Document:

Exhibit 4.1

    

    

    

    
      

    

    

    

    

    

    FORM OF SHAREHOLDER PROTECTION RIGHTS AGREEMENT

    

    

    dated as of

    

    

    ___________, _____

    

    

    between

    

    

    TORO CORP.

    

    

    and

    

    

    ______________________________________,

    

    

    as Rights Agent

    

    

    

    

    

    

    
      

    

    

    

    
      
        

    

    
    SHAREHOLDER PROTECTION RIGHTS AGREEMENT

    

    

    Table of Contents

    

    

    
      	 

            	
              

              

            	
              Page

            

    

    

    

    ARTICLE I

    

    

    DEFINITIONS

    

    

    	
            1.1

          	
            Definitions

          	
            2

          

    

    

    ARTICLE II

    

    

    THE RIGHTS

    

    

    	
            2.1

          	
            Legend

          	
            8

            

          
	
            2.2

          	
            Exercise of Rights; Separation of Rights

          	
            8

            

          
	
            2.3

          	
            Adjustments to Exercise Price; Number of Rights

          	
            11

          
	
            2.4

          	
            Date on Which Exercise is Effective

          	
            12

            

          
	
            2.5

          	
            Execution, Authentication, Delivery and Dating of Rights Certificates

          	
            12

            

          
	
            2.6

          	
            Registration, Registration of Transfer and Exchange

          	
            13

            

          
	
            2.7

          	
            Mutilated, Destroyed, Lost and Stolen Rights Certificates

          	
            13

            

          
	
            2.8

          	
            Persons Deemed Owners

          	
            14

            

          
	
            2.9

          	
            Delivery and Cancellation of Certificates

          	
            14

            

          

    

    

    ARTICLE III

    

    

     ADJUSTMENTS TO THE RIGHTS IN

    THE EVENT OF CERTAIN TRANSACTIONS

    

    

    	
            3.1

          	
            Flip-in

          	
            15

          
	
            3.2

          	
            Flip-over

          	
            18

          

    

    

    ARTICLE IV

    

    

    THE RIGHTS AGENT

    

    

    	
            4.1

          	
            General

          	
            18

          
	
            4.2

          	
            Merger or Consolidation or Change of Name of Rights Agent

          	
            19

          
	
            4.3

          	
            Duties of Rights Agent

          	
            20

          
	
            4.4

          	
            Change of Rights Agent

          	
            22

          

    
      - i -

      
        

    

    ARTICLE V

    

    

    MISCELLANEOUS

    

    

    	
            5.1

          	
            Redemption

          	
            23

          
	
            5.2

          	
            Expiration

          	23
	
            5.3

          	
            Issuance of New Rights Certificates

          	
            23

          
	
            5.4

          	
            Supplements and Amendments

          	
            24

          
	
            5.5

          	
            Fractional Shares

          	
            24

          
	
            5.6

          	
            Rights of Action

          	
            24

          
	
            5.7

          	
            Holder of Rights Not Deemed a Shareholder

          	
            25

          
	
            5.8

          	
            Notice of Proposed Actions

          	
            25

          
	
            5.9

          	
            Notices

          	
            25

          
	
            5.10

          	
            Suspension of Exercisability or Exchangeability

          	
            26

          
	
            5.11

          	
            Successors

          	
            26

          
	
            5.12

          	
            Benefits of this Agreement

          	
            26

          
	
            5.13

          	
            Determination and Actions by the Board of Directors, etc.

          	
            26

          
	
            5.14

          	
            Descriptive Headings; Section References

          	
            26

          
	
            5.15

          	
            GOVERNING LAW

          	
            26

          
	
            5.16

          	
            EXCLUSIVE FORUM

          	
            27

          
	
            5.17

          	
            Counterparts

          	
            27

          
	
            5.18

          	
            Severability

          	
            27

          
	
            5.19

          	
            Withholding

          	
            27

          

    

    

    

    

    EXHIBITS

    

    

    	
            Exhibit A

          	
            Form of Rights Certificate (together with Form of Election to Exercise)

          
	
            Exhibit B

          	
            Form of Certificate of Designation and Terms of Series C Participating Preferred Shares

          

    

    

    
      - ii -

      
        

    

    

    

    FORM OF SHAREHOLDER PROTECTION RIGHTS AGREEMENT

    

    

    SHAREHOLDER PROTECTION RIGHTS AGREEMENT (as amended from time to time, this “Agreement”), dated as of [•], 2022, between Toro Corp., a Marshall Islands corporation (the “Company”), and
      __________________________, a _____________, as Rights Agent (the “Rights Agent”, which term shall include any successor Rights Agent hereunder).

    

    

    WITNESSETH:

    

    

    WHEREAS, the Board of Directors of the Company (the “Board of Directors”) has (a) authorized and declared a dividend of one right (“Right”) in respect of each Common Share (as hereinafter defined) held
      of record as of the Close of Business (as hereinafter defined) on ___________, ____ (the “Record Time”) and (b) as provided in Section 2.3, authorized the issuance of one Right in respect of each Common Share after the Record Time and prior to the
      Separation Time (as hereinafter defined) and, to the extent provided in Section 5.3, each Common Share issued after the Separation Time;

    

    

    WHEREAS, subject to the terms and conditions hereof, each Right entitles the holder thereof, at or after the Separation Time, to purchase securities or assets of the Company (or, in certain cases,
      securities of certain other entities) pursuant to the terms and subject to the conditions set forth herein; and

    

    

    WHEREAS, the Company desires to appoint the Rights Agent to act on behalf of the Company, and the Rights Agent is willing so to act, in connection with the issuance, transfer and exchange of Rights
      Certificates (as hereinafter defined), the exercise of Rights and other matters referred to herein;

    

    
      
        

    

    
    
      

      

      NOW THEREFORE, in consideration of the premises and the respective agreements set forth herein, the parties hereby agree as follows:

       

      

    

    ARTICLE I

    

    

    
      DEFINITIONS

      

      

      1.1

      Definitions.  For purposes of this Agreement, the following terms have the meanings indicated:

    

    

    “Acquiring Person” shall mean any Person who is or becomes the Beneficial Owner of 15% or more of the outstanding Common Shares at any time after the first public announcement of the adoption of
      this Agreement; provided, however, that the term “Acquiring Person” shall not include any Person (i) who is the Beneficial Owner of 15% or more of the outstanding Common Shares at the time of the first public announcement of the
      adoption of this Agreement and who continuously thereafter is the Beneficial Owner of 15% or more of the outstanding Common Shares, until such time thereafter as such Person becomes the Beneficial Owner (other than by means of a stock dividend, stock
      split or reclassification) of additional Common Shares that, in the aggregate, amount to 0.1% or more of the outstanding Common Shares, (ii) who becomes the Beneficial Owner of 15% or more of the outstanding Common Shares after the time of the first
      public announcement of the adoption this Agreement solely as a result of  (A) an acquisition by the Company of Common Shares until such time after the public announcement by the Company of such repurchases as such Person becomes the Beneficial Owner
      (other than by means of a stock dividend,  stock split or reclassification) of additional Common Shares that, in the aggregate, amount to 0.1% or more of the outstanding Common Shares while such Person is or as a result of which such Person becomes
      the Beneficial Owner of 15% or more of the outstanding Common Shares or (B) the occurrence of a Flip-in Date which has not resulted from the acquisition of Beneficial Ownership of Common Shares by such Person or any of such Person’s Affiliates or
      Associates, (iii) who becomes the Beneficial Owner of 15% or more of the outstanding Common Shares but who acquired Beneficial Ownership of Common Shares without any plan or intention to seek or affect control of the Company, if such Person promptly
      divests, or promptly enters into an agreement with, and satisfactory to, the Board of Directors, in the Board of Directors’ sole discretion, to divest, and subsequently divests in accordance with the terms of such agreement (without exercising or
      retaining any power, including voting power, with respect to such shares), a sufficient number of Common Shares (or securities convertible into, exchangeable into or exercisable for Common Shares or otherwise deemed to be Beneficially Owned by such
      Person) so that such Person ceases to be the Beneficial Owner of 15% or more of the outstanding Common Shares or (iv) who Beneficially Owns Common Shares consisting solely of one or more of (A) Common Shares Beneficially Owned pursuant to the grant
      or exercise of an option granted to such Person (an “Option Holder”) by the Company in connection with an agreement to merge with, or acquire, the Company entered into prior to a Flip-in Date, (B) Common Shares (or securities convertible into,
      exchangeable into or exercisable for Common Shares or otherwise deemed to be Beneficially Owned by such Person) Beneficially Owned by such Option Holder or its Affiliates or Associates at the time of grant of such option and (C) Common Shares (or
      securities convertible into, exchangeable into or exercisable for Common Shares or otherwise deemed to be Beneficially Owned by such Person) acquired by Affiliates or Associates of such Option Holder after the time of such grant that, in the
      aggregate, amount to less than 1% of the outstanding Common Shares.  In addition, the Company, any Subsidiary of the Company and any employee stock ownership or other employee benefit plan of the Company or a Subsidiary of the Company (or any entity
      or trustee holding Common Shares for or pursuant to the terms of any such plan or for the purpose of funding any such plan or funding other employee benefits for employees of the Company or of any Subsidiary of the Company) shall not be an Acquiring
      Person. Furthermore, notwithstanding anything to the contrary herein, Mr. Petros Panagiotidis and his Affiliates and Associates (including, without limitation, Pelagos Holdings Corp.) shall not be an Acquiring Person.

    
      - 2 -

      
        

    

    “Affiliate” and “Associate” shall have the respective meanings ascribed to such terms in Rule 12b-2 under the Exchange Act, as such Rule is in effect on the date of this Agreement.

    

    

    “Agreement” shall have the meaning set forth in the Preamble.

    

    

    A Person shall be deemed the “Beneficial Owner”, and to have “Beneficial Ownership” of, and to “Beneficially Own”,  (i) any securities as to which such Person or any of such Person’s Affiliates
      or Associates is or may be deemed to be the beneficial owner pursuant to Rules 13d-3 and 13d-5 under the Exchange Act, as such Rules are in effect on the date of this Agreement, (ii) any securities as to which such Person or any of such Person’s
      Affiliates or Associates has the right to become the beneficial owner (whether such right is exercisable immediately or only after the passage of time or the occurrence of conditions) pursuant to any agreement, arrangement or understanding, whether
      or not in writing (other than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities), or upon the exercise of conversion rights, exchange rights, rights (other than the
      Rights), warrants or options, or otherwise, (iii) any securities which are Beneficially Owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof) with whom such Person has an agreement, arrangement or understanding to
      act together for the purpose of acquiring, holding, voting or disposing of any securities of the Company and (iv) solely for purposes of determining whether any Person is an Acquiring Person, any securities that such Person or any of such Person’s
      Affiliates or Associates are determined to Constructively Own; provided, however, that a Person shall not be deemed the “Beneficial Owner”, or to have “Beneficial Ownership” of, or to “Beneficially Own”, any security (A) solely
      because such security has been tendered pursuant to a tender or exchange offer made by such Person or any of such Person’s Affiliates or Associates until such tendered security is accepted for payment or exchange or (B) solely because such Person or
      any of such Person’s Affiliates or Associates has or shares the power to vote or direct the voting of such security pursuant to a revocable proxy or consent given in response to a public proxy or consent solicitation made to more than ten holders of
      shares of a class of stock of the Company registered under Section 12 of the Exchange Act, unless such power (or the arrangements relating thereto) is then reportable under Item 6 of Schedule 13D under the Exchange Act (or any similar provision of a
      comparable or successor report).  Notwithstanding the foregoing, no officer or director of the Company shall be deemed to Beneficially Own any securities of any other Person by virtue of any actions that such officer or director takes in such
      capacity.  For purposes of this Agreement, in determining the percentage of the outstanding Common Shares with respect to which a Person is the Beneficial Owner, all shares as to which such Person is deemed the Beneficial Owner shall be deemed
      outstanding.

    
      - 3 -

      
        

    

    “Board of Directors” shall have the meaning set forth in the Recitals.

    

    

    “Business Day” shall mean any day other than a Saturday, Sunday or a day on which banking institutions in New York, New York are generally authorized or obligated by law or executive order to
      close.

    

    

    “Close of Business” on any given date shall mean 5:00 p.m. New York City time on such date or, if such date is not a Business Day, 5:00 p.m. New York City time on the next succeeding Business
      Day.

    

    

    “Common Shares” shall mean the common shares, par value $0.001 per share, of the Company.

    

    

     “Company” shall have the meaning set forth in the preamble.

    

    

    A Person shall be determined to “Constructively Own” Common Shares in respect of which such Person has a Synthetic Long Position, calculated in the manner set forth below, if the Board of
      Directors, by a majority vote, determines that such Person is seeking to use the existence of such Synthetic Long Position, in combination with other securities Beneficially Owned by such Person, for the purpose or effect of changing or influencing
      control of the Company.  The number of Common Shares in respect of a Synthetic Long Position that may be determined to be “Constructively Owned” is the notional or other number of Common Shares in respect of such Synthetic Long Position that is
      specified in a filing by such Person or any of such Person’s Affiliates or Associates with the Securities and Exchange Commission or in the documentation evidencing such Synthetic Long Position as the basis upon which the value or settlement amount
      of such right or derivative, or the opportunity of the holder of such right or derivative to profit or share in any profit, is to be calculated in whole or in part and, in any case, including if no such number of Common Shares is specified in any
      filing or documentation, as determined by the Board of Directors to be the number of Common Shares to which such Synthetic Long Position relates.

    

    

    “Election to Exercise” shall have the meaning set forth in Section 2.2(d).

    

    

    “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.

    

    

    “Exchange Ratio” shall have the meaning set forth in Section 3.1(c).

    

    

    “Exchange Time” shall mean the time at which the right to exercise the Rights shall terminate pursuant to Section 3.1(c).

    
      - 4 -

      
        

    

    “Exercise Price” shall mean, as of any date, the price at which a holder may purchase the securities issuable upon exercise of one whole Right.  Until adjustment thereof in accordance with the
      terms hereof, the Exercise Price shall equal $__________.

    

    

    “Expansion Factor” shall have the meaning set forth in Section 2.3(a).

    

    

    “Expiration Time” shall mean the earliest of (i) the Exchange Time, (ii) the Redemption Time, (iii) the Close of Business on the tenth anniversary of the date of this Agreement, and (iv)
      immediately prior to the effective time of a consolidation, merger or statutory share exchange that does not constitute a Flip-over Transaction or Event in which the Common Shares are converted into, or into the right to receive, another security,
      cash or other consideration.

    

    

    “Flip-in Date” shall mean any Share Acquisition Date or such later date as the Board of Directors may from time to time fix by resolution adopted prior to the Flip-in Date that would otherwise
      have occurred.

    

    

    “Flip-over Entity,” for purposes of Section 3.2, shall mean (i) in the case of a Flip-over Transaction or Event described in clause (i) of the definition thereof, the Person issuing any
      securities into which Common Shares are being converted or exchanged and, if no such securities are being issued, the other Person that is a party to such Flip-over Transaction or Event and (ii) in the case of a Flip-over Transaction or Event
      referenced in clause (ii) of the definition thereof, the Person receiving the greatest portion of the (A) assets or, if (A) is not readily determinable, (B) operating income or cash flow being transferred in such Flip-over Transaction or Event, provided,
      that in all cases if such Person is a Subsidiary of another Person, the ultimate parent entity of such Person shall be the Flip-over Entity.

    

    

    “Flip-over Stock” shall mean the capital stock (or similar equity interest) with the greatest voting power in respect of the election of directors (or other Persons similarly responsible for the
      direction of the business and affairs) of the Flip-over Entity.

    

    

    “Flip-over Transaction or Event” shall mean a transaction or series of transactions, on or after a Flip-in Date, in which, directly or indirectly, (i) the Company shall consolidate or merge or
      participate in a statutory share exchange with any other Person if, immediately prior to the time of consummation of the consolidation, merger or statutory share exchange or at the time the Company enters into any agreement with respect to any such
      consolidation, merger or statutory share exchange, the Acquiring Person is the Beneficial Owner of 50% or more of the outstanding Common Shares or controls the Board of Directors and either (A) any term of or arrangement concerning the treatment of
      shares of capital stock in such consolidation, merger or statutory share exchange relating to the Acquiring Person is not identical to the terms and arrangements relating to other holders of the Common Shares or (B) the Person with whom the
      transaction or series of transactions occurs is the Acquiring Person or an Affiliate or Associate of the Acquiring Person or, (ii) the Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer)
      assets (A) aggregating more than 50% of the assets (measured by either book value or fair market value) or (B) generating more than 50% of the operating income or cash flow, of the Company and its Subsidiaries (taken as a whole) to any Person (other
      than the Company or one or more of its wholly owned Subsidiaries) or to two or more such Persons that are Affiliates or Associates or otherwise acting in concert, if, at the time of the entry by the Company (or any such Subsidiary) into an agreement
      with respect to such sale or transfer of assets, the Acquiring Person or any of its Affiliates or Associates controls the Board of Directors.  For purposes of the foregoing description, the term “Acquiring Person” shall include any Acquiring Person
      and its Affiliates and Associates, counted together as a single Person.  An Acquiring Person shall be deemed to control the Board of Directors when, on or following a Share Acquisition Date, the persons who were directors of the Company (or persons
      nominated and/or appointed as directors by vote of a majority of such persons) before the Share Acquisition Date shall cease to constitute a majority of the Board of Directors.

    
      - 5 -

      
        

    

    “Market Price” per share of any securities on any date shall mean the average of the daily closing prices per share of such securities (determined as described below) on each of the 20
      consecutive Trading Days through and including the Trading Day immediately preceding such date; provided, however, that if any event described in Section 2.3, or any analogous event, shall have caused the closing prices used to
      determine the Market Price on any Trading Days during such period of 20 Trading Days not to be fully comparable with the closing price on such date, each such closing price so used shall be appropriately adjusted by the Board of Directors in order to
      make it fully comparable with the closing price on such date.  The closing price per share of any securities on any date shall be the last reported sale price, regular way, or, in case no such sale takes place or is quoted on such date, the average
      of the closing bid and asked prices, regular way, for each share of such securities, in either case as reported in the principal consolidated transaction reporting system with respect to securities listed on the NYSE  or, if the securities are not
      listed on the NYSE, as reported on NASDAQ or, if the securities are not listed on NASDAQ, as reported in the principal consolidated transaction reporting system with respect to the principal national securities exchange on which the securities are
      listed or admitted to trading or, if the securities are not listed or admitted to trading on any national securities exchange, as reported by such other quotation system then in use or, if on any such date the securities are not listed or admitted to
      trading on any national securities exchange or quoted by any such quotation system, the average of the closing bid and asked prices in the over-the-counter market as furnished by a professional market maker making a market in the securities selected
      by the Board of Directors; provided, however, that if on any such date the securities are not listed or admitted to trading on a national securities exchange or traded in the over-the-counter market, the closing price per share of
      such securities on such date shall mean the fair value per share of such securities on such date as determined in good faith by the Board of Directors, after consultation with a nationally recognized investment banking firm, and set forth in a
      certificate delivered to the Rights Agent.

    

    

    “NASDAQ” means the NASDAQ Stock Market.

    

    

    “NYSE” means the New York Stock Exchange.

    

    

    “Option Holder” shall have the meaning set forth in the definition of Acquiring Person.

    

    

    “Person” shall mean any individual, firm, partnership, limited liability company, trust, association, group (as such term is used in Rule 13d-5 under the Exchange Act, as such Rule is in effect
      on the date of this Agreement), corporation or other entity.

    

    

    “Preferred Shares” shall mean the Series C Participating Preferred Shares, par value $0.001 per share, of the Company created by a Certificate of Designation and Terms in substantially the form
      set forth in Exhibit B hereto appropriately completed.

    

    

    “Record Time” shall have the meaning set forth in the Recitals.

    

    

    “Redemption Price” shall mean an amount equal to one tenth of one cent, $0.001.

    

    

    “Redemption Time” shall mean the time at which the right to exercise the Rights shall terminate pursuant to Section 5.1.

    

    

    “Right” shall have the meaning set forth in the Recitals.

    

    

    “Rights Agent” shall have the meaning set forth in the Preamble.

    

    

    “Rights Certificate” shall have the meaning set forth in Section 2.2(c).

    

    

    “Rights Register” shall have the meaning set forth in Section 2.6(a).

    
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    “Separation Time” shall mean the next Business Day following the earlier of (i) the tenth Business Day (or such later date as the Board of Directors may from time to time fix by resolution
      adopted prior to the Separation Time that otherwise would have occurred) after the date on which any Person commences a tender or exchange offer that, if consummated, would result in such Person becoming an Acquiring Person and (ii) the   Flip-in
      Date; provided, that if any tender or exchange offer referenced in clause (i) of this paragraph is cancelled, terminated or otherwise withdrawn prior to the Separation Time without the purchase of any Common Shares pursuant thereto, such
      offer shall be deemed, for purposes of this paragraph, never to have been made.

    

    

    “Share Acquisition Date” shall mean the first date on which there shall be a public announcement by the Company (by any means) that a Person has become an Acquiring Person, which announcement
      makes express reference to such status as an Acquiring Person pursuant to this Agreement.

    

    

    “Subsidiary” of any specified Person shall mean any corporation or other entity of which a majority of the voting power of the equity securities or a majority of the equity or membership interest
      is Beneficially Owned, directly or indirectly, by such Person.

    

    

    “Synthetic Long Position” shall mean any option, warrant, convertible security, stock appreciation right, swap agreement or other security, contract right or derivative position, whether or not
      presently exercisable, that has an exercise or conversion privilege or a settlement payment or other mechanism at a price related to the value of Common Shares or a value determined in whole or part with reference to, or derived in whole or in part
      from, the value of Common Shares and that increases in value as the value of Common Shares increases or that provides to the holder an opportunity, directly or indirectly, to profit or share in any profit derived from any increase in the value of
      Common Shares, in any case without regard to whether (i) such derivative conveys any voting rights in such securities to such Person or any of such Person’s Affiliates or Associates, (ii) such derivative is required to be, or capable of being,
      settled through delivery of such securities, or (iii) such Person or any of such Person’s Affiliates or Associates may have entered into other transactions that hedge the economic effect of such derivative.  A Synthetic Long Position shall not
      include any interests, rights, options or other securities set forth in Rule 16a-1(c)(1)-(5) or (7) promulgated pursuant to the Exchange Act.

    

    

     “Trading Day,” when used with respect to any securities, shall mean a day on which the NYSE is open for the transaction of business or, if such securities are not listed or admitted to trading
      on the NYSE, a day on which the principal national securities exchange on which such securities are listed or admitted to trading is open for the transaction of business or, if such securities are not listed or admitted to trading on any national
      securities exchange, a Business Day.

    

    

    “Trading Regulation” shall have the meaning set forth in Section 2.2(c).

    

    

    “Trust” shall have the meaning set forth in Section 3.1(c).

    

    

    “Trust Agreement” shall have the meaning set forth in Section 3.1(c).

    
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    ARTICLE II

    

    

    THE RIGHTS

    

    

    2.1
      Legend.  Certificates for the Common Shares or, if a certificate has not been issued, the registration of the Common Shares on the share transfer books of the Company,
        issued on or after the Record Time but prior to the Separation Time, shall evidence one Right for each Common Share represented thereby and the Company shall mail to every Person that acquires Common Shares after the Record Time, but prior to the
        Separation Time, either certificates for such Common Shares or a confirmation of the registration of such Common Shares on the share transfer books of the Company, which certificates or confirmation shall have impressed on, printed on, written on
        or otherwise affixed to them a legend substantially in the following form:

    

    

    

    Until the Separation Time (as defined in the Rights Agreement referred to below), this also evidences and entitles the holder hereof to certain Rights as set forth in a Rights Agreement, dated as of
      ___________, ____ (as such may be amended from time to time, the “Rights Agreement”), between __________ (the “Company”) and _______________________, as Rights Agent, the terms of which are hereby incorporated herein by reference and a copy of which
      is on file at the principal executive offices of the Company.  Under certain circumstances, as set forth in the Rights Agreement, such Rights may be redeemed, may become exercisable for securities or assets of the Company or securities of another
      entity, may be exchanged for Common Shares or other securities or assets of the Company, may expire, may become null and void (including if they are “Beneficially Owned” by an “Acquiring Person” or an Affiliate or Associate thereof, as such terms are
      defined in the Rights Agreement, or by any transferee of any of the foregoing) or may be evidenced by separate certificates and may no longer be evidenced hereby.  The Company will mail or arrange for the mailing of a copy of the Rights Agreement to
      the holder hereof without charge after the receipt of a written request therefor.

    

    

    Certificates representing Common Shares that are issued at the Record Time (or confirmation of the registration of the Common Shares on the share transfer books with respect to uncertificated shares),
      shall evidence one Right for each Common Share evidenced thereby.

    

    

    The Company shall mail or arrange for the mailing of a copy of this Agreement to any Person that holds Common Shares, as evidenced by the registration of the Common Shares in the name of such Person on
      the share transfer books of the Company, without charge after the receipt of a written request therefor.

    

    

    2.2

    Exercise of Rights; Separation of Rights. (a) Subject to Sections 3.1, 5.1 and 5.10 and subject to adjustment as herein set forth, each Right will entitle the holder thereof, at or after the
      Separation Time and prior to the Expiration Time, to purchase, for the Exercise Price, one one-thousandth of a Preferred Share.

    
      - 8 -

      
        

    

    (b)

     Until the Separation Time, (i) no Right may be exercised and (ii) each Right will be evidenced by the certificate for the associated Common Share (or, if the
      Common Share shall be uncertificated, by the registration of the associated Common Share on the share transfer books of the Company and any confirmation thereof provided for in Section 2.1), and will be transferable only together with, and will be
      transferred by a transfer (whether with or without such letter or confirmation) of, such associated share.

    

    

    (c)
      Subject to the terms and conditions hereof, at or after the Separation Time and prior to the Expiration Time, (i) the Rights may be exercised pursuant to Section 2.2(d) below, (ii)
        the Rights will be transferred independent of Common Shares and (iii) the Rights Agent will promptly, if requested by the Company and provided with all necessary information, mail to each holder of record of Common Shares (provided that the Board
        of Directors has not elected to exchange all of the then outstanding Rights pursuant to Section 3.1(c)) as of the Separation Time (other than any Person whose Rights have become null and void pursuant to Section 3.1(b)), at such holder’s address as
        shown by the records of the Company (the Company hereby agreeing to furnish, or cause to be furnished by the transfer agent or registrar for the Common Shares, copies of such records to the Rights Agent for this purpose), (x) a certificate (a
        “Rights Certificate”) in substantially the form of Exhibit A hereto appropriately completed, representing the number of Rights held by such holder at the Separation Time and having such marks of identification or designation and such legends,
        summaries or endorsements printed thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement and as do not affect the rights, liabilities, responsibilities or duties of the Rights Agent, or as may
        be required to comply with any law, rule or regulation or with any rule or regulation of any national securities exchange or quotation system on which the Rights may from time to time be listed or traded (“Trading Regulation”), or to conform to
        usage, and (y) a disclosure statement describing the Rights.  Receipt of a Rights Certificate by any Person shall not preclude a later determination that such Rights are null and void pursuant to Section 3.1(b).  The Company may implement such
        procedures as it deems appropriate, in its sole discretion, to minimize the possibility that Rights are received by Persons with respect to whom Rights would be null and void under Section 3.1(b).

    

    

    

    (d)

    Subject to the terms and conditions hereof, Rights may be exercised on any Business Day at or after the Separation Time and prior to the Expiration Time by
      submitting to the Rights Agent the Rights Certificate evidencing such Rights with an Election to Exercise (an “Election to Exercise”) substantially in the form attached to the Rights Certificate duly executed and properly completed, accompanied by
      payment in cash, or by certified or official bank check or money order payable to the order of the Company, of a sum equal to the Exercise Price multiplied by the number of Rights being exercised and a sum sufficient to cover any tax or charge that
      may be payable in respect of any transfer involved in the transfer or delivery of Rights Certificates or the issuance or delivery of certificates (or, if uncertificated, the registration on the share transfer books of the Company) for shares or
      depositary receipts (or both) in a name other than that of the holder of the Rights being exercised.

    
      - 9 -

      
        

    

    (e)

    Upon receipt of a Rights Certificate, with a properly completed and duly executed  Election to Exercise accompanied by payment as set forth in Section 2.2(d), and
      subject to the terms and conditions hereof, the Rights Agent will thereupon promptly (i)(A) requisition from a transfer agent share certificates evidencing such number of shares or other securities to be purchased or, in the case of uncertificated
      shares or other securities, requisition from a transfer agent a notice setting forth such number of shares or other securities to be purchased for which registration will be made on the share transfer books of the Company (the Company hereby
      irrevocably authorizing its transfer agents to comply with all such requisitions), and (B) if the Company elects pursuant to Section 5.5 not to issue certificates (or effect registrations on the share transfer books of the Company) representing
      fractional shares, requisition from the depositary selected by the Company depositary receipts representing the fractional shares to be purchased (the Company hereby irrevocably authorizes each such depositary agent to comply with such requisitions)
      or, when necessary to comply with this Agreement, requisition from the Company the amount of cash to be paid in lieu of fractional shares in accordance with Section 5.5 and (ii) after receipt of such certificates, depositary receipts, notices and/or,
      when necessary to comply with this Agreement,  cash, cause the same to be delivered to or upon the order of the registered holder of such Rights Certificate, registered (in the case of certificates, depositary receipts or notices) in such name or
      names as may be designated by such holder.

    

    

    (f)

    In case the holder of any Rights shall exercise less than all of the Rights evidenced by such holder’s Rights Certificate, a new Rights Certificate evidencing the
      Rights remaining unexercised will be issued by the Rights Agent to such holder or to such holder’s duly authorized assigns.

    

    

    (g)

    The Company covenants and agrees that it will (i) take all such action as may be necessary to ensure that all shares delivered (or evidenced by registration on the
      share transfer books of the Company) upon exercise of Rights shall, at the time of delivery of the certificates (or registration) for such shares (subject to payment of the Exercise Price), be duly and validly authorized, executed, issued and
      delivered (or registered) and fully paid and non-assessable; (ii) take all such action as may be necessary to comply with any applicable requirements of the Securities Act of 1933, as amended from time to time, or the Exchange Act, and the rules and
      regulations thereunder, and any other applicable law, rule or regulation, in connection with the issuance of any shares upon exercise of Rights; and (iii) pay when due and payable any and all federal and state taxes and charges that may be payable in
      respect of the original issuance or delivery of the Rights Certificates or of any shares issued upon the exercise of Rights, provided, that the Company shall not be required to pay any tax or charge that may be payable in respect of any
      transfer involved in the transfer or delivery of Rights Certificates or the issuance or delivery of certificates (or the registration) for shares in a name other than that of the holder of the Rights being transferred or exercised.

    

    

    (h)

    Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action with respect to the
      exercise or assignment of a Rights Certificate unless the registered holder of such Rights Certificate shall have (i) properly completed and duly signed the certificate following the form of assignment or the form of Election to Exercise, as
      applicable, set forth on the reverse side of the Rights Certificate surrendered for such exercise or assignment, (ii) provided such additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner) thereof and of the Rights
      evidenced thereby, and the Affiliates and Associates of such Beneficial Owner or former Beneficial Owner, as the Company or the Rights Agent may reasonably request and (iii) paid a sum sufficient to cover any tax or charge that may be imposed as
      required under Section 2.2(d).

    
      - 10 -

      
        

    

    2.3

    Adjustments to Exercise Price; Number of Rights. (a) In the event the Company shall at any time after the Record Time and prior to the Separation Time (i)
      declare or pay a dividend on Common Shares payable in Common Shares, (ii) subdivide the outstanding Common Shares or (iii) combine the outstanding Common Shares into a smaller number of Common Shares, (x) the Exercise Price in effect after such
      adjustment will be equal to the Exercise Price in effect immediately prior to such adjustment divided by the number of Common Shares including any fractional shares in lieu of which such holder received cash (the “Expansion Factor”) that a holder of
      one Common Share immediately prior to such dividend, subdivision or combination would hold thereafter as a result thereof and (y) each Right held prior to such adjustment will become that number of Rights equal to the Expansion Factor, and the
      adjusted number of Rights will be deemed to be distributed among the Common Shares with respect to which the original Rights were associated (if they remain outstanding) and the shares issued in respect of such dividend, subdivision or combination,
      so that each such Common Share will have exactly one Right associated with it.  Each adjustment made pursuant to this paragraph shall be made as of the payment or effective date for the applicable dividend, subdivision or combination.

    

    

    In the event that the Company shall at any time after the Record Time and prior to the Separation Time issue any Common Shares otherwise than in a transaction referenced in the preceding paragraph, each
      such Common Share so issued shall automatically have one new Right associated with it, which Right shall be evidenced by the certificate representing such share (or, if the Common Shares shall be uncertificated, such Right shall be evidenced by the
      registration of such Common Shares on the share transfer books of the Company and the confirmation thereof provided for in Section 2.1).  Rights shall be issued by the Company in respect of Common Shares that are issued or sold by the Company after
      the Separation Time only to the extent provided in Section 5.3.

    

    

    (b)

    In the event that the Company shall at any time after the Record Time and prior to the Separation Time issue or distribute any securities or assets in respect of,
      in lieu of or in exchange for Common Shares (other than pursuant to any non-extraordinary periodic cash dividend or a dividend paid solely in Common Shares) whether by dividend, in a reclassification or recapitalization (including any such
      transaction involving a merger, consolidation or statutory share exchange), or otherwise, the Company shall make such adjustments, if any, in the Exercise Price, number of Rights and/or securities or other property purchasable upon exercise of Rights
      as the Board of Directors, in its sole discretion, may deem to be appropriate under the circumstances, and the Company and the Rights Agent shall amend this Agreement as necessary to provide for such adjustments.

    

    

    (c)

    Each adjustment to the Exercise Price made pursuant to this Section 2.3 shall be calculated to the nearest cent.  Whenever an adjustment to the Exercise Price is
      made pursuant to this Section 2.3, the Company shall (i) promptly prepare a certificate setting forth such adjustment and a brief statement of the facts accounting for such adjustment and (ii) promptly file with the Rights Agent and with each
      transfer agent for the Common Shares a copy of such certificate.  The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment or statement therein contained and shall have no duty or liability with respect to,
      and shall not be deemed to have knowledge of, any adjustment or any such event unless and until it shall have received such a certificate.

    

    

    (d)

    Rights Certificates shall represent the right to purchase the securities purchasable under the terms of this Agreement, including any adjustment or change in the
      securities purchasable upon exercise of the Rights, even though such certificates may continue to express the securities purchasable at the time of issuance of the initial Rights Certificates.

    
      - 11 -

      
        

    

    2.4

    Date on Which Exercise is Effective. Each Person in whose name any certificate for shares is issued (or registration on the share transfer books is effected)
      upon the exercise of Rights shall for all purposes be deemed to have become the holder of record of the shares represented thereby at the Close of Business on the Business Day upon which the Rights Certificate evidencing such Rights was duly
      surrendered and payment of the Exercise Price for such Rights (and any applicable taxes and other  charges payable by the exercising holder hereunder) was made; provided, however, that if the date of such surrender and payment is a
      date upon which the share transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate (or registration) shall be dated, the next succeeding Business Day on which the
      share transfer books of the Company are open.

    

    

    2.5

    Execution, Authentication, Delivery and Dating of Rights Certificates. (a) The Rights Certificates shall be executed on behalf of the Company by the Chairman
      of the Board of Directors and by the Secretary of the Board of Directors or another member of the Board of Directors.  The signature of any of these officers on the Rights Certificates may be manual or facsimile.

    

    

    Rights Certificates bearing the manual or facsimile signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that such individuals or any
      of them have ceased to hold such offices prior to the countersignature and delivery of such Rights Certificates.

    

    

    Promptly after the Separation Time, the Company will notify the Rights Agent in writing of such Separation Time (and if such notification is given orally, the Company shall confirm the same in writing
      on or prior to the Business Day next following)  and will deliver Rights Certificates executed by the Company to the Rights Agent for countersignature, and, subject to Sections 2.2(c) and 3.1(b), the Rights Agent shall manually or by facsimile
      countersign and deliver such Rights Certificates to the holders of the Rights pursuant to Section 2.2(c).  Until the written notice provided for in this Section 2.5 is received by the Rights Agent, the Rights Agent may presume conclusively for all
      purposes that the Separation Time has not occurred.  No Rights Certificate shall be valid for any purpose unless manually or by facsimile countersigned by the Rights Agent.

    

    

    In case any authorized signatory of the Rights Agent who has countersigned any of the Rights Certificates ceases to be an authorized signatory of the Rights Agent before issuance and delivery by the
      Company, such Rights Certificates, nevertheless, may be issued and delivered by the Company with the same force and effect as though the individual who countersigned such Rights Certificates had not ceased to be an authorized signatory of the Rights
      Agent; and any Rights Certificates may be countersigned on behalf of the Rights Agent by any individual who, at the actual date of the countersignature of such Rights Certificate, is properly authorized to countersign such Rights Certificate,
      although at the date of the execution of this Agreement any such individual was not so authorized.

    

    

    (b)

    Each Rights Certificate shall be dated the date of the countersignature thereof.

    
      - 12 -

      
        

    

    2.6

    Registration, Registration of Transfer and Exchange. (a) After the Separation Time, the Company will cause to be kept a register (the “Rights Register”) in
      which, subject to such reasonable procedures as it may prescribe, the Company will provide for the registration and transfer of Rights.  The Rights Agent is hereby appointed “Rights Registrar” for the purpose of maintaining the Rights Register for
      the Company and registering Rights and transfers of Rights after the Separation Time as herein provided.  In the event that the Rights Agent shall cease to be the Rights Registrar, the Rights Agent will have the right to examine the Rights Register
      at all reasonable times after the Separation Time.

    

    

    After the Separation Time and prior to the Expiration Time, upon surrender for registration of transfer or exchange of any Rights Certificate, and subject to the provisions of Sections 2.6(c) and (d),
      the Company will execute, and the Rights Agent will countersign and, if requested by the Company and provided with all necessary information, deliver, in the name of the holder or the designated transferee or transferees, as required pursuant to the
      holder’s instructions, one or more new Rights Certificates evidencing the same aggregate number of Rights as did the Rights Certificate so surrendered.

    

    

    (b)

    Except as otherwise provided in Section 3.1(b), all Rights issued upon any registration of transfer or exchange of Rights Certificates shall be the valid
      obligations of the Company, and such Rights shall be entitled to the same benefits under this Agreement as the Rights surrendered upon such registration of transfer or exchange.

    

    

    (c)

    Every Rights Certificate surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer in form
      satisfactory to the Company or the Rights Agent, as the case may be, duly executed by the holder thereof or such holder’s attorney duly authorized in writing.  As a condition to the issuance of any new Rights Certificate under this Section 2.6, the
      Company may require the payment of a sum sufficient to cover any tax or other charge that may be imposed in relation thereto.

    

    

    (d)

    The Company shall not register the transfer or exchange of any Rights that have become null and void under Section 3.1(b), been exchanged under Section 3.1(c) or
      been redeemed under Section 5.1.

    

    

    2.7

    Mutilated, Destroyed, Lost and Stolen Rights Certificates. (a) If any mutilated Rights Certificate is surrendered to the Rights Agent prior to the Expiration
      Time, then, subject to Sections 3.1(b), 3.1(c) and 5.1, the Company shall execute and the Rights Agent shall countersign and deliver in exchange therefor a new Rights Certificate evidencing the same number of Rights as did the Rights Certificate so
      surrendered.

    

    

    (b)

    If there shall be delivered to the Company and the Rights Agent prior to the Expiration Time (i) evidence to their satisfaction of the destruction, loss or theft of
      any Rights Certificate and (ii) such security or indemnity as may be required by them to save each of them and any of their agents harmless, then, subject to Sections 3.1(b), 3.1(c) and 5.1 and in the absence of written notice to the Company or the
      Rights Agent that such Rights Certificate has been acquired by a bona fide purchaser, the Company shall execute and upon its written request the Rights Agent shall countersign and, if requested by the Company and provided with all
      necessary information, deliver, in lieu of any such destroyed, lost or stolen Rights Certificate, a new Rights Certificate evidencing the same number of Rights as did the Rights Certificate so destroyed, lost or stolen.

    

    

    (c)

    As a condition to the issuance of any new Rights Certificate under this Section 2.7, the Company may require the payment of a sum sufficient to cover any tax or
      other charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Rights Agent) connected therewith.  The Rights Agent shall have no duty or obligation to take any action under any Section of this
      Agreement which requires the payment by a Rights holder of applicable taxes and/or charges unless and until it is satisfied that all such taxes and/or charges have been paid.

    
      - 13 -

      
        

    

    (d)

    Every new Rights Certificate issued pursuant to this Section 2.7 in lieu of any destroyed, lost or stolen Rights Certificate shall evidence an original additional
      contractual obligation of the Company, whether or not the destroyed, lost or stolen Rights Certificate shall be at any time enforceable by anyone, and, subject to Section 3.1(b) shall be entitled to all the benefits of this Agreement equally and
      proportionately with any and all other Rights duly issued hereunder.

    

    

    2.8

    Persons Deemed Owners. Prior to due presentment of a Rights Certificate (or, prior to the Separation Time, the associated Common Share certificate or
      confirmation of registration, if uncertificated), the Company, the Rights Agent and any agent of the Company or the Rights Agent may deem and treat the Person in whose name such Rights Certificate (or, prior to the Separation Time, such Common Share
      certificate or confirmation, if uncertificated) is registered as the absolute owner thereof and of the Rights evidenced thereby for all purposes whatsoever, including the payment of the Redemption Price, and neither the Company nor the Rights Agent
      shall be affected by any notice to the contrary.  As used in this Agreement, unless the context otherwise requires, the term “holder” of any Rights shall mean the registered holder of such Rights (or, prior to the Separation Time, the associated
      Common Shares).

    

    

    2.9

    Delivery and Cancellation of Certificates. All Rights Certificates surrendered upon exercise or for registration of transfer or exchange shall, if
      surrendered to any Person other than the Rights Agent, be delivered to the Rights Agent and, in any case, shall be promptly cancelled by the Rights Agent.  The Company may at any time deliver to the Rights Agent for cancellation any Rights
      Certificates previously countersigned and delivered hereunder that the Company may have acquired in any manner whatsoever, and all Rights Certificates so delivered shall be promptly cancelled by the Rights Agent.  Subject to applicable law and
      regulation, the Rights Agent shall maintain in a retrievable database electronic records of all cancelled or destroyed Rights Certificates which have been cancelled or destroyed by the Rights Agent.  The Rights Agent shall maintain such electronic
      records for the time period required by applicable law and regulation.  Upon written request of the Company (and at the expense of the Company), the Rights Agent shall provide to the Company or its designee copies of such electronic records relating
      to Rights Certificates cancelled or destroyed by the Rights Agent.

    

    

    2.11

    Agreement of Rights Holders. Every holder of Rights by accepting the same consents and agrees with the Company and the Rights Agent and with every other
      holder of Rights that:

    

    

    (a)

    prior to the Separation Time, each Right will be transferable only together with, and will be transferred by a transfer of, the associated Common Share;

    

    

    (b)

    after the Separation Time, the Rights Certificates will be transferable only on the Rights Register as provided herein;

    

    

    (c)

    prior to due presentment of a Rights Certificate (or, prior to the Separation Time, the associated Common Share certificate or Common Share registration, if
      uncertificated) for registration of transfer, the Company, the Rights Agent and any agent of the Company or the Rights Agent may deem and treat the Person in whose name the Rights Certificate (or, prior to the Separation Time, the associated Common
      Share certificate or Common Share registration, if uncertificated) is registered as the absolute owner thereof and of the Rights evidenced thereby for all purposes whatsoever, and neither the Company nor the Rights Agent shall be affected by any
      notice to the contrary;

    
      - 14 -

      
        

    

    (d)

    Rights Beneficially Owned by certain Persons will, under the circumstances set forth in Section 3.1(b), become null and void;

    

    

    (e)

    this Agreement may be supplemented or amended from time to time in accordance with its terms;

    

    

    (f)
      the Board of Directors shall have the exclusive power and authority delegated to it pursuant to Section 5.13; and

    

    

    

    (g)

    notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability to any holder of a Right or other
      Person as a result of its inability to perform any of its obligations under this Agreement by reason of any preliminary or permanent injunction or other order, decree or ruling issued by a court of competent jurisdiction or by a governmental,
      regulatory or administrative agency or commission, or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation.

    

    

    ARTICLE III

    

    

    ADJUSTMENTS TO THE RIGHTS IN

    THE EVENT OF CERTAIN TRANSACTIONS

    

    

    3.1
      Flip-in.  (a) In the event that prior to the Expiration Time a Flip-in Date shall occur, except as otherwise provided in this Section 3.1, each Right shall constitute the
        right to purchase from the Company, upon exercise thereof in accordance with the terms hereof (but subject to Section 5.10), that number of Common Shares having an aggregate Market Price on the Share Acquisition Date that gave rise to the Flip-in
        Date equal to twice the Exercise Price for an amount in cash equal to the Exercise Price (such right to be appropriately adjusted in order to protect the interests of the holders of Rights generally in the event that on or after such Share
        Acquisition Date any of the events described in Section 2.3(a) or (b), or any analogous event, shall have occurred with respect to the Common Shares).

    

    

    

    (b)

    Notwithstanding the foregoing, any Rights that are Beneficially Owned on or after the Share Acquisition Date by an Acquiring Person or an Affiliate or Associate
      thereof shall become null and void and any holder of such Rights (including transferees, whether direct or indirect, of any such Persons) shall thereafter have no right to exercise or transfer such Rights.  If any Rights Certificate is presented for
      assignment or exercise and the Person presenting the same will not properly complete the certification set forth at the end of the form of assignment or notice of Election to Exercise or, if requested, will not provide such additional evidence,
      including, without limitation, the identity of the Beneficial Owners and their Affiliates and Associates (or former Beneficial Owners and their Affiliates and Associates) as the Company or the Board of Directors shall reasonably request in order to
      determine if such Rights are null and void, then the Company shall be entitled conclusively to deem the Rights to be Beneficially Owned by an Acquiring Person or an Affiliate or Associate thereof or a transferee of any of the foregoing and
      accordingly deem the Rights evidenced thereby to be null and void and not transferable, exercisable or exchangeable.

    
      - 15 -

      
        

    

    (c)

    The Board of Directors may, at its option, at any time after a Flip-in Date and prior to the time that an Acquiring Person becomes the beneficial owner of more than
      50% of the outstanding Common Shares under the laws of the Republic of Marshall Islands, excluding for this purpose any shares determined to be Constructively Owned, elect to exchange all (but not less than all) of the then outstanding Rights (which
      shall not include Rights that have become null and void pursuant to the provisions of Section 3.1(b)) for Common Shares at an exchange ratio of one Common Share per Right, appropriately adjusted in order to protect the interests of holders of Rights
      generally in the event that after the Separation Time any of the events described in Section 2.3(a) or (b), or any analogous event, shall have occurred with respect to the Common Shares (such exchange ratio, as adjusted from time to time, being
      hereinafter referred to as the “Exchange Ratio”).

    

    

    Immediately upon the action of the Board of Directors electing to exchange the Rights, without any further action and without any notice, the right to exercise the Rights will terminate and each Right
      (other than Rights that have become null and void pursuant to Section 3.1(b)), whether or not an Election to Exercise has been previously delivered, will thereafter represent only the right to receive a number of Common Shares equal to the Exchange
      Ratio.  The exchange of the Rights by the Board of Directors may be made effective at such time, on such basis and with such conditions as the Board of Directors in its sole discretion may establish.  Promptly after the action of the Board of
      Directors electing to exchange the Rights, the Company shall give written notice thereof (specifying the steps to be taken to receive Common Shares in exchange for Rights) to the Rights Agent and the holders of the Rights (other than Rights that have
      become null and void pursuant to Section 3.1(b)) outstanding immediately prior thereto by mailing such notice in accordance with Section 5.9.  Before effecting an exchange pursuant to this Section 3.1(c), the Board of Directors may direct the Company
      to enter into a Trust Agreement in such form and with such terms as the Board of Directors shall then approve (the “Trust Agreement”).  If the Board of Directors so directs, the Company shall enter into the Trust Agreement and shall issue to the
      trust created by such agreement (the “Trust”), which Trust shall act as the agent of the Company, all or some (as designated by the Board of Directors) of the Common Shares (or other securities) issuable pursuant to the exchange, and all or some (as
      designated by the Board of Directors) holders of Rights entitled to receive shares pursuant to the exchange shall be entitled to receive such shares (and any dividends paid or distributions made thereon after the date on which such shares are
      deposited in the Trust) only from the Trust and solely upon compliance with the relevant terms and provisions of the Trust Agreement.  Prior to effecting an exchange and registering Common Shares (or other such securities) in any Person’s name,
      including any nominee or transferee of a Person, the Company may require (or cause the trustee of the Trust to require), as a condition thereof, that any holder of Rights provide evidence, including, without limitation, the identity of the Beneficial
      Owners thereof and their Affiliates and Associates (or former Beneficial Owners thereof and their Affiliates and Associates) as the Company shall reasonably request in order to determine if such Rights are null and void.  If any Person shall fail to
      comply with such request, the Company shall be entitled conclusively to deem the Rights formerly held by such Person to be null and void pursuant to Section 3.1(b) and not transferable or exercisable or exchangeable in connection herewith.  Any
      Common Shares or other securities issued at the direction of the Board of Directors in connection herewith shall be validly issued, fully paid and non-assessable, and the Company shall be deemed to have received as consideration for such issuance a
      benefit having a value that is at least equal to the aggregate par value of the shares so issued.  Approval by the Board of Directors of the exchange shall constitute a determination by the Board of Directors that such consideration is adequate.

    
      - 16 -

      
        

    

    Each Person in whose name any certificate for shares is issued (or for whom any registration on the share transfer books of the Company is made) upon the exchange of Rights pursuant to this Section
      3.1(c) or Section 3.1(d) shall for all purposes be deemed to have become the holder of record of the shares represented thereby as of the Close of Business on, and such certificate (or registration on the share transfer books of the Company) shall be
      dated (or registered) as of, the date upon which the Rights Certificate evidencing such Rights was duly exchanged or deemed exchanged by the Company and payment of any applicable taxes and other governmental charges payable by the holder was made; provided,
      however, that if the date of such exchange and payment is a date upon which the share transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate (or
      registration on the share transfer books of the Company) shall be dated (or registered) as of, the next succeeding Business Day on which the share transfer books of the Company are open.

    

    

    (d)

    Whenever the Company shall become obligated under Section 3.1(a) or (c) to issue Common Shares upon exercise of or in exchange for Rights, the Company, as
      determined by the Board of Directors, may substitute Preferred Shares therefor, at a ratio of one one-thousandth of a Preferred Share for each Common Share so issuable, subject to adjustment.

    

    

    (e)

    In the event that there shall not be sufficient treasury shares or authorized but unissued Common Shares or Preferred Shares of the Company to permit the exercise
      in full of the Rights in accordance with Section 3.1(a) or if the Company so elects to make the exchange referenced in Section 3.1(c), to permit the issuance of all shares pursuant to the exchange, the Company shall either (i) call a meeting of
      shareholders seeking approval to cause sufficient additional shares to be authorized (provided that if such approval is not obtained the Company will take the action specified in clause (ii) of this sentence) or (ii) take such action as shall be
      necessary to ensure and provide, without exposing the directors to personal liability (as determined by the Board of Directors), as and when and to the maximum extent permitted by applicable law and any agreements or instruments in effect prior to
      the time an Acquiring Person controls the Board of Directors (and remaining in effect) to which the Company is a party, that each Right shall thereafter constitute the right to receive, (x) in the case of any exercise in accordance with Section
      3.1(a), at the Company’s option, either (A) in return for the Exercise Price, debt or equity securities or other assets (or a combination thereof) having a fair value equal to twice the Exercise Price, or (B) without payment of consideration (except
      as may be required for the valid issuance of securities or otherwise required by applicable law), debt or equity securities or other assets (or a combination thereof) having a fair value equal to the Exercise Price, or (y) in the case of an exchange
      of Rights in accordance with Section 3.1(c), debt or equity securities or other assets (or a combination thereof) having a fair value equal to the product of the Market Price of a Common Share on the Flip-in Date times the Exchange Ratio in effect on
      the Flip-in Date, where in any case set forth in (x) or (y) above the fair value of such debt or equity securities or other assets shall be as determined in good faith by the Board of Directors, after consultation with a nationally recognized
      investment banking firm.

    
      - 17 -

      
        

    

    3.2

    Flip-over. (a) Prior to the Expiration Time, the Company shall not enter into any agreement with respect to, consummate or permit to occur any Flip-over
      Transaction or Event unless and until it shall have entered into a supplemental agreement with the Flip-over Entity, for the benefit of the holders of the Rights (the terms of which shall be reflected in an amendment to this Agreement entered into
      with the Rights Agent), providing that, upon consummation or occurrence of the Flip-over Transaction or Event (i) each Right shall thereafter constitute the right to purchase from the Flip-over Entity, upon exercise thereof in accordance with the
      terms hereof, that number of shares of Flip-over Stock of the Flip-over Entity having an aggregate Market Price on the date of consummation or occurrence of such Flip-over Transaction or Event equal to twice the Exercise Price for an amount in cash
      equal to the Exercise Price (such right to be appropriately adjusted in order to protect the interests of the holders of Rights generally in the event that after such date of consummation or occurrence any of the events described in Section 2.3(a) or
      (b), or any analogous event, shall have occurred with respect to the Flip-over Stock) and (ii) the Flip-over Entity shall thereafter be liable for, and shall assume, by virtue of such Flip-over Transaction or Event and such supplemental agreement,
      all the obligations and duties of the Company pursuant to this Agreement.

    

    

    (b)

    Prior to the Expiration Time, unless the Rights will be redeemed  pursuant to Section 5.1 pursuant to an agreement entered into by the Company prior to a Flip-in
      Date, the Company shall not enter into any agreement with respect to, consummate or permit to occur any Flip-over Transaction or Event if (i) at the time thereof there are any rights, warrants or securities outstanding or any other arrangements,
      agreements or instruments that would eliminate or otherwise diminish in any material respect the benefits intended to be afforded by this Agreement to the holders of Rights upon consummation of such transaction, (ii) prior to, simultaneously with or
      immediately after such Flip-over Transaction or Event, the shareholders of the Person who constitutes, or would constitute, the Flip-over Entity shall have received a distribution of Rights previously owned by such Person or any of its Affiliates or
      Associates, or (iii) the form or nature of organization of the Flip-over Entity would preclude or limit the exercisability of the Rights.

    

    

    (c)
      The provisions of this Section 3.2 shall apply to successive Flip-over Transactions or Events.

    

    

    

    ARTICLE IV

    

    

    THE RIGHTS AGENT

    

    

    4.1

    General. (a) The Company hereby appoints the Rights Agent to act as agent for the Company in accordance with the express terms and conditions hereof (and no
      implied terms or conditions), and the Rights Agent hereby accepts such appointment.  The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by it hereunder and, from time to time, on demand of the Rights
      Agent, its reasonable expenses, counsel fees and other disbursements incurred in the preparation, negotiation, delivery, amendment, administration and execution of this Agreement and the exercise and performance of its duties hereunder.  The Company
      also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement, cost or expense (including, without limitation, the reasonable fees and expenses of legal
      counsel), incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (each as determined by a final judgment of a court of competent jurisdiction), for any action taken, suffered or omitted to be taken by the
      Rights Agent in connection with the acceptance, administration, exercise and performance of its duties under this Agreement.  The costs and expenses incurred in enforcing this right of indemnification shall be paid by the Company.  The provisions of
      this Section 4.1 and Section 4.3 below shall survive the termination of this Agreement, the exercise or expiration of the Rights and the resignation, replacement or removal of the Rights Agent.

    
      - 18 -

      
        

    

    (b)
      The Rights Agent shall be authorized and protected and shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it in connection with its
        acceptance and administration of this Agreement or the exercise and performance of its duties hereunder in reliance upon any certificate for securities (or registration on the share transfer books of the Company) purchasable upon exercise of
        Rights, Rights Certificate, certificate for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document
        believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper Person or Persons, or otherwise upon the advice of counsel as set forth herein.  The Rights Agent shall not be deemed to have
        knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall be fully protected and shall incur no liability for failing to take any action in connection therewith, unless and until it has received
        such notice.

    

    

    

    4.2
      Merger or Consolidation or Change of Name of Rights Agent. (a) Any Person into which the Rights Agent or any successor Rights Agent may be merged or with which it may be
        consolidated, or any Person resulting from any merger or consolidation to which the Rights Agent or any successor Rights Agent is a party, or any Person succeeding to the shareholder services business of the Rights Agent or any successor Rights
        Agent, will be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or any further act on the part of any of the parties hereto, provided that such Person would be eligible for appointment as a
        successor Rights Agent under the provisions of Section 4.4.  In case at the time such successor Rights Agent succeeds to the agency created by this Agreement any of the Rights Certificates have been countersigned but not delivered, any such
        successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Rights Certificates so countersigned; and in case at that time any of the Rights Certificates have not been countersigned, any successor Rights
        Agent may countersign such Rights Certificates either in the name of the predecessor Rights Agent or in the name of the successor Rights Agent; and in all such cases such Rights Certificates will have the full force provided in the Rights
        Certificates and in this Agreement.

    

    

    

    (b)

    In case at any time the name of the Rights Agent is changed and at such time any of the Rights Certificates shall have been countersigned but not delivered, the
      Rights Agent may adopt the countersignature under its prior name and deliver Rights Certificates so countersigned; and in case at that time any of the Rights Certificates shall not have been countersigned, the Rights Agent may countersign such Rights
      Certificates either in its prior name or in its changed name; and in all such cases such Rights Certificates shall have the full force provided in the Rights Certificates and in this Agreement.

    
      - 19 -

      
        

    

    4.3

    Duties of Rights Agent. The Rights Agent undertakes to perform only the duties and obligations expressly imposed by this Agreement (and no implied duties)
      upon the following terms and conditions, by all of which the Company and the holders of Rights Certificates, by their acceptance thereof, shall be bound:

    

    

    (a)
      The Rights Agent may consult with legal counsel (who may be legal counsel for the Company or an employee of the Rights Agent), and the advice or opinion of such counsel will be
        full and complete authorization and protection to the Rights Agent and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it in the absence of bad faith and in accordance with such
        advice or opinion.

    

    

    

    (b)

    Whenever in the performance of its duties under this Agreement the Rights Agent deems it necessary or desirable that any fact or matter (including without
      limitation, the identity of an Acquiring Person and the determination of the current per share market price of any security) be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or
      matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed to be conclusively proved and established by a certificate signed by a person believed by the Rights Agent to be the Chairman of the Board of Directors
      and by the Secretary of the Board of Directors or another member of the Board of Directors and delivered to the Rights Agent; and such certificate will be full and complete authorization and protection to the Rights Agent and the Rights Agent shall
      incur no liability for any action taken, suffered or omitted to be taken in the absence of bad faith by it under the provisions of this Agreement in reliance upon such certificate.

    

    

    (c)
      The Rights Agent will be liable to the Company and any other Person hereunder only for its own gross negligence, bad faith or willful misconduct (each as determined by a final
        judgment of a court of competent jurisdiction).  Anything to the contrary notwithstanding, in no event shall the Rights Agent be liable for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including,
        but not limited to, lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage.  Any and all liability of the Rights Agent under this Agreement will be limited to the amount of annual fees paid by the Company
        to the Rights Agent pursuant to this Agreement.

    

    

    

    (d)
      The Rights Agent will not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement or in the certificates, if any, for securities
        purchasable upon exercise of Rights or the Rights Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and will be deemed to have been made by the Company only.

    

    

    

    (e)
      The Rights Agent will not have any liability for or be under any responsibility in respect of the validity of this Agreement or the execution and delivery hereof (except the due
        authorization, execution and delivery hereof by the Rights Agent) or in respect of the validity or execution of any certificate, if any, for securities purchasable upon exercise of Rights or Rights Certificate (except its countersignature thereof);
        nor will it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Rights Certificate; nor will it be responsible for any change in the exercisability or exchangeability of the Rights
        (including the Rights becoming null and void pursuant to Section 3.1(b)) or any change or adjustment in the terms of the Rights (including any adjustment required under the provisions of Section 2.3, 3.1 or 3.2) or responsible for the manner,
        method or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment (except with respect to the exercise of Rights after receipt of the certificate contemplated by Section 2.3 describing any
        such adjustment, upon which the Rights Agent may rely); nor will it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any securities purchasable upon exercise of Rights or any Rights or
        as to whether any securities purchasable upon exercise of Rights will, when issued, be duly and validly authorized, executed, issued and delivered and fully paid and non-assessable.

    

    
      - 20 -

      
        

    

    (f)
      The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts,
        instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement.

    

    

    

    (g)
      The Rights Agent is hereby authorized and directed to accept advice or written instructions with respect to the performance of its duties hereunder from any individual believed by
        the Rights Agent to be the Chairman of the Board of Directors, the Secretary of the Board of Directors or another member of the Board of Directors, and to apply to such individual for advice or instructions in connection with its duties, and such
        instructions shall be full authorization and protection to the Rights Agent and the Rights Agent shall not be liable for or in respect of any action taken, suffered or omitted to be taken by it in the absence of bad faith in accordance with
        instructions of any such individual or for any delay while acting or while waiting for those instructions.  The Rights Agent shall be fully authorized and protected in relying upon the most recent instructions received by any such individual.  In
        the event the Rights Agent believes any ambiguity or uncertainty exists hereunder or in any notice, instruction, direction, request or other communication, paper or document received by the Rights Agent hereunder, the Rights Agent may, in its sole
        discretion, refrain from taking any action, and shall be fully protected and shall not be liable in any way to the Company or any other Person for refraining from taking such action, if the Rights Agent shall have notified the Company promptly of
        such belief in writing, and unless the Rights Agent shall receive written instructions executed by a person authorized under this Section 4.3(g), which eliminates such ambiguity or uncertainty to the satisfaction of the Rights Agent.

    

    

    

    (h)
      The Rights Agent and any shareholder, affiliate, director, officer or employee of the Rights Agent may buy, sell or deal in Common Shares, Rights or other securities of the Company
        or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights Agent under this Agreement.  Nothing herein
        shall preclude the Rights Agent or any such shareholder, affiliate, director, officer or employee from acting in any other capacity for the Company or for any other Person.

    

    

    

    (i)

    The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself (through directors, officers
      and employees) or by or through its attorneys or agents, and the Rights Agent will not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company or any other Person
      resulting from any such act, default, neglect or misconduct, absent gross negligence, bad faith or willful misconduct in the selection and continued employment thereof (each as determined by a final judgment of a court of competent jurisdiction).

    

    

    (j)

    No provision of this Agreement shall require the Rights Agent to expend its own funds or otherwise incur any financial liability in the performance of any of its
      duties hereunder or in the exercise of its rights if it believes that repayment of such funds or adequate indemnification against such risk or liability is not assured to it.

    

    

    (k)

    If, with respect to any Rights Certificate surrendered to the Rights Agent for exercise or transfer, the certificate attached to the form of assignment or form of
      election to purchase, as the case may be, has not been properly completed or duly executed, the Rights Agent shall not take any further action with respect to such requested exercise or transfer without first consulting with the Company and the
      Rights Agent shall not be liable for any delays arising from the duties under this Section 4.3(k).

    
      - 21 -

      
        

    

    (l)
      The Rights Agent, on its own behalf and on behalf of the Company, will comply with all applicable certification, information reporting and withholding (including “backup”
        withholding) requirements imposed by applicable tax laws, regulations or administrative practice with respect to (i) any payments made hereunder and (ii) the issuance, delivery, holding, transfer, redemption or exercise of Rights or Common or
        Preferred Shares hereunder. Such compliance shall include, without limitation, the preparation and timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated
        agent.  The Rights Agent shall comply in accordance with the terms hereof with any written direction received from the Company with respect to the execution or certification of any required documentation and the application of such requirements to
        particular payments or holders or in other particular circumstances, and may for purposes of this Agreement conclusively rely on any such direction in accordance with Section 4.3(g).  The Rights Agent shall maintain all appropriate records
        documenting compliance with such requirements, and shall make such records available, on written request, to the Company or its authorized representative within a reasonable period of time after receipt of such request.

    

    

    

    4.4

    Change of Rights Agent. The Rights Agent may resign and be discharged from its duties under this Agreement upon 90 days’ notice (or such lesser notice as is
      acceptable to the Company) in writing mailed to the Company and, in the event that the Rights Agent or one of its Affiliates is not also the transfer agent for the Company, to each transfer agent of Common Shares known to the Rights Agent by
      registered or certified mail.  In the event the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned automatically and be discharged from its duties under this
      Rights Agreement as of the effective date of such termination, and the Company shall be responsible for sending any required notice. The Company may remove the Rights Agent upon 30 days’ notice in writing, mailed to the Rights Agent and to each
      transfer agent of the Common Shares by registered or certified mail.  If the Rights Agent should resign or be removed or otherwise become incapable of acting, the Company will appoint a successor to the Rights Agent.  If the Company fails to make
      such appointment within a period of 30 days after such removal or the effectiveness of such resignation or after it has been notified in writing of such incapacity by the incapacitated Rights Agent or by the holder of any Rights (which holder shall,
      with such notice, submit such holder’s Rights Certificate for inspection by the Company), then the holder of any Rights may apply to any court of competent jurisdiction for the appointment of a new Rights Agent.  Any successor Rights Agent, whether
      appointed by the Company or by such a court, shall be a Person organized and doing business under the laws of the United States or any state of the United States, in good standing, which is authorized under such laws to exercise the powers of the
      Rights Agent contemplated by this Agreement and is subject to supervision or examination by federal or state authority and which, when combined with its affiliates, has at the time of its appointment as Rights Agent a combined capital and surplus of
      at least $50,000,000.  After appointment, the successor Rights Agent will be vested with the same powers, rights, duties and responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights
      Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary for the purpose.  Not later than the effective date of any
      such appointment, the Company will file notice thereof in writing with the predecessor Rights Agent and each transfer agent of the Common Shares, and mail a notice thereof in writing to the holders of the Rights.  Failure to give any notice provided
      for in this Section 4.4, however, or any defect therein, shall not affect the legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be.

    
      - 22 -

      
        

    

    ARTICLE V

    

    

    MISCELLANEOUS

    

    

    5.1

    Redemption. (a) The Board of Directors may, at its option, at any time prior to the Flip-in Date, elect to redeem all (but not less than all) of the then
      outstanding Rights at the Redemption Price and the Company, at its option, may pay the Redemption Price either in cash or Common Shares or other securities of the Company deemed by the Board of Directors, in the exercise of its sole discretion, to be
      at least equivalent in value to the Redemption Price.

    

    

    (b)

    Immediately upon the action of the Board of Directors electing to redeem the Rights (or, if the resolution of the Board of Directors electing to redeem the Rights
      states that the redemption will not be effective until the occurrence of a specified future time or event, upon the occurrence of such future time or event), without any further action and without any notice, the right to exercise the Rights will
      terminate and each Right, whether or not previously exercised, will thereafter represent only the right to receive the Redemption Price in cash or securities, as determined by the Board of Directors.  Promptly after the Rights are redeemed, the
      Company shall give notice of such redemption to the Rights Agent and the holders of the then outstanding Rights by mailing such notice in accordance with Section 5.9.

    

    

    5.2

    Expiration.  The Rights and this Agreement shall expire at the Expiration Time and no Person shall have any rights pursuant to this Agreement or any Right
      after the Expiration Time, except, if the Rights have been exchanged or redeemed, as provided in Section 3.1 or 5.1, respectively.

    

    

    5.3

    Issuance of New Rights Certificates.  Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the Company may, at its
      option, issue new Rights Certificates evidencing Rights in such form as may be approved by its Board of Directors to reflect any adjustment or change in the number or kind or class of shares of stock purchasable upon exercise of Rights made in
      accordance with the provisions of this Agreement.  In addition, in connection with the issuance or sale of Common Shares by the Company following the Separation Time and prior to the Expiration Time pursuant to the terms of securities convertible or
      redeemable into Common Shares or to options, warrants or other rights (other than any securities issued or issuable in connection with the exercise or exchange of Rights), in each case issued or granted prior to, and outstanding at, the Separation
      Time, the Company shall issue to the holders of such Common Shares, Rights Certificates representing the appropriate number of Rights in connection with the issuance or sale of such Common Shares; provided, however, in each case, (i)
      no such Rights Certificate shall be issued, if, and to the extent that, the Board of Directors determines in its sole discretion, after receiving the advice of legal counsel, that such issuance would create a significant risk of material adverse tax
      consequences to the Company or to the Person to whom such Rights Certificates would be issued, (ii) no such Rights Certificates shall be issued if, and to the extent that, appropriate adjustment shall have otherwise been made in lieu of the issuance
      thereof, and (iii) the Company shall have no obligation to distribute Rights Certificates to any Acquiring Person or Affiliate or Associate of an Acquiring Person or any transferee of any of the foregoing.

    
      - 23 -

      
        

    

    5.4
      Supplements and Amendments. The Company and the Rights Agent may from time to time supplement or amend this Agreement without the approval of any holders of Rights (i) prior
        to the Flip-in Date, in any respect and (ii) on or after the Close of Business on the Flip-in Date, to make any changes that the Company may deem necessary or desirable (x) that shall not materially adversely affect the interests of the holders of
        Rights generally (other than the Acquiring Person or any Affiliate or Associate thereof), (y) in order to cure any ambiguity or to correct or supplement any provision contained herein which may be inconsistent with any other provisions herein or
        otherwise defective or (z) in order to satisfy any applicable law, rule or regulation, including any Trading Regulation on any applicable exchange so as to allow trading of the Company’s securities thereon.  The Rights Agent will duly execute and
        deliver any supplement or amendment hereto requested by the Company in writing, provided, that the Company has delivered to the Rights Agent a certificate from an appropriate officer of the Company that states that the proposed supplement or
        amendment complies with the terms of this Agreement, provided, further, that any supplement or amendment (other than to Article IV or that affects the Rights Agent’s rights, duties, obligations or immunities under this Agreement) shall become
        effective immediately upon execution by the Company, whether or not also executed by the Rights Agent.  Notwithstanding anything contained in this Agreement to the contrary, the Rights Agent may, but shall not be obligated to, enter into any
        supplement or amendment that affects the Rights Agent’s own rights, duties, obligations or immunities under this Agreement.

    

    

    

    5.5
      Fractional Shares. If the Company elects not to issue certificates representing (or register on the share transfer books of the Company) fractional shares upon exercise,
        redemption or exchange of Rights, the Company shall, in lieu thereof, in the sole discretion of the Board of Directors, either (a) evidence such fractional shares by depositary receipts issued pursuant to an appropriate agreement between the
        Company and a depositary selected by it, providing that each holder of a depositary receipt shall have all of the rights, privileges and preferences to which such holder would be entitled as a beneficial owner of such fractional share, or (b) pay
        to the registered holder of such Rights the appropriate fraction of the Market Price per share in cash.  Whenever a payment for fractional shares is to be made by the Rights Agent, the Company shall (i) promptly prepare and deliver to the Rights
        Agent a certificate setting forth in reasonable detail the facts related to such payments and the prices and/or formulas utilized in calculating such payments, and (ii) provide sufficient monies to the Rights Agent in the form of fully collected
        funds to make such payments.  The Rights Agent shall be fully protected in relying upon such a certificate and shall have no duty with respect to, and shall not be deemed to have knowledge of any payment for, fractional shares under any Section of
        this Agreement relating to the payment of fractional shares unless and until the Rights Agent shall have received such a certificate and sufficient monies.

    

    

    

    5.6

    Rights of Action. Subject to the terms of this Agreement (including Sections 3.1(b), 5.10 and 5.13), rights of action in respect of this Agreement, other
      than rights of action vested solely in the Rights Agent, the Board of Directors or the Company, are vested in the respective holders of the Rights; and any holder of any Rights, without the consent of the Rights Agent or of the holder of any other
      Rights, may, on such holder’s own behalf and for such holder’s own benefit and the benefit of other holders of Rights, enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect
      of, such holder’s right to exercise such holder’s Rights in the manner provided in such holder’s Rights Certificate and in this Agreement.  Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically
      acknowledged that the holders of Rights would not have an adequate remedy at law for any breach of this Agreement and will be entitled to specific performance of the obligations under, and injunctive relief against actual or threatened violations of,
      the obligations of any Person subject to this Agreement.

    
      - 24 -

      
        

    

    5.7
      Holder of Rights Not Deemed a Shareholder. No holder, as such, of any Rights shall be entitled to vote, receive dividends or be deemed for any purpose the holder of shares
        or any other securities that may at any time be issuable on the exercise of such Rights, nor shall anything contained herein or in any Rights Certificate be construed to confer upon the holder of any Rights, as such, any of the rights of a
        shareholder of the Company or any right to vote for the election of directors or upon any matter submitted to shareholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other
        actions affecting shareholders (except as provided in Section 5.8), or to receive dividends or subscription rights, or otherwise, until such Rights shall have been exercised or exchanged in accordance with the provisions hereof.

    

    

    

    5.8

    Notice of Proposed Actions. In case the Company shall propose at or after the Separation Time and prior to the Expiration Time (i) to effect or permit a
      Flip-over Transaction or Event or (ii) to effect the liquidation, dissolution or winding up of the Company, then, in each such case, the Company shall give to the Rights Agent and to each holder of a Right, in accordance with Section 5.9, written
      notice of such proposed action, which shall specify the date on which such Flip-over Transaction or Event, liquidation, dissolution, or winding up is to take place, and such notice shall be so given at least 20 Business Days prior to the date of the
      taking of such proposed action.

    

    

    5.9
      Notices.  Notices or demands authorized or required by this Agreement to be given or made by the Rights Agent or by the holder of any Rights to or on the Company shall be
        sufficiently given or made if delivered or sent by first-class mail, postage prepaid, addressed (until another address is filed in writing with the Rights Agent) as follows:

    

    

    

    Toro Corp.

    223 Christodoulou Chatzipavlou Street

    Hawaii Royal Gardens

    3036 Limassol, Cyprus

    Attention: Petros Panagiotidis

    Email: [•]

    

    

    Any notice or demand authorized or required by this Agreement to be given or made by the Company or by the holder of any Rights to or on the Rights Agent shall be sufficiently given or made if delivered or sent by
      first-class mail, postage prepaid, addressed (until another address is filed in writing with the Company) as follows:

    

    

    [Rights Agent address]

     

    

    Attention:

    

    

    Notices or demands authorized or required by this Agreement to be given or made by the Company or the Rights Agent to or on the holder of any Rights shall be sufficiently given or made if delivered or sent by first-class
      mail, postage prepaid, addressed to such holder at the address of such holder as it appears upon the registry books of the Rights Agent or, prior to the Separation Time, on the registry books of the transfer agent for the Common Shares.  Any notice
      that is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice, except notice to the Company shall be effective only upon receipt.

    
      - 25 -

      
        

    

    5.10
      Suspension of Exercisability or Exchangeability. To the extent that the Board of Directors determines in good faith that some action will or need be taken pursuant to, or in
        order to properly give effect to, Section 2.2, 3.1 or 4.4 or to comply with federal or state securities laws or applicable Trading Regulations, the Company may suspend the exercisability or exchangeability of the Rights for a reasonable period
        sufficient to allow it to take such action or comply with such laws or Trading Regulations.  In the event of any such suspension, the Company shall issue as promptly as practicable a public announcement (with prompt written notice to the Rights
        Agent) stating that the exercisability or exchangeability of the Rights has been temporarily suspended.  Notice thereof pursuant to Section 5.9 shall not be required.  Upon such suspension, any rights of action vested in a holder of Rights shall be
        similarly suspended.

    

    

    

    Failure to give a notice pursuant to the provisions of this Agreement shall not affect the validity of any action taken hereunder.

    

    

    5.11

    Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit
      of their respective successors and assigns hereunder.

    

    

    5.12
      Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the Company, the Rights Agent and the holders of the Rights any
        legal or equitable right, remedy or claim under this Agreement and this Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the holders of the Rights.

    

    

    

    5.13

    Determination and Actions by the Board of Directors, etc. The Board of Directors (or any duly authorized committee thereof) shall have the exclusive power
      and authority to administer this Agreement and to exercise all rights and powers specifically granted to the Board of Directors or to the Company, or as may be necessary or advisable in the implementation or administration of this Agreement,
      including, without limitation, the right and power to (i) interpret the provisions of this Agreement and (ii) make all determinations and calculations deemed necessary or advisable for the implementation or administration of this Agreement,
      including, without limitation,  the right to determine the Rights to be null and void pursuant to Section 3.1, after taking into account the purpose of this Agreement and the Company’s interest in maintaining an orderly trading market in the
      outstanding Common Shares.  All such actions, interpretations, calculations and determinations done or made by the Board of Directors (including by a duly authorized committee of the Board of Directors), shall be final, conclusive and binding on the
      Company, the Rights Agent, the holders of the Rights and all other Persons.  The Rights Agent shall always be entitled to assume that the Board of Directors of the Company acted in good faith and the Rights Agent shall be fully protected and shall
      incur no liability in reliance thereon.

    

    

    5.14
      Descriptive Headings; Section References. Descriptive headings appear herein for convenience only and shall not control or affect the meaning or construction of any of the
        provisions hereof.  Where a reference in this Agreement is made to a Section, such reference shall be to a Section of this Agreement unless otherwise indicated.

    

    

    

    5.15

    GOVERNING LAW. THIS AGREEMENT, EACH RIGHT AND EACH RIGHTS CERTIFICATE ISSUED HEREUNDER SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF
      NEW YORK AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE APPLICABLE TO CONTRACTS ENTERED INTO, MADE WITHIN, AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY
      CHOICE OR CONFLICT OF LAWS PROVISIONS OR RULES THAT WOULD CAUSE THE APPLICATION OF LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

    
      - 26 -

      
        

    

    5.16
      EXCLUSIVE FORUM. THE COMPANY, THE RIGHTS AGENT AND EACH HOLDER OF RIGHTS HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE HIGH COURT OF THE REPUBLIC OF THE
        MARSHALL ISLANDS OVER ANY SUIT, ACTION, OR PROCEEDING ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT.  The Company, the Rights Agent and each holder of Rights acknowledge that the forum designated by this Section 5.16 has a reasonable
        relation to this Agreement, and to such Persons’ relationship with one another. TO THE FULLEST EXTENT PERMITTED BY LAW, THE COMPANY, THE RIGHTS AGENT AND EACH HOLDER OF RIGHTS HEREBY WAIVES ANY AND ALL RIGHTS SUCH PARTY MAY HAVE TO A JURY TRIAL
        WITH RESPECT TO ANY DISPUTE ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT. The Company, the Rights Agent and each holder of Rights hereby waive, to the fullest extent permitted by applicable law, any objection which they now or
        hereafter have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding brought in the court referred to in this Section 5.16.  The Company, the Rights Agent and each holder of Rights undertake not to commence any
        action subject to this Agreement in any forum other than the forum described in this Section 5.16.  The Company, the Rights Agent and each holder of Rights agree that, to the fullest extent permitted by applicable law, a final and non-appealable
        judgment in any such suit, action, or proceeding brought in such court shall be conclusive and binding upon such Persons.

    

    

    

    Notwithstanding the foregoing, this exclusive forum provision shall not apply to suits brought to enforce a duty or liability created by the Exchange Act or any other claim for which the federal courts
      of the United States have exclusive jurisdiction.

    

    

    5.17

    Counterparts. This Agreement may be executed in any number of counterparts (including by facsimile, PDF or other electronic means) and each of such
      counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

    

    

    5.18
      Severability.  If any term or provision hereof or the application thereof to any circumstance shall, in any jurisdiction and to any extent, be invalid or unenforceable, such
        term or provision shall be ineffective as to such jurisdiction to the extent of such invalidity or unenforceability without invalidating or rendering unenforceable the remaining terms and provisions hereof or the application of such term or
        provision to circumstances other than those as to which it is held invalid or unenforceable; provided, that if any such excluded term or provision shall adversely affect the rights, immunities, duties or obligations of the Rights Agent, the
        Rights Agent shall be entitled to resign immediately.

    

    

    

    5.19
      Withholding.  In the event that the Company, the Rights Agent or their agents determine that they are obligated to withhold or deduct any tax or other charge under any
        applicable law on actual or deemed payments or distributions hereunder to a holder of the Rights, Common Shares or other cash, securities or other property, the Company, the Rights Agent or their agents shall be entitled, but not obligated, to (i)
        deduct and withhold such amount by withholding a portion or all of the cash, securities or other property otherwise deliverable or by otherwise using any property (including, without limitation, Rights, Preferred Shares, Common Shares or cash) that
        is owned by such holder, or (ii) in lieu of such withholding, require any holder to make a payment to the Company, the Rights Agent or their agents, in each case in such amounts as they deem necessary to meet their withholding obligations, and in
        the case of (i) above, shall also be entitled, but not obligated, to sell all or a portion of such withheld securities or other property by public or private sale in such amounts and in such manner as they deem necessary and practicable to pay such
        taxes and charges.

    

    
      - 27 -

      
        

    

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

    

    

    	 	
            TORO CORP.

          
	 
	 	
            By:

          	

          
	 	 	
            Name:

          
	 	 	
            Title:

          
	 
	 	
            [NAME OF RIGHTS AGENT]

          
	 	 	 
	 	
            By:

          	

          
	 	 	
            Name:

          
	 	 	
            Title:

          

    

    

    

    

    - 28 -Exhibit 4.2

  

  

  

  

  

  

  

  

  

  

  

  CONTRIBUTION AND SPIN OFF DISTRIBUTION AGREEMENT

  by and between

  CASTOR MARITIME INC.

  and

  TORO CORP.

  dated as of [•]

    

  

  

  

  

  

  

  

  

  

  
    
      

  

  
  TABLE OF CONTENTS

   

  

  Page

   

    

  ARTICLE I

    

      DEFINITIONS AND INTERPRETATION

  

  

  	
          Section 1.1

        	
          General

        	
          3

        
	
          Section 1.2

        	
          References; Interpretation

        	
          8

        

   

    

  ARTICLE II

    

      PRE-DISTRIBUTION TRANSACTIONS

   

    

  	
          Section 2.1

        	
          Articles of Incorporation; By-laws

        	
          8

        
	
          Section 2.2

        	
          Directors

        	
          8

        
	
          Section 2.3

        	
          Contribution

        	
          8

        
	
          Section 2.4

        	
          Other Pre-Distribution Transactions

        	
          9

        
	
          Section 2.5

        	
          Ancillary Agreements

        	
          9

        
	
          Section 2.6

        	
          Intercompany Accounts

        	
          9

        

  

  

  ARTICLE III

    

      THE DISTRIBUTION

  

  

  	
          Section 3.1

        	
          Share Dividend by Castor

        	
          10

        
	
          Section 3.2

        	
          Fractional Shares

        	
          10

        
	
          Section 3.3

        	
          Sole Discretion of Castor

        	
          11

        
	
          Section 3.4

        	
          Conditions to the Distribution

        	
          11

        

  

  

  ARTICLE IV

  

  

  REPRESENTATIONS AND WARRANTIES OF CASTOR; DISCLAIMER

   

  

  	
          Section 4.1

        	
          Representations and Warranties

        	
          12

        
	
          Section 4.2

        	
          DISCLAIMER OF WARRANTIES

        	
          13

        

   

  

  ARTICLE V

   

  

  FURTHER ASSURANCES

   

  

  	
          Section 5.1

        	
          Further Assurances

        	
          14

        

  
    i

    
      

  

  ARTICLE VI

  

  

  INDEMNIFICATION

   

  

  	
          Section 6.1

        	
          Release of Pre-Distribution Claims

        	
          14

        
	
          Section 6.2

        	
          Indemnification by Castor

        	
          15

        
	
          Section 6.3

        	
          Indemnification by SpinCo

        	
          15

        

   

  

  ARTICLE VII

   

  

  TERMINATION

   

  

  	
          Section 7.1

        	
          Termination

        	
          15

        

   

  

  ARTICLE VIII

   

  

  MISCELLANEOUS

   

  

  	
          Section 8.1

        	
          Complete Agreement; Construction

        	
          15

        
	
          Section 8.2

        	
          Amendments

        	
          15

        
	
          Section 8.3

        	
          Counterparts

        	
          16

        
	
          Section 8.4

        	
          Survival of Representations and Warranties

        	
          16

        
	
          Section 8.5

        	
          Costs and Expenses

        	
          16

        
	
          Section 8.6

        	
          Notices

        	
          16

        
	
          Section 8.7

        	
          Waivers and Consents

        	
          17

        
	
          Section 8.8

        	
          Successors and Assigns

        	
          17

        
	
          Section 8.9

        	
          Deed; Bill of Sale; Assignment

        	
          17

        
	
          Section 8.10

        	
          Subsidiaries

        	
          17

        
	
          Section 8.11

        	
          Third Party Beneficiaries

        	
          17

        
	
          Section 8.12

        	
          Titles and Headings

        	
          17

        
	
          Section 8.13

        	
          Governing Law

        	
          18

        
	
          Section 8.14

        	
          WAIVER OF JURY TRIAL

        	
          18

        
	
          Section 8.15

        	
          Severability

        	
          18

        
	
          Section 8.16

        	
          Interpretation

        	
          18

        

   

  

  
    ii

    
      

  

  CONTRIBUTION AND SPIN OFF DISTRIBUTION AGREEMENT

   

  

  This CONTRIBUTION AND SPIN OFF DISTRIBUTION AGREEMENT, dated as of [•] (this “Agreement”), is entered into by and between Castor Maritime Inc., a
    Marshall Islands corporation (“Castor”), and Toro Corp., a Marshall Islands corporation (“SpinCo”). Each of Castor and SpinCo is referred to herein as a “Party” and collectively, as the “Parties”.

   

  

  W I T N E S S E T H:

   

  

  WHEREAS, Castor is a global shipping company engaged in the business of acquiring, owning, chartering and operating oceangoing cargo vessels;

   

  

  WHEREAS, acting through its Subsidiaries, Castor currently conducts (i) the Castor Retained Business (presently comprising dry-bulk vessels engaged in the
    worldwide transportation of commodities such as iron ore, coal, soybeans, etc.) and (ii) the SpinCo Business (presently comprising tanker vessels engaged in the worldwide transportation of crude oil, oil and petroleum products);

   

  

  WHEREAS, upon the recommendation of a special committee of independent and disinterested directors (the “Castor Special Committee”) of the Board of Directors of Castor (the “Castor Board”), the independent and disinterested directors of the Castor Board (with Mr. Petros Panagiotidis recused from the related deliberations) have unanimously
    determined that it is appropriate, desirable and in the best interests of Castor and its shareholders to separate the SpinCo Business from Castor and to spin off the SpinCo Business in the manner contemplated by this Agreement;

   

  

  WHEREAS, Castor has caused SpinCo to be formed in order to facilitate such separation and spin off and SpinCo has not engaged in activities except for
    activities undertaken in preparation for the Distribution;

   

  

  WHEREAS, Castor owns all of the issued and outstanding common shares, $0.001 par value per share, of SpinCo (the “SpinCo Common Shares”) as of the
    date hereof;

   

  

  WHEREAS, in order to effect such separation, it is contemplated that the Parties will enter into a series of transactions whereby (i) Castor will contribute
    all of the Tanker-Owning Subsidiary Shares to SpinCo as a capital contribution in exchange for the issuance of the Preferred Shares and the Distribution Shares (such transactions as they may be amended or modified from time to time, collectively, the “Contribution”),

    (ii) SpinCo will replace Castor as guarantor for the Term Loan Facility (such transactions as they may be amended or modified from time to time, the “Guarantee Release”), (iii) Castor shall cause the Master Management Agreement, dated as of
    September 1, 2020, as amended and restated on July 28, 2022 (the “Existing Management Agreement”), to be terminated in respect of the Tanker-Owning Subsidiaries, and SpinCo and the Tanker-Owning Subsidiaries will enter into a new master
    management agreement with Castor Ships S.A., substantially identical in form to the Existing Management Agreement, for certain technical, commercial, crew management services and administrative services in respect of the Tanker Vessels and the business
    affairs of SpinCo (such transactions as they may be amended or modified from time to time, collectively, the “Management Arrangements”), (iv) Castor shall cause the custodial and cash pooling deed entered into between Castor, its Subsidiaries
    and Castor Maritime SCR Corp. (the “Castor Custodial Deed”) to be terminated in respect of the Tanker-Owning Subsidiaries, and SpinCo and the Tanker-Owning Subsidiaries will enter into a custodial and cash pooling deed, substantially identical
    in form to the Castor Custodial Deed, with Toro RBX Corp. (such transactions as they may be amended or modified from time to time, collectively, the “Cash Pooling Arrangements”), (v) SpinCo will adopt the form of amended and restated articles of
    incorporation and form of amended and restated by-laws filed with the SEC as exhibits to the Form 20-F (collectively the “Organizational Documents”, and such actions, the “Organizational Arrangements”) and (vi) Castor will cause the
    existing directors of SpinCo to resign from the SpinCo Board and elect the individuals identified in the Form 20-F as directors of SpinCo (the “Governance Arrangements”, and together with the Contribution, the Guarantee Release, the Management
    Arrangements, the Cash Pooling Arrangements and the Organizational Arrangements, the “Pre-Distribution Transactions”);

  
    
      

  

  
  WHEREAS, it is contemplated that immediately following the consummation of the Pre-Distribution Transactions, Castor will distribute to holders of Castor
    Common Shares on a pro rata basis, in each case without consideration being paid by such shareholders, [•] SpinCo Common Shares, for every [•] Castor Common Shares held on the Record Date (the “Distribution”,

    and together with the Pre-Distribution Transactions and any other transactions contemplated by this Agreement, in each case as they may be amended or modified from time to time, the “Transactions”), which constitutes one-hundred percent (100%)
    of the outstanding SpinCo Common Shares;

   

  

  WHEREAS, the Castor Special Committee has unanimously determined that this Agreement and the Transactions are appropriate, desirable and in the best
    interests of Castor and its shareholders and recommended to the Castor Board that this Agreement and the Transactions as set forth herein be approved by the Castor Board;

   

  

  WHEREAS, the independent and disinterested members of the Castor Board have unanimously (i) determined that this Agreement and the Transactions are
    appropriate, desirable and in the best interests of Castor and its shareholders, (ii) adopted the recommendation of the Castor Special Committee for the approval of this Agreement and the Transactions as set forth herein and (iii) approved, adopted and
    declared advisable this Agreement and the Transactions as set forth herein.

   

  

  NOW, THEREFORE, in consideration of the foregoing and the mutual agreements, provisions and covenants contained in this Agreement, the Parties hereby agree
    as follows:

  
    2

    
      

  

  ARTICLE I

      

      DEFINITIONS AND INTERPRETATION

   

    

  Section 1.1          

  General. As used in this Agreement, the following terms shall have the following meanings:

   

      

  
    
      (1)          

      “Action” shall mean any demand, action, claim, suit, countersuit, arbitration, inquiry, subpoena,
        proceeding or investigation by or before any Governmental Entity or any arbitration or mediation tribunal.

    

  

  
    
       

        

      (2)         

      “Affiliate” shall mean, when used with respect to a specified Person, a Person that directly or indirectly, through one or more intermediaries, controls, is
        controlled by, or is under common control with such specified Person. For the purposes of this definition, “control” (including the correlative meanings of the terms “controlled by” and “under common control with”), when used with respect to any
        specified Person shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or other interests, by Contract or
        otherwise.

    

  

  
    
       

        

      (3)          

      “Agreement” shall have the meaning set forth in the preamble.

    

  

  
    
       

        

      (4)          

      “Ancillary Agreements” shall mean all of the written Contracts, instruments, assignments, licenses or other arrangements (other than this Agreement) entered into
        in connection with the Transactions.

    

  

  
    
       

        

      (5)         

       “Business Day” shall mean any day that is not a Saturday, a Sunday or any other day on which banks are required or authorized by Law to be closed in The City of
        New York.

    

  

  
    
       

        

      (6)          

      “Cash Pooling Arrangements” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (7)         

      “Castor” shall have the meaning set forth in the preamble.

    

  

  
    
       

        

      (8)          

      “Castor Board” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (9)          

      “Castor Common Shares” shall mean the issued and outstanding common shares of Castor, par value $0.001 per share.

    

  

  
    
       

        

      (10)        

      “Castor Custodial Deed” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (11)        

      “Castor Group” shall mean Castor and each Person (other than any member of the SpinCo Group) that is a direct or indirect Subsidiary of Castor after the Relevant
        Time, and each Person that becomes a Subsidiary of Castor after the Relevant Time.

    

  

  
    
      
        3

        
          

      

      (12)        

      “Castor Retained Business” shall mean:

       

      

    

  

  
    
      
        

        

        

       (i)        

      the business and operations of Castor’s current dry bulk segment; 

    

  

  
    
      
        

        

         

      (ii)       

      the business and operations of Castor Maritime SCR Corp.; and 

    

  

  
    
      
        

        

         

       (iii)      

      the businesses and operations of the Persons acquired or established by or for Castor and any of its Subsidiaries after the date of this Agreement. 

    

  

  
    
       

        

      (13)        

      “Consents” shall mean any consents, waivers or approvals from, or notification requirements to, any Person other than a Governmental Entity.

    

  

  
    
       

        

      (14)        

      “Contract” shall mean any agreement, contract, obligation, indenture, instrument, lease, promise,
        arrangement, release, warranty, commitment or undertaking (whether written or oral and whether express or implied).

    

  

  
    
       

        

      (15)        

      “Contribution” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (16)        

      “Conveyancing and Assumption Instruments” shall mean, collectively, the various Contracts and other documents (including conveyance instruments, share transfer
        forms, assignment and bill of sale instruments) heretofore entered into and to be entered into to effect the Contribution in the manner contemplated by this Agreement, or otherwise relating to, arising out of or resulting from the Transactions, in
        such form or forms as the Parties agree.

    

  

  
    
       

        

      (17)        

      “Distribution” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (18)        

      “Distribution Agent” shall mean [•].

    

  

  
    
       

        

      (19)        

      “Distribution Date” shall mean such date, as may be set by the Castor Board, on which the Distribution is effected.

    

  

  
    
       

        

      (20)        

      “Distribution Shares” shall mean [•] SpinCo Common Shares.

    

  

  
    
       

        

      (21)        

      “Existing Management Agreement” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (22)        

      “Form 20-F” shall mean the registration statement on Form 20-F filed by SpinCo with the SEC in connection
        with the Distribution.

    

  

  
    
       

        

      (23)        

      “Governance Arrangements” shall have the meaning set forth in the recitals hereto.

    

  

  
    
      
        4

        
          

      

      (24)        

      “Governmental Entity” shall mean any domestic or foreign governmental or regulatory authority, agency, commission, body, court or other legislative, executive or
        judicial governmental entity and any arbitral tribunal.

    

  

  
    
       

        

      (25)        

      “Group” shall mean (i) with respect to Castor, the Castor Group, and (ii) with respect to SpinCo, the
        SpinCo Group.

    

  

  
    
       

        

      (26)       

       “Guarantee” shall mean the Corporate Guarantee in respect of the Term Loan Facility, dated May 6, 2021,
        between Castor, as guarantor, and Alpha Bank S.A., as lender.

    

  

  
    
       

        

      (27)        

      “Guarantee Release” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (28)        

      “Law” shall mean any U.S. or non-U.S. federal, national, supranational, state, provincial, local or similar statute, law, ordinance, regulation, rule, code,
        income Tax treaty, stock exchange rule, order, requirement or rule of law (including common law).

    

  

  
    
       

        

      (29)        

      “Liabilities” shall mean any and all debts, liabilities, costs, expenses, interest and obligations, whether accrued or fixed, absolute or contingent, matured or
        unmatured, reserved or unreserved, or determined or determinable, including those arising under any Law, claim, demand, Action, whether asserted or unasserted, or order, writ, judgment, injunction, decree, stipulation, determination or award
        entered by or with any Governmental Entity and those arising under any Contract or any fines, damages or equitable relief which may be imposed and including all costs and expenses related thereto.

    

  

  
    
       

        

      (30)        

      “Management Arrangements” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (31)        

      “NASDAQ” shall mean the NASDAQ Stock Market.

    

  

  
    
       

        

      (32)        

      “Organizational Documents” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (33)       

       “Organizational Arrangements” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (34)        

      “Party” shall have the meaning set forth in the preamble.

    

  

  
    
       

        

      (35)        

      “Pelagos” shall mean Pelagos Holdings Corp.

    

  

  
    
       

        

      (36)        

      “Person” shall mean any natural person, firm, individual, corporation, business trust, joint venture,
        association, company, limited liability company, partnership or other organization or entity, whether incorporated or unincorporated, or any Governmental Entity.

    

  

  
    
      
        5

        
          

      

      (37)        

      “Pre-Distribution Transactions” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (38)       

       “Preferred Shares” shall mean 40,000 Series A Preferred Shares and 40,000 Series B Preferred Shares.

    

  

  
    
       

        

      (39)        

      “Record Date” shall mean such date as may be determined by the Castor Board as the record date for the
        Distribution.

    

  

  
    
       

        

      (40)        

      “Relevant Time” shall mean [•], New York City Time, on the Distribution Date.

    

  

  
    
       

        

      (41)        

      “SEC” shall mean the United States Securities and Exchange Commission.

    

  

  
    
       

        

      (42)       

       “Series A Preferred Shares” shall mean the 1.00% Series A Fixed Rate Cumulative Perpetual Preferred
        Shares of SpinCo, par value $0.001 per share.

    

  

  
    
      
        
           

              

          (43)        

          “Series B Preferred Shares” shall mean the Series B
            Preferred Shares of SpinCo, par value $0.001 per share.

        

      

    

  

  
    
       

        

      (44)        

      “SpinCo” shall have the meaning set forth in the preamble.

    

  

  
    
       

        

      (45)        

      “SpinCo Board” shall have the meaning set forth in Section 2.2.

    

  

  
    
       

        

      (46)       

       “SpinCo Business” shall mean:

    

  

  
    
      
        

        

         

      (i)        

      the business and operations of Castor’s Aframax/LR2 tanker segment and Handysize tanker segment as described in the Form 20-F; 

    

  

  
    
      
        

        

         

      (ii)       

      the business and operations of Toro RBX Corp.; and 

    

  

  
    
      
        

        

         

      (iii)      

      the businesses and operations of the Persons acquired or established by or for SpinCo or any of its Subsidiaries after the date of this Agreement. 

    

  

  
    
       

        

      (47)        

      “SpinCo Common Shares” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (48)       

      “SpinCo Group” shall mean SpinCo and each Person (other than any member of the Castor Group) that is a direct or indirect Subsidiary of SpinCo immediately after
        the Relevant Time, and each Person that becomes a Subsidiary of SpinCo after the Relevant Time.

    

  

  
    
       

        

      (49)       

      “Subsidiary” shall mean, with respect to any Person, any corporation, partnership, joint venture,
        association, joint stock company, trust, unincorporated organization or other entity in which such Person, directly or indirectly (i) beneficially owns more than fifty percent (50%) of (A) the total combined voting power of all classes of voting
        securities of such Person, (B) the total combined equity economic interest thereof or (C) the capital or profits thereof, in the case of a partnership, or (ii) otherwise has the power to elect or direct the election of more than fifty percent (50%)
        of the members of the governing body of such entity or otherwise has control over such entity (e.g., as the managing partner of a partnership).

    

  

  
    
      
        6

        
          

      

      (50)        

      “Term Loan Facility” means the $18.0 Million Secured Term Loan Facility, dated April 27, 2021, by and
        among Alpha Bank S.A., as lender, and Gamora Shipping Co. and Rocket Shipping Co., as borrowers, as described in the annual report on Form 20-F filed by Castor with the Securities and Exchange Commission on March 31, 2022.

    

  

  
    
       

        

      (51)        

      “Tanker Vessels” shall mean, collectively, the Wonder Polaris, the Wonder Sirius,
        the Wonder Bellatrix, the Wonder Musica, the Wonder Avior, the Wonder Vega, the
        Wonder Mimosa and the Wonder Formosa.

    

  

  
    
       

        

      (52)       

      “Tanker-Owning Subsidiaries” shall mean, collectively, (i) Rocket Shipping Co., a Marshall Islands
        corporation, which owns the tanker vessel Wonder Polaris; (ii) Gamora Shipping Co., a Marshall Islands corporation, which owns the tanker vessel Wonder Sirius,
        (iii) Drax Shipping Co., a Marshall Islands corporation, which owns the tanker vessel Wonder Bellatrix, (iv) Colossus Shipping Co., a Marshall Islands corporation, which owns the tanker vessel Wonder Musica, (v) Hawkeye Shipping Co., a Marshall Islands corporation, which owns the tanker vessel Wonder Avior, (vi) Starlord Shipping Co., a Marshall Islands
        corporation, which owns the tanker vessel Wonder Vega, (vii) Vision Shipping Co., a Marshall Islands corporation, which owns the tanker vessel Wonder Mimosa, (viii)
        Xavier Shipping Co., a Marshall Islands corporation, which owns the tanker vessel Wonder Formosa, and (ix) Elektra Shipping Co., a Marshall Islands corporation, which owned the tanker vessel Wonder Arcturus, before it was sold to an unaffiliated third party pursuant to a memorandum of agreement entered into on May 9, 2022 and delivered to its new owner on July 15, 2022.

    

  

  
    
       

        

      (53)        

      “Tanker-Owning Subsidiary Shares” shall mean all the issued and outstanding shares of the Tanker-Owning Subsidiaries.

    

  

  
    
       

        

      (54)        

      “Transactions” shall have the meaning set forth in the recitals hereto.

    

  

  
    
       

        

      (55)        

      “Transaction Expenses” shall mean all documented third-party, out-of-pocket costs, fees and expenses paid, incurred, or to be incurred by Castor or any of its
        Subsidiaries relating to the Transactions, including (i) fees and expenses of the financial, accounting, tax and legal advisors and other consultants to Castor, the Castor Board and the Castor Special Committee in connection with the Transactions,
        (ii) SpinCo’s SEC filing expenses, (iii) the fees of NASDAQ in connection with the application and listing of SpinCo Common Shares, (iv) the costs and expenses directly related to the mailing of the information statement to holders of Castor Common
        Shares and (v) the fees and expenses of the Distribution Agent in connection with the Distribution.

    

  

  
    7

    
      

  

  Section 1.2          

  References; Interpretation. References in this Agreement to any gender include references to all genders, and
      references to the singular include references to the plural and vice versa. Unless the context otherwise requires, the words “include”, “includes” and “including” when used in this Agreement shall be deemed to be followed by the phrase “without
      limitation”. Unless the context otherwise requires, references in this Agreement to Articles and Sections shall be deemed references to Articles and Sections of this Agreement. Unless the context otherwise requires, the words “hereof”, “hereby” and
      “herein” and words of similar meaning when used in this Agreement refer to this Agreement in its entirety and not to any particular Article, Section or provision of this Agreement.

   

    

  ARTICLE II

      

      PRE-DISTRIBUTION TRANSACTIONS

   

    

  Section 2.1         

  Articles of Incorporation; By-laws.  Castor and SpinCo shall take, or cause to be taken, all necessary actions
      for the Organizational Documents to be adopted by SpinCo and for the Organizational Documents to be in effect on or before the Relevant Time.

   

    

  Section 2.2         

  Directors.  Castor shall take all necessary action to cause the Board of Directors of SpinCo (the “SpinCo
      Board”) to consist, as of the Relevant Time, of the individuals identified in the Form 20-F as directors of SpinCo, including causing the existing directors of SpinCo to resign from the SpinCo Board, as applicable.

   

    

  Section 2.3          

  Contribution.

   

    

  (a)          

  Immediately prior to the Relevant Time, Castor shall contribute all of its
      right, title and interest in the Tanker-Owning Subsidiary Shares to SpinCo as a capital contribution.

   

    

  (b)         

  Upon and in exchange for Castor’s capital contribution pursuant to Section 2.3(a), SpinCo shall (i) cancel all of the
      SpinCo Common Shares outstanding as of the date hereof, (ii) issue the Distribution Shares and 40,000 Series A Preferred Shares to Castor, and (iii) issue 40,000 Series B Preferred Shares to Pelagos against payment by Pelagos of the par value of such
      shares previously advanced by Pelagos to SpinCo; and

   

    

  (c)         

  In connection with and furtherance of, the transfer of shares contemplated by
      Section 2.3(a) and (b) of this Agreement, the transferring Party shall execute, or cause to be executed by the appropriate entities, on or prior to, and with effect as of the Relevant Time, the Conveyancing and Assumption Instruments, necessary to
      evidence the valid transfer to the applicable Party of all right, title and interest in and to the applicable shares under the applicable Laws, in such form as the Parties shall reasonably agree. The transfer of capital stock shall be effected by
      means of executed stock powers and notation on the stock record books of the corporation or other legal entities involved and, only to the extent required by applicable Law, by notation on public registries. The Conveyancing and Assumption
      Instruments shall evidence and perfect the transfers contemplated by this Agreement and shall not constitute a second conveyance of any assets or interests therein and shall be subject to the terms of this Agreement.

  
    8

    
      

  

  Section 2.4          

  Other Pre-Distribution Transactions. On or prior to, and with effect as of the Relevant Time, the Parties shall,
      and shall cause their respective Affiliates to, effect the following transactions:

   

    

  (a)         

  Castor shall cause the Existing Management Agreement to be terminated in respect
      of the Tanker-Owning Subsidiaries, provided, however, that the vessel management agreements currently in effect between Castor Ships S.A. and the Tanker-Owning Subsidiaries in respect of the Tanker Vessels shall remain in effect;

   

    

  (b)         

  SpinCo and the Tanker-Owning Subsidiaries shall enter into a new master management agreement, substantially identical
      in form to the Existing Management Agreement, with Castor Ships S.A.;

   

    

  (c)      

  Castor shall cause the Castor Custodial Deed to be terminated in respect of the Tanker-Owning Subsidiaries, and shall
      take, or cause members of the Castor Group and the SpinCo Group to take, all necessary actions to terminate the cash pooling arrangements existing as of the date hereof between the SpinCo Group and the Castor Group;

   

    

  (d)        

  SpinCo and the Tanker-Owning Subsidiaries shall enter into a custodial and cash
      pooling deed, substantially identical in form to the Castor Custodial Deed, with Toro RBX Corp., a Subsidiary of SpinCo, for certain cash pooling arrangements for the SpinCo Group;

   

    

  (e)         

  SpinCo shall assume Castor’s obligations as guarantor of the Term Loan Facility
      and execute a guarantee agreement substantially in the form of the existing Guarantee, and Castor and, if applicable, SpinCo shall execute or cause to executed such other agreements and instruments with Alpha Bank S.A. as may be required to effect
      the Guarantee Release.

   

    

  Section 2.5         

  Ancillary Agreements. On or prior to the Distribution Date, each of Castor and SpinCo shall enter into, and/or
      (where applicable) shall cause a member or members of their respective Group to enter into, the applicable Ancillary Agreements and any other Contracts reasonably necessary or appropriate in connection with the Transactions.

   

    

  Section 2.6          

  Intercompany Accounts and Limitation of Liability.

   

    

  (a)         

  Castor (and/or any member of the Castor Group) and SpinCo (and/or any member of
      the SpinCo Group), hereby terminate, effective as of the Relevant Time, any and all Contracts and intercompany Liabilities, whether or not in writing, between Castor (and/or any member of the Castor Group) and SpinCo (and/or any member of the SpinCo
      Group), that are effective or outstanding as of immediately prior to the Relevant Time, provided, however, that notwithstanding anything herein to the contrary, the Series A Preferred Shares, when  issued pursuant to Section 2.3(b) of
      this Agreement, shall remain in effect. No such terminated Contract (including any provision thereof that purports to survive termination) or intercompany Liability shall be of any further force or effect from and after the Relevant Time. Each Party
      shall, at the reasonable request of the other Party, take, or cause to be taken, such other actions as may be necessary to effect the foregoing.

  
    9

    
      

  

  (b)         

  Except as set forth in Section 2.6(a) and Article VI of this Agreement, no Party or any Subsidiary thereof shall be
      liable to the other Party or any Subsidiary of the other Party based upon, arising out of or resulting from any Contract, Liability, arrangement, course of dealing or understanding existing on or prior to the Relevant Time and terminated pursuant to
      Section 2.6(a) of this Agreement (other than, for the avoidance of doubt, this Agreement, any Ancillary Agreement, or any other Contract entered into in connection herewith or in order to consummate the Transactions and the Series A Preferred
      Shares).

   

    

  ARTICLE III

      

      THE DISTRIBUTION

   

    

  Section 3.1         

  Share Dividend by Castor.  On the Distribution Date, Castor will cause the Distribution Agent to distribute the
      Distribution Shares, being 100% of the outstanding SpinCo Common Shares then owned by Castor, to holders of Castor Common Shares on the Record Date, and to credit the appropriate number of such SpinCo Common Shares to book-entry accounts for each
      such holder of Castor Common Shares. For shareholders of Castor who own Castor Common Shares through a broker or other nominee, the SpinCo Common Shares will be credited to their respective accounts by such broker or nominee. Each holder of Castor
      Common Shares on the Record Date will be entitled to receive in the Distribution [•] SpinCo Common Shares for every [•] Castor Common Shares held by such shareholder. No action by any such shareholder shall be necessary for such shareholder to
      receive the applicable number of SpinCo Common Shares (and, if applicable, cash in lieu of any fractional shares pursuant to Section 3.2 hereof) that such shareholder is entitled to in the Distribution.

   

    

  Section 3.2        

  Fractional Shares. Castor shareholders holding a number of Castor Common Shares, on the Record Date, which would
      entitle such shareholders to receive less than one whole SpinCo Common Share in the Distribution, will receive cash in lieu of fractional shares. Fractional SpinCo Common Shares will not be distributed in the Distribution nor credited to book-entry
      accounts. The Distribution Agent shall, as soon as practicable after the Distribution Date (a) determine the number of whole SpinCo Common Shares and fractional SpinCo Common Shares allocable to each holder of record of Castor Common Shares as of the
      close of business on the Record Date (or in accordance with the applicable procedures of The Depository Trust Company, to members thereof), (b) aggregate all such fractional shares into whole shares and sell the whole shares obtained thereby in open
      market transactions, in each case, at then prevailing trading prices on behalf of holders who would otherwise be entitled to fractional share interests, and (c) distribute to each such holder, or for the benefit of each beneficial owner, such holder
      or owner’s ratable share of the net proceeds of such sale, net of brokerage fees incurred in such sales and after making appropriate deductions for any amount required to be withheld for United States federal income Tax and other applicable Tax
      purposes. None of Castor, SpinCo or the Distribution Agent will guarantee any minimum sale price for the fractional SpinCo Common Shares. None of Castor or SpinCo will pay any interest on the proceeds from the sale of fractional shares. The
      Distribution Agent acting on behalf of SpinCo will have the sole discretion to select the broker-dealers through which to sell the aggregated fractional shares and to determine when, how and at what price to sell such shares. Neither the Distribution
      Agent nor the broker-dealers through which the aggregated fractional shares are sold will be Affiliates of Castor or SpinCo.

  
    10

    
      

  

  Section 3.3          

  Sole Discretion of Castor. The independent and disinterested members of the Castor Board may at any time and
      from time to time until the completion of the Distribution, upon the recommendation of the Special Committee, decide to abandon any or all of the Distribution or modify or change the terms of the Distribution, including by accelerating or delaying
      the timing of the consummation of all or part of the Distribution.

   

    

  Section 3.4         

  Conditions to the Distribution. The Distribution is subject to the satisfaction of the following conditions or
      the waiver thereof by the independent and disinterested members of the Castor Board, upon the recommendation of the Special Committee:

   

    

  (a)          

  the Special Committee, will not have withdrawn its recommendation that the
      Transactions be approved by the Castor Board and will not have recommended that the Castor Board abandon the Distribution or modify the terms thereof or the Relevant Time;

   

    

  (b)        

  the independent and disinterested members of the Castor Board will not have
      withdrawn the Castor Board’s authorization and approval of any of the Transactions and will not have determined to abandon the Distribution or modified the terms thereof or the Relevant Time;

   

    

  (c)         

  the Pre-Distribution Transactions will have been completed;

   

    

  (d)         

  all material Consents required in connection with the Transactions shall have
      been received and be in full force and effect;

   

    

  (e)         

  the SEC will have declared the Form 20-F effective under the Exchange Act, no stop order suspending the effectiveness
      of the Form 20-F will be in effect, and no proceedings for that purpose will be pending before or threatened by the SEC;

   

    

  (f)          

  the SpinCo Common Shares to be delivered in the Distribution shall have been
      approved for listing on NASDAQ;

   

    

  (g)        

  no order, injunction or decree that would prevent the consummation of the
      Distribution will be threatened, pending or issued (and still in effect) by any governmental entity of competent jurisdiction, no other legal restraint or prohibition preventing the consummation of the Distribution will be in effect, and no other
      event outside the control of Castor will have occurred or failed to occur that prevents the consummation of the Distribution; and

   

    

  (h)         

  Castor and SpinCo will have executed and delivered this Agreement and all other Ancillary Agreements.

  
    11

    
      

  

  ARTICLE IV

      

      REPRESENTATIONS AND WARRANTIES OF CASTOR; DISCLAIMER

   

    

  Section 4.1          

  Representations and Warranties. Castor hereby represents and warrants that:

   

    

  (a)          

  Castor and each of the Tanker-Owning Subsidiaries has been duly formed or
      incorporated and is validly existing in good standing under the laws of its respective jurisdiction of formation or incorporation;

   

    

  (b)        

  Correct and complete copies of the certificate of incorporation, articles of incorporation, by-laws, other
      organizational documents and all material agreements (as amended to the date of this Agreement) of each Tanker-Owning Subsidiary have been made available to SpinCo;

   

    

  (c)         

  The execution and delivery of this Agreement and all documents, instruments and
      agreements required to be executed and delivered by it pursuant to this Agreement in connection with the completion of the Transactions, have been or will be duly authorized by all necessary actions by Castor and, to the extent applicable, each
      Tanker-Owning Subsidiary, and this Agreement has been duly executed and delivered by Castor and constitutes a legal, valid and binding obligation of Castor enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency,
      liquidation, reorganization, reconstruction and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the
      discretion of a court;

   

    

  (d)         

  The execution, delivery and performance by it of this Agreement will not conflict with or result in any violation of or
      constitute a breach of any of the terms or provisions of, or result in the acceleration of any obligation under, or constitute a default under any provision of: (i) the articles of association, articles of incorporation or by-laws or other
      organizational documents of Castor or any of the Tanker-Owning Subsidiaries; (ii) any lien, encumbrance, security interest, pledge, mortgage, charge, other claim, bond, indenture, agreement, contract, franchise license, permit or other instrument or
      obligation to which Castor or any of the Tanker-Owning Subsidiaries is a party or is subject or by which its assets or properties may be bound; or (iii) any applicable laws, statutes, ordinances, rules or regulations promulgated by a governmental
      authority, orders of a governmental authority, judicial decisions, decisions of arbitrators or determinations of any governmental authority or court;

   

    

  (e)        

  Except as have already been obtained or that will be obtained in the ordinary course of business, no material Consent,
      permit, approval or authorization of, notice or declaration to or filing with any Governmental Entity or any other Person, including those related to any environmental laws or regulations, is required in connection with the execution and delivery by
      Castor of this Agreement or the consummation by Castor or any of the Tanker-Owning Subsidiaries of the Transactions; and

  
    12

    
      

  

  (f)         

  The Tanker-Owning Subsidiary Shares have been duly and validly issued, are fully paid and non-assessable and free of
      preemptive rights. Castor will convey to SpinCo upon its constitution thereof good and valid title to the Tanker-Owning Subsidiary Shares, which comprise all of the issued and outstanding shares in the Tanker-Owning Subsidiaries, free and clear of
      all mortgages, liens, security interests, covenants, options, claims, restrictions, or encumbrances of any kind, except for those arising in relation to the Term Loan Facility. There are no outstanding options, warrants or other rights to acquire any
      shares of capital stock or securities convertible into or exercisable for the capital stock of any Tanker-Owning Subsidiary;

   

    

  Section 4.2         

  DISCLAIMER OF WARRANTIES. EXCEPT TO THE EXTENT PROVIDED IN THIS AGREEMENT OR IN ANY ANCILLARY AGREEMENT, THE
      PARTIES ACKNOWLEDGE AND AGREE THAT NONE OF THE PARTIES HAS MADE, DOES NOT MAKE, AND EACH SUCH PARTY SPECIFICALLY NEGATES AND DISCLAIMS, ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTEES OF ANY KIND OR CHARACTER
      WHATSOEVER, WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL OR WRITTEN, PAST OR PRESENT, REGARDING (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE ASSETS OWNED BY THE TANKER-OWNING SUBSIDIARIES, INCLUDING THE ENVIRONMENTAL CONDITION OF THE ASSETS
      GENERALLY, INCLUDING THE PRESENCE OR LACK OF HAZARDOUS SUBSTANCES OR OTHER MATTERS ON SUCH ASSETS, (B) THE INCOME TO BE DERIVED FROM SUCH ASSETS, (C) THE SUITABILITY OF SUCH ASSETS FOR ANY AND ALL ACTIVITIES AND USES THAT MAY BE CONDUCTED THEREON OR
      THEREWITH, (D) THE COMPLIANCE OF OR BY SUCH ASSETS OR THEIR OPERATION WITH ANY LAWS (INCLUDING ANY ENVIRONMENTAL PROTECTION OR POLLUTION LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS), OR (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY,
      PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF SUCH ASSETS. EXCEPT TO THE EXTENT PROVIDED IN ANY ANCILLARY AGREEMENT, EACH PARTY ACKNOWLEDGES AND AGREES THAT SUCH PARTY HAS HAD THE OPPORTUNITY TO INSPECT THE ASSETS OF THE TANKER-OWNING
      SUBSIDIARIES, AND SUCH PARTY IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE ASSETS OF THE TANKER-OWNING SUBSIDIARIES AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY THE OTHER PARTY. EACH OF THE PARTIES HEREBY ACKNOWLEDGES THAT, TO THE
      MAXIMUM EXTENT PERMITTED BY LAW, THE ASSETS OWNED BY THE TANKER-OWNING SUBSIDIARIES, AS PROVIDED FOR HEREIN, ARE CONVEYED ON AN “AS IS,” “WHERE IS” CONDITION WITH ALL FAULTS, AND THE ASSETS OF THE TANKER-OWNING SUBSIDIARIES ARE CONVEYED SUBJECT TO
      ALL OF THE MATTERS CONTAINED IN THIS SECTION. EXCEPT TO THE EXTENT PROVIDED IN ANY ANCILLARY AGREEMENT, NONE OF THE PARTIES IS LIABLE OR BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE ASSETS
      OF THE TANKER-OWNING SUBSIDIARIES FURNISHED BY ANY AGENT, EMPLOYEE, SERVANT OR THIRD PARTY. THIS SECTION SHALL SURVIVE THE CONTRIBUTION AND CONVEYANCE OF THE TANKER-OWNING SUBSIDIARY SHARES OR THE TERMINATION OF THIS AGREEMENT. THE PROVISIONS OF THIS
      SECTION HAVE BEEN NEGOTIATED BY THE PARTIES AFTER DUE CONSIDERATION AND ARE INTENDED TO BE A COMPLETE EXCLUSION AND NEGATION OF ANY REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE ASSETS OF THE TANKER-OWNING
      SUBSIDIARIES THAT MAY ARISE PURSUANT TO ANY LAW NOW OR HEREAFTER IN EFFECT, OR OTHERWISE, EXCEPT AS SET FORTH IN THIS AGREEMENT OR ANY ANCILLARY AGREEMENT.

  
    13

    
      

  

  ARTICLE V

   

    

  

  FURTHER ASSURANCES

   

  

  Section 5.1          

  Further Assurances. From time to time after the date of this Agreement, and without any further consideration,
      the Parties agree to execute, acknowledge and deliver all such additional deeds, assignments, bills of sale, conveyances, instruments, notices, releases, acquittances and other documents, and will do all such other acts and things, all in accordance
      with applicable Law, as may be necessary or appropriate (a) more fully to assure that the applicable Parties own all of the properties, rights, titles, interests, estates, remedies, powers and privileges granted by this Agreement, or which are
      intended to be so granted, (b) more fully and effectively to vest in the applicable Parties and their respective successors and assigns beneficial and record title to the interests contributed and assigned by this Agreement or intended so to be and
      (c) to more fully and effectively carry out the purposes and intent of this Agreement.

   

      

  ARTICLE VI

      

      INDEMNIFICATION

   

    

  Section 6.1          

  Release of Pre-Distribution Claims.

   

    

  (a)        

  Effective as of the Relevant Time, and except (i) as may be expressly provided
      in this Agreement or any Ancillary Agreement and (ii) for any matter for which any Party is entitled to indemnification pursuant to this Article VI, each Party, for itself and each member of its respective Group, their respective Affiliates and all
      Persons who at any time prior to the Relevant Time were directors, officers, agents or employees of any member of its Group (in their respective capacities as such), in each case, together with their respective heirs, executors, administrators,
      successors and assigns, do hereby remise, release and forever discharge the other Party and the other members of such other Party’s Group, their respective Affiliates and all Persons who at any time prior to the Relevant Time were shareholders,
      directors, officers, agents or employees of any member of such other Party’s Group (in their respective capacities as such), in each case, together with their respective heirs, executors, administrators, successors and assigns, from any and all
      Liabilities whatsoever, whether at Law or in equity, whether arising under any Contract, by operation of Law or otherwise, existing or arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to
      occur or any conditions existing or alleged to have existed on or before the Relevant Time, including in connection with all activities to implement the Distribution and any of the other transactions contemplated hereunder and under the Ancillary
      Agreements.

  
    14

    
      

  

  (b)        

  Nothing contained in Section 6.1(a) and Section 2.6 shall impair or otherwise
      affect any right of any Party, and as applicable, a member of the Party’s Group to enforce this Agreement, any Ancillary Agreement or any agreements, arrangements, commitments or understandings contemplated in this Agreement or any Ancillary
      Agreement that continue in effect after the Relevant Time. In addition, nothing contained in Section 6.1(a) shall release any Person from any Liability that the Parties may have with respect to indemnification pursuant to this Agreement. In addition,
      nothing contained in Section 6.1(a) shall release Castor from indemnifying any director, officer or employee of SpinCo who was a director, officer or employee of Castor or any of its Affiliates on or prior to the Relevant Time, as the case may be, to
      the extent such director, officer or employee is or becomes a named defendant in any Action with respect to which he or she was entitled to such indemnification pursuant to then existing obligations.

   

    

  Section 6.2        

  Indemnification by Castor. Effective as of the Relevant Time, Castor shall indemnify the SpinCo Group for any
      and all obligations and other Liabilities arising from, or relating to, the operation, management or employment of the Castor Retained Business prior to, on or after the Relevant Time.

   

    

  Section 6.3          

  Indemnification by SpinCo. Effective as of the Relevant Time, SpinCo shall indemnify the Castor Group for any
      and all obligations and other Liabilities arising from, or relating to, the operation, management or employment of the SpinCo Business prior to, on or after the Relevant Time.

   

      

  ARTICLE VII

   

  

  TERMINATION

   

  

  Section 7.1         

  Termination. This Agreement may be terminated at any time prior to the Distribution Date by and in the sole
      discretion of Castor without the approval of SpinCo or the shareholders of Castor. In the event of such termination, no Party shall have any Liability of any kind to the other Party or any other Person.

   

      

  ARTICLE VIII

   

  

  MISCELLANEOUS

   

  

  Section 8.1          

  Complete Agreement; Construction. This Agreement, including the Ancillary Agreements, shall constitute the
      entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. No understanding, representation, promise or agreement,
      whether oral or written, is intended to be or shall be included in or form part of this Agreement unless it is contained in a written amendment hereto executed by the Parties in accordance with the terms of this Agreement.

   

    

  Section 8.2          

  Amendments. This Agreement may be amended or modified only by a written agreement executed and delivered by all
      of the Parties. This Agreement may not be modified or amended except as provided in the immediately preceding sentence and any purported amendment by any Party or Parties effected in a manner which does not comply with this Section 8.2 shall be void,
      ab initio.

  
    15

    
      

  

  Section 8.3         

  Counterparts. This Agreement may be executed in more than one counterparts, all of which shall be considered one
      and the same agreement, and shall become effective when one or more such counterparts have been signed by each of the Parties and delivered to the other Party.  This Agreement may be executed and delivered by electronic means, including “.pdf” or
      “.tiff” files, and any electronic signature shall constitute an original for all purposes.

   

    

  Section 8.4         
    Survival of Representations and Warranties. The representations and warranties of the Parties in this Agreement, and in or under
        any Ancillary Agreements, will survive the completion of the Transactions regardless of any independent investigations that SpinCo may make or cause to be made, or knowledge it may have, prior to the date of this Agreement and will continue in full
        force and effect for a period of one (1) year from the date of this Agreement. At the end of this period, such representations and warranties will terminate, and no claim may be brought by SpinCo against Castor thereafter in respect of such
        representations and warranties.

  

   

    

  Section 8.5          

  Costs and Expenses.

   

    

  (a)        

  Except as otherwise provided in this Agreement or any of the Ancillary Agreements, all third-party fees, costs and
      expenses paid or incurred in connection with the Transactions will be paid by the Party incurring such fees or expenses, whether or not the Distribution is consummated, or as otherwise agreed by the Parties.

   

    

  (b)        

  Notwithstanding Section 8.5(a), if the Distribution is consummated, SpinCo will reimburse Castor for the Transaction
      Expenses, provided that SpinCo will not reimburse Castor for any of the Transaction Expenses that were incurred or paid by any of the Subsidiaries of Castor that will become part of the SpinCo Group immediately after the Relevant Time.

   

    

  Section 8.6         

  Notices. All notices, requests, claims, demands and other communications under this Agreement and, to the extent
      applicable and unless otherwise provided therein, under each of the Ancillary Agreements, shall be in English, shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by
      overnight courier service, by facsimile (at a facsimile number to be provided by such Party to the other Party pursuant to the notice provisions of this Section 8.6) with receipt confirmed (followed by delivery of an original via overnight courier
      service), by email (at an email address to be provided by such Party to the other Party pursuant to the notice provisions of this Section 8.6) or by registered or certified mail (postage prepaid, return receipt requested) to the respective Party at
      the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 8.6):

  
    16

    
      

  

  To Castor:

   

  

  Castor Maritime Inc.

    223 Christodoulou Chatzipavlou Street

    Hawaii Royal Gardens

    3036 Limassol, Cyprus

    Attention: [•]

    Email: [•]

   

  

  To SpinCo:

   

  

  Toro Corp.

    223 Christodoulou Chatzipavlou Street

    Hawaii Royal Gardens

    3036 Limassol, Cyprus

    Attention: [•]

    Email: [•]

   

    

  Section 8.7          

  Waivers and Consents. The failure of any Party to require strict performance by the other Party of any provision
      in this Agreement will not waive or diminish that Party’s right to demand strict performance thereafter of that or any other provision hereof. Any consent required or permitted to be given by any Party to the other Party under this Agreement shall be
      in writing and signed by the Party giving such consent.

   

    

  Section 8.8          

  Successors and Assigns. The provisions of this Agreement and the obligations and rights hereunder shall be
      binding upon, inure to the benefit of and be enforceable by (and against) the Parties and their respective successors and permitted transferees and assigns.

   

    

  Section 8.9          

  Deed; Bill of Sale; Assignment. To the extent required and permitted by applicable Law, this Agreement shall
      also constitute a “deed,” “bill of sale” or “assignment” of the Tanker-Owning Subsidiary Shares.

   

    

  Section 8.10        

  Subsidiaries. Each of the Parties shall cause to be performed, and hereby guarantees the performance of, all
      actions, agreements and obligations set forth herein to be performed by any Subsidiary of such Party.

   

    

  Section 8.11        

  Third Party Beneficiaries. Except (i) as provided in Article VI for the release under Section 6.1 of any Person
      provided therein and (ii) as specifically provided in any Ancillary Agreement, this Agreement is solely for the benefit of the Parties and should not be deemed to confer upon third parties any remedy, claim, liability, reimbursement, claim of action
      or other right in excess of those existing without reference to this Agreement.

   

    

  Section 8.12        

  Titles and Headings. Titles and headings to sections herein are inserted for the convenience of reference only
      and are not intended to be a part of or to affect the meaning or interpretation of this Agreement.

  
    17

    
      

  

  Section 8.13        

  Governing Law and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of
      the Republic of Marshall Islands, without giving effect to any conflict-of-laws or other rule that would result in the application of the laws of a different jurisdiction. Each Party hereto submits to the exclusive jurisdiction of the courts of the
      Republic of Marshall Islands for any and all legal actions arising out of or in connection with this Agreement.

   

    

  Section 8.14       

  WAIVER OF JURY TRIAL. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY
      RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO
      REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER
      INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.14.

   

    

  Section 8.15        

  Severability. In the event any one or more of the provisions contained in this Agreement should be held invalid,
      illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The Parties shall endeavor in good-faith negotiations to
      replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

   

    

  Section 8.16       

  Interpretation. The Parties have participated jointly in the negotiation and drafting of this Agreement. This
      Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the Party drafting or causing any instrument to be drafted.

   

  

  [Signature Page Follows]

  
    18

    
      

  

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

  

  

  
    	 	
            CASTOR MARITIME INC.

          
	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

          	 
	 	 	 
	 	
            TORO CORP.

          
	 	 
	 	
            By:

          	 
	 	
            Name:

          	 
	 	
            Title:

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