Document:

Exhibit 4.7

 

 

DESCRIPTION OF SECURITIES
OF VIVEON

 

The following description
of capital stock of Viveon Health Acquisition Corp. (“Viveon”, or the “Company”) and provisions of Viveon’s
current amended and restated certificate of incorporation, as amended (the “Existing Charter”), bylaws and the Delaware General
Corporation Law (“DGCL”) are summaries and are qualified in their entirety by reference to Viveon’s Existing Charter
and bylaws and the text of the DGCL. Copies of these documents have been filed with the U.S. Securities and Exchange Commission (“SEC”)
as exhibits to the Annual Report on Form 10-K to which this description has been filed as an exhibit.

 

General

 

Viveon’s authorized
capital stock consists of 60,000,000 shares of common stock, par value $0.0001 per share (the “Common Stock”) and 1,000,000
shares of preferred stock, par value $0.0001 per share. The authorized and unissued shares of Common Stock are available for issuance
without further action by Viveon’s stockholders unless such action is required by applicable law or the rules of any stock exchange
on which Viveon’s securities may be listed. Unless approval of stockholders is so required, the board of directors of Viveon (the
“Board”) will not seek stockholder approval for the issuance and sale of Common Stock.

 

On December 28, 2020, Viveon
consummated an initial public offering (“IPO”) of 17,500,000 units (the “Units” and, with respect to the Common
Stock included in the Units being offered, the “public share”, the warrants included in the Units, the “Public Warrants”
and the rights included in the Units, the “Rights”), at $10.00 per Unit, generating gross proceeds of $175,000,000.

 

Units

 

Each Unit consists of one
share of Common Stock, one Public Warrant and one Right. Each Public Warrant entitles the holder thereof to purchase one-half (1⁄2)
of a share of Common Stock at a price of $11.50 per whole share, subject to adjustment. Each Public Warrant will become exercisable on
the later of one year after the closing of the IPO or the consummation of an initial business combination, and will expire five years
after the completion of an initial business combination, or earlier upon redemption. Pursuant to the warrant agreement, a warrant holder
may exercise its Public Warrants only for a whole number of shares. This means that only an even number of Public Warrants may be exercised
at any given time by a warrant holder. For example, if a warrant holder holds one Public Warrant to purchase one-half (1⁄2) of one
share, such Public Warrant shall not be exercisable. If a warrant holder holds two Public Warrants, such Public Warrants will be exercisable
for one share. Each right entitles the holder thereof to receive one-twentieth (1/20) of a share of Common Stock upon consummation of
our initial business combination.

 

Common Stock

 

Holders of record of Viveon’s
Common Stock are entitled to one vote for each share held on all matters to be voted on by stockholders. In connection with any vote held
to approve Viveon’s initial business combination, Viveon’s insiders, officers and directors, have agreed to vote their respective
shares of Common Stock owned by them, and any shares acquired in the open market, in favor of the proposed business combination

 

Viveon will consummate the
business combination only if public stockholders do not exercise conversion rights in an amount that would cause its net tangible assets
to be less than $5,000,001.

 

Pursuant to the Existing Charter,
Viveon has until June 28, 2022 (the “Extended Date”), and after the Extended Date, at its sole election, and upon five days’
advance notice and a monthly deposit of $240,000 into the trust fund, may further extend the Extended Date to December 28, 2022 (the “Additional
Extension Date”), to complete a business combination. In the event that Viveon does not consummate its initial business combination
by the Extended Date, or the Additional Extension Date, if applicable,, we will (i) cease all operations except for the purpose of
winding up, (ii) as promptly as reasonably possible but not more than five business days thereafter, redeem 100% of the outstanding
public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive
further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such
redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject (in the
case of (ii) and (iii) above) to our obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law. Our Initial Stockholders have agreed to waive their rights to share in any distribution with respect to their
Founders Shares.

 

     

     

    

 

Viveon’s stockholders
have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the shares
of Common Stock, except that public stockholders have the right to sell their shares to Viveon in any tender offer or have their shares
of Common Stock converted to cash equal to their pro rata share of the trust account if they vote on the proposed business combination
and the business combination is completed.

 

If Viveon holds a stockholder
vote to amend any provisions of the Existing Charter relating to stockholder’s rights or pre-business combination activity (including
the substance or timing within which Viveon has to complete a business combination), Viveon will provide its public stockholders with
the opportunity to redeem their shares of Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not
previously released to Viveon to pay its franchise and income taxes, divided by the number of then outstanding Public Shares, in connection
with any such vote. In either of such events, converting stockholders would be paid their pro rata portion of the trust account promptly
following consummation of the business combination or the approval of the amendment to the Existing Charter. If the business combination
is not consummated or the amendment is not approved, stockholders will not be paid such amounts.

 

Preferred Stock

 

There are 1,000,000 shares
of preferred stock authorized. Our Board is empowered, without stockholder approval,
to issue preferred stock with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting power
or other rights of the holders of Common Stock. However, the underwriting agreement prohibits us, prior to a business combination, from
issuing preferred stock which participates in any manner in the proceeds of the trust account, or which votes as a class with the Common
Stock on our initial business combination. We may issue some or all of the preferred stock to effect our initial business combination.
In addition, the preferred stock could be utilized as a method of discouraging, delaying or preventing a change in control of us. Although
we do not currently intend to issue any shares of preferred stock, we reserve the right to do so in the future.

 

Public Warrants

 

20,125,000 Public Warrants are
currently outstanding. Each Public Warrant entitles the registered holder to purchase one-half (1/2) of a share of Common Stock at a price
of $11.50 per whole share, subject to adjustment as discussed below, at any time commencing on the later of one year after the closing
of Viveon’s initial public offering (“IPO”) or the consummation of an initial business combination. Pursuant to the
warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares. This means that only an even number of
Public Warrants may be exercised at any given time by a warrant holder. However, no Public Warrants will be exercisable for cash unless
we have an effective and current registration statement covering the shares of Common Stock issuable upon exercise of the warrants and
a current prospectus relating to such shares of Common Stock. Notwithstanding the foregoing, if a registration statement covering the
shares of Common Stock issuable upon exercise of the Public Warrant is not effective within 120 days from the closing of our initial business
combination, warrant holders may, until such time as there is an effective registration statement and during any period when we shall
have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to an available exemption
from registration under the Securities Act. The warrants will expire five years from the closing of our initial business combination at
5:00 p.m., New York City time.

 

18,000,000 Private Warrants are current outstanding. The Private Warrants are identical to the Public Warrants underlying the Units except that
such Private Warrants will not be redeemable and may be exercisable for cash (even if a registration statement covering the shares
of Common Stock issuable upon exercise of such warrants is not effective) or on a cashless basis, at the holder’s option, and
will not be redeemable by us, in each case so long as they are still held by the initial purchasers or their affiliates.

 

    2

     

    

 

We
may call the outstanding Public Warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:

 

		●	at
                                            any time while the warrants are exercisable,

 

		●	upon
                                            not less than 30 days’ prior written notice of redemption to each warrant holder,

 

		●	if,
                                            and only if, the reported last sale price of the shares of Common Stock equals or exceeds
                                            $16.50 per share, for any 20 trading days within a 30-day trading period ending on the third
                                            business day prior to the notice of redemption to warrant holders, and

 

		●	if,
                                            and only if, there is a current registration statement in effect with respect to the shares
                                            of Common Stock underlying such warrants at the time of redemption and for the entire 30-day
                                            trading period referred to above and continuing each day thereafter until the date of redemption.

 

The
right to exercise will be forfeited unless the Public Warrants are exercised prior to the date specified in the notice of redemption.
On and after the redemption date, a record holder of a Public Warrant will have no further rights except to receive the redemption price
for such holder’s Public Warrant upon surrender of such Public Warrant.

 

The
redemption criteria for our Public Warrants have been established at a price which is intended to provide warrant holders a reasonable
premium to the initial exercise price and provide a sufficient differential between the then-prevailing share price and the warrant exercise
price so that if the share price declines as a result of our redemption call, the redemption will not cause the share price to drop below
the exercise price of the Public Warrants.

 

If
we call the Public Warrants for redemption as described above, our management will have the option to require all holders that wish to
exercise warrants to do so on a “cashless basis.” In such event, each holder would pay the exercise price by surrendering
the Public Warrants for that number of shares of Common Stock equal to the quotient obtained by dividing (x) the product of the number
of shares of Common Stock underlying the Public Warrants, multiplied by the difference between the exercise price of the Public
Warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value”
shall mean the average reported last sale price of our Common Stock for the 10 trading days ending on the third trading day prior to
the date on which the notice of redemption is sent to the holders of Public Warrants. Whether we will exercise our option to require
all holders to exercise their Public Warrants on a “cashless basis” will depend on a variety of factors including the price
of our Common Stock at the time the Public Warrants are called for redemption, our cash needs at such time and concerns regarding dilutive
share issuances.

 

The Public Warrants will be
issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant agent, and us.
The warrant agreement provides that the terms of the Public Warrants may be amended without the consent of any holder to cure any ambiguity
or correct any defective provision, but requires the approval, by written consent or vote, of the holders of a majority of the then outstanding
Public Warrants in order to make any change that adversely affects the interests of the registered holders.

 

The exercise price and number
of shares of Common Stock issuable on exercise of the Public Warrants may be adjusted in certain circumstances including in the event
of a share dividend, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However, except as described
below, the Public Warrants will not be adjusted for issuances of shares of Common Stock at a price below their respective exercise prices.

 

    3

     

    

 

If
(x) we issue additional shares of Common Stock or equity-linked securities for capital raising purposes in connection with the
closing of our initial business combination at an issue price or effective issue price of less than $9.50 per share of Common Stock (with
such issue price or effective issue price to be determined in good faith by the Board, and in the case of any such issuance to our sponsor,
initial stockholders or their affiliates, without taking into account any founders’ shares held by them prior to such issuance),
(y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon,
available for the funding of our initial business combination on the date of the consummation of our initial business combination (net
of redemptions), and (z) the Market Value is below $9.50 per share, the exercise price of the Public Warrants will
be adjusted (to the nearest cent) to be equal to 115% of the greater of (i) the Market Value or (ii) the price at which we issue
the additional shares of Common Stock or equity-linked securities and the $16.50 per share redemption trigger price described above
will be adjusted (to the nearest cent) to be equal to 165% of the Market Value. The Public Warrants may
be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant agent, with the
exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise
price, by certified or official bank check payable to us, for the number of Public Warrants being
exercised. The warrant holders do not have the rights or privileges of holders of shares of Common Stock and any voting rights until they
exercise their Public Warrants and receive shares of Common Stock. After
the issuance of shares of Common Stock upon exercise of the Public Warrants,
each holder will be entitled to one vote for each share held of record on all matters to be voted on by stockholders.

 

Except as described above,
no Public Warrants will be exercisable for cash and we will not be obligated to issue shares of Common Stock unless at the time a holder
seeks to exercise such Public Warrant, a prospectus relating to the shares of Common Stock issuable upon exercise of the Public Warrants
is current and the shares of Common Stock have been registered or qualified or deemed to be exempt under the securities laws of the state
of residence of the holder of the warrants. Under the terms of the warrant agreement, we have agreed to use our best efforts to meet these
conditions and to maintain a current prospectus relating to the shares of Common Stock issuable upon exercise of the Public Warrants until
the expiration of the Public Warrants. However, there is no assurance that we will be able to do so and, if we do not maintain a current
prospectus relating to the shares of Common Stock issuable upon exercise of the Public Warrants, holders will be unable to exercise their
Public Warrants and we will not be required to settle any such Public Warrants exercise. If the prospectus relating to the shares of Common
Stock issuable upon the exercise of the Public Warrants is not current or if the Common Stock is not qualified or exempt from qualification
in the jurisdictions in which the holders of the Public Warrants reside, we will not be required to net cash settle or cash settle the
Public Warrants exercise, the Public Warrants may have no value, the market for the Public Warrants may be limited and the Public Warrants
may expire worthless.

 

Warrant holders may elect
to be subject to a restriction on the exercise of their Public Warrants such that an electing warrant holder would not be able to exercise
their warrants to the extent that, after giving effect to such exercise, such holder would beneficially own in excess of 9.9% of the shares
of Common Stock outstanding.

 

No fractional shares will
be issued upon exercise of the Public Warrants. If, upon exercise of the Public Warrants, a holder would be entitled to receive a fractional
interest in a share, we will, upon exercise, round down to the nearest whole number of shares of Common Stock to be issued to the warrant
holder.

 

On March 21, 2022, we entered
into subscription agreements with several lenders for a loan of up to $4,000,000, in the aggregate (the “Subscription Agreements”).
Pursuant to the Subscription Agreement, we issued a series of unsecured senior promissory notes in the aggregate principal amount of up
to $4,000,000 (the “Notes”) to the subscribers. Pursuant to the terms of the Subscription Agreements, the subscribers shall
receive warrants to purchase one share of Company common stock for every $2.00 of the funded principal amount of the Notes up to 2,000,000
shares of the Company common stock, in the aggregate, at an exercise price of $11.50 per share, subject to adjustment (the “March
2022 Warrants”). The March 2022 Warrant term commences on the Exercise Date (as hereinafter defined) for a period of 49 months.
The March 2022 Warrants are exercisable commencing on the date of the initial business combination (the “Exercise Date”) and
have a cashless exercise feature that is available at any time on or after the Exercise Date. Commencing on the date 13 months following
the Exercise Date, the subscribers have the right, but not the obligation, to put the March 2022 Warrants to the Company at a purchase
price of $5.00 per share. The Company has agreed to file, within thirty (30) calendar days after the consummation of an initial business
combination, a registration statement with the Securities and Exchange Commission to register for resale the shares of common stock underlying
the March 2022 Warrants.

 

    4

     

    

 

Contractual Arrangements with respect to the Certain Warrants

 

We have agreed that so long
as the Private Warrants are still held by the initial purchasers or their affiliates, we will not redeem such warrants and we will allow
the holders to exercise such warrants on a cashless basis (even if a registration statement covering the shares of Common Stock issuable
upon exercise of such warrants is not effective). However, once any of the Private Warrants are transferred from the initial purchasers
or their affiliates, these arrangements will no longer apply. The Private Warrants were issued in a private transaction. Accordingly,
the holders and their transferees will be allowed to exercise the Private the Private Warrants is not effective and receive unregistered
shares of Common Stock.

 

Rights included as part of Units

 

Each holder of a Right will
automatically receive one twentieth (1/20) of a share of Common Stock upon consummation of the business combination, even if the holder
of a Right converted all shares of Common Stock held by him, her or it in connection with the business combination or an amendment to
the Existing Charter with respect to Viveon’s pre-business combination activities. No additional consideration will be required
to be paid by a holder of Rights in order to receive his, her or its additional shares of Common Stock upon consummation of the business
combination. The shares issuable upon exchange of the Rights will be freely tradable (except to the extent held by affiliates of Viveon).

 

Viveon will not issue fractional
shares in connection with an exchange of Rights. Fractional shares will either be rounded down to the nearest whole share or otherwise
addressed in accordance with the applicable provisions of the Delaware General Corporation Law. As a result, holders must hold rights
in multiples of 20 in order to receive shares for all of the holders’ Rights upon closing of the business combination. If Viveon
is unable to complete an initial business combination within the required time period and it liquidates the funds held in the trust account,
holders of Rights will not receive any of such funds with respect to their Rights, nor will they receive any distribution from Viveon’s
assets held outside of the trust account with respect to such Rights, and the Rights will expire worthless. Further, there are no contractual
penalties for failure to deliver securities to the holders of the Rights upon consummation of the business combination. Additionally,
in no event will Viveon be required to net cash settle the Rights. Accordingly, the Rights may expire worthless.

 

 

5Exhibit 4.6

      

     

      

    
      		
              
                
                  STATEMENT OF DESIGNATIONS

                   

                    

                  OF

                    

                  

                    

                  CASTOR MARITIME INC.

                    

                   

                    

                  Reg. No. 92609

                    

                

              

            	

            

      Pursuant to Section 35(5) of the Business Corporations Act

       

        

    

     

      

     

      
       
        	
                

                

              	
                REPUBLIC OF THE MARSHALL ISLANDS

                

                

                REGISTRAR OF CORPORATIONS

                

                

                DUPLICATE COPY

                 

                The original of this Document was

              
	 	 
	

              	FILED ON

              
	NON RESIDENT 

              	 
	 	 
		

              
	March 30, 2022

              
	 
	
	Tamara Hoffman

              
	Deputy Registrar

              
	 
	 
	

              
	

              

        

          
        

        
          
            

        

        
          
            AMENDED AND RESTATED STATEMENT OF DESIGNATIONS OF RIGHTS, PREFERENCES AND PRIVILEGES OF SERIES C PARTICIPATING PREFERRED
              STOCK OF CASTOR MARITIME INC.

          

          
            

              The undersigned, Mr. Panagiotidis and Mr. Makris do hereby certify:

          

          
            

            

          

          
            1.          That they are the duly elected and acting President and Secretary, respectively, of Castor Maritime Inc., a Marshall Islands corporation (the “Company”).

          

          
            

            

          

          
            2.         That pursuant to the authority conferred by the Company’s Articles of Incorporation, as amended, the Company’s Board of Directors on March 29, 2022 adopted the following resolution designating and prescribing the relative
                  rights, preferences and limitations of the Company’s Series C Participating Preferred Stock:

            

            

          

          
            RESOLVED, that pursuant to the authority vested in the Board of Directors (the “Board”) of the Company by the Articles of Incorporation, as amended, the Board does hereby establish a series of preferred stock, par value $0.001 per share, and the designation
                and certain powers, preferences and other special rights of the shares of such series, and certain qualifications, limitations and restrictions thereon, are hereby fixed as follows:

          

          
            

            

          

          
            Section 1.          Designation and Amount.  The shares of such series shall be designated as “Series C Participating Preferred Stock”.  The Series C Participating Preferred Stock shall have a par value of $0.001 per share, and the number of shares constituting such series shall initially be 1,000,000,
                  which number the Board may from time to time increase or decrease (but not below the number then outstanding).

            

            

            Section 2.          Proportional Adjustment.  In the event the Company shall at any time after the issuance of any share or shares of Series C
                  Participating Preferred Stock (i) declare any dividend on the common stock of the Company par value $0.001 per share (the “Common Stock”) payable in shares of Common
                  Stock, (ii) subdivide the outstanding Common Stock or (iii) combine the outstanding Common Stock into a smaller number of shares, then in each such case the Company shall simultaneously effect a proportional adjustment to the number of
                  outstanding shares of Series C Participating Preferred Stock.

            

            

            Section 3.          Dividends and Distributions.

            

            

          

          
            (a)          Subject to the prior and superior right of the holders of any shares of any series of preferred stock ranking prior and superior to the shares of Series C Participating Preferred Stock with respect to
                  dividends, the holders of shares of Series C Participating Preferred Stock shall be entitled to receive when, as and if declared by the Board out of funds legally available for the purpose, quarterly dividends payable in cash on the last
                  day of January, April, July and October in each year (each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly
                  Dividend Payment Date after the first issuance of a share or fraction of a share of Series C Participating Preferred Stock, in an amount per share (rounded to the nearest cent) equal to 1,000 times the aggregate per share amount of all
                  cash dividends, and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common
                  Stock (by reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date, or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share
                  or fraction of a share of Series C Participating Preferred Stock.

            

            

          

          
            

              

              

            

            
              

          

          
          

          

          
            (b)          The Company shall declare a dividend or distribution on the Series C Participating Preferred Stock as provided in paragraph (a) above immediately after it declares a dividend or distribution on the
                  Common Stock (other than a dividend payable in shares of Common Stock).

            

            

            (c)          Dividends shall begin to accrue on outstanding shares of Series C Participating Preferred Stock from the Quarterly Dividend Payment Date immediately preceding the date of issue of such shares of Series C
                  Participating Preferred Stock, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the date of issue of such
                  shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series C Participating Preferred Stock entitled to receive a quarterly dividend and
                  before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the shares of
                  Series C Participating Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time
                  outstanding. The Board may fix a record date for the determination of holders of shares of Series C Participating Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date shall be no
                  more than 30 days prior to the date fixed for the payment thereof.

            

            

          

          
            Section 4.          Voting Rights.  The holders of shares of Series C Participating Preferred Stock shall have the following voting rights:

            

            

          

          
            (a)          Each share of Series C Participating Preferred Stock shall entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Company.

            

            

            (b)         Except as otherwise provided herein or by law, the holders of shares of Series C Participating Preferred Stock and the holders of shares of Common Stock shall vote together as one class on all matters
                  submitted to a vote of stockholders of the Company.

            

            

            (c)          Except as required by law, holders of Series C Participating Preferred Stock shall have no special voting rights and their consent shall not be required (except to the extent they are entitled to vote
                  with holders of Common Stock as set forth herein) for taking any corporate action.

            

            

          

          
            

              

              

            

            2

            
              

          

           

          
            Section 5.          Certain Restrictions.

             

                

          

          
            (a)          The Company shall not declare any dividend on, make any distribution on, or redeem or purchase or otherwise acquire for consideration any shares of Common Stock after the first issuance of a share or
                  fraction of a share of Series C Participating Preferred Stock unless concurrently therewith it shall declare a dividend on the Series C Participating Preferred Stock as required by Section 3 hereof.

            

            

            (b)          Whenever quarterly dividends or other dividends or distributions payable on the Series C Participating Preferred Stock as provided in Section 3 are in arrears, thereafter and until all accrued and unpaid
                  dividends and distributions, whether or not declared, on shares of Series C Participating Preferred Stock outstanding shall have been paid in full, the Company shall not (i) declare or pay dividends on, make any other distributions on, or
                  redeem or purchase or otherwise acquire for consideration any shares of stock  ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series C Participating Preferred Stock; (ii) declare or pay
                  dividends on, make any other distributions on any shares of stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with Series C Participating Preferred Stock, except dividends paid ratably on
                  the Series C Participating Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all such shares are then entitled; (iii) redeem or purchase or
                  otherwise acquire for consideration shares of any stock ranking on a parity (either as to dividends or upon liquidation, dissolution or winding up) with the Series C Participating Preferred Stock, provided that the Company may at any time
                  redeem, purchase or otherwise acquire shares of any such parity stock in exchange for shares of any stock of the Company ranking junior (either as to  dividends or upon dissolution, liquidation or winding up) to the Series C Participating
                  Preferred Stock; (iv) purchase or otherwise acquire for consideration any shares of Series C Participating Preferred Stock, or any shares of stock ranking on a parity with the Series C Participating Preferred Stock, except in accordance
                  with a purchase offer made in writing or by publication (as determined by the Board) to all holders of such shares upon such terms as the Board, after consideration of the respective annual dividend rates and other relative rights and
                  preferences of the respective series and classes, shall determine in good faith will result in fair and equitable treatment among the respective series or classes.

            

            

            (c)          The Company shall not permit any subsidiary of the Company to purchase or otherwise acquire for consideration any shares of stock of the Company unless the Company could, under paragraph (a) of this
                  Section 5, purchase or otherwise acquire such shares at such time and in such manner.

          

          
             

              

            Section 6.          Reacquired Shares.  Any shares of Series C Participating Preferred Stock purchased or otherwise acquired by the Company in any
                  manner whatsoever shall be retired and canceled promptly after the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of preferred stock and may be reissued as part of a new series of
                  preferred stock to be created by resolution or resolutions of the Board, subject to the conditions and restrictions on issuance set forth herein and, in the Articles of Incorporation, as amended.

            

            

          

          
            

              

              

            

            3

            
              

          

          

          

          
            Section 7.           Liquidation, Dissolution or Winding Up.  Upon any liquidation, dissolution or winding up of the Company, the holders of shares of
                  Series C Participating Preferred Stock shall be entitled to receive an aggregate amount per share equal to 1,000 times the aggregate amount to be distributed per share to holders of shares of Common Stock plus an amount equal to any
                  accrued and unpaid dividends on such shares of Series C Participating Preferred Stock.

            

            

            Section 8.           Consolidation, Merger, etc.  In case the Company shall enter into any consolidation, merger, combination or other transaction in
                  which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case the shares of Series C Participating Preferred Stock shall at the same time be similarly
                  exchanged or changed in an amount per share equal to 1,000 times the aggregate amount of stock, securities, cash and/or any other property (payable in kind), as the case may be, into which or for which each share of Common Stock is
                  changed or exchanged.

            

            

            Section 9.            No Redemption.  The shares of Series C Participating Preferred Stock shall not be redeemable.

            

            

            Section 10.         Ranking.  The Series C Participating Preferred Stock shall rank junior to all other series of the Company’s preferred stock as to
                  the payment of dividends and the distribution of assets, unless the terms of any such series shall provide otherwise.

            

            

            Section 11.          Amendment.  The Articles of Incorporation of the Company, as amended, shall not be further amended in any manner which would
                  materially alter or change the powers, preference or special rights of the Series C Participating Preferred Stock so as to affect them adversely without the affirmative vote of the holders of a majority of the outstanding shares of Series
                  C Participating Preferred Stock, voting separately as a class.

            

            

            Section 12.          Fractional Shares.  Series C Participating Preferred Stock may be issued in fractions of a share which shall entitle the holder,
                  in proportion to such holder’s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of all other rights of holders of Series C Participating Preferred Stock.

          

          
            

            

          

          
            RESOLVED FURTHER, that the President or any Vice President and the Secretary or any Assistant Secretary of this Company be, and they hereby are, authorized and directed to prepare and file a Statement of Designations of Rights,
                Preferences and Privileges in accordance with the foregoing resolution and the provisions of Marshall Islands law and to take such actions as they may deem necessary or appropriate to carry out the intent of the foregoing resolution.

          

          
            

            

          

          
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            We further declare under penalty of perjury that the matters set forth in the foregoing Statement of Designations are true and
              correct of our own knowledge.

          

          
            

            

          

          
            Executed in New York on March 29, 2022.

          

          
            

            

          

          	
                   

                	
	
                   

                	
                  Petros Panagiotidis

                
	
                   

                	
                  President

                
	
                   

                	
                   

                
	
                   

                	
	
                   

                	
                  Dionysis Makris

                
	
                   

                	
                  Secretary

                

          
            

            

          

          

          

          
            

            

          

        

      

    

  

  
  
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