Document:

Exhibit 4.3

      

       

      

      EXECUTION COPY

      

      

       AMENDMENT NO. 2 TO AMENDED AND RESTATED

      REGISTRATION RIGHTS AGREEMENT

      

      

      This Amendment No. 2 to the Amended and Restated Registration Rights Agreement (“Amendment”), dated as of May15, 2017, further amends that certain Amended and Restated Registration Rights Agreement, dated July 11, 2014 (the “Agreement”), by and among Star Bulk Carriers Corp., a Marshall Islands corporation (the “Company”), and the Persons party
          thereto, as amended by Amendment No. 1, dated as of August 28, 2014, by and between Company and Excel Maritime Carriers Ltd.. Unless otherwise indicated, capitalized terms used herein shall have the meanings ascribed to such terms in the
          Agreement.

      

      

      WHEREAS, the Company and certain shareholders of the Company are party to the Agreement;

      

      

      WHEREAS, pursuant to the Purchase Agreement, dated as of January 23, 2017 (the “Purchase Agreement”), by and among the Company, Senator Global Opportunity Master Fund L.P. (“Senator”) and OCM
          XL Holdings, L.P. (“XL Holdings”), Senator received 3,065,980 common shares, par value $0.01 per share, of the Company (the “Common Shares”) ;

      

      

      WHEREAS, in conjunction with the Purchase Agreement and the transactions contemplated thereby, the Company has agreed to offer
          Senator the opportunity to receive registration rights upon delivery of a duly executed signature page to the Amendment; and

      

      

      WHEREAS, pursuant to Section 3.05 of the Agreement, the Company and the Oaktree Holders Majority desire to amend the Agreement
          as provided herein to provide for the grant of registration rights with respect to the shares of Common Shares issued to the New Holders.

      

      

      NOW, THEREFORE, in consideration of the mutual premises contained herein and for other good and valuable consideration, the receipt and
          sufficiency of which is hereby acknowledged, the undersigned does hereby agree as follows:

      

      

      
        
          	

                	1.	
                  Section 1.01 of the Agreement is hereby amended as follows:

                

        

      

      

      

      
        
          	

                	a.	
                  The following definitions are added to Section 1.01:

                

        

      

      

      

      ““Original Investors” means the Monarch Holders, each of the
          Oaktree Holders, each of the Pappas Holders and each of the New Holders.”

      

      

      ““Senator Holder” means Senator Global Opportunity Master
          Fund L.P. and any successor funds thereto, and their respective Affiliates that are direct or indirect equity investors in the Company.”

      

      

      ““Second Amendment Date” means May 15, 2017.”

      

      

      
        
          	

                	b.	
                   The following definition is hereby amended and restated as follows:

                

        

      

      

      

      ““Investor” means each of the Monarch Holders, each of the
          Oaktree Holders, each of the Pappas Holders each of the New Holders, and the Senator Holder.”

      

      

      
        
          	

                	c.	
                  The following proviso is added to the end of the definition for Registrable Securities:

                

        

      

      

      

      
        “; provided, further, however, that any Registrable Securities beneficially owned by the Senator Holder shall cease to be Registrable
            Securities when such securities are eligible to be transferred without being subject to volume restrictions under Rule 144.”

      

      

      

      
        
          

      

      
        
          
            	

                  	2.	
                    Section 2.01(a) of the Agreement is hereby amended to replace the first sentence with the following:

                  

             

          

        

      

       
      “Filing. On or prior
          to the Filing Date, the Company shall use its reasonable best efforts to prepare and file with the Commission a Shelf Registration Statement covering the resale of all Registrable Securities owned by the Original Investors; provided, that, if the
          Company shall have filed a Shelf Registration Statement covering the resale of certain Registrable Securities owned by the Investors, then the Company shall not be required to prepare and file a Shelf Registration Statement covering such
          Registrable Securities on or prior to the Filing Date. Within 60 days after the Second Amendment Date, the Company shall use its reasonable best efforts to prepare and file with the Commission a Shelf Registration Statement covering, or shall
          amend an existing Shelf Registration Statement to cover, the resale of all Registrable Securities beneficially owned by the Oaktree Holders, the Pappas Holders, the Silver Oak Holder, and the Senator Holder, in each case, to the extent such
          Registrable Securities have not already been registered under a Shelf Registration Statement.”

      

      

      
        
          	

                	3.	
                  Section 2.01(e)(i) of the Agreement is hereby amended by replacing it in its entirety with the following:

                

        

      

      

      

      “An offering or sale of Registrable Securities pursuant to a Shelf Registration Statement (each, a “Shelf Take-Down”) may be initiated
          only by an Original Investor (an “Initiating Shelf Take-Down Holder”). Except as set forth in Section 2.01(e)(iii) with respect to Marketed Underwritten Shelf Take-Downs, each such Initiating Shelf Take-Down Holder shall not be required to permit
          the offer and sale of Registrable Securities by other Holders in connection with any such Shelf Take-Down initiated by such Initiating Shelf Take-Down Holder.”

      

      

      
        
          	

                	4.	
                  Section 2.03(a) of the Agreement is hereby amended to replace the first parenthetical with the following:

                

        

      

      

      

      “(and, with respect to a Company Public Sale, if and only if each Original Investor agrees to such request),”

      

      

      
        
          	

                	5.	
                  Section 2.06 of the Agreement is hereby amended by replacing it in its entirety with the
                      following:

                

        

      

      

      

      “SECTION 2.06. No Inconsistent Agreements; Additional Rights. The Company is not currently a
            party to, and shall not hereafter enter into without the prior written consent of (i) the Monarch Holders Majority, (ii) the Oaktree Holders Majority, (iii) the Silver Oak Holder, and (iv) the Senator Holder (for so long as the Monarch Holders, the Oaktree Holders, the Silver Oak Holder,
            and the Senator Holder hold any Registrable Securities, respectively), any agreement with respect to its securities that is inconsistent with the rights granted to the Holders by this Agreement, including allowing any other holder or
            prospective holder of any securities of the Company (a) registration rights in the nature or substantially in the nature of those set forth in Section

              2.01 or Section 2.02 that would have priority over the Registrable Securities with respect to the inclusion of such securities in any Registration (except to the extent such
            registration rights are solely related to Registrations of the type contemplated by Section 2.02(a)(ii) through (iv)) or (b) demand registration rights in the nature or substantially in the nature of those set forth in Section 2.01 that are exercisable prior to such time as the Requesting Investors can first exercise their rights under Section 2.01.”

      

      

      
        
          	

                	6.	
                  Section 3.01 of the Agreement is hereby amended by replacing it in its entirety with the
                      following:

                

        

      

      

      

      “SECTION 3.01. Term. This Agreement shall terminate with respect to any
            Holder, (i) with the prior written consent of such Holder, (ii) if such Holder and its Affiliates beneficially own less than 5% of the outstanding Company Shares, if all of the Registrable Securities then owned by such Holder and its Affiliates
            could be sold in any ninety (90)-day period pursuant to Rule 144 without restriction as to volume or manner of sale or (iii) if all of the Registrable Securities held by such Holder have been sold in a Registration pursuant to the Securities
            Act or pursuant to an exemption therefrom.”

      

      

      
        
          

      

      
        
          	

                	7.	
                  Section 3.06 of the Agreement is hereby amended by replacing it in its entirety with the
                      following:

                

        

      

      

      

      “SECTION 3.06. Successors, Assigns and Transferees. The rights and
            obligations of each party hereto may not be assigned, in whole or in part, without the written consent of the Company, the Monarch Holders Majority, the Oaktree Holders Majority, the Silver Oak Holder, and the Senator Holder (for so long as the Monarch Holders, the Oaktree Holders, the Silver Oak Holder, and the Senator Holder hold any Registrable Securities, respectively); provided, however, that notwithstanding the foregoing, the rights and obligations set forth herein may be assigned, in whole or in part, by any Investor to any transferee of Registrable Securities that holds (after giving effect
            to such transfer) in excess of one percent (1%) of the then-outstanding Company Shares and such transferee shall, with the consent of the transferring Investor, be treated as an “Investor” for all purposes of this Agreement (it being understood
            that, without such consent from the transferring Investor, such transferee shall be treated as a “Holder” for all purposes of this Agreement) (each Person to whom the rights and obligations are assigned in compliance with this Section 3.06 is a “Permitted Assignee” and all such Persons, collectively, are “Permitted Assignees”); provided, further, that such transferee shall only be admitted as a party hereunder upon
            its, his or her execution and delivery of a joinder agreement, in form and substance acceptable to each Investor, agreeing to be bound by the terms and conditions of this Agreement as if such Person were a party hereto (together with any other
            documents the Investors determine are necessary to make such Person a party hereto), whereupon such Person will be treated as a Holder for all purposes of this Agreement, with the same rights, benefits and obligations hereunder as the
            transferring Holder with respect to the transferred Registrable Securities (except that if the transferee was a Holder prior to such transfer, such transferee shall have the same rights, benefits and obligations with respect to such transferred
            Registrable Securities as were applicable to Registrable Securities held by such transferee prior to such transfer).”

      

      

      
        
          	

                	8.	
                  The Senator Holder hereby accedes to and ratifies the Agreement and covenants and agrees with the Company to be bound by the terms of the Agreement as a “Holder” and to
                      duly and punctually perform and discharge all liabilities and obligations whatsoever from time to time to be performed or discharged by it under or by virtue of the Agreement in all respects as if named as a party therein.

                

        

      

      

      

      
        
          	

                	9.	
                  The Company covenants and agrees that the Senator Holder shall be entitled to all the benefits of the terms and conditions of the Agreement to the intent and effect that
                      the Senator Holder shall be deemed, with effect from the date hereon, to be a party to the Agreement as a “Holder.”

                

        

      

      

      

      
        
          	

                	10.	
                  The Agreement, as amended by this Amendment, is and shall continue to be in full force and effect.

                

        

      

      

      

      
        
          	

                	11.	
                  This Amendment may be executed in any number of counterparts and by the parties hereto in separate counterparts each of which when so executed shall be deemed to be an
                      original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by facsimile shall be effective as delivery of manually executed
                      counterpart of this Amendment.

                

        

      

      

      

      
        
          	

                	12.	
                  This Amendment shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of law principles thereof.

                

        

      

      

      

      [Remainder of page intentionally left blank]

      

      

      
        
          

      

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

      

      

      	 	
              STAR BULK CARRIERS CORP.

            	 
	 	 	 	 
	 	
              By:

            	 /s/ Simos Spyrou

            	 
	 	 	
              Name: Simos Spyrou

            	 
	 	 	
              Title: Co-Chief Financial Officer

            	 

      
        [Signature Page to Amendment No. 2 to Amended and Restated Registration Rights Agreement]

      

      

      

      
        
          

      

      	 	
              INVESTORS:

            	 
	 	
              OAKTREE VALUE OPPORTUNITIES FUND, L.P.

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Value Opportunities Fund GP, L.P.

            	 
	 	
              Its:

            	
              General Partner

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Value Opportunities Fund GP, Ltd.

            	 
	 	
              Its:

            	
              General Partner

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Capital Management, L.P.

            	 
	 	
              Its:

            	
              Director

            	 
	 	 	 	 
	 	
              By:

            	 /s/ Jordan Mikes

            	 
	 	 	
              Name: Jordan Mikes

            	 
	 	 	
              Title: Vice President

            	 

       

      

      	 	
              OAKTREE OPPORTUNITIES FUND IX DELAWARE, L.P.

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Fund GP, LLC

            	 
	 	
              Its:

            	
              General Partner

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Fund GP I, L.P.

            	 
	 	
              Its:

            	
              Managing Member

            	 
	 	 	 	 
	 	
              By:

            	 /s/ Jordan Mikes

            	 
	 	 	
              Name: Jordan Mikes

            	 
	 	 	
              Title: Authorized Signatory

            	 

       

      

      	 	
              OAKTREE OPPORTUNITIES FUND IX (PARALLEL 2), L.P.

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Opportunities Fund IX GP, L.P.

            	 
	 	
              Its:

            	
              General Partner

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Opportunities Fund IX GP, Ltd.

            	 
	 	
              Its:

            	
              General Partner

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Capital Management, L.P.

            	 
	 	
              Its:

            	
              Director

            	 
	 	 	 	 
	 	
              By:

            	 /s/ Jordan Mikes

            	 
	 	 	
              Name: Jordan Mikes

            	 
	 	 	
              Title: Vice President

            	 

      

      

      [Signature Page to Amendment No. 2 to Amended and Restated Registration
            Rights Agreement]

      

      

      
        
          

      

      	 	
              OCM XL HOLDINGS L.P.

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Fund GP 2A Ltd.

            	 
	 	
              Its:

            	
              General Partner

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Capital Management, L.P.

            	 
	 	
              Its:

            	
              Director

            	 
	 	 	 	 
	 	
              By:

            	 /s/ Jordan Mikes

            	 
	 	 	
              Name: Jordan Mikes

            	 
	 	 	
              Title: Vice President

            	 
	 	 	 
	 	
              OAKTREE DRY BULK HOLDINGS LLC

            	 
	 	 	 	 
	 	
              By:

            	 /s/ Jordan Mikes

            	 
	 	 	
              Name: Jordan Mikes

            	 
	 	 	
              Title: Authorized Signatory

            	 

       

      

      	 	
              OCM FIE, LLC

            	 
	 	 	 	 
	 	
              By:

            	 /s/ Jordan Mikes

            	 
	 	 	
              Name: Jordan Mikes

            	 
	 	 	
              Title: Authorized Signatory

            	 

      

      

      [Signature Page to Amendment No. 2 to Amended and Restated Registration
            Rights Agreement]

      

      

      
        
          

      

      	 	
              SENATOR GLOBAL OPPORTUNITY MASTER FUND LP

            	 
	 	 	 
	
              By:

            	
               /s/ Evan Gartenlaub

            	 
	 	
              Name: Evan Gartenlaub

            	 
	 	
              Title: Authorized Signatory of Investment Fund

            	 

      

      

      [Signature Page to Amendment No. 2 to Amended and Restated Registration
            Rights Agreement]Exhibit 4.4

      

      
         

        

        EXECUTION VERSION

      

      

      

      AMENDMENT NO. 3 TO AMENDED AND RESTATED

      REGISTRATION RIGHTS AGREEMENT

      

      

      This Amendment No. 3 to the Amended and Restated Registration Rights Agreement (“Amendment”), dated as of August 3, 2018, further amends that certain Amended and Restated Registration Rights Agreement, dated as of  July 11, 2014 (the “Agreement”),

          by and among Star Bulk Carriers Corp., a Marshall Islands corporation (the “Company”), and the Persons party thereto, as amended by Amendment No. 1, dated as of August
          28, 2014 and Amendment No. 2, dated as of May 15, 2017. Unless otherwise indicated, capitalized terms used herein shall have the meanings ascribed to such terms in the Agreement.

      

      

      WHEREAS, the Company and certain shareholders of the Company are party to the Agreement;

      

      

      WHEREAS, pursuant to the Purchase Agreement, dated as of April 20, 2018, as amended by a first amendment agreement dated on August 3,
          2018 (the “Purchase Agreement”), by and among the Company, Star ABY LLC, Augustea Atlantica SpA (Atlantica”),

          Augustea Bunge Maritime Limited (“ABML”), Augustea Med Ltd (“Augustea Med” and, together
          with ABML, the “Augustea Holders”), Thalassa Ventures Corp., and the Robin Holders,  the Augustea Holders received an aggregate of 4,597,090 common shares, par value
          $0.01 per share, of the Company (the “Common Shares”) and the Robin Holders received an aggregate of 5,508,960 Common Shares;

      

      

      WHEREAS, in conjunction with the Purchase Agreement and the transactions contemplated thereby, the Company has agreed to offer the
          Augustea Holders and the Robin Holders the opportunity to receive registration rights upon delivery of duly executed signatures page to the Amendment; and

      

      

      WHEREAS, pursuant to Section 3.05 of the Agreement, the Company and the Oaktree Holders Majority desire to amend the Agreement as
          provided herein to provide for the grant of registration rights with respect to the shares of Common Shares issued to the Augustea Holders and the Robin Holders.

      

      

      NOW, THEREFORE, in consideration of the mutual premises contained herein and for other good and valuable consideration, the receipt and
          sufficiency of which is hereby acknowledged, the undersigned does hereby agree as follows:

      

      

      
        
          	

                	1.	
                  Section 1.01 of the Agreement is hereby amended as follows:

                

        

      

      

      

      
        
          	

                	a.	
                  The following definitions are added to Section 1.01:

                

        

      

      

      

      ““Augustea Holders” means Augustea Med Ltd and Augustea
          Bunge Maritime Limited, and any successor funds thereto, and their respective Affiliates that are direct or indirect equity investors in the Company.”

      

      

      ““Augustea Holders Majority” means, as of any date, the
          Augustea Holders holding a majority of the Registrable Securities then held by all Augustea Holders.”

      

      

      “Robin Holders” means, York Credit Opportunities Investments Master Fund, L.P., York Credit Opportunities Fund, L.P., York European Distressed Credit Fund, L.P., York European Focus Master Fund, L.P., York European
          Opportunities Investments Master Fund, L.P., Exuma Capital L.P., York Capital Management, L.P. and York Multi-Strategy Master Fund, L.P., and any successor funds thereto, and their respective Affiliates that are direct or indirect equity
          investors in the Company.”

      

      

      ““Robin Holders Majority” means, as of any date, the Robin
          Holders holding a majority of the Registrable Securities then held by all Robin Holders.”

      

      

      ““Third Amendment Date” means August 3 , 2018.”

      

      

      
        
          

      

      
        
          
            	

                  	b.	
                     The following definitions are hereby amended and restated as follows:

                  

          

        

        

        

      

      ““Adverse Disclosure” means public
          disclosure of material non-public information that, in the Board of Directors’ good faith judgment, after consultation with independent outside counsel to the Company, (i) would be required to be made in any Registration Statement filed with the
          Commission by the Company so that such Registration Statement would not contain a material misstatement of fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) would
          not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement; and (iii) the Company has a bona fide business purpose for not disclosing publicly.”

      

      

      ““Investor” means each of the Oaktree Holders, each of the
          Pappas Holders each of the New Holders, the Senator Holder, each of the Augustea Holders and each of the Robin Holders.”

      

      

      
        
          	

                	c.	
                  The following proviso is added to the end of the definition for Registrable Securities:

                

        

      

      

      

      “; provided, further, however, that any Registrable Securities beneficially owned by the Augustea Holders and each of the Robin Holders shall cease to be Registrable Securities when such securities are eligible to be sold
          immediately under Rule 144 without restriction as to volume or manner of sale.”

      

      

      
        
          	

                	2.	
                  Section 2.01(a) of the Agreement is hereby amended to replace the first sentence with the following:

                

        

      

      

      

      “Filing. Within 45
          days after the Third Amendment Date, the Company shall use its reasonable best efforts to prepare and file with the Commission a Shelf Registration Statement covering, or shall amend an existing Shelf Registration Statement to cover, the resale
          of all Registrable Securities beneficially owned by the Oaktree Holders, the Pappas Holders, the Silver Oak Holder, the Senator Holder, the Augustea Holders and each of the Robin Holders, in each case, to the extent such Registrable Securities
          have not already been registered under a Shelf Registration Statement.”

      

      

      “(x) more than four times per calendar year (each of which shall occur in different calendar quarters, as
          applicable.”

      

      

      
        
          	

                	3.	
                  Section 2.01(d) of the Agreement is hereby amended to replace the first proviso of the first
                      sentence with “provided, however, that the Company, unless otherwise approved
                      in writing by each of (i) the Oaktree Holders Majority (for so long as any of the Oaktree Holders holds any Registrable Securities), (ii) the Augustea Holders Majority (for so long as any of the Augustea Holders holds any Registrable
                      Securities) and (iii) the Robin Holders Majority (for so long as the Robin Holders hold any Registrable Securities), shall not be permitted to
                      exercise a Shelf Suspension more than twice, or for more than an aggregate of 60 days, in each case, during any 12-month period”

                

        

      

      

      

      
        
          	

                	4.	
                  Section 2.01(e)(iii) of the Agreement is hereby amended to replace “one (1)  Business Day” with “two (2) Business Days” in the first sentence thereof.

                

        

      

      

      

      
        
          	

                	5.	
                  Section 2.02(a) of the Agreement is hereby amended by replacing clause (A) with the following “(A) as soon as practicable (but in no event less than 30 days prior to the
                      proposed date of filing of such Registration Statement, or, in the case of a public offering under an already effective Shelf Registration Statement, as soon as practicable prior to the anticipated pricing or trade date; unless such
                      Investor has a representative on the board of directors of the company and such representative has actual knowledge of the proposed Registration or public offering, then in no event less than 15 days prior to the date of filing of
                      such Registration Statement or, in the case of a public offering under an already effective Shelf Registration Statement, as soon as practicable prior to the anticipated pricing or trade date), the Company shall give written notice of
                      such proposed filing to the Investors, and such notice shall offer each Investor the opportunity to Register under such Registration Statement such number of Registrable Securities as such Investor may request in writing delivered to
                      the Company within ten (10) days of delivery of such written notice by the Company (or, in the case of a public offering under an already effective Shelf Registration Statement, as soon as practicable prior to the anticipated pricing
                      or trade date).”

                

        

      

      

      

      
        
          

      

      
        
          	

                	6.	
                  Section 2.06 of the Agreement is hereby amended by replacing it in its entirety with the
                      following:

                

        

      

      

      

      “SECTION 2.06. No Inconsistent Agreements; Additional Rights. The Company is not currently a party to, and shall not hereafter enter into without the prior written consent of (i)  the Oaktree Holders Majority, (ii) the Silver Oak Holder, (iii) the Senator Holder, (iv) the Augustea Holders Majority and (v) the Robin Holders Majority (for so long as the Oaktree Holders, the Silver Oak Holder, the Senator Holder, the Augustea Holders and the Robin Holders hold any Registrable Securities, respectively), any agreement with
            respect to its securities that is inconsistent with the rights granted to the Investors by this Agreement, including allowing any other holder or prospective holder of any securities of the Company (a) registration rights in the nature or
            substantially in the nature of those set forth in Section 2.01 or Section 2.02 that would have priority over the Registrable Securities with respect to the inclusion of such securities in any Registration (except to
            the extent such registration rights are solely related to Registrations of the type contemplated by Section 2.02(a)(ii) through (iv)) or (b) demand registration rights in the nature or substantially in the nature of those set forth in Section 2.01
            that are exercisable prior to such time as the Requesting Investors can first exercise their rights under Section 2.01.”

      

      

      
        
          	

                	7.	
                  Section 3.06 of the Agreement is hereby amended by replacing it in its entirety with the
                      following:

                

        

      

      

      

      “SECTION 3.06. Successors, Assigns and Transferees. The rights and obligations of each party hereto may not be assigned, in whole or in part, without the written consent of the Company, the Oaktree Holders Majority, the Silver
            Oak Holder, the Senator Holder, the Augustea Holder Majority and the Robin Holders Majority (for so long as the Oaktree
            Holders, the Silver Oak Holder, the Senator Holder, the Augustea Holders and the Robin Holders hold any Registrable
            Securities, respectively); provided, however, that notwithstanding the foregoing, the rights and obligations set forth herein may be assigned, in whole or in part, by any Investor to any transferee of Registrable Securities that
            holds (after giving effect to such transfer) in excess of one percent (1%) of the then-outstanding Company Shares and such transferee shall, with the consent of the transferring Investor, be treated as an “Investor” for all purposes of this
            Agreement (it being understood that, without such consent from the transferring Investor, such transferee shall be treated as a “Holder” for all purposes of this Agreement) (each Person to whom the rights and obligations are assigned in
            compliance with this Section 3.06 is a “Permitted Assignee” and all such Persons, collectively, are “Permitted
              Assignees”); provided, further, that such transferee shall only be admitted as a party hereunder upon its, his
            or her execution and delivery of a joinder agreement, in form and substance acceptable to each Investor, agreeing to be bound by the terms and conditions of this Agreement as if such Person were a party hereto (together with any other documents
            the Investors determine are necessary to make such Person a party hereto), whereupon such Person will be treated as a Holder for all purposes of this Agreement, with the same rights, benefits and obligations hereunder as the transferring Holder
            with respect to the transferred Registrable Securities (except that if the transferee was a Holder prior to such transfer, such transferee shall have the same rights, benefits and obligations with respect to such transferred Registrable
            Securities as were applicable to Registrable Securities held by such transferee prior to such transfer).”

      

      

      
        
          	

                	8.	
                  Section 2.12 of the Agreement shall be amended by replacing it in its entirety with the
                      following:

                

        

      

      

      

      “SECTION 2.12. In-Kind Distributions.  If any Holder seeks to effectuate an in-kind distribution of all or part of its Company Shares to its direct or indirect equity holders,
          partners or members,  the Company will reasonably cooperate with and assist such Holder, such equity holders, partners or members  and the Company’s transfer agent to facilitate such in-kind distribution in the manner reasonably requested by such
          Holder (including the delivery of instruction letters by the Company or its counsel to the Company’s transfer agent, the delivery of customary legal opinions by counsel to the Company and the delivery of Company Shares without restrictive
          legends, to the extent no longer applicable or advisable).”

      

      

      
        
          	

                	9.	
                  Section 3.01 of the Agreement shall be amended by changing “5%” in clause (ii) thereof to
                      “3%”.

                

        

      

      

      

      
        
          	

                	10.	
                  Section 3.05 of the Agreement shall be amended by adding the following proviso to the end of
                      thereof:  “provided, however, that, other than the addition of new Holders to
                      this Agreement, any such amendment that in the reasonable judgment of the Company adversely affects the rights of the Augustea Holder or the Robin Holders shall require the prior consent of the Augustea Holder Majority and the Robin
                      Holder Majority, respectively.

                

        

      

      

      

      
        
          	

                	11.	
                  Each of the Augustea Holders and the Robin Holders hereby accede to and ratify the Agreement, as amended by this Amendment, and covenant and agree with the Company to be
                      bound by the terms of the Agreement as a “Holder” and to duly and punctually perform and discharge all liabilities and obligations whatsoever from time to time to be performed or discharged by it under or by virtue of the Agreement,
                      as amended by this Amendment, in all respects as if named as a party therein.

                

        

      

      

      

      
        
          	

                	12.	
                  The Company covenants and agrees that each of the Augustea Holders and the Robin Holders shall be entitled to all the benefits of the terms and conditions of the
                      Agreement, as amended by this Amendment, to the intent and effect that each of the Augustea Holders and the Robin Holders shall be deemed, with effect from the date hereon, to be a party to the Agreement, as amended by this Amendment,
                      as a “Holder.”

                

        

      

      

      

      
        
          

      

      
        
          	

                	13.	
                  The Agreement, as amended by this Amendment, is and shall continue to be in full force and effect.

                

        

      

      

      

      
        
          	

                	14.	
                  This Amendment may be executed in any number of counterparts and by the parties hereto in separate counterparts each of which when so executed shall be deemed to be an
                      original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by facsimile shall be effective as delivery of manually executed
                      counterpart of this Amendment.

                

        

      

      

      

      
        
          	

                	15.	
                  This Amendment shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflicts of law principles thereof.

                

        

      

      

      

      [Remainder of page intentionally left blank]

      

      

      
        
          

      

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

      

      

      	 	
              STAR BULK CARRIERS CORP.

            	 
	 	 	 	 
	 	
              By:

            	 /s/ Simos Spyrou

            	 
	 	 	
              Name: Simos Spyrou

            	 
	 	 	
              Title: Co-Chief Financial Officer

            	 

      

      

      [Signature Page to Amendment No. 3 to Amended and Restated Registration
            Rights Agreement]

      

      

      
        
          

      

      	 	
              INVESTORS:

            	 
	 	
              OAKTREE VALUE OPPORTUNITIES FUND, L.P.

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Value Opportunities Fund GP, L.P.

            	 
	 	
              Its:

            	
              General Partner

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Value Opportunities Fund GP, Ltd.

            	 
	 	
              Its:

            	
              General Partner

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Capital Management, L.P.

            	 
	 	
              Its:

            	
              Director

            	 
	 	 	 	 
	 	
              By:

            	 /s/ Ting He

            	 
	 	 	
              Name: Ting He

                

            	 
	 	 	
              Title: Vice President, Legal

                

            	 

       

      

      	 	
              OAKTREE OPPORTUNITIES FUND IX DELAWARE, L.P.

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Fund GP, LLC

            	 
	 	
              Its:

            	
              General Partner

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Fund GP I, L.P.

            	 
	 	
              Its:

            	
              Managing Member

            	 
	 	 	 	 
	 	
              By:

            	 /s/ Ting He

            	 
	 	 	
              Name: Ting He

                

            	 
	 	 	
              Title: Authorized Signatory

            	 

       

      

      	 	
              OAKTREE OPPORTUNITIES FUND IX (PARALLEL 2), L.P.

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Opportunities Fund IX GP, L.P.

            	 
	 	
              Its:

            	
              General Partner

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Opportunities Fund IX GP, Ltd.

            	 
	 	
              Its:

            	
              General Partner

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Capital Management, L.P.

            	 
	 	
              Its:

            	
              Director

            	 
	 	 	 	 
	 	
              By:

            	 /s/ Ting He

            	 
	 	 	
              Name: Ting He

                

            	 
	 	 	
              Title: Vice President, Legal

                

            	 

      

      

      [Signature Page to Amendment No. 3 to Amended and Restated Registration
            Rights Agreement]

      

      

      
        
          

      

      	 	
              OCM XL HOLDINGS L.P.

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Fund GP 2A Ltd.

            	 
	 	
              Its:

            	
              General Partner

            	 
	 	 	 	 
	 	
              By:

            	
              Oaktree Capital Management, L.P.

            	 
	 	
              Its:

            	
              Director

            	 
	 	 	 	 
	 	
              By:

            	 /s/ Ting He

            	 
	 	 	
              Name: Ting He

                

            	 
	 	 	
              Title: Vice President, Legal

                

            	 
	 	 	 
	 	
              OAKTREE DRY BULK HOLDINGS LLC

            	 
	 	 	 	 
	 	
              By:

            	 /s/ Ting He

            	 
	 	 	
              Name: Ting He

                

            	 
	 	 	
              Title: Authorized Signatory

            	 

       

      

      	 	
              OCM FIE, LLC

            	 
	 	 	 	 
	 	
              By:

            	 /s/ Ting He

            	 
	 	 	
              Name: Ting He

                

            	 
	 	 	
              Title: Authorized Signatory 

              

            	 

      

      

      [Signature Page to Amendment No. 3 to Amended and
            Restated Registration Rights Agreement]

      

      

      
        
          

      

      	
              AUGUSTEA MED LTD

            	)
	
              acting by Cesare Guerrieri

                

            	
              )

            	 /s/ Cesare Guerrieri 	 
	
              duly authorised in accordance with

            	
              )

            
	
              the laws of Malta

            	
              )

            
	 	 
	
              AUGUSTEA BUNGE MARITIME LTD.

            	
              )

            
	
              acting by Maurizio Paresi

                

            	
              )

            	 /s/ Maurizio Paresi	 
	
              duly authorised in accordance with

            	
              )

            
	
              the laws of Malta

            	
              )

            

      

      

      [Signature Page to Amendment No. 3 to Amended and Restated Registration
            Rights Agreement]

      

      

      
        
          

      

      	
              YORK CREDIT OPPORTUNITIES

            	
              )

            
	
              INVESTMENTS MASTER FUND, L.P.

            	
              )

            
	
              acting by

                

            	
              )

            	 /s/ John J. Fosina

            	 
	
              duly authorised in accordance with

            	
              )

            	 John J. Fosina

            	 
	
              the laws of the Cayman Islands

            	
              )

            	 Chief Financial Officer

            	 
	 	)

            
	
              such execution being witnessed by:

            	
              )

            
	 	 /s/ Dania Vera

            	 	 
	 	
               Dania Vera

              

            	 	 
	 	 Executive Assistant

            	 

      

      

      	
              YORK CREDIT OPPORTUNITIES FUND, L.P.

            	
              )

            
	
              acting by

            	
              )

            	 /s/ John J. Fosina	 
	
              duly authorised in accordance with

            	
              )

            	 John J. Fosina	 
	
              the laws of the Delaware

            	
              )

            	 Chief Financial Officer	 
	 	)

            
	
              such execution being witnessed by:

            	
              )

            
	 	 /s/ Dania Vera	 	 
	 	 Dania Vera	 	 
	 	 Executive Assistant	 

      

      

      	
              YORK EUROPEAN DISTRESSED CREDIT

            	
              )

            
	
              FUND, L.P.

            	
              )

            
	
              acting by

            	
              )

            	 /s/ John J. Fosina	 
	
              duly authorised in accordance with

            	
              )

            	 John J. Fosina	 
	
              the laws of the Cayman Islands

            	
              )

            	 Chief Financial Officer	 
	 	
              )

            
	
              such execution being witnessed by:

            	
              )

            
	 	 /s/ Dania Vera	 	 
	 	 Dania Vera	 	 
	 	 Executive Assistant	 

      

      

      [Signature Page to Amendment No. 3 to Amended and Restated Registration
            Rights Agreement]

      

      

      
        
          

      

      	
              YORK EUROPEAN FOCUS MASTER FUND, L.P.

            	
              )

            
	
              acting by

            	
              )

            	 /s/ John J. Fosina	 
	
              duly authorised in accordance with

            	
              )

            	 John J. Fosina	 
	
              the laws of the Cayman Islands

            	
              )

            	 Chief Financial Officer	 
	 	
              )

            
	
              such execution being witnessed by:

            	
              )

            
	 	 /s/ Dania Vera	 	 
	 	 Dania Vera	 	 
	 	 Executive Assistant	 

      

      

      	
              YORK EUROPEAN OPPORTUNITIES

            	
              )

            
	
              INVESTMENTS MASTER FUND, L.P.

            	
              )

            
	
              acting by

            	
              )

            	 /s/ John J. Fosina	 
	
              duly authorised in accordance with

            	
              )

            	 John J. Fosina	 
	
              the laws of the Cayman Islands

            	
              )

            	 Chief Financial Officer	 
	 	
              )

            
	
              such execution being witnessed by:

            	
              )

            
	 	 /s/ Dania Vera	 	 
	 	 Dania Vera	 	 
	 	 Executive Assistant	 

      

      

      	
              EXUMA CAPITAL, L.P.

            	
              )

            
	
              acting by

            	
              )

            	 /s/ John J. Fosina	 
	
              duly authorised in accordance with

            	
              )

            	 John J. Fosina	 
	
              the laws of the Cayman Islands

            	
              )

            	 Chief Financial Officer	 
	 	
              )

            
	
              such execution being witnessed by:

            	
              )

            
	 	 /s/ Dania Vera	 	 
	 	 Dania Vera	 	 
	 	 Executive Assistant	 

      

      

      [Signature Page to Amendment No. 3 to Amended and Restated Registration
            Rights Agreement]

      

      

      
        
          

      

      	
              YORK CAPITAL MANAGEMENT, L.P.

            	
              )

            
	
              acting by

            	
              )

            	 /s/ John J. Fosina	 
	
              duly authorised in accordance with

            	
              )

            	 John J. Fosina	 
	
              the laws of the Delaware

            	
              )

            	 Chief Financial Officer	 
	 	
              )

            
	
              such execution being witnessed by:

            	
              )

            
	 	 /s/ Dania Vera	 	 
	 	 Dania Vera	 	 
	 	 Executive Assistant	 

      

      

      	
              YORK MULTI-STRATEGY MASTER FUND, L.P.

            	
              )

            
	
              acting by

            	
              )

            	 /s/ John J. Fosina	 
	
              duly authorised in accordance with

            	
              )

            	 John J. Fosina	 
	
              the laws of the Cayman Islands

            	
              )

            	 Chief Financial Officer	 
	 	
              )

            
	
              such execution being witnessed by:

            	
              )

            
	 	 /s/ Dania Vera	 	 
	 	 Dania Vera	 	 
	 	 Executive Assistant	 

       

        

      [Signature Page to Amendment No. 3 to Amended and Restated Registration
            Rights Agreement]

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