Document:

Exhibit

Exhibit 10.2

CHICO’S FAS, INC.
CASH BONUS INCENTIVE PLAN
(As Amended and Restated Effective June 24, 2020) 
1.    PURPOSE OF THE PLAN. 
The purpose of the Plan is to advance the interests of the Company and its shareholders by providing incentives in the form of bonus awards to certain associates of the Company and its Subsidiaries, rewarding our associates for financial performance that contributes to increased shareholder value and the continuing profitable operation of the Company, supporting the Company’s pay for performance philosophy and driving achievement of Plan results at both the Company and brand levels. The Plan is also intended to enable the Company to attract and retain appropriate talent and to motivate such associates to manage and grow the Company’s business and to attain the performance goals articulated under the Plan. 
2.    DEFINITIONS. 
The following capitalized terms used in the Plan have the respective meanings set forth in this Section:
(a)    “AWARD” means a bonus award granted pursuant to the Plan.
(b)    “BOARD” means the Board of Directors of the Company.
(c)    “CODE” means the Internal Revenue Code of 1986, as amended, or any successor thereto.
(d)    “COMMITTEE” means the Human Resources, Compensation and Benefits Committee of the Board, or any successor thereto or any other committee designated by the Board to assume the obligations of the Committee hereunder, which Committee shall be comprised solely of two or more independent directors of the Board.
(e)    “COMPANY” means Chico’s FAS, Inc., a Florida corporation, and, unless the context clearly provides otherwise, its Subsidiaries.
(f)    “DISABLED” or “DISABILITY” means the Participant was approved for a disability benefit under the Company’s long-term disability plan.  If the Participant is not then covered by the Company’s long-term disability plan, the Participant shall be determined to be Disabled using the same criteria and by the same persons as provided under the Company’s long-term disability program, in consultation with the Committee as needed.

(g)    “ELIGIBLE COMPENSATION” means compensation earned by the Participant from the Company or a Subsidiary during the Performance Period to include earnings payable during an approved leave of absence that are paid through the payroll of the Company or the Subsidiary; provided, however, that the following earnings are excluded: (i) expense reimbursements, (ii) contests, (iii) sign-on bonuses, (iv) all other bonuses (including payments of previous years’ bonus awards and performance-based lump sum awards), (v) severance or termination pay, (vi) retention awards, (vii) relocation, (viii) payments from deferred compensation arrangements or plans, (ix) compensation attributable to stock or equity vesting or payments, (x) dividend payments, and (xi) other types of payments designated by the Committee in writing as excluded.
(h)    “PARTICIPANT” means an associate of the Company or any of its Subsidiaries or the executive chair of the Board (whether working for the Company or a Subsidiary in an employee or other capacity) who is selected by the Committee to participate in the Plan pursuant to Section 4 of the Plan. All references to “associate” or “associates” in the Plan include the executive chair of the Board  unless the context clearly indicates otherwise. 
(i)    “PERFORMANCE GOALS” means one or more goals established by the Committee for the Performance Period using one or more of the Performance Metrics.
(j)     “PERFORMANCE METRICS” means one or more metrics selected by the Committee, including but not limited to one or more of the following or any derivations thereof: net sales; total sales; brand sales; brand contribution, comparable sales; revenue; revenue growth or product revenue growth; operating income (before or after taxes); pre- or after-tax income (before or after allocation of corporate overhead and bonus); net earnings; earnings per share; net income (before or after taxes); return on equity; total shareholder return; return on assets or net assets; appreciation in and/or maintenance of share price; gross profits; earnings (including earnings before taxes, earnings before interest and taxes or earnings before interest, taxes, depreciation and amortization); economic value-added models or equivalent metrics; comparisons with various stock market indices; reductions in costs; cash flow or cash flow per share (before or after dividends); free cash flow; return on capital (including return on total capital or return on invested capital); cash flow return on investment; improvement in or attainment of expense levels or working capital levels; operating margins, gross margins or cash margins; year-end cash; debt reductions; shareholder equity; market share; regulatory achievements; achievement of strategic performance objectives or other strategic objectives; implementation, management or completion of critical projects or processes; implementation, completion, or attainment of measurable objectives with respect to research, development, products, projects or recruiting or maintaining personnel; and any combination of the foregoing business criteria.     
(k)    “PERFORMANCE PERIOD” means the Company’s fiscal year or such other period as designated by the Committee. 
(l)    “PLAN” means the Chico’s FAS, Inc. Cash Bonus Incentive Plan, as amended and restated and as may be amended from time to time. 

(m)      “SUBSIDIARY” means any entity that would be considered a single employer with the Company within the meaning of Section 414(b) or Section 414(c) of the Code.  
3.    ADMINISTRATION. 
(a)    Authority.    The Plan shall be administered by the Committee. The Committee shall have the authority to select the associates to be granted Awards under the Plan, to determine the size and terms of an Award (subject to the limitations imposed on Awards in Section 5 of the Plan), to modify the terms of any Award that has been granted, to determine the time when Awards will be made, the amount of any payments pursuant to such Awards, and the Performance Period to which they relate, to establish Performance Metrics and Performance Goals in respect of such Performance Periods and to determine whether such Performance Goals were attained. The Committee is authorized to interpret the Plan, to establish, amend and rescind any rules and regulations relating to the Plan, and to make any other determinations that it deems necessary or desirable for the administration of the Plan. The Committee may correct any defect or omission or reconcile any inconsistency in the Plan in the manner and to the extent the Committee deems necessary or desirable. Any decision of the Committee in the interpretation and administration of the Plan, as described herein, shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned. Determinations made by the Committee under the Plan need not be uniform and may be made selectively among Participants, whether or not such Participants are similarly situated. 
(b)    Delegation.    The Committee may delegate to one or more associates of the Company or any of its Subsidiaries, including, but not limited to the Company’s Chief Executive Officer, the authority to take actions on its behalf pursuant to the Plan; provided, however, only the Committee may take actions with regard to Awards granted to executive officers (as defined in the Committee’s charter).  Other than with regard to Section 8 of the Plan and except with regard to executive officers (as defined in the Committee’s charter), any reference to “Committee” in the Plan shall mean its delegee with regard to any delegated action.  
(c)    No Liability; Indemnification.     No member of the Committee shall be liable for any action or determination made in good faith with respect to the Plan.  To the fullest extent permitted by law, each person who is or shall have been a member of the Committee shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan and against and from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such action, suit, or proceeding against him or her, provided that the person shall give the Company an opportunity, at its own expense, to handle and defend the same before the person undertakes to handle and defend it on his or her own behalf.  The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Articles of Incorporation or Bylaws, by contract or under a policy of insurance, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or hold them harmless.

4.    ELIGIBILITY AND PARTICIPATION. 
The Committee shall determine the associates or the executive chair of the Board (whether the executive chair is working for the Company or a Subsidiary in an employee or other capacity) who shall be Participants for the Performance Period. Except for the executive chair of the Board, only common law employees of the Company or any of its Subsidiaries shall be eligible for selection as Participants. The designation of Participants may be made individually or by groups or classifications of associates, as the Committee deems appropriate. Participants may be granted one or more Awards.  However, no Participant shall be eligible for an Award for a Performance Period to the extent the Participant is also eligible to participate in another short-term cash incentive program of the Company or any Subsidiary.  As provided in Section 6(a) of the Plan, newly hired associates  must be employed in an eligible position for at least one full fiscal quarter during the Performance Period for the Committee to designate them as a Participant in the Plan.  
5.    AWARDS. 
(a)    Performance Goals.  Awards under the Plan shall be conditioned on the attainment of one or more Performance Goals based upon the Performance Metrics selected by the Committee. The Performance Goals shall be determined and approved by the Committee, in its sole discretion. The Committee shall determine the formula and weightings for the Performance Goals. The Performance Goals may be expressed in terms of absolute growth, cumulative growth, percentage growth, a designated absolute amount, percentage of sales, and per share value of the Company’s common stock outstanding.  In addition, the Performance Goals may be based solely by reference to the Company’s performance or the performance of a Subsidiary, division, business segment or business unit of the Company, or based upon the Company’s performance measured against or in relationship to one or more companies, a pre-established target, the Company’s budget or budgeted results, previous period results, an index covering multiple companies, a designated comparison group of other companies comparably, similarly or otherwise situated, individual performance, or any combination thereof. The Committee may also exclude charges related to an event or occurrence which the Committee determines should appropriately be excluded, including the impact of (i) restructurings, discontinued operations, extraordinary items, debt redemption or retirement, asset write downs, the impact of material litigation or claim judgments or settlements or insurance settlements, acquisitions or divestitures, foreign exchange gains and losses, and other unusual or non-recurring charges, (ii) the impact of changes to comply with the new lease accounting standards, (iii) an event or series of events either not directly related to the operations of the Company or not within the reasonable control of the Company’s management, or (iv) the cumulative effects of tax or accounting changes in accordance with U.S. generally accepted accounting principles.  
(b)    Performance Levels; Performance Gates.    Subject to Section 5(d) of the Plan, the Committee (i) shall establish target(s) (the “Target”) that is the achievement level of performance for the Performance Period that equals one hundred percent (100%) payout of the Award; (ii) may establish threshold(s) (the “Threshold”) that is the minimum acceptable level of performance for the Performance Period for any payout of the Award to occur; and (iii) may establish maximum(s) (the “Maximum”) that is the maximum level of performance for the Performance Period for which any payout of the Award will occur. If performance for a Performance Period is 

between the established Threshold and Target or between the established Target and Maximum, the achievement for that Performance Period will be determined by applying linear interpolation to the performance interval.  The Committee may also designate a separate level of performance that must be met (the “Performance Gate”) for any Award to be payable for the Performance Period regardless of the level of performance achievement of any other designated Performance Goals.
(c)    Target Bonus Amount; Maximum Cash Value.  Subject to Section 5(d) of the Plan, the Committee shall determine and specify a target bonus amount, based on a percentage of Eligible Compensation, to be payable pursuant to each Award for each Participant if the Performance Goal is achieved at Target for a Performance Period.  Notwithstanding any provision of the Plan to the contrary, the maximum dollar value payable to any one individual Participant during any one-fiscal-year period is $5 million.
(d)    Performance Achievement; Amount Payable.  Subject to the maximum cash value set forth in Section 5(c) of the Plan, the amount payable pursuant to an Award shall be determined by the Committee in its sole discretion, based on actual performance, any prescribed weighting of the Performance Goals if more than one, and the Committee’s determination of whether and to what extent each applicable Performance Goal and Performance Gate, if any, have been met. No amounts shall be paid if the Performance Goal(s) or the Performance Gate, if any, upon which the Award is contingent have not been met, as determined by the Committee. The Committee shall have the discretion to decrease, but not increase, the amount of any payment otherwise payable pursuant to an Award based on such factors as it shall deem appropriate, including but not limited to, unacceptable individual performance. The Committee shall also have the discretion to pay a portion of the Award prior to the end of the Performance Period or to shorten the Performance Period; provided that the Committee determines that the Performance Goal(s) and the Performance Gate, if any, for the full or shortened Performance Period, as applicable, has been met.
(e)    Service Requirements and Payment of Awards.  Except as otherwise provided in Section 6, in addition to the performance requirements set forth in Sections 5(a) through (d), a Participant must be employed by or provide services to the Company or a Subsidiary through the date of payment of the Award to be eligible to receive an Award.  Subject to the following sentence, the amount of the Award payable as determined by the Committee for the Performance Period shall be paid to the Participant in cash in one lump sum within seventy (70) days following the end of the applicable Performance Period.  Instead of payment in cash, the Committee in its sole discretion may choose to pay the Award in shares of the Company’s common stock under the Chico’s FAS, Inc. 2020 Omnibus Stock and Incentive Plan or any successor stock plan (the “Stock Plan”), to the extent permitted, and in accordance with the requirements under, the Stock Plan.  Payment of the Award may be delayed to the extent allowed under Section 409A of the Code; provided that the short-term deferral exception under Section 409A of the Code continues to apply to the Award.  No interest shall be paid for any delay in payment.  
6.      CHANGES IN EMPLOYMENT STATUS; TERMINATION.
      (a)    New Hires.     A newly hired associate hired into an eligible position must be employed in the eligible position for at least one full fiscal quarter during the Performance Period for the Committee to be able to designate them as a Participant in the Plan.  Unless otherwise 

provided by the Committee in writing and subject to the preceding requirement, a Participant who is not a Participant for the full Performance Period due to the Participant’s hire after the beginning of the Performance Period and who is otherwise designated as a Participant by the Committee will have the right to receive a pro-rated Award calculated based on Eligible Compensation from the date of hire, subject in all events to the performance, discretion, service and payment provisions in Section 5 of the Plan.  
(b)    Promotions or Transfers.  Unless otherwise provided by the Committee in writing, a Participant who is not a Participant for the full Performance Period due to the Participant’s promotion or transfer after the beginning of the Performance Period and who is otherwise designated as a Participant by the Committee will have the right to receive a pro-rated Award calculated based only on Eligible Compensation during the portion of the Performance Period that the Participant participated in the Plan, subject in all events to the performance, discretion, service and payment provisions in Section 5 of the Plan.
(c)    Paid Leaves of Absences.  Unless otherwise provided by the Committee in writing, a Participant who is on a paid leave of absence during  the Performance Period will have the right to receive an Award based on Eligible Compensation during both active service and the paid leave of absence, subject in all events to the performance, discretion, service and payment provisions in Section 5 of the Plan.  
(d)    Demotions, Transfers and Unpaid Leaves of Absences.  Unless otherwise provided by the Committee in writing, a Participant who is not a Participant for the full Performance Period due to his demotion or transfer to an ineligible position or his unpaid leave of absence will have the right to receive a pro-rated Award calculated based only on Eligible Compensation during the portion of the Performance Period that the Participant was eligible to participate in the Plan, subject in all events to the performance, discretion, service and payment provisions in Section 5 of the Plan.  
(e)    Termination of Employment.  
(i)    Except as provided otherwise in Section 6(e)(ii) through (vi) below, and unless otherwise provided by the Committee in writing or otherwise required by applicable law, a Participant whose employment is terminated by the Company or a Subsidiary or by the Participant prior to the date of payment of the Award will forfeit any and all rights with respect to the Award.  
(ii)    A Participant whose employment is terminated by the Company without Cause (other than due to a Disability) on or after the last day of the Performance Period will have the right to receive the Award under the Plan that otherwise would have been due had the Participant remained employed, subject in all events to the performance, discretion and payment provisions in Section 5 of the Plan, and, for an officer of the Company or a Subsidiary who is terminated without Cause  at least twenty-eight (28) days prior to the latest date of payment of the Award provided in Section 5(e) of the Plan, subject to, prior to the date of payment, the Participant providing, and not revoking within the applicable revocation period, a general release of claims in the form required by the Company.  For purposes of the Plan, “Cause” will mean (a) breach of trust, (b) unauthorized disclosure of proprietary information or trade secrets, or violation of any confidentiality or similar 

agreement signed, (c) unauthorized disclosure of client or prospective client lists developed by the Company or a Subsidiary, (d) attempts to recruit an employee of the Company or a Subsidiary to the service of another, or to interfere with the relationship between the Company or a Subsidiary and any such employee, (e) publication or other utterance of disparaging remarks intended to have, or having, the effect of damaging the reputation of the Company or a Subsidiary or casting aspersions on the quality of services provided by the Company or a Subsidiary (other than testimony compelled by order of a court or other governmental body of competent jurisdiction or other communication with a governmental agency protected under law), (f) acts of dishonesty, (g) engagement in criminal conduct or other serious misconduct that is likely to be harmful to the business or reputation of the Company or a Subsidiary, (h) gross misconduct or willful violation of a Company or Subsidiary policy, or (i) failure to substantially perform Participant’s employment duties after receipt of notice from Company or a Subsidiary detailing such failure if the failure is incapable of cure or, if the failure is capable of cure, upon failure to cure following thirty (30) days after the Company or a Subsidiary provides written notice of such failure or upon a subsequent recurrence (other than as a result of incapacity due to physical or mental illness).
(iii)    The Committee has the discretion to decide to pay an Award to a Participant who terminates his or her employment on or after the last day of the Performance Period that otherwise would have been due had the Participant remained employed, subject in all events to the performance, discretion and payment provisions in Section 5 of the Plan, and, in the Committee’s sole discretion, subject to any additional requirements or restrictions the Committee may impose, including requiring a general release of claims from the Participant prior to the date of payment of the Award.  
(iv)    In no event will a Participant be eligible to receive an Award under both this Plan and a separate severance plan or agreement (a “Severance Plan”) and any ambiguity with regard to right to, or amount of, any such payment shall be determined by the Committee in its sole discretion. 
(v)    A Participant whose employment is terminated by the Company due to a Disability on or after the last day of the Performance Period will have the right to receive the Award, subject in all events to the performance, discretion and payment provisions in Section 5 of the Plan.  A Participant whose employment is terminated by the Company due to a Disability before the last day of the Performance Period and who has been employed at least one full fiscal quarter during the Performance Period will have the right to receive a pro-rated Award calculated based on Eligible Compensation during the portion of the Performance Period that the Participant was employed, subject in all events to the performance, discretion and payment provisions in Section 5 of the Plan.  
(vi)    In the event a Participant’s employment is terminated due to the Participant’s death on or after the last day of the Performance Period, the Participant’s estate will have the right to receive the Award, subject in all events to the performance, discretion and payment provisions in Section 5 of the Plan.  In the event a Participant’s employment is terminated due to the Participant’s death before the last day of the Performance Period, the Participant’s estate will have the right to receive a pro-rated Award calculated based on Eligible Compensation during the portion of the 

Performance Period that the Participant was employed, subject in all events to the performance, discretion and payment provisions in Section 5 of the Plan.   
(f)    Executive Chair.  The Committee will determine the terms of payment of the Award to the executive chair of the Board in the event of a change in status from employee to non-employee or vice versa or in the event of a termination of service.  In the absence of action by the Committee, the provisions of Section 6(a) through 6(e) of the Plan will apply to the executive chair of the Board based on service to the Company whether as an employee or otherwise.
7.    WITHHOLDINGS.    
The Company and its Subsidiaries shall have the right to deduct from any payment made under the Plan any federal, state, local or foreign income or other taxes required by law to be withheld with respect to such payment.
8.    AMENDMENTS OR TERMINATION. 
The Board or the Committee may amend, alter or discontinue the Plan at any time, but no amendment, alteration or discontinuation shall be made which would impair any of the rights or obligations under any Award theretofore granted to a Participant under the Plan without such Participant’s consent; provided, however, that the Board or the Committee (a) may amend, alter or discontinue the Plan without any such Participant’s consent in the event such amendment, alteration or discontinuance applies to at least seventy percent (70%) of Participants under the Plan for the applicable Performance Period and the Board or Committee has determined in good faith that such amendment, alteration or discontinuance is needed for the financial health of the Company; and (b) may amend or alter the Plan without any such Participant’s consent in such manner as it deems necessary to permit the granting or payment of Awards meeting the requirements of any applicable law, rule or regulation. 
9.    NO RIGHT TO EMPLOYMENT. 
Neither the Plan nor any action taken hereunder shall be construed as giving any Participant or other person any right to continue to be employed by or perform services for the Company or any Subsidiary, and the right to terminate the employment of or performance of services by any Participant at any time and for any reason is specifically reserved to the Company and its Subsidiaries. 
10.    NONTRANSFERABILITY OF AWARDS. 
An Award shall not be transferable or assignable by the Participant except to the extent specifically provided herein upon the Participant’s death. 
11.    CLAWBACK PROVISIONS.
Each Award (whether vested or unvested) shall be subject to such recovery or clawback as may be required pursuant to any applicable federal or other law or regulation, any applicable listing standard of any national securities exchange or system on which the Company’s common stock is 

then listed or reported or the terms of the Company’s recoupment, clawback or similar policy as may be adopted from time to time by the Board or the Committee, which could in certain circumstances require repayment or forfeiture of Awards.
12.    OFFSET OF AWARDS. 
Notwithstanding anything to the contrary herein, the Committee, in its sole and absolute discretion, may reduce any amounts otherwise payable to any Participant hereunder in order to satisfy any liabilities owed to the Company or any of its Subsidiaries by the Participant. 
13.    ADJUSTMENTS UPON CERTAIN EVENTS. 
In the event of any material change in the business assets, liabilities or prospects of the Company, any division or any Subsidiary, the Committee in its sole and absolute discretion and without liability to any person may make such adjustment, if any, as it deems to be equitable as to any affected terms of outstanding Awards. 
14.    OBLIGATIONS UNDER PLAN. 
The Company is the sponsor and legal obligor under the Plan and shall make all payments hereunder, other than any payments to be made by any of the Subsidiaries (in which case payment shall be made by such Subsidiary, as appropriate). The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to ensure the payment of any amounts under the Plan, and the Participants’ rights to the payment hereunder shall be no greater than the rights of the Company’s (or Subsidiary’s) unsecured creditors. All expenses involved in administering the Plan shall be borne by the Company.  Notwithstanding any other provision of the Plan, the Company shall have no liability for taxes, penalties or interest required to be paid by the Participant or the Participant’s estate under applicable law.  
15.    CHOICE OF LAW. 
The Plan shall be governed by and construed in accordance with the laws of the State of Florida applicable to contracts made and to be performed in the State of Florida. 
16.    EFFECTIVENESS OF THE PLAN. 
The Plan, as amended and restated, has been approved by the Committee, shall apply to bonuses under the Plan beginning with performance during the Company’s 2020 fiscal year and shall remain in effect until the Committee or Board terminates the Plan in accordance with Section 8 of the Plan.Exhibit 4.1

  

   

  

   

  

  
    
      
        

    

     

    

    CASTOR MARITIME INC.

    

    

    and

    

    

    AMERICAN STOCK TRANSFER & TRUST COMPANY, as

    Warrant Agent

    

    

    
      

      

    

    Warrant Agency Agreement

    

    

    Dated as of June 26, 2020

     

    

    
      

     

    

     

    

     

    

    
      
        

    

    
    WARRANT AGENCY AGREEMENT

    

    

    WARRANT AGENCY AGREEMENT, dated as of June 26, 2020 (“Agreement”), between Castor Maritime Inc., a corporation organized under the laws of the Republic
      of the Marshall Islands (the “Company”), and American Stock Transfer & Trust Company. (the “Warrant Agent”).

    

    

    W I T N E S S E T H

    

    

    WHEREAS, pursuant to a registered offering by the Company of 51,400,000 Units (the “Offering”), with each Unit consisting of one Common Share of the
      Company, par value $0.001 per share (the “Common Share”) (or one pre-funded warrant to purchase one Common Shares at an exercise price of $0.01 per share (the “Pre-Funded Warrants”) for any purchaser who, as a result of purchasing
      securities in the Offering, would, together with its affiliates and other related parties, beneficially own more than 4.99% of the Company’s outstanding Common Shares immediately following the consummation of the Offering) and one Class A warrant
      (collectively, the “Warrants”) to purchase one Common Share (the “Warrant Shares”) at a price of $ 0.35 per share (or 100 % of the price of each Unit sold in the Offering); and

    

    

    WHEREAS, the Company granted an over-allotment option to purchase up to fifteen percent (15%) of  the aggregate number of Shares and/or Prefunded Warrants
      and/or Warrants sold, including warrants to purchase an additional 7,710,000 Common Shares (the “Over-Allotment Option”) to the Underwriters; 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. 333-238990) (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 Common Shares (or Pre-Funded Warrants) and Warrants to be issued in connection with the Offering shall be immediately separable and will be issued
      separately, but will be purchased together in the Offering; 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, in the Warrant Agent’s capacity as the Company’s transfer agent, the delivery of the Warrant Shares (as defined below).

    

    

    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.

    
      2

      
        

    

    

    

    

    

    (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 1 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.

    

    

    Section 2. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the 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 “DTC”), or as otherwise directed by the DTC. 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 DTC or its nominee for each Global Warrant or (ii) institutions that have accounts with the DTC (such institution, with respect to
      a Warrant in its account, a “Participant”).

    

    

     (b) If the DTC 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 DTC to
      deliver to the Warrant Agent for cancellation of 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 1 (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 1 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 Shares 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 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 herein to the contrary, the Company shall act as warrant agent with respect to any Definitive
      Certificate requested and issued pursuant to this section.  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.

    
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    (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 DTC 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 DTC, 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 DTC’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 Shares (“Notice of Exercise”)
      and the form of assignment to be printed on the reverse thereof, shall be substantially in the form of Exhibit 1 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 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 Warrant Agreement any such person was not such an officer.

    

    

    The Warrant Agent will keep or cause to be kept, at one of its offices, 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, 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 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.

    
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    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 Common Shares 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 principal
      office of the Warrant Agent. 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 per
      the fee schedule mutually agreed upon by the parties hereto and provided separately on the date hereof.

    

    

    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 customary form and amount (but, with respect to any
      Definitive Certificates, shall not include the posting of any bond by the Holder), and satisfaction of any other reasonable requirements established by Section 8-405 of the Uniform Commercial Code as in effect in the State of Delaware, 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.

    

    

    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 principal office of the Warrant Agent or to the
      office of one of its agents as may be designated by the Warrant Agent 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 DTC (or another established clearing corporation performing
      similar functions), shall effect exercises by delivering to the DTC (or such other clearing corporation, as applicable) the appropriate instruction form for exercise, complying with the procedures to effect exercise that are required by the DTC (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 its name and that the Warrant Agent may receive
      investment earnings in connection with the investment at Warrant Agent’s 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.  No
      ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. 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 DTC (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.

    
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    (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 DTC 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 DTC 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) The Warrant Agent shall deposit all funds received by it in payment of the Exercise Price for all Warrants in the account of the Company maintained with the
      Warrant Agent for such purpose (or to such other account as directed by the Company in writing) and shall advise the Company via email at the end of each day on which notices of exercise are received or funds for the exercise of any Warrant are
      received of the amount so deposited to its account.

    

    

    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 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 Common Shares 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).

    
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    (b) As of the date hereof, the authorized capital stock of the Company consists of (i) 1,950,000,000 Common Shares, of which approximately 11,360,190 Common
      Shares are issued and outstanding, and 60,000,000 Common Shares are reserved for issuance upon exercise of the Warrants, and (ii) 50,000,000 preferred shares, par value $0.001 per share, of which 480,000 Series A Preferred Shares and 12,000 Series B
      Preferred Shares are currently 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.

    

    

    (c) The Company covenants and agrees that it will cause to be reserved and kept available out of its authorized and unissued Common Shares or its authorized and
      issued Common Shares held in its treasury, free from preemptive rights, the number of Common Shares 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 Shares 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 Shares 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 Shares 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 Common Shares 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 Share Record Date. Each Person in whose name any certificate for Common Shares is issued (or to whose broker’s account is credited
      Common Shares 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 Shares 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 Shares transfer books of the Company are closed, such Person shall be deemed to have become the
      record holder of such shares on, and such certificate shall be dated, the next succeeding day on which the Common Shares transfer books of the Company are open.

    

    

    Section 11. Adjustment of Exercise Price, Number of Common Shares 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 Common Shares, 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 Common Shares 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 Common Shares purchasable from time to time hereunder upon exercise of the Warrants, all subject to further adjustment as provided herein.

    
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    Section 12. Certification of Adjusted Exercise Price or Number of Common Shares. Whenever the Exercise Price or the number of Common Shares 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 Shares 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 Shares.

    

    

    (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 down).

    

    

    (b) The Company shall not issue fractions of Common Shares upon exercise of Warrants or distribute stock certificates which evidence fractional Common Shares.
      Whenever any fraction of a Common Share 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 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 on the fee schedule mutually
                  agreed upon by the parties hereto and provided separately 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)
                  incurred without gross negligence or willful misconduct by the Warrant Agent in connection with the services rendered hereunder by the Warrant Agent. 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, arising out of or in connection with its acting as 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 provided by this paragraph shall survive the resignation or discharge of the Warrant Agent 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, 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 Warrant 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.

              

      

    

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

              

      

    

    
      9

      
        

    

    

    

    

    

    Section 15. Purchase or Consolidation or Change of Name of Warrant Agent. Any corporation into which the Warrant Agent or any successor Warrant Agent
      may be merged or with which it may be consolidated, or any corporation resulting from any merger or consolidation to which the Warrant Agent or any successor Warrant Agent shall be party, or any corporation 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
      corporation 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 terms and
      conditions, by all of which the Company, by its acceptance hereof, shall be bound:

    

    

    (a) The Warrant Agent may consult with legal counsel reasonably acceptable to the Company (who may be legal counsel for the Company), and the opinion of such
      counsel shall be full and complete authorization and protection to the Warrant Agent as to any action taken or omitted by it in good faith and in accordance with such opinion.

    

    

    (b) 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 good 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, or
      for a breach by it of this Agreement.

    

    

    (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.

    
      10

      
        

    

    

    

    

    

    (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 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 Common Shares 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 Common Shares to be issued pursuant to this Agreement or any Warrant Certificate
      or as to whether any Common Shares 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 good faith in accordance with instructions of any such officer, provided Warrant Agent carries out such instructions without gross negligence or willful misconduct.

    

    

    (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 attorney or agents, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorney or agents or for any loss to the Company resulting from any such act, default, neglect or
      misconduct, provided reasonable care was exercised in the selection and continued employment thereof.

    
      11

      
        

    

    

    

    

    

    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 Shares and to the Holders of the Warrant Certificates. 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 Shares, 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 such a court, shall be a corporation 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. 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 Shares, 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:

          
	 	 	 
	 	 	
            Castor Maritime Inc.

              223 Christodoulou Chatzipavlou Street

              Hawaii Royal Gardens

              3036 Limassol, Cyprus

          
	 	 	 
	 	
            (b)

          	
            If to the Warrant Agent, to:

          
	 	 	 
	 	 	
            American Stock Transfer & Trust Company

              6201 15th Ave

              Brooklyn, NY 11219

          

    

    

    
      12

      
        

    

    

    

    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 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 DTC (or its designee) pursuant to the procedures of the DTC 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 Common
      Shares issuable under Warrants which are not beneficially owned by Affiliates of the Company, 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 Warrant 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.

    

    

    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 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. 
      Notwithstanding anything to the contrary contained herein, to the extent any provision of a Warrant Certificate conflicts with any provision of this Agreement, the provisions of the Warrant Certificate shall govern and be controlling.

    

    

    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 New York, 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 Shares, except to the extent any such information is publicly available on the EDGAR system (or any successor thereof) of the Securities and Exchange Commission.

    

    

    

    

    [Signature page to follow]

    

    

    
      13

      
        

    

    IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

    

    

    	 	
            CASTOR MARITIME INC.

          
	 	 
	 	 
	 	
            By:

          	
            /s/Petros Panagiotidis

          
	 	
            Name:

          	
            Petros Panagiotidis

          
	 	
            Title:

          	
            Chief Executive Officer

          
	 	 	 
	 	 
	 	
            AMERICAN STOCK TRANSFER & TRUST COMPANY

          
	 	 
	 	
            By:

          	
            /s Michael Legregin

          
	 	
            Name:

          	
            Michael Legregin

          
	 	
            Title:

          	
            Senior Vice President

          
	 	 	 

    

    

    

    

    
      14

      
        

    

    Exhibit 1

    

    

     Form of Warrant Certificate

    
      15

      
        

    

    

    

    

    

     

    FORM OF CLASS A COMMON SHARE PURCHASE WARRANT

     

    CASTOR MARITIME INC.

     

    	
            Warrant Shares: _______

          	
            Issue Date: June 26, 2020

          

     

    THIS COMMON SHARE PURCHASE WARRANT (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”) is entitled,
      upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the Issue Date and on or prior to 5:00 p.m. (New York City time) on June 25, 2025 (the “Termination Date”) but not
      thereafter, to subscribe for and purchase from Castor Maritime Inc., a Marshall Islands corporation (the “Company”), up to ______ Common Shares (as subject to adjustment hereunder, the “Warrant Shares”).  The purchase price of one
      Common Share under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant shall initially be issued and maintained in the form of a security held in book-entry form and The Depository Trust Company or its nominee
      (“DTC”) shall initially be the sole registered holder of this Warrant, subject to a Holder’s right to elect to receive a Warrant in certificated form pursuant to the terms of the Warrant Agency Agreement, in which case this sentence shall not
      apply.

     

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

     

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

     

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

     

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

    

    

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

     

    “Common Shares” means common shares of the Company, par value $0.001 per share, and any other class of securities into
      which such securities may hereafter be reclassified or changed.

     

    
      16

      
        

    

    

    

    

    

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

     

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

     

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

     

    “Registration Statement” means the Company’s registration statement on Form F-1 (File No. 333-238990).

     

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

     

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

     

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

    

    

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

     

    “Transfer Agent” means American Stock Transfer & Trust Company, the current transfer agent of the Company with a
      mailing address of 6201 15th Ave., Ste. 3K, Brooklyn, NY 11219, and any successor transfer agent of the Company.

     

    “Underwriting Agreement” means the underwriting agreement, dated as of  June 23, 2020 among the Company and Maxim Group
      LLC as representative of the underwriters named therein, as amended, modified or supplemented from time to time in accordance with its terms.

      

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

     

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

     

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

     

    
      17

      
        

    

    

    

    

    

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

     

    Section 2.                Exercise.

     

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

     

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

     

    b)                  Exercise Price.  The exercise price per Common Share under this Warrant shall be $0.35, subject to adjustment hereunder (the “Exercise
        Price”).

     

    c)                  Cashless Exercise.  If at the time of exercise hereof, there is no effective registration statement registering, or the prospectus
      contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a
      number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

     

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

     

    
      18

      
        

    

    

    

    

    

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

     

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

     

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

     

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

     

    d)                  Mechanics of Exercise.

     

    i.             Delivery of Warrant Shares Upon Exercise.  The Company shall cause the Warrant Shares purchased hereunder to be
      transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then
      a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) this Warrant is being exercised via cashless exercise, and
      otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified
      by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company or the Warrant Agent of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise
      Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company or the Warrant Agent of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery
      of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant
      Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period
      following delivery of the Notice of Exercise. If the Company fails for any reason to deliver or cause the delivery to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the
      Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Shares on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20
      per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to
      maintain a transfer agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days,
      on the Company’s primary Trading Market with respect to the Common Shares as in effect on the date of delivery of the Notice of Exercise.

     

    
      19

      
        

    

    

    

    

    

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

     

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

     

    iv.            Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise.  In addition to any other rights
      available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date,
      and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, Common Shares to deliver in satisfaction of a sale by the Holder of the Warrant
      Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any)
      for the Common Shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell
      order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise
      shall be deemed rescinded) or deliver to the Holder the number of Common Shares that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder.  For example, if the Holder purchases Common Shares
      having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant to purchase Common Shares with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the
      immediately preceding sentence, the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company,
      evidence of the amount of such loss.  Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief
      with respect to the Company’s failure to timely deliver Common Shares upon exercise of the Warrant as required pursuant to the terms hereof.

     

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

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

     

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

     

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

    
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    Section 3.                Certain Adjustments.

     

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

     

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

     

    c)              Pro Rata Distributions.  During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other
      distribution of its assets (or rights to acquire its assets) to all holders of Common Shares, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of
      a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction), except to the extent an adjustment was already made pursuant to Section 3(a) (a "Distribution"), at any time after the
      issuance of this Warrant, then, in each such case, then the Exercise Price shall be decreased, effective immediately after the effective date of such Distribution, by the  amount of cash and/or the fair market value (as determined by the Company’s
      Board of Directors, in good faith) of any securities or other assets paid on each Common Share in respect of such Distribution in order that subsequent thereto upon exercise of the Warrants the Holder may obtain the equivalent benefit of such
      Distribution.

     

    
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    d)              Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more
      related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (and all of its Subsidiaries, taken as a whole), directly or indirectly, effects any sale, lease, license, assignment, transfer,
      conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is
      completed pursuant to which holders of Common Shares are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Shares, (iv) the Company,
      directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Shares or any compulsory share exchange pursuant to which the Common Shares are effectively converted into or
      exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a
      reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding Common Shares (not including any Common Shares held by
      the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon
      any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the
      Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of Common Shares of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
      (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder of the number of Common Shares for which this Warrant is exercisable immediately prior to such Fundamental Transaction (without regard to any
      limitation in Section 2(e) on the exercise of this Warrant).  For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount of Alternate
      Consideration issuable in respect of one Common Share in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different
      components of the Alternate Consideration.  If holders of Common Shares are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
      Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.  Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at
      the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this
      Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction; provided,
      however, if the Fundamental Transaction is not within the Company's control, including not approved by the Company's Board of Directors, the Holder shall only be entitled to receive from the Company or any Successor Entity, as of the date of
      consummation of such Fundamental Transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of this Warrant, that is being offered and paid to the holders of Common Shares
      of the Company in connection with the Fundamental Transaction, whether that consideration be in the form of cash, stock or any combination thereof, or whether the holders of Common Shares are given the choice to receive from among alternative forms
      of consideration in connection with the Fundamental Transaction.  “Black Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined as of the day of
      consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the
      applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization factor) as of
      the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if
      any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the greater of (x) the last VWAP immediately prior to the public announcement of such Fundamental Transaction and (y) the last VWAP
      immediately prior to the consummation of such Fundamental Transaction, (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date and (E) a zero cost of
      borrow.  The payment of the Black Scholes Value will be made by wire transfer of immediately available funds within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction). The Company shall
      cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this
      Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the Holder, deliver to
      the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of
      such Successor Entity (or its parent entity) equivalent to the Common Shares acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with
      an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the Common Shares pursuant to such Fundamental Transaction and the value of such shares of capital stock, such
      number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and
      substance to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant referring
      to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such Successor Entity had been
      named as the Company herein.

     

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

     

    f)               Notice to Holder.

     

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

     

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

    

    

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

     

    
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    Section 4.                Transfer of Warrant.

     

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

     

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

     

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

     

    Section 5.                Miscellaneous.

     

    a)              No Rights as Shareholder Until Exercise.  This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a
      shareholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. 

     

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

     

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

    
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    d)              Authorized Shares.

     

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

     

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

     

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

     

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

     

    
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    f)               Jurisdiction; Agent for Process. Each party agrees that all legal proceedings concerning the
        interpretations, enforcement and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or their respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be
        commenced exclusively in the state and federal courts sitting in the City of New York.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for
        the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not
        personally subject to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process
        being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees
        that, subject to applicable law, such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.
        If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for their reasonable attorneys’ fees and other
        costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. In addition to and without limiting the foregoing, the Company has confirms that it has appointed Seward & Kissel LLP, with a business
        address at One Battery Park Plaza, New York, New York 10004, as its authorized agent (the “Authorized Agent”) upon whom process may be served in
        any suit, action or proceeding arising out of or based upon this Warrant or the transactions contemplated herein which may be instituted in any New York federal or state court, by a Holder, the directors, officers, partners, employees and agents of
        such Holder and each affiliate of such Holder, and expressly accept the non-exclusive jurisdiction of any such court in respect of any such suit, action or proceeding. The Company hereby represents and warrants that the Authorized Agent has
        accepted such appointment and has agreed to act as said agent for service of process, and the Company agrees to take any and all action, including the filing of any and all documents that may be necessary to continue such appointment in full force
        and effect as aforesaid. The Company hereby authorizes and directs the Authorized Agent to accept such service. Service of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company. If the
        Authorized Agent shall cease to act as agent for service of process, the Company shall appoint, without unreasonable delay, another such agent in the United States, and notify the Holders of such appointment. Notwithstanding the foregoing and
        except as set forth herein, any action arising out of or based upon this Warrant may be instituted by a Holder, the directors, officers, partners, employees and agents of the Holder (if applicable) and each respective affiliate of the Holder, in
        any court of competent jurisdiction in the Republic of the Marshall Islands.  Notwithstanding the foregoing, nothing in this paragraph shall limit or restrict the federal district court in which a Holder may bring a claim under the federal
        securities laws. This paragraph shall survive any termination of this Warrant, in whole or in part.

      

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

     

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

     

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

     

    If to the Warrant Agent

     

    American Stock Transfer & Trust Company

    6201 15th Ave, Brooklyn, NY 11219

    Attention:  

    e-mail address:

     

    If to the Company

     

    Castor Maritime Inc.

    223 Christodoulou Chatzipavlou Street

    Hawaii Royal Gardens

    3036 Limassol, Cyprus

      Tel: + 357 25 357 767

    Email:  petrospan@castormaritime.com             

    Facsimile: +357 25357796

    Attn: Chief Executive Officer

     

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

     

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

     

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

     

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

     

    
      28

      
        

    

    

    

    

    

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

     

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

     

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

     

    p)                Warrant Agency Agreement. If this Warrant is held in global form through DTC (or any successor depository), this Warrant is issued
      subject to the Warrant Agency Agreement. To the extent any provision of this Warrant conflicts with the express provisions of the Warrant Agency Agreement, the provisions of this Warrant shall govern and be controlling.

     

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

     

    (Signature Page Follows)

    
      29

      
        

    

    

    

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

     

    	
             

          	
            CASTOR MARITIME INC.

          
	
             

          	
             

          
	
             

          	
            By:

          	
             

          
	
             

          	
             

          	
            Name:

          
	
             

          	
             

          	
            Title:

          

     

     

    
      
        

    

    

    

    NOTICE OF EXERCISE

    TO:         CASTOR MARITIME INC.

     

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

     

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

     

    [  ] in lawful money of the United States; or

     

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

     

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

     

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

     

    	
            DTC number:

          	
             

          	
             

          
	
            Account name:

          	
             

          	
             

          
	
            Account number:

          	
             

          	
             

          

     

    [SIGNATURE OF HOLDER]

     

    	
            Name of Investing Entity:

          	
             

          
	
            Signature of Authorized Signatory of Investing Entity:

          	
             

          
	
            Name of Authorized Signatory:

          	
             

          

     

    	
            Title of Authorized Signatory:

          	
             

          
	
            Date:

          	
             

          

     

     

    
      
        

    

    

    

    EXHIBIT B

    ASSIGNMENT FORM

     

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

     

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

     

    	
            Name:

          	
             

          
	
             

          	
            (Please Print)

          
	
            Address:

          	
             

          
	
             

          	
            (Please Print)

          
	
            Phone Number:

          	
             

          
	
            Email Address:

          	
             

          
	
            Dated: _______________ __, ______

          	
             

          
	
            Holder’s Signature: _______________

          	
             

          
	
            Holder’s Address: _______________

          	
             

          

     

     

    

    

    

    

    

    

    
      
        

    

    

    

    

    

    

    

    Exhibit 2

     Form of Warrant Certificate Request Notice

    

    

    WARRANT CERTIFICATE REQUEST NOTICE

    To: American Stock Transfer & Trust Company, as Warrant Agent for Castor Maritime Inc. (the “Company”)

    The undersigned Holder of Common Share 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:

          
	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

    

    

    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:

          	 
	 	 	 
	 	 	 

    

    

    

    

    

    

    

    

    
      
        

    

    Exhibit 3

     Form of Global Warrant Request Notice

    

    

    GLOBAL WARRANT REQUEST NOTICE

    To: American Stock Transfer & Trust Company, as Warrant Agent for Castor Maritime Inc. (the “Company”)

    The undersigned Holder of Common Share 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:

          
	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

    

    

    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:

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