Document:

EX-4.5

 Exhibit 4.5 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED, OR HYPOTHECATED, OR BE THE SUBJECT OF ANY
HEDGING, SHORT SALE, DERIVATIVE, PUT, OR CALL TRANSACTION THAT WOULD RESULT IN THE EFFECTIVE ECONOMIC DISPOSITION OF SUCH SECURITIES BY ANY PERSON FOR A PERIOD OF ONE HUNDRED AND EIGHTY (180) DAYS IMMEDIATELY FOLLOWING THE DATE OF EFFECTIVENESS
OF THE PUBLIC OFFERING OF THE COMPANY’S SECURITIES PURSUANT TO REGISTRATION STATEMENT NO.: 333- 221058 AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, EXCEPT IN ACCORDANCE WITH FINRA RULE 5110(G)(2). 

REPRESENTATIVE’S WARRANT 

SEANERGY MARITIME HOLDINGS CORP. 
  

			
	Warrant Shares:                         	  	Issuance Date: [●], 2019

 THIS REPRESENTATIVE’S WARRANT (the “Warrant”) certifies that, for value
received, Maxim Partners LLC 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 date that is 180 days from the
effective date of the Registration Statement (the “Initial Exercise Date”) and on or prior to the close of business on the three (3) year anniversary of the effective date of the Registration Statement (the “Termination
Date”) but not thereafter, to subscribe for and purchase from Seanergy Maritime Holdings Corp., a Marshall Islands corporation (the “Company”), up to
                 Common Shares (as subject to adjustment hereunder, the “Warrant Shares”). The purchase price of one Warrant Share under this
Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 
 Section 1. Definitions. Capitalized terms
used and not otherwise defined herein shall have the meanings set forth in that certain Underwriting Agreement (the “Agreement”), dated [●], 2019, between the Company and Maxim Group LLC, as representative of the several
Underwriters named in Schedule A thereto. 
 Section 2. Exercise. 

(a) 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 (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of
the Company) of a duly executed facsimile copy of the Notice of Exercise form annexed hereto. Within three (3) trading days 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 available and specified in the applicable Notice of
Exercise. 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 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; provided that the records of the Company, absent manifest error, will be conclusive with respect to
the number of Warrant Shares purchasable from time to time hereunder. The Company shall deliver any objection to any Notice of Exercise form 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. For purposes of this agreement, “business day” means any day other than a Saturday, Sunday or any other day on which commercial banks are required or authorized to
close in the City of New York, State of New York or the City of Athens in the Country of Greece. 

 (b) Exercise Price. The exercise price per share of the Common Shares under this
Warrant shall be $[●]1, subject to adjustment hereunder (the “Exercise Price”). Except as where otherwise permitted in accordance with Section 2(c), this Warrant may
only be exercised by means of payment by wire transfer or cashier’s check drawn on a United States bank. 
 (c) Cashless
Exercise. If, and only 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, and only then,
this Warrant may, at the option of the Holder, 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) = the VWAP on the trading day immediately preceding the
date on which Holder elects to exercise this Warrant by means of a “cashless exercise,” which shall be set forth in the applicable Notice of Exercise; 

(B) = the Exercise Price of this Warrant, as adjusted hereunder, at the time of exercise; 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. 
 “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 The New York Stock Exchange, the NYSE American or any tier of The Nasdaq Stock Market (each, 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.
(“Bloomberg”) (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 the Common Shares are listed or quoted on the OTCQB or OTCQX (each as operated by OTC Markets Group, Inc., or
any successor 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 the OTCQB or
OTCQX Markets and if prices for the Common Shares are then reported in the OTC Pink Market published by OTC Markets Group Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share
of the Common Shares 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 Board of Directors of the Company and reasonably acceptable to the
Holder, the fees and expenses of which shall be paid by the Company. 
 (d) Mechanics of Exercise. 

(i) Delivery of Warrant Shares Upon Exercise. The Company shall use its reasonable best efforts to cause the Warrant Shares purchased
hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s prime broker 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 or (B) this Warrant is being exercised via cashless
exercise, and otherwise by physical delivery to the address specified by the Holder in the Notice of Exercise by the date that is five (5) trading days after the latest of (A) the delivery to the Company of the Notice of Exercise,
(B) surrender of this Warrant (if required) and (C) receipt by the Company of the aggregate Exercise Price as set forth above (including by cashless exercise, if permitted) (such date, the “Warrant Share Delivery Date”).
The Warrant Shares shall be deemed to have been issued, and the Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been
exercised and payment to the Company of the aggregate Exercise Price (or by cashless exercise, if permitted) has been received by the Company and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior to the
issuance of such shares have been paid. 
 (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 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. 
  

	1 	 125% of the unit offering price 

 (iii) Rescission Rights. If the Company fails to cause its 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 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 Warrant 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. 
 (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 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. 

(vii) Closing of Books. The Company will not close its stockholder 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), 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 shall include the number of Common Shares which are 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, non-exercised portion of this Warrant beneficially owned
by the Holder or any of its 

 
Affiliates and (ii) exercise or conversion of the unexercised or non-converted portion of any other securities of the Company (including, without
limitation, any other securities of the Company which by their terms are convertible into or exercisable for Common Shares (“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. 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 1934 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 1934 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 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, and representation and certification to the Company that, this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) 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 1934 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 two (2) trading days 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 since the date as of which such number of outstanding Common Shares was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of Common Shares outstanding immediately after giving effect to the
issuance of Warrant Shares issuable upon exercise of this Warrant. The Holder, upon not less than 61 days’ prior notice to the Company, may 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 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 such increase or decrease 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. 

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 pro rata to the record holders of its Common Shares of 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 its outstanding Common Shares into a larger number of shares, (iii) combines (including by way of reverse stock split) its 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 stockholders 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 during which
this Warrant is outstanding the Company grants, issues or sells any Common Share Equivalents 

 
or other 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, 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). The provisions of
this Section 3(b) will not apply to any grant, issuance or sale of Common Share Equivalents or other rights to purchase stock, warrants, securities or other property of the Company which is not made pro rata to the record holders of any class
of Common Shares. 
 (c) Extraordinary Distributions. If the Company shall declare or make any dividend or other distribution of its
assets (or rights to acquire its assets) to holders of Common Shares, by way of return of capital or otherwise (including, without limitation, any distribution of 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) or 3(b) and other than regular quarterly or other periodic dividends
that may be initiated in the future (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 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 this Warrant the Holder may obtain the equivalent benefit of such Distribution. 
 (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, 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 or scheme of arrangement) with another Person or group of Persons (other than (but except in
the case of a “Rule 13e-3 transaction” transaction as defined in Rule 13e-3 promulgated under the 1934 Act involving) Claudia Restis, Jelco Delta Holding
Corp., Comet Shipholding Inc. or associated or affiliated 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 (without regard to any limitation in Section 2(e) on the
exercise of this Warrant), the number of shares of common equity 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), without duplication of the Successor Entity securities deliverable under Section 3(e) below. 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 that is (1) an all cash transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the 1934 Act, or (3) a
Fundamental Transaction involving a person or entity not traded on a Trading Market the Company or any Successor Entity (as defined below) shall, at the option of the Holder or the Company or any Successor Entity, exercisable at any time
concurrently with, or within 30 days after, the consummation of the Fundamental Transaction, purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of the remaining unexercised portion of
this Warrant on the date of the exercise of the option. “Black Scholes Value” means the value of this Warrant based on the Black and 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 as of the trading day immediately
following the public announcement of the applicable Fundamental Transaction, or, if the Fundamental Transaction is not publicly announced, the date the Fundamental Transaction is consummated, (C) the underlying price per share used in such
calculation shall be 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 (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. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the
survivor (the “Successor Entity”) and for which stockholders of the Company received any equity securities of 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), and to 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). 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 and the
other Transaction Documents 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 and the
other Transaction Documents with the same effect as if such Successor Entity had been named as the Company herein. 
 (e) Reset of
Exercise Price. If, on the seven-month anniversary of the Issuance Date, the Reset Price, as defined below, is less than the Exercise Price at such time, the Exercise Price shall be decreased to the Reset Price. “Reset Price” shall
mean the greater of $1.00 and 135% of the last VWAP immediately preceding the seven-month anniversary of the Issuance Date. 
 (f)
Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest whole 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. 
 (g) 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 mail to the Holder 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 dividend (or any other
distribution in whatever form) 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 stockholders of the Company shall be required in connection with any

 
reclassification of the Common Shares, any consolidation or merger to which the Company 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 mailed to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 10 business 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 mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice
provided hereunder constitutes, or contains, material, non-public information regarding the Company, the Company shall simultaneously file such notice with the Commission pursuant to a 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. 
 Section 4. Transfer of Warrant. 

(a) Transferability. This Warrant and all rights hereunder (including, without limitation, any registration rights) 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. 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. Neither this Warrant nor any Warrant Shares issued upon exercise of this
Warrant shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would result in the effective economic disposition of the securities by any person for a
period of 180 days immediately following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant is being issued, except the transfer of any security: 

(i) by operation of law or by reason of reorganization of the Company; 

(ii) to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain
subject to the lock-up restriction in this Section 4(a) for the remainder of the time period; or 

(iii) the exercise or conversion of any security, if all securities received remain subject to the
lock-up restriction in this Section 4(a) for the remainder of the time period. 
 (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 initial issuance date of this Warrant and shall be identical with this Warrant except as to the number
of Warrant Shares issuable pursuant thereto. 
 (c) Warrant Register. The Company shall register this Warrant, upon records to be
maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company 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. Registration Rights. To the extent the Company does not maintain
an effective registration statement for the Warrant Shares and in the further event that the Company files a registration statement with the Securities and Exchange Commission covering the sale of its Common Shares (other than a registration
statement on Form F-4 or F-8, or on another form, or in another context, in which such “piggyback” registration would be inappropriate), then, for a period of
seven (7) years from the effective date of the Registration Statement, the Company shall give written notice of such proposed filing to the Holder as soon as practicable but in no event less than ten (10) days before the anticipated filing
date, which notice shall describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing underwriter or underwriters, if any, of the offering, and offer to the
Holder in such notice the opportunity to register the sale of such number of shares of Warrant Shares as such Holder may request in writing within five (5) days following receipt of such notice (a “Piggyback
Registration”). The Company shall cause such Warrant Shares to be included in such registration and shall use its reasonable best efforts to cause the managing underwriter or underwriters of a proposed underwritten offering to permit
the Warrant Shares requested to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company and to permit the sale or other disposition of such Warrant Shares in accordance with the intended
method(s) of distribution thereof. All Holders proposing to distribute their securities through a Piggyback Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary form with the underwriter
or underwriters selected for such Piggyback Registration. Furthermore, each Holder must provide such information as reasonably requested by the Company (which information shall be limited to that which is required for disclosure under the 1933 Act
and the forms, rules and regulations promulgated thereunder) to be included in the registration statement timely or the Company may elect to exclude such Holder from the registration statement. In addition, to the extent the Company does not
maintain an effective registration statement for the Warrant Shares, for a period of seven (7) years from the effective date of the Registration Statement, the Holder shall be entitled to (a) one (1) demand right for the registration of
the Warrant Shares at the Company’s expense (other than any underwriting discounts, selling commissions, share transfer taxes applicable to the sale of the Warrant Shares, and fees and disbursements of counsel for the Holder) and (b) one
(1) additional demand right for the registration of the Warrant Shares at the Holder’s expense (each, a “Demand Registration”). In the event of a Demand Registration, the Company shall use its reasonable best efforts to
register the applicable Warrant Shares. All Holders of Warrant Shares proposing to distribute their securities through a Demand Registration that involves an underwriter or underwriters shall enter into an underwriting agreement in customary form
with the underwriter or underwriters selected for such Demand Registration. Furthermore, each Holder must provide such information as reasonably requested by the Company (which information shall be limited to that which is required for disclosure
under the 1933 Act and the forms, rules and regulations promulgated thereunder) to be included in the registration statement timely or the Company may elect to exclude such Holder from the registration statement. Notwithstanding the foregoing, the
registration rights described in this Section 5 shall be subject to limitations imposed by the Commission’s rules or comments of the Commission staff in connection with its review of the registration statement for any such resale
registration. Moreover, notwithstanding the foregoing registration obligations of the Company, if the Company furnishes to the Holders requesting a Demand Registration a certificate signed by the Company’s chief executive officer stating that
in the good faith judgment of the Company’s Board of Directors it would be materially detrimental to the Company and its shareholders for a registration statement to either become effective or remain effective for as long as such registration
statement otherwise would be required to remain effective, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require
premature disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the 1933 Act or 1934 Act, then the Company shall
have the right to defer taking action with respect to such Demand Registration or withdraw a related registration statement for a period of not more than forty-five (45) calendar days; provided, however, that the Company may not invoke this
right more than twice in any twelve (12) month period or during the twelve (12) month period prior to the Termination Date. 

Section 6. Miscellaneous. 

 (a) No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder
to any voting rights, dividend rights or other rights as a stockholder 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 evidence reasonably
satisfactory to it of 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 business day, then, such action may be taken or such right may be exercised on the next succeeding business day. 

(d) Authorized Shares. 

(i) 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 executing stock certificates to execute and issue the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such commercially 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). 
 (ii) Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including,
without limitation, amending its certificate 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. 

(iii) 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) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be
determined in accordance with the laws of the State of New York, without regard to conflict of laws principles, and federal or state courts sitting in the State of New York shall have exclusive jurisdiction over matters arising out of this Warrant.

 (f) 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. 

(g) 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 or the Agreement, 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. 

(h) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be
delivered in accordance with the notice provisions of the Agreement. 
 (i) 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 Shares or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 
 (j)
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. 
 (k) 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 this Warrant. 
 (l) Amendment. This Warrant may be
modified or amended or the provisions hereof waived with the written consent of the Company and the Holder. 
 (m) 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. 

(n) 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. 
 ******************** 

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

			
	SEANERGY MARITIME HOLDINGS CORP.
		
	By:	 	 
		 	Name: Stamatios Tsantanis
		 	Title: Chief Executive Officer

 NOTICE OF EXERCISE 

TO: SEANERGY MARITIME HOLDINGS CORP. 

(1) The undersigned hereby elects to purchase
                     Warrant Shares of the Company pursuant to the terms of the attached Warrant, dated
                    , 2019, 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 by wire transfer or cashier’s check drawn on a United States bank; or 

☐ if permitted by the terms of the Warrant, 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: 

 

					
		  	 	  	
			
		  	 	  	
			
		  	 	  	

 [SIGNATURE OF HOLDER] 
  

			
	 Name of Investing Entity:
	 	 

  

			
	 Signature of Authorized Signatory of Investing Entity:
	 	 

  

			
	 Name of Authorized Signatory:
	 	 

  

			
	 Title of Authorized Signatory:
	 	 

  

			
	 Date:
	 	 

  
  

 

 ASSIGNMENT FORM 

(To assign the foregoing warrant, execute 

this form and supply required information. 

Do not use this form to exercise the warrant.) 

FOR VALUE RECEIVED, [        ] all of or
[                ] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to
                                         
                                    whose address is
                                         
                                   . 

Date:                      

 

			
	 Holder’s Signature:
	 	 
		
	 Holder’s Address:
	 	 

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant,
without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to
assign the foregoing Warrant.EX-10.1

 Exhibit 10.1 

Execution Version 

SETTLEMENT AGREEMENT 

This Settlement Agreement (this “Agreement”) is entered into and effective as of April 22, 2019, by and among PG&E
Corporation, a California corporation (for itself and on behalf of the Utility (as defined below), the “Company”), and BlueMountain Capital Management, LLC, a Delaware limited liability company (for itself and on behalf of BMCA (as
defined below), “BlueMountain” and, together with the Company and the Utility, the “Parties”). 

WHEREAS, on January 29, 2019, the Company and Pacific Gas and Electric Company, a California corporation (the
“Utility”) voluntarily commenced bankruptcy cases under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Northern District of California (together
with any related or ancillary proceedings, the “Chapter 11 Cases”); 
 WHEREAS, pursuant to Article I,
Section 2 of the Bylaws of the Company (the “Bylaws”), on March 1, 2019, Blue Mountain Credit Alternative Master Fund L.P., a limited partnership organized under the laws of the Cayman Islands and managed by BlueMountain
(“BMCA”), delivered written notice to the Company (the “Notice”) nominating 13 persons, including each of Frederick W. Buckman (“Buckman”) and Christopher A. Hart (“Hart”), for
election to the Board of Directors of the Company (the “Company Board”) and proposing other business for consideration at the 2019 joint annual meeting of shareholders of the Company and the Utility or any other meeting of
shareholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof (the “2019 Annual Meeting”), and announced its intention to solicit proxies in favor of the election of such persons to
the Company Board and the approval of such other business at the 2019 Annual Meeting (the “Potential Proxy Contest”); 

WHEREAS, representatives of the Company and BlueMountain have participated in discussions regarding their respective views on the
proper composition of the Company Board and the merits of potential nominees for election or appointment to the Company Board; 

WHEREAS, on April 3, 2019, the Company announced the appointment of 10 new directors to the Company Board, effective as of the
next in-person meeting of the Company Board, and stated that the then-existing members of the Company Board (including the 10 newly appointed directors) and William D. Johnson (“Johnson”) will
stand for election to the Company Board at the 2019 Annual Meeting; 
 WHEREAS, on April 3, 2019, the Company also announced the
appointment of 10 new directors to the Board of Directors of the Utility (the “Utility Board” and, together with the Company Board, the “Boards”), effective as of the next
in-person meeting of the Utility Board, and stated that the then-existing members of the Utility Board (including the 10 newly appointed directors) and Johnson will stand for election to the Utility Board at
the 2019 Annual Meeting; 
 WHEREAS, on April 9 and 10, 2019, such 10 new directors were seated on the Company Board, joining 3
continuing directors, with 7 previous directors resigning from the Company Board; 

 WHEREAS, on April 9 and 10, 2019, such 10 new directors were seated on the
Utility Board, joining 3 continuing directors, with 7 previous directors resigning from the Utility Board, and on April 10, 2019, the Utility Board voted to appoint Johnson to the Utility Board effective May 1, 2019; 

WHEREAS, each of the Parties has considered the qualifications of Buckman to serve on each of the Boards and of Hart to serve as a
safety consultant to the Chief Executive Officer of the Company; 
 WHEREAS, each of the Parties believes that the appointment of
Buckman to each of the Boards, the hiring of Hart as a safety consultant to the Chief Executive Officer of the Company, the nomination of Buckman for election to each of the Boards at the 2019 Annual Meeting, the identification and appointment of
the Renewable Designee (as defined below) to each of the Boards and a consensual resolution of the Potential Proxy Contest are in the best interests of each of the Company and the Utility; 

WHEREAS, the Parties have come to an agreement regarding the appointment of Buckman to each of the Boards, the hiring of Hart as a
safety consultant to the Chief Executive Officer of the Company, the nomination of Buckman for election to each of the Boards at the 2019 Annual Meeting, the identification and appointment of the Renewable Designee to each of the Boards and certain
other matters as set forth herein; 
 WHEREAS, effective as of the execution and delivery hereof, Richard Kelly has resigned from the
Company Board and Buckman has been seated in the vacancy on the Company Board resulting therefrom; and 
 WHEREAS, effective as the
execution and delivery hereof, Richard Kelly has resigned from the Utility Board and Buckman has been seated in the vacancy on the Utility Board resulting therefrom. 

NOW, THEREFORE, in consideration of and reliance upon the material covenants and agreements of the Parties contained herein, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the Parties, it is hereby agreed by and among the Parties as follows: 

1. Appointment and Nomination. 

(a) The Company hereby represents and warrants to BlueMountain that, effective immediately after the execution and delivery hereof: 

(i) Richard Kelly has resigned from the Company Board and all committees thereof and Buckman has been seated in the vacancy on the Company
Board resulting therefrom; and 
 (ii) Richard Kelly has resigned from the Utility Board and all committees thereof and Buckman has been
seated in the vacancy on the Utility Board resulting therefrom. 

  
 2 

 (b) Each of the Company Board and the Utility Board agrees to promptly appoint Buckman to
appropriate committees of the applicable Board, as determined in such Board’s reasonable discretion. 
 (c) The Company shall include a
proposal to amend its Restated Articles of Incorporation (the “Charter”) to increase the maximum size of the Company Board to 15 members in the joint proxy statement of the Company and the Utility and on the joint proxy card of the
Company and the Utility relating to the 2019 Annual Meeting and shall use its reasonable best efforts (which shall include the solicitation of proxies) to obtain the requisite shareholder vote required to so amend the Charter (it being understood
that such efforts shall not be less than the efforts used by the Company to obtain the requisite vote required to approve any other proposal included in the joint proxy statement of the Company and the Utility and on the joint proxy card of the
Company and the Utility relating to the 2019 Annual Meeting). 
 (d) The Company shall include Buckman as a nominee for election to the
Company Board at the 2019 Annual Meeting recommended by the Company Board in the joint proxy statement of the Company and the Utility and on the joint proxy card of the Company and the Utility relating to the 2019 Annual Meeting and shall use its
reasonable best efforts (which shall include the solicitation of proxies) to obtain the election of Buckman to the Company Board at the 2019 Annual Meeting (it being understood that such efforts shall not be less than the efforts used by the Company
to obtain the election of any other nominee nominated for election to the Company Board at the 2019 Annual Meeting). 
 (e) The Utility shall
include Buckman as a nominee for election to the Utility Board at the 2019 Annual Meeting recommended by the Utility Board in the joint proxy statement of the Company and the Utility and on the joint proxy card of the Company and the Utility
relating to the 2019 Annual Meeting and shall use its reasonable best efforts (which shall include the solicitation of proxies) to obtain the election of Buckman to the Utility Board at the 2019 Annual Meeting (it being understood that such efforts
shall not be less than the efforts used by the Utility to obtain the election of any other nominee nominated for election to the Utility Board at the 2019 Annual Meeting), and the Company shall vote or cause to be voted all of the voting Securities
(as defined below) of the Utility beneficially owned by the Company in favor of the election of Buckman to the Utility Board at the 2019 Annual Meeting. 

(f) The Company and the Utility shall cause the 2019 Annual Meeting to be held as promptly as practicable following the execution and delivery
of this Agreement, it being understood that in no event shall the 2019 Annual Meeting be held prior to June 1, 2019. 
 (g) In
consultation with BlueMountain, the Nominating and Governance Committee of the Company Board shall select in good faith, as promptly as practicable following the execution and delivery of this Agreement, an additional person to be appointed to each
of the Boards who, in the Company Board’s reasonable discretion, (i) has clean energy/clean energy technology expertise (whether leading a business whose primary purpose is to advance or support clean energy/clean energy technology
(excluding nuclear power) or acting as a recognized expert or policy maker who has publicly advocated for clean energy/clean energy technology), it being understood that “clean energy/clean energy technology expertise” shall include,
without limitation, expertise related to storage and network distribution in the clean 

  
 3 

 
energy space and other similar expertise, (ii) is a resident of the State of California or otherwise has deep ties to the State of California (as evidenced by having close relationships and
support of key California decision makers and influencers in clean energy), and (iii) brings demonstrated domain expertise relating to the achievement of California’s clean energy goals (such additional person, the “Renewable
Designee”), provided, that in connection with the process of selecting the Renewable Designee, the Company, the Utility and each of the Boards shall give good faith consideration to those persons nominated in the Notice by BMCA for
election to the Company Board at the 2019 Annual Meeting as the Renewable Designee, and the Company, the Utility and the applicable Board shall appoint the Renewable Designee to each of the Boards as promptly as practicable following his or her
selection in accordance with this Section 1(g), subject, in the case of his or her appointment to the Company Board, to approval of the Charter amendment contemplated by Section 1(c) by the
shareholders of the Company; provided, that, for the avoidance of doubt, the Parties acknowledge and agree that the Renewable Designee cannot be appointed to the Company Board prior to the 2019 Annual Meeting. 

(h) If Buckman fails to be elected to either Board at the 2019 Annual Meeting, the Nominating and Governance Committee of the Company Board
shall select in good faith, as promptly as practicable, a person to fill the vacancy resulting therefrom who, in the Company Board’s reasonable discretion, has senior management level experience at an electric utility of comparable scope and
size to the Company and the Utility (the “Utility Designee”), and the Company, the Utility and the applicable Board shall appoint the Utility Designee to each of the Boards as promptly as practicable following his or her selection
in accordance with this Section 1(h). 
 (i) If the Renewable Designee is not promptly appointed in accordance with
Section 1(g), ceases to serve on either of the Boards as a result of his or her death or incapacity at any time prior to the 2020 Annual Meeting, fails to be elected to either Board at the 2019 Annual Meeting (if nominated
for election at the 2019 Annual Meeting) or is otherwise removed from either Board, the Company, the Utility (if applicable) and the applicable Board shall promptly, subject, in the case of the Company Board, to approval of the Charter amendment
contemplated by Section 1(c) by the shareholders of the Company, fill the vacancy resulting therefrom taking into account the attributes set forth in Section 1(g)(i) through (iii). 

(j) Without limiting any other provision herein, (i) the Company shall cause the Utility and the Utility Board to comply with the terms of
this Agreement and (ii) each of the Company, the Utility and the Boards shall take all reasonable actions under its control as promptly as practicable in order to accomplish the actions contemplated by this Section 1.

 2. Safety Consultant. Promptly following the execution and delivery hereof, the Company shall engage Hart as a safety consultant
(the “Safety Consultant”) to the Chief Executive Officer of the Company and enter into a consulting agreement with the Safety Consultant on customary market terms for such an engagement. 

  
 4 

 3. Withdrawal of Notice of Nomination. In connection with the execution and delivery
hereof, BlueMountain hereby does, and to the extent necessary shall cause BMCA to, withdraw the Notice for any and all purposes, including with respect to the nomination of persons for election to the Company Board at the 2019 Annual Meeting and the
proposal of other business for consideration at the 2019 Annual Meeting. 
 4. Standstill. 

(a) BlueMountain agrees that, during the Standstill Period (as defined below) (unless specifically requested in writing by the Company, acting
through a resolution of a majority of the Company’s directors), it shall not, and shall cause each of its Affiliates (as such term is defined in Rule 12b-2 promulgated by the Securities and Exchange
Commission (“SEC”) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) not to, directly or indirectly, in any manner, alone or in concert with others: 

(i) make, engage in, or in any way participate in, directly or indirectly, any “solicitation” of “proxies” or become a
“participant” in a “solicitation” (as such terms are used in the proxy rules of the SEC but without regard to the exclusion set forth in Rule 14a-1(l)(2)(iv) of the Exchange Act) of
proxies or consents with respect to the voting of any securities of the Company or the Utility or any securities convertible or exchangeable into or exercisable for any such securities (collectively, “Securities”) for the election
of persons to the Company Board or the Utility Board, respectively, or to approve proposals of any shareholder of the Company or the Utility; 

(ii) knowingly take any affirmative action with the purpose or intent of advising, encouraging or influencing any other person (other than its
Affiliates) or assist any person or entity not a party to this Agreement other than its Affiliates (a “Third Party”) with respect to the voting of any Securities of the Company or the Utility for the election of persons to the
Company Board or the Utility Board, respectively, or to approve proposals of any shareholder of the Company or the Utility; 
 (iii) form,
join, encourage, influence, advise or in any way participate in any “group” (as such term is defined in Section 13(d)(3) of the Exchange Act) with any persons (excluding, for the avoidance of doubt, any group composed solely of
BlueMountain and its Affiliates) with respect to any Securities of the Company or the Utility or otherwise in any manner agree, attempt, seek or propose to deposit any Securities of the Company or the Utility in any voting trust or similar
arrangement, or subject any securities of the Company or the Utility to any arrangement or agreement with respect to the voting thereof (including by granting any proxy, consent or other authority to vote), except as expressly contemplated or
permitted by this Agreement; 
 (iv) acquire, offer or propose to acquire, or agree to acquire, directly or indirectly, through swap or
hedging transactions or otherwise, any Securities of the Company or the Utility or any rights decoupled from the underlying Securities of the Company or the Utility that would result in BlueMountain, its Affiliates and any individual or entity that
would be deemed to be part of a “group” (as such term is defined in Section 13(d)(3) of the Exchange Act) with BlueMountain and or any of its Affiliates (the “13D Group”) owning, controlling or otherwise having any
beneficial or other ownership interest in 5% or more of the voting Securities of the Company or the Utility outstanding at such time, based on the total number of shares of the common stock of the Company or the Utility, as applicable, outstanding
as most 

  
 5 

 
recently disclosed by the Company or the Utility in an Annual Report on Form 10-K or a Quarterly Report on Form
10-Q filed with the SEC or otherwise communicated in writing as of a more recent date by the Company or the Utility to BlueMountain; provided, that nothing herein will require common stock of the
Company or the Utility to be sold to the extent that the 13D Group exceeds the ownership limits under this Section 4(a)(iv) as the result of a share repurchase or similar action by the Company or the Utility that reduces
the number of outstanding shares of common stock of the Company or the Utility, respectively; provided, further, that this Section 4(a)(iv) shall not in any way restrict BlueMountain or its Affiliates from
participating in any dilutive equity offering of the Company or the Utility in connection with the Chapter 11 Cases; 
 (v) effect or seek
to effect, offer or propose to effect, cause or participate in, or in any way assist or facilitate any other person to effect or seek, offer or propose to effect or participate in, any tender or exchange offer, merger, consolidation, acquisition,
sale of all or substantially all assets or sale, spinoff, splitoff or other similar separation of one or more business units, scheme of arrangement, plan of arrangement or other business combination or other similar extraordinary transaction (other
than any recapitalization, reorganization or other transaction commonly undertaken in a bankruptcy proceeding similar to the Chapter 11 Cases) involving the Company, the Utility, any of their respective subsidiaries, joint ventures, Securities or a
material amount of any of their respective assets or businesses (each, an “Extraordinary Transaction”), or encourage, initiate or support any Third Party in any such activity; provided that BlueMountain and its Affiliates
shall be permitted to sell or tender their Securities of the Company or the Utility, and otherwise receive consideration, pursuant to any Extraordinary Transaction; 

(vi) (A) call or request the calling of any meeting of shareholders of the Company or the Utility, including by written consent;
(B) seek representation on, or nominate any candidate to, either of the Boards, except as contemplated by this Agreement; (C) seek the removal of any member of either of the Boards, except in connection with the enforcement of its rights
under this Agreement; (D) conduct a referendum of shareholders of the Company or the Utility; or (E) present any proposal at any annual meeting or any special meeting of the shareholders of the Company or the Utility; 

(vii) make or cause to be made, or in any way knowingly encourage (including by providing any critical or otherwise disparaging information to
any of the persons nominated for election to the Company Board in the Notice) any other person to make or cause to be made, any public statement or announcement, including in any document or report filed with or furnished to the SEC or through the
press, media, analysts or similar persons, that criticizes or otherwise disparages the Company or any current or former member of the Company Board or the Utility Board (other than the Renewable Designee or any replacement thereof); provided,
that BlueMountain and its Affiliates shall not be prohibited from making, causing to be made, or in any way knowingly encouraging any other person to make or cause to be made any such public statement or announcement if the Company’s or the
Utility’s slate of director nominees for election at the 2019 Annual Meeting changes following the date hereof (other than in accordance with Section 1(g) ); 

  
 6 

 (viii) make any public disclosure, announcement or statement regarding any intent, purpose,
plan or proposal with respect to (A) the Boards, (B) the Company or the Utility or their respective managements, policies, affairs, securities or assets or (C) this Agreement that is inconsistent with the foregoing provisions of this
Section 4(a); 
 (ix) make any request for stock list materials or other books and records of the Company or the
Utility under Section 1600 or Section 1601 of the California Corporations Code or other statutory or regulatory provisions providing for shareholder access to books and records; 

(x) institute, solicit, knowingly assist or join any litigation, arbitration or other proceeding against or involving the Company or any of
its current, former or future directors or officers (including derivative actions) in order to effect or take any of the actions expressly prohibited by this Section 4(a); provided, however, that for the avoidance of
doubt the foregoing shall not (A) prevent BlueMountain or any of its Affiliates from (1) bringing litigation to enforce the provisions of this Agreement, (2) making counterclaims with respect to any proceeding initiated by, or on
behalf of, the Company, the Utility or any of their respective Affiliates against BlueMountain or any of its Affiliates, (3) bringing bona fide commercial disputes that do not relate to the subject matter of this Agreement, or
(4) exercising statutory appraisal rights, or (B) require BlueMountain or any of its Affiliates to opt out of any class action commenced by a Third Party; provided, further, that the foregoing shall also not prevent
BlueMountain from responding to or complying with a validly issued legal process; 
 (xi) enter into any discussions, negotiations,
agreements or understandings with any Third Party to take any action with respect to any of the foregoing, or knowingly take any affirmative action to advise, assist, encourage or seek to persuade any Third Party to take any action or make any
statement with respect to any of the foregoing provisions of this Section 4(a), or otherwise take or cause any action or make any statement inconsistent with any of the foregoing provisions of this
Section 4(a); or 
 (xii) request, directly or indirectly, any amendment or waiver of the foregoing provisions of
this Section 4(a). 
 (b) Notwithstanding anything to the contrary in this Agreement, nothing in
Section 4(a) shall be deemed to prohibit BlueMountain, its Affiliates or their respective directors, officers, partners, employees, members or agents (acting in such capacity) from (i) communicating privately regarding
or privately advocating for or against any of the matters described in Section 4(a) with, or from privately requesting an amendment or waiver of any of the foregoing provisions of Section 4(a)
from, the Company or the Utility or the Boards, so long as such communications, advocacy or requests are not intended to, and would not reasonably be expected to, require any public disclosure of such communications, advocacy or requests or
(ii) (A) voting on any matter submitted to shareholders or creditors of the Company for a vote (including proposing, supporting and voting on a plan of reorganization), (B) filing and prosecuting any proof of claim or interest on behalf of
itself or its Affiliates in the Chapter 11 Cases (other than as may be expressly prohibited by Section 4(a)), (C) subject to Section 4(a)(vii) (to the extent the restrictions imposed by
Section 4(a)(vii) are not inconsistent with any duties imposed in connection with service on any committee), seeking the right to serve, and 

  
 7 

 
thereafter serving, as a member of any official committee appointed in the Chapter 11 Cases, or any ad hoc committee or engaging in communications and sharing information with any such
committees or otherwise communicating with shareholders, creditors or other stakeholders regarding the Chapter 11 Cases, (D) filing any responsive or defensive pleading in opposition to any motion, claim, contested matter or adversary
proceeding or responding to any other pleading made by any person in connection with or related to the Chapter 11 Cases (other than as may be expressly prohibited by Section 4(a)), or (E) initiating, prosecuting or
appearing in any adversary proceeding or contested matter to protect BlueMountain’s and its Affiliates’ rights or interests arising under the Bankruptcy Code or applicable law in connection with or related to the Chapter 11 Cases and
filing any pleadings, objections, motions or agreements in connection therewith, solely to the extent relating to matters that are not the subject matter of this Agreement (other than as may be expressly prohibited by
Section 4(a)) or (F) taking any such actions as BlueMountain deems necessary or advisable to maintain, preserve, advance or protect its and its Affiliates’ interests in connection with or related to the Chapter 11
Cases (other than as may be expressly prohibited by Section 4(a)). 
 (c) Following such time as the Company or the
Utility enters into an agreement with any person or group that provides for an Extraordinary Transaction that would result in the shareholders of the Company or the Utility immediately prior to such transaction holding, directly or indirectly, less
than 50% of the common and equivalent equity of the surviving entity resulting from the business combination after such transaction, BlueMountain and its Affiliates shall not be prohibited from engaging in any of the activities specified in
Section 4(a). 
 (d) Each of the Company and the Utility agree that, during the Standstill Period, unless there is
a material breach of any provision of this Agreement by BlueMountain or its Affiliates, it shall not, and shall cause each of its Affiliates not to, directly or indirectly, in any manner, alone or in concert with others, make or cause to be made, or
in any way knowingly encourage any other person to make or cause to be made, any public statement or announcement, including in any document or report filed with or furnished to the SEC or through the press, media, analysts or similar persons, that
criticizes or otherwise disparages BlueMountain, its Affiliates or any of their respective current or former directors or officers. 
 (e)
BlueMountain will cause to be present for quorum purposes and vote or cause to be voted all voting Securities beneficially owned by BlueMountain and its respective Affiliates that they are entitled to vote as of the applicable record date in favor
of the election of the nominees for election to the Company Board and the Utility Board at the 2019 Annual Meeting recommended by the Company Board and the Utility Board in the joint proxy statement of the Company and the Utility and on the joint
proxy card of the Company and the Utility relating to the 2019 Annual Meeting, so long as such nominees consist solely of the thirteen members of the Company Board immediately following the execution and delivery of this Agreement, Johnson and, if
nominated for election to the Company Board, the Renewable Designee; 
 (f) For purposes of this Agreement the terms
“person” or “persons” shall mean any individual, corporation (whether for-profit or
not-for-profit), general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, association, organization or other
entity of any kind or nature. 

  
 8 

 (g) For purposes of this Agreement the term “Standstill Period” shall mean
the period commencing on the date BMCA is required to withdraw the Notice in accordance with Section 3 and ending on the earliest of (i) the date that is thirty (30) days prior to the expiration of the
Company’s advance notice period for the nomination of persons for election to the Company Board at the 2020 Annual Meeting, (ii) the effective date of any plan of reorganization in the Chapter 11 Cases that contemplates changes in the
composition of either of the Boards and (iii) the occurrence of a material breach of any provision of this Agreement by the Company, the Utility, the Company Board or the Utility Board. 

5. Public Announcement. The Parties shall issue a press release regarding the matters contained in this Agreement in the form set forth
on Exhibit A no later than 5:30 a.m. PDT on the next business day following the execution and delivery hereof. 
 6. Expenses.
The Company agrees that in the event that BlueMountain files an application under Section 503(b) of the Bankruptcy Code for reimbursement of any or all of its costs, fees and expenses incurred by BlueMountain or its Affiliates in connection
with the Potential Proxy Contest, other than those costs, fees, or expenses of the nature set forth on Schedule 1 hereto (which shall not be included in any such application), the Company, subject to the fiduciary duties of the Company Board
and the Utility Board, will not take a position with respect to such application that is inconsistent (taking into account the size, scope and reasonableness of the amount of fees sought and the relative contributions of all shareholders seeking
reimbursement) with the position that the Company may take in the Bankruptcy Court with respect to any similar application filed by any other shareholder of the Company or representative thereof. 

7. Notices. All notices and other communications under this Agreement shall be in writing and shall be given (and shall be deemed to
have been duly given upon receipt) by delivery in person, by e-mail (upon written confirmation of receipt by e-mail or otherwise) or by Federal Express or registered or
certified mail, as follows: 
 If to the Company: 

PG&E Corporation 
 77 Beale
Street, Mail Code B24W 
 San Francisco, California 94105 

Attn:        Linda Y. H. Cheng 

                Vice President, Corporate Governance and
Corporate Secretary 
 Email:      linda.cheng@pge.com 

With copies (which shall not constitute notice) to: 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Attn:        Mario A. Ponce 

                Ravi Purushotham 

Email:      mponce@stblaw.com 

                rpurushotham@stblaw.com 

  
 9 

 If to BlueMountain: 

BlueMountain Capital Management, LLC 

280 Park Avenue, 12th Floor 

New York, New York 10017 
 Attn:
       Paul Friedman 

                General Counsel 

Email:      pfriedman@bluemountaincapital.com 

With copies (which shall not constitute notice) to: 

Cleary Gottlieb Steen & Hamilton LLP 

One Liberty Plaza 
 New York,
New York 10006 
 Attn:        David Leinwand 

                Paul M. Tiger 

Email:      DLeinwand@cgsh.com 

                 PTiger@cgsh.com 

Irell & Manella LLP 

1800 Avenue of the Stars, Suite 900 

Los Angeles, California 90067 

Attn:        Craig Varnen 

                Gregory Klein 

Email:     CVarnen@irell.com 

                GKlein@irell.com 

8. Governing Law; Forum. This Agreement shall be governed by and construed in accordance with the laws of the state of California,
without regard to its conflict of laws principles. Any action brought to enforce this Agreement shall be brought in the United States Bankruptcy Court for the Northern District of California or, if such court does not have jurisdiction, any federal
or state court located in the state of California, and BlueMountain and the Company hereby agree and irrevocably consent to the jurisdiction of such courts and waive any objection to such venue on the grounds that it is an inconvenient forum.
BlueMountain and the Company agree and consent to personal jurisdiction and venue in any such action brought in such courts and consent to service of process in any such action by registered mail. 

9. Equitable Relief. It is understood and agreed that money damages would not be a sufficient remedy for any breach of this Agreement by
any Party and that the Parties shall be entitled to equitable relief, including injunctive relief and/or specific performance, to prevent any such breach by the other Party, without proof of actual damages, and each party expressly waives and
forfeits any statutory requirement to post a bond as a condition to obtaining such relief. Such remedies shall not be deemed to be the exclusive remedies for a breach by such other Party but shall be in addition to all other remedies available at
law or equity to the non-breaching Party. It is further understood and agreed that, pursuant to California Civil Code § 1717, if any action is 

  
 10 

 
initiated by or against any Party to enforce the provisions of this Agreement, the successful party in any such action shall be entitled to reimbursement from the party accused of violating the
terms hereof for all costs and expenses, including reasonable counsel fees arising out of or relating to this Agreement, including any non-contractual claims that contribute to the success of any
contract-based claim. 
 10. Amendment; Waiver. This Agreement may be modified or waived only by a separate writing executed by
BlueMountain and the Company that expressly so modifies or waives this Agreement. Failure or delay in exercising any right, power or privilege hereunder shall not operate as a waiver thereof, and no single or partial exercise of any right, power or
privilege hereunder shall preclude any other or further exercise of any right, power or privilege. 
 11. Entire Agreement. This
Agreement constitutes the entire agreement between BlueMountain and the Company with respect to the subject matter hereof and supersedes all prior or contemporaneous agreements, understandings, negotiations and discussions with respect thereto,
whether oral or written. 
 12. Severability. If at any time subsequent to the date hereof, any provision of this Agreement shall be
held by any court of competent jurisdiction to be invalid, illegal or unenforceable, such provision shall be of no force and effect to the extent of such invalidity, illegality or unenforceability, but the illegality or unenforceability of such
provision shall have no effect upon the legality or enforceability of any other provision of this Agreement. 
 13. No Party as
Drafter. None of the Parties nor their respective attorneys shall be deemed to be the drafter of this Agreement for purposes of interpreting or construing any of the provisions of this Agreement. This Agreement shall be interpreted in accordance
with the fair meaning of its language and not strictly for or against any of the Parties. In this regard, the Parties stipulate and agree that the terms of this Agreement are neither uncertain nor ambiguous; accordingly, each Party waives the
applicability of California Civil Code §§ 1649 and 1654. 
 14. Authority. Each of the Parties represents and warrants that
it has full power and authority to execute, deliver and perform this Agreement. Each of the signatories hereto represents and warrants that he or she has been duly authorized to execute this Agreement on behalf of the Party for whom he or she signs
and to bind such Party to this Agreement. The Parties stipulate and agree that this Agreement does not need to be approved by any court in connection with the bankruptcy petition filed by the Company or the Utility, but if such court ultimately were
to conclude that approval is required, the Parties agree, at their own expense, to take any reasonable actions necessary to obtain such approval and agree not to take any action, or support any action by any third party, whether directly or
indirectly, to oppose approval of this Agreement. 
 15. Counterparts. This Agreement may be executed by the signatories hereto in
separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Pursuant to California Civil Code § 1633.1 et seq., the Parties
confirm their agreement and intention to be bound by electronic signatures affixed to this Agreement. 
 [Signature Page Follows] 

  
 11 

 IN WITNESS WHEREOF, each of the Parties has executed this Agreement, or caused the
same to be executed by its duly authorized representative, as of the date first written above. 
  

			
	PG&E CORPORATION
		
	By:	 	 /s/ Janet C. Loduca

	 Name:
 Title:
	 	 Janet C. Loduca
 Senior Vice President and
Interim General Counsel

 [Signature Page to Settlement Agreement] 

 
			
	BLUEMOUNTAIN CAPITAL MANAGEMENT, LLC
		
	By:	 	 /s/ David O’Mara

	 Name:
 Title:
	 	 David O’Mara
 Deputy General
Counsel

 [Signature Page to Settlement Agreement]

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