Document:

Exhibit 4.5

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES REGISTERED PURSUANT TO

SECTION 12 OF THE SECURITIES EXCHANGE
ACT OF 1934, AS AMENDED

 

The following description
sets forth certain material terms and provisions of the Company’s common stock. The following summary does not purport to
be complete and is subject to, and is qualified in its entirety by reference to, the applicable provisions of the Company’s
Amended and Restated Articles of Incorporation (the “Articles of Incorporation”) and Amended and Restated Bylaws (the
 “Bylaws”), each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this
Exhibit is a part. We encourage you to refer to our Articles of Incorporation and Bylaws for additional information.

 

DESCRIPTION OF COMMON STOCK

 

Subject to the rights
of the holders of any series of preferred shares, the holders of the Company’s shares of common stock, par value $0.001 per
share (the “Common Shares”) are entitled to one vote on each matter submitted to a vote at a meeting of shareholders
for each Common Share held of record by such holder as of the record date for such meeting. The Company’s Articles of Incorporation
prohibit cumulative voting. Subject to preferences that may be applicable to any outstanding preferred shares, holders of Common
Shares are entitled to receive ratably all dividends, if any, declared by the Company’s board of directors out of funds legally
available for dividends. Upon the Company’s dissolution or liquidation or the sale of all or substantially all of the Company’s
assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred shares having liquidation
preferences, if any, the holders of Common Shares are entitled to receive pro rata the Company’s remaining assets available
for distribution. Except as otherwise provided in a preferred share designation made by the Company’s board of directors,
no holder of shares of the Company of any class, now or hereafter authorized, will have any preferential or preemptive rights to
subscribe for, purchase or receive any shares of the Company of any class, now or hereafter authorized or any options or warrants
for such shares, or any rights to subscribe to or purchase such shares, or any securities convertible into or exchangeable for
such shares, which may at any time be issued, sold or offered for sale by the Company.

 

Under the Company’s
Articles of Incorporation, its authorized capital stock consists of 100,000,000 common shares, par value $0.001 per share, and
10,000,000 preferred shares, par value $0.001 per share. There are no preferred shares outstanding.

 

Anti-Takeover Effect of Certain Provisions of the Company’s
Articles of Incorporation and Bylaws

 

Several provisions
of the Company’s Articles of Incorporation and Bylaws, which are summarized herein, may have anti-takeover effects. These
provisions are intended to avoid costly takeover battles, lessen the Company’s vulnerability to a hostile change of control
and enhance the ability of the Company’s board of directors to maximize shareholder value in connection with any unsolicited
offer to acquire us. However, these anti-takeover provisions could also discourage, delay or prevent (1) the merger or acquisition
of us by means of a tender offer, a proxy contest or otherwise that a shareholder may consider in its best interests and (2) the
removal of incumbent officers and directors.

 

Blank Check Preferred
Shares

 

Under the terms of
the Company’s Articles of Incorporation, the Company’s board of
directors has authority, without any further vote or action by the Company’s shareholders, to issue up to 10,000,000 blank
check preferred shares. The Company’s board of directors may issue preferred shares on terms calculated to discourage, delay
or prevent a change of control of the Company or the removal of the Company’s management.

 

    

     

    

 

Election and Removal
of Directors

 

The Company’s
Articles of Incorporation prohibit cumulative voting in the election of directors. The Company’s Bylaws require parties other
than the board of directors to give advance written notice of nominations for the election of directors. The Company’s Articles
of Incorporation also provide that the Company’s directors may be removed by the shareholders only for cause or pursuant
to a plan of merger, consolidation or reorganization approved by the shareholders. These provisions may discourage, delay or prevent
the removal of incumbent officers and directors.

 

Limited Actions
by Shareholders

 

As described above,
the Company’s Articles of Incorporation and Bylaws provide that any action required or permitted to be taken by the Company’s
shareholders must be effected at an annual or special meeting of shareholders. The Company’s Articles of Incorporation and
Bylaws provide that, unless otherwise prescribed by law, special meetings of the Company’s shareholders may only be called
by the chairman of board of directors, the chief executive officer or the secretary at the written request of a majority of the
number of directors that the Company would have if there were no vacancies on the board of directors. The business transacted at
the special meeting is limited to the purposes stated in the notice. Accordingly, a shareholder may be prevented from calling a
special meeting for shareholder consideration of a proposal over the opposition of the Company’s board of directors and shareholder
consideration of a proposal may be delayed until the next annual meeting.

 

Advance Notice Requirements
for Shareholder Proposals and Director Nominations

 

The Company’s
Bylaws provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual
meeting of shareholders must provide timely notice of their proposal in writing to the corporate secretary. Generally, to be timely,
a shareholder’s notice must be delivered to or mailed and received by the Company’s Secretary at the Company’s
principal executive offices not less than 90 days nor more than 120 calendar days prior to the one-year anniversary of the date
on which the Company held the preceding year’s annual meeting of shareholders. The Company’s Bylaws also specify requirements
as to the form and content of a shareholder’s notice. These provisions may impede shareholders’ ability to bring matters
before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders.

 

Limitations on Ownership

 

Under our Articles
of Incorporation and Marshall Islands law generally, there are no limitations on the right of non-residents of the Marshall Islands
or owners who are not citizens of the Marshall Islands to hold or vote our Common Shares.

 

Marshall Islands Tax Considerations

 

Under current Marshall
Islands law, there are no capital gains, income, estate or withholding taxes imposed by the Marshall Islands on shareholders of
our Common Shares with respect to (i) gains from the sale of our Common Shares or (ii) dividends in respect of our Common Shares.
Currently there is no income tax treaty between the Marshall Islands and the United States.Exhibit 10.15

 

EXECUTION COPY

 

This AMENDMENT TO EMPLOYMENT
AGREEMENT (this “Amendment”), dated as of January 13, 2021, is between Diamond S Management LLC, a limited
liability company organized under the laws of the Marshall Islands (the “Company”), and Craig H. Stevenson, Jr.
(“Executive”).

 

WHEREAS, Executive is
currently employed by the Company pursuant to an employment agreement, dated April 9, 2020 (the “Effective Date”)
between the Company and Executive (the “Employment Agreement”).

 

WHEREAS, the parties
desire to amend the Employment Agreement as of the Effective Date.

 

NOW, THEREFORE, in consideration
of the covenants and agreements hereinafter set forth and other good and valuable consideration, and intending to be legally bound
hereby, the parties hereto agree as follows:

 

1.            Capitalized
terms, unless otherwise defined or modified herein, shall have the meaning ascribed to such terms in the Employment Agreement.

 

2.            Section 3(b) of
the Employment Agreement is hereby amended and restated in its entirety to provide as follows:

 

(b)         Bonus.
During the Term, Executive shall have an opportunity to earn a cash bonus (“Annual Bonus”) for each fiscal year
during the Term with a target amount of at least 100% of Executive’s Base Salary for the current fiscal year (“Target
Bonus”). The Annual Bonus shall be subject to performance goals and an evaluation of Executive’s individual contributions
determined each fiscal year by the Board (or the applicable committee or sub-committee to which such authority has been delegated),
of which 60% of the applicable Target Bonus shall be subject to goals based on the Parent’s performance, 20% of the applicable
Target Bonus shall be based on the achievement of certain individual goals unique to the Executive and 20% of the applicable Target
Bonus shall be based on an evaluation of the Executive’s individual performance. The aggregate amount of any Annual Bonus
actually payable to Executive hereunder, if any, shall be determined by the Board (or the applicable committee or sub-committee
to which such authority has been delegated) in its reasonable discretion as soon as practicable following the end of the applicable
fiscal year, and shall be paid no later than the 15th day of the third month following such fiscal year end. In order to be eligible
for any Annual Bonus, Executive must be in the active employ of the Company as of December 31 of the applicable fiscal year.

 

3.            Except
as above amended, all of the terms of the Employment Agreement are hereby ratified and affirmed and shall remain in full force
and effect.

 

4.           This
Amendment may be executed in two or more counterparts (including by facsimile or PDF), each of which shall be deemed an original
but all of which together shall constitute one and the same instrument. If any signature is delivered by facsimile transmission
or by PDF, such signature shall create a valid and binding obligation of the party executing (or on whose behalf the signature
is executed) with the same force and effect as if such facsimile or PDF signature were an original thereof.

 

     

     

    

 

5.            This
Amendment supersedes and replaces any previous agreements and discussions pertaining to the subject matter covered herein. This
Amendment constitutes the entire agreement of the parties with regard to the terms of Executive’s bonus compensation, and
contains all of the covenants, promises, representations, warranties, and agreements between the parties with respect to such matters.
Executive acknowledges that no representation, inducement, promise, or agreement, oral or written, has been made by either party
with respect to the foregoing matters that is not embodied in the Employment Agreement, as amended by this Amendment, and that
no agreement, statement, or promise relating to the employment of Executive by the Company that is not contained in the Employment
Agreement, as amended by this Amendment, will be valid or binding. Executive acknowledges that neither the Company and/or any member
of the Company Group, nor any representative of the Company and/or any member of the Company Group, has made and Executive has
not relied upon any representation or promise to Executive other than as expressly set forth herein. Executive represents that
he has complied with all restrictive covenants, obligations of confidentiality, and intellectual property provisions contained
in any prior employment agreement between Executive and the Company, any member of the Company Group, or any prior employer.

 

IN WITNESS WHEREOF, the
parties have executed this Amendment to the Employment Agreement effective as of the Effective Date.

 

	 	DIAMOND S MANAGEMENT LLC,
	 	 
	 	By:	/s/ Kevin Kilcullen
	 	Name:  Kevin Kilcullen
	 	Title:    Manager and Chief Financial Officer

 

	
         
	ALL PAYMENTS HEREUNDER GUARANTEED

        BY DIAMOND S SHIPPING INC.,

         

	 	By:	/s/ Kevin Kilcullen
	 	Name:  Kevin Kilcullen
	 	Title:    Chief Financial Officer

 

	 	EXECUTIVE,
	 	 
	 	By:	/s/ Craig H. Stevenson, Jr.
	 	Craig H. Stevenson, Jr.

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