mail) and will be given to such party at its respective address set forth below or at such other address as such party may hereafter specify for the purpose by notice to the other party.

    
      2

      
        

    

    

    

    
      	
              If to Diana:

               

              Diana Shipping Inc.

              Pendelis 16

              175 64 Palaio Faliro

              Athens, Greece

              Attention: Ioannis Zafirakis

              Tel: +30 2109470100

              Email: izafirakis@dianashippinginc.com

               

              With Copy to:

              Edward S Horton, Esq.

              Seward & Kissel LLP

              One Battery Park Plaza

              New York, New York 10004

              Tel: (212) 574-1265

              Email: horton@sewkis.com

            	
              If to OceanPal:

               

              OceanPal Inc.

              Pendelis 26

              175 64 Palaio Faliro

              Athens, Greece

              Attention: Eleftherios Papatrifon

              Tel: +30 210 9485360

              Email: lpapatrifon@oceanpal.com

               

              With Copy to:

              Edward S. Horton, Esq.

              Seward & Kissel LLP

              One Battery Park Plaza

              New York, New York 10004

              Tel: (212) 574-1265

              Email: horton@sewkis.com

            

    

    

    

    5. Termination. This Agreement shall terminate on the date that (i) Diana's ownership of OceanPal's equity securities represents less than 10% of the total
        outstanding voting power of OceanPal and (ii) Diana and OceanPal share no common executive officers.

    6. Governing Law.  This Agreement and the rights and obligations of the parties hereto will be governed by and construed in accordance with the laws of the State of New York.

    7. Further Assurances. Each of the parties to this Agreement agrees to execute, acknowledge and deliver all such instruments and take all such actions a party from time to time may
        reasonably request in order to further effectuate the purposes of this Agreement and to carry out the terms hereof and to better assure and confirm to the Company its rights, powers and remedies hereunder.

    8. Binding Effect; Assignment.  This Agreement will be binding upon and inure to the benefit of the parties and to their respective heirs, executors, administrators, successors and
        permitted assigns. This Agreement is not assignable by either party without the prior written consent of the other party.

    9. Severability.  If any term, covenant or condition of this Agreement is held to be invalid, illegal or unenforceable in any respect, then this Agreement will be construed as if
        such invalid, illegal, or unenforceable provision or part of a provision had never been contained in this Agreement.

    10. Counterparts.  This Agreement may be executed in multiple counterparts, each of which will be deemed an original and all of such counterparts together will constitute one
        agreement. To facilitate execution of this Agreement, the parties may execute and exchange counterparts of signature pages by electronic transmission (e.g., through use of a Portable Document Format or "PDF" file).

    [Signature page follows.]

    
      3

      
        

    

    IN WITNESS WHEREOF, this Agreement has been duly executed by the
      parties as of the date first written above.

    

    

    

    

    DIANA SHIPPING INC.

    

    

    /s/ Ioannis Zafirakis

    Name: Ioannis Zafirakis

    Title: Director, Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary

    

    

    OCEANPAL INC.

    

    

    /s/ Eleftherios Papatrifon

    Name: Eleftherios Papatrifon

    Title: Director and Chief Executive Officer

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    [Signature Page to Non-Competition Agreement]

    
      4

      
        

    

    Schedule I

    
      	
              Person

            	
              Diana Capacity

            	
              OceanPal Capacity

            
	
              Semiramis Paliou

            	
              Director and Chief Executive Officer

            	
              Director and Chairperson

            
	
              Ioannis Zafirakis

            	
              Director, CFO, Chief Strategy Officer, Treasurer & Secretary

            	
              Director, President, Interim Chief Financial Officer and Secretary

            
	
              Eleftherios Papatrifon

            	
              Chief Operating Officer

            	
              Director and Chief Executive Officer

            

    

    

    

    

    

    

    

    

    

    

    

  

  5Exhibit 4.5

    

    

    

    

    RIGHT OF FIRST REFUSAL AGREEMENT

     

    

    This Right of First Refusal Agreement (this "Agreement") is made effective as of November 8, 2021 between Diana Shipping Inc., a
      Marshall Islands corporation (the "Grantor"), and OceanPal Inc., a Marshall Islands corporation (the "Company").

     

    

    BACKGROUND

     

    

    The Company is a wholly-owned subsidiary of the Grantor, and the Grantor intends to distribute of all of the Company's
      issued and outstanding common shares to the Grantor's shareholders (the "Spin-Off") such that the Company will be an independent publicly traded company following the Spin-Off. In connection with the Spin-Off , the Grantor desires to grant the
      Company a right of first refusal to acquire one or all of six vessels identified in Exhibit A hereto  (each, a "Subject Vessel") when and if the Grantor determined to sell such Subject Vessel.

    AGREEMENT

     

    

    For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantor and the Company agree to the
      following:

     

    

    1. Vessel Sale Restriction.  The Grantor hereby agrees that it shall not sell, transfer or otherwise dispose of, whether by one or a series of transactions and whether directly or
        indirectly, any Subject Vessel (a "Sale") except as expressly permitted pursuant to this Agreement following the delivery by the Grantor to the Company of an Offer Notice with respect to the Subject Vessel proposed to be sold. If any
        affiliate of the Company shall at any time become the owner of a Subject Vessel, then the Company shall cause such affiliate to be bound by the terms hereof and all terms of this Agreement shall apply to such affiliate as if it were the Company.

    

    

    2. Offer Notice; Response Notice.  The Grantor may, from time to time, deliver to the Company notice of a potential or contemplated Sale (each such notice, an "Offer
          Notice"). Each Offer Notice shall include a description of the proposed purchase price, which purchase price shall be equal to the fair market value of the applicable Subject Vessel, as determined by the average of two independent shipbroker
        valuations from brokers mutually agreeable to the Grantor and the Company, and proposed terms and conditions of such Sale. Within seven (7) business days after receipt of any Offer Notice, the Company may, in its sole discretion, deliver notice to
        the Grantor (a "Response Notice") that the Company accepts the price and terms and conditions as those offered in the Offer Notice, subject to the negotiation and execution of a memorandum of agreement for the sale of the Subject Vessel as
        contemplated below and thereafter, the Grantor and the Company shall have thirty (30) days from the date on which the Company delivers the applicable Response Notice to negotiate in good faith, on an exclusive basis, the terms of purchase and sale
        agreement for the applicable Subject Vessel (a "Contract of Sale"), which terms shall be no less favorable to the Company than the purchase price and other terms and conditions contained in the Offer Notice and shall contain a due diligence
        period, customary representations and warranties and other provisions customary in similar types of transactions, as negotiated in good faith by the parties. The Company shall have the right to designate any direct or indirect wholly owned
        subsidiary to consummate the purchase of the Subject Vessel.

    
      
        

    

    
    

    

    3. Termination of Vessel Sale Restriction. If, following the delivery by the Grantor to the Company of an Offer Notice with respect to a Subject Vessel, (i) the Company fails to
        timely deliver a Response Notice with respect to such Offer Notice as provided in Section 2 above, (ii) the Company shall have delivered a Response Notice to the Grantor, and the Grantor and the Company have not executed a Contract of Sale within
        the time period contemplated by Section 2, above and such failure was not the result of a default by the Grantor hereunder, or (iii) a Contract of Sale has been entered into by the Grantor and the Company and thereafter is terminated other than on
        account of a breach by the Grantor, then the Grantor shall be free to sell such Subject Vessel (A) for a purchase price which is no less than one hundred percent (100%) of the purchase price contained in the applicable Offer Notice, and (B)
        otherwise upon substantially the same terms and conditions contemplated by the Offer Notice, so long as such Sale is consummated within three (3) months after the date on which the Company received the applicable Offer Notice. Upon such Sale
        described in the immediately preceding sentence, said right of first refusal (with respect to such Subject Vessel only) shall thereupon automatically terminate and shall be of no further force and effect and such right of first refusal shall not be
        binding upon the Grantor's successors or assigns. If such proposed Sale is not consummated as permitted hereunder within such three (3) month period, the Company's right of first refusal shall be deemed to be reinstated and Seller shall not have
        the right to sell such Subject Vessel until it has again complied with the provisions of this Agreement, including delivering an Offer Notice with respect to such Subject Vessel.

    

    

    4. Notices.  All notices, requests, demands and other communications to any party hereunder will be in writing (including prepaid overnight courier or electronic mail) and will be
        given to such party at its respective address set forth below or at such other address as such party may hereafter specify for the purpose by notice to the other party hereto.  Each such notice, request or other communication will be effective when
        received at the address specified in this Section or when delivery at such address is refused.

    

    

    Notices to the Grantor will be made as follows:

    

    

    Diana Shipping Inc.

    Pendelis 16

    175 64 Palaio Faliro

    Athens, Greece

    Attention: Ioannis Zafirakis

    Tel: +30 2109470100

    Email: izafirakis@dianashippinginc.com

    

    

    

    

    Notices to the Company will be made as follows:

    

    

    OceanPal Inc.

    Pendelis 26

    175 64 Palaio Faliro

    Athens, Greece

    Attention: Eleftherios Papatrifon

    Tel: : +30 210 9485360

    Email: lpapatrifon@oceanpal.com

    

    

    
      2

      
        

    

    

    

    5. Term. This Agreement shall terminate at such time that the Sale of each Subject Vessel has been consummated in accordance with this Agreement.

    

    

    6. Governing Law.  This Agreement and the rights and obligations of the parties hereto will be governed by and construed in accordance with the laws of the State of New York.

    

    

    7. Further Assurances.  The Grantor agrees to execute, acknowledge and deliver all such instruments and take all such actions as the Company from time to time may reasonably
        request in order to further effectuate the purposes of this Agreement and to carry out the terms hereof and to better assure and confirm to the Company its rights, powers and remedies hereunder.

    

    

    8. Binding Effect; Assignment.  This Agreement will be binding upon and inure to the benefit of the parties hereto and to their respective heirs, executors, administrators,
        successors and permitted assigns.  This Agreement is not assignable by either party without the prior written consent of the other party.

    

    

    9. Severability.  If any term, covenant or condition of this Agreement is held to be invalid, illegal or unenforceable in any respect, then this Agreement will be construed as if
        such invalid, illegal, or unenforceable provision or part of a provision had never been contained in this Agreement.

    

    

    9. Counterparts.  This Agreement may be executed in multiple counterparts, each of which will be deemed an original and all of such counterparts together will constitute one
        agreement. To facilitate execution of this Agreement, the parties may execute and exchange counterparts of signature pages by electronic transmission (e.g., through use of a Portable Document Format or "PDF" file).

    

    

    

    

    [Signature page follows.]

    
      3

      
        

    

    IN WITNESS WHEREOF, the parties hereto have executed or caused this Agreement to be executed as of the date set forth above.

    

    

    

    	 	 	
            DIANA SHIPPING INC.

          	 
	 	 	 	 
	 	 	
            By:

          	
            /s/ Ioannis Zafirakis

          	 
	 	 	 	
            Name: Ioannis Zafirakis

          	 
	 	 	 	
            Title: Director, Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary

          	 
	 	 	 	 
	 	 	 	 

    

    

    	 	 	
            OCEANPAL INC.

          	 
	 	 	 	 
	 	 	
            By:

          	
            /s/ Eleftherios Papatrifon

          	 
	 	 	 	
            Name: Eleftherios Papatrifon

          	 
	 	 	 	
            Title: Director and Chief Executive Officer

          	 
	 	 	 	 
	 	 	 	 

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    [Signature page to the Right of First Refusal Agreement]

    
      
        

    

    EXHIBIT A

    	 	
            Vessel Name

          
	
            1

          	
            Semirio

          
	
            2

          	
            Boston

          
	
            3

          	
            Melia

          
	
            4

          	
            Aliki

          
	
            5

          	
            Baltimore

          
	
            6

          	
            Artemis

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}]]