Document:

Exhibit 10.2

    

   

    

  
     EXECUTION VERSION

    

    

    

    

    

    

    REGISTRATION RIGHTS AGREEMENT

    THIS
        REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of January 27, 2020, by and among CASTOR MARITIME INC., a corporation organized and existing under the laws of the Republic of the Marshall Islands (the “Company”), and among YAII PN, LTD., a Cayman Islands exempt company (the “Investor”).

    WHEREAS:

    A.          In connection with the Securities Purchase Agreement by and among the parties hereto of even date herewith (the “Securities Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Securities Purchase Agreement, to issue and sell to the
          Investor convertible debentures (the “Convertible Debentures”) which shall be convertible into shares of the Company’s common stock, par value $0.001 per share (the
          “Common Stock,” as converted, the “Conversion Shares”) in accordance with the
          terms of the Convertible Debentures. Capitalized terms not defined herein shall have the meaning ascribed to them in the Securities Purchase Agreement.

    B.          To induce the Investor to execute and deliver the Securities Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations
          thereunder, or any similar successor statute (collectively, the “Securities Act”), and applicable state securities laws and other rights as provided for herein.

    NOW,
        THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the
        Investor hereby agree as follows:

    1.          DEFINITIONS.

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

    (a)           “Filing Deadline” means, with respect to the initial Registration Statement required hereunder, the 17th calendar day of
          February 2020.

    (b)           “Person” means a corporation, a limited liability company, an association, a partnership, an organization, a business, an individual, a
          governmental or political subdivision thereof or a governmental agency.

    (c)          “Prospectus” means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any
          information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with respect to the
          terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post‐effective amendments, and all material incorporated by reference or
          deemed to be incorporated by reference in such Prospectus.

    
      
        

    

    
    (d)          “Registrable Securities” means all of (i) the Conversion Shares and Interest Shares issuable upon conversion of the Convertible
          Debentures, (ii) any additional shares issuable in connection with any anti-dilution provisions in the Convertible Debentures (without giving effect to any limitations on conversion set forth in the Convertible Debentures) and (iii) any shares of
          Common Stock issued or issuable with respect to the Conversion Shares, the Convertible Debentures, as a result of any stock split, dividend or other distribution, recapitalization or similar event or otherwise, without regard to any limitations
          on the conversion of the Convertible Debentures.

    (e)          “Registration Statement” means the registration statements required to be filed hereunder (including any additional registration
          statements contemplated by Section 3(c)), including (in each case) the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material
          incorporated by reference or deemed to be incorporated by reference in such registration statement.

    (f)           “Rule 415” means Rule 415 promulgated by the United States Securities and Exchange Commission (the “SEC”) pursuant to the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as
          such Rule.

    2.          REGISTRATION.

    (a)          The Company’s registration obligations set forth in this Section 2 including its obligations to file the initial Registration Statements and maintain the continuous effectiveness of the Registration Statement that have
          been declared effective shall begin on the date hereof and continue until all the Registrable Securities have been sold or may be sold without any restrictions pursuant to Rule 144, as determined by the counsel to the Company pursuant to a
          written opinion letter to such effect, addressed and acceptable to the Company’s transfer agent and the affected holders of the Convertible Debenture (the “Registration Period”).

    (b)          On or prior to the Filing Deadline, prepare and file with the SEC a Registration Statement on Form F-3 (or, if the Company is not then eligible, on Form F-1) covering the resale by the Investor of all of the Registrable
          Securities set forth in such Filing Notice.  At least 15,000,000 shares of Common Stock will be included with respect to the initial Registration Statement filed with the SEC.  Each Registration Statement shall contain the “Selling Stockholders” and “Plan of Distribution” sections in substantially the form
          attached hereto as Exhibit A and contain all the required disclosures set forth on Exhibit
              B.  The Company shall use its best efforts to submit replies as soon as practicable to any comments received from SEC upon review of each Registration Statement and to have each Registration Statement declared effective by the SEC
          as soon as practicable.  By 9:30 am on the date following the date of effectiveness, the Company shall file with the SEC in accordance with Rule 424 under the 1933 Act the final Prospectus to be used in connection with sales pursuant to such
          Registration Statement.  Prior to the filing of the Registration Statement with the SEC, the Company shall furnish a draft of the Registration Statement to the Investor for their review and comment.  The Investor shall furnish comments on the
          Registration Statement to the Company within 24 hours of the receipt thereof from the Company.

    
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    (c)          During the Registration Period, the Company shall (i) promptly prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration Statement and the Prospectus used in
          connection with a Registration Statement, which Prospectus is to be filed pursuant to Rule 424 promulgated under the Securities Act, as may be necessary to keep such Registration Statement effective at all times during the Registration Period,
          (ii) prepare and file with the SEC additional Registration Statements in order to register for resale under the Securities Act all of the Registrable Securities; (ii) cause the related Prospectus to be amended or supplemented by any required
          Prospectus supplement (subject to the terms of this Agreement), and as so supplemented or amended to be filed pursuant to Rule 424; (iii) respond as promptly as reasonably possible to any comments received from the SEC with respect to a
          Registration Statement or any amendment thereto and as promptly as reasonably possible provide the Investor true and complete copies of all correspondence from and to the SEC relating to a Registration Statement (provided that the Company may
          excise any information contained therein which would constitute material non-public information as to any Investor which has not executed a confidentiality agreement with the Company); and (iv) comply with the provisions of the Securities Act
          with respect to the disposition of all Registrable Securities of the Company covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of
          disposition by the seller or sellers thereof as set forth in such Registration Statement.  In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement (including pursuant to this
          Section 3(c)) by reason of the Company’s filing a report on Form 20-F or 6-K, or any analogous report under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
          the Company shall incorporate such report by reference into the Registration Statement, if applicable, or shall file such amendments or supplements with the SEC within 10 days from the date the Exchange Act Report is filed.

    (d)          Reduction of Registrable Securities Included in a Registration Statement. Notwithstanding anything contained herein, in the event that the
          SEC requires the Company to reduce the number of Registrable Securities to be included in a Registration Statement in order to allow the Company to rely on Rule 415 with respect to a Registration Statement, then the Company shall be obligated to
          include in such Registration Statement (which may be a subsequent Registration Statement if the Company needs to withdraw a Registration Statement and refile a new Registration Statement in order to rely on Rule 415) only such limited portion of
          the Registrable Securities as the SEC shall permit.  Any Registrable Securities that are excluded in accordance with the foregoing terms are hereinafter referred to as “Cut
              Back Securities.”  To the extent Cut Back Securities exist and are not eligible for resale pursuant an exemption of the registration requirements of the Securities Act, including but not limited to Rule 144, as soon as may be
          permitted by the SEC, the Company shall be required to file a Registration Statement covering the resale of the Cut Back Securities (subject also to the terms of this Section) and shall use best efforts to cause such Registration Statement to be
          declared effective as promptly as practicable thereafter.  In no event shall the Company be obligated to file more than two new Registration Statements per fiscal quarter.

    
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    (e)          Failure to File the Registration Statement or Remain Current.     If: (i) a Registration Statement is not filed on or prior to its Filing
          Date (if the Company files a Registration Statement without affording the Holders the opportunity to review and comment on the same as required by Section 2(b), the Company shall not be deemed to have satisfied this clause (i)), or (ii) the
          Company fails to file with the SEC a request for acceleration in accordance with Rule 461 promulgated under the Securities Act, within five Trading Days of the date that the Company is notified (orally or in writing, whichever is earlier) by the
          SEC that a Registration Statement will not be “reviewed,” or not subject to further review, or (iii) the Company fails to file a Form F-1 Registration Statement registering Cut Back Securities 21 days from the time the SEC requires the Company to
          reduce the number of Registrable Securities to be included in the initial Registration Statement, or (iv) after the effectiveness, a Registration Statement ceases for any reason to remain continuously effective as to all Registrable Securities
          for which it is required to be effective, or the Holders are otherwise not permitted to utilize the Prospectus therein to resell such Registrable Securities for more than 30 consecutive calendar days or more than an aggregate of 40 calendar days
          during any 12-month period (which need not be consecutive calendar days), or (v) if after the 6 month anniversary of the date hereof, the Company does not have available adequate current public information as set forth in Rule 144(c) (any such
          failure or breach being referred to as an “Event”), then in addition to any other rights the holders of the Convertible Debenture may have hereunder or under
          applicable law, on each such Event date and on each monthly anniversary of each such Event date (if the applicable Event shall not have been cured by such date) until the applicable Event is cured, the Company shall be deemed to be in breach of
          this Agreement and the other Transaction Documents and shall be deemed an Event of Default hereunder.

    3.          RELATED OBLIGATIONS.

    (a)          The Company shall, not less than 3 Trading Days prior to the filing of each Registration Statement and not less than 1 Trading Day prior to the filing of any related amendments and supplements to all Registration
          Statements (except for annual reports on Form 20-F or current reports on Form 6-K), furnish to the Investor electronic copies of all such documents proposed to be filed, which documents (other than those incorporated or deemed to be incorporated
          by reference) will be subject to the reasonable and prompt review of the Investor, The Company shall not file a Registration Statement or any such Prospectus or any amendments or supplements thereto to which the Investor shall reasonably object
          in good faith; provided that, the Company is notified of such objection in writing no later than 2 Trading Days after the Investor has been so
          furnished an electronic an copy of a Registration Statement.

    (b)          The Company shall furnish to the Investor whose Registrable Securities are included in any Registration Statement (i) an electronic copy of such Registration Statement as declared effective by the SEC and any
          amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference, all exhibits and each preliminary prospectus, (ii) an electronic copy of the final prospectus included in such Registration
          Statement and all amendments and supplements thereto (or such other number of copies as the Investor may reasonably request) and (iii) such other documents as the Investor may reasonably request from time to time in order to facilitate the
          disposition of the Registrable Securities owned by the Investor.

    
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    (c)          The Company shall use its best efforts to (i) register and qualify the Registrable Securities covered by a Registration Statement under such other securities or “blue sky” laws of such jurisdictions in the United States
          as the Investor reasonably requests, (ii) prepare and file in those jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness
          thereof during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably
          necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (w) make any change to its articles of
          incorporation or by-laws, (x) qualify to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 3(c), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent
          to service of process in any such jurisdiction.  The Company shall promptly notify the Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification
          of any of the Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

    (d)          As promptly as practicable after becoming aware of such event or development, the Company shall notify the Investor in writing of the happening of any event as a result of which the Prospectus included in a Registration
          Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
          made, not misleading (provided that in no event shall such notice contain any material, nonpublic information), and promptly prepare a supplement or amendment to such Registration Statement to correct such untrue statement or omission, and
          deliver an electronic copy of such supplement or amendment to the Investor.  The Company shall also promptly notify the Investor in writing (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and when a
          Registration Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to the Investor by electronic mail on the same day of such effectiveness), (ii) of any request by the SEC for
          amendments or supplements to a Registration Statement or related prospectus or related information, and (iii) of the Company’s reasonable determination that a post-effective amendment to a Registration Statement would be appropriate.

    (e)          The Company shall use its best efforts to prevent the issuance of any stop order or other suspension of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable
          Securities for sale in any jurisdiction within the United States of America and, if such an order or suspension is issued, to obtain the withdrawal of such order or suspension at the earliest possible moment and to notify the Investor who holds
          Registrable Securities being sold of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or threat of any proceeding for such purpose.

    
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    (f)          If, after the execution of this Agreement, the Investor believes, after consultation with its legal counsel, that it could reasonably be deemed to be an underwriter of Registrable Securities, at the request of the
          Investor, the Company shall furnish to the Investor, on the date of the effectiveness of the Registration Statement and thereafter from time to time on such dates as the Investor may reasonably request (i) a letter, dated such date, from the
          Company’s independent certified public accountants in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, and (ii) an opinion, dated as of such date, of
          counsel representing the Company for purposes of such Registration Statement, in form, scope and substance as is customarily given in an underwritten public offering, addressed to the Investor.

    (g)          The Company shall hold in confidence and not make any disclosure of information concerning the Investor provided to the Company unless (i) disclosure of such information is necessary to comply with federal or state
          securities laws, (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final,
          non-appealable order from a court or governmental body of competent jurisdiction, or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement or any other agreement.  The
          Company agrees that it shall, upon learning that disclosure of such information concerning the Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Investor
          and allow the Investor, at the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information.

    (h)          The Company shall use its best efforts either to cause all the Registrable Securities covered by a Registration Statement (i) to be listed on each securities exchange on which securities of the same class or series
          issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange or (ii) the inclusion for quotation on the Nasdaq Capital Market for such Registrable Securities.  The
          Company shall pay all fees and expenses in connection with satisfying its obligation under this Section 3(j).

    (i)          The Company shall cooperate with the Investor who holds Registrable Securities being offered and, to the extent applicable, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive
          legend) representing the Registrable Securities to be offered pursuant to a Registration Statement and enable such certificates to be in such denominations or amounts, as the case may be, as the Investor may reasonably request and registered in
          such names as the Investor may request.

    (j)          The Company shall use its best efforts to cause the Registrable Securities covered by the applicable Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be
          necessary to consummate the disposition of such Registrable Securities.

    (k)          The Company shall otherwise use its best efforts to comply with all applicable rules and regulations of the SEC in connection with any registration hereunder.

    
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    (l)          Within 2 business days after a Registration Statement which covers Registrable Securities is declared effective by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the
          transfer agent for such Registrable Securities (with copies to the Investor whose Registrable Securities are included in such Registration Statement) confirmation that such Registration Statement has been declared effective by the SEC in the form
          attached hereto as Exhibit C.

    (m)          The Company shall take all other reasonable actions necessary to expedite and facilitate disposition by the Investor of Registrable Securities pursuant to a Registration Statement.

    4.          OBLIGATIONS OF THE INVESTOR.

    (a)          The Investor agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in Section 3(d) the Investor will immediately discontinue disposition of Registrable Securities
          pursuant to any Registration Statement covering such Registrable Securities until the Investor’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 3(d) or receipt of notice that no supplement or amendment is
          required.  Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended certificates for shares of Common Stock to a transferee of the Investor in accordance with the terms of the Securities Purchase
          Agreement in connection with any sale of Registrable Securities with respect to which the Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of the kind
          described in Section 3(d) and for which the Investor has not yet settled.

    (b)          The Investor covenants and agrees that it will comply with the prospectus delivery requirements of the Securities Act as applicable to it or an
            exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration Statement.

    5.          EXPENSES OF REGISTRATION.

    All expenses incurred in connection with registrations, filings or qualifications pursuant to Sections 2
      and 3, including, without limitation, all registration, listing and qualifications fees, printers, legal and accounting fees shall be paid by the Company.

    6.          INDEMNIFICATION.

    With respect to Registrable Securities which are included in a Registration Statement under this Agreement:

    (a)          To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, the directors, officers, partners, employees, agents, representatives of, and each Person, if
          any, who controls the Investor within the meaning of the Securities Act or the Exchange Act (each, an “Indemnified Person”), against any losses, claims, damages,
          liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement or expenses, joint or several (collectively, “Claims”)
          incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other

    
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    regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party
      thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect
      thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the
      offering under the securities or other “blue sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or alleged
      omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading; (ii) any untrue statement or alleged untrue statement of a material fact contained in any final prospectus (as amended or
      supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under
      which the statements therein were made, not misleading; or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any other law, including, without limitation, any state securities law, or any rule or
      regulation there under relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement (the matters in the foregoing clauses (i) through (iii) being, collectively, “Violations”).  The Company shall reimburse the Investor and each such controlling person promptly as such expenses are incurred and are due and payable, for any legal fees or disbursements or other reasonable
      expenses incurred by them in connection with investigating or defending any such Claim.  Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (x) shall not apply to a Claim by an
      Indemnified Person arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by such Indemnified Person expressly for use in connection with the preparation of the
      Registration Statement or any such amendment thereof or supplement thereto; (y) shall not be available to the extent such Claim is based on a failure of the Investor to deliver or to cause to be delivered the prospectus made available by the Company,
      if such prospectus was timely made available by the Company pursuant to Section 3(c); and (z) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Company, which consent
      shall not be unreasonably withheld. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investor
      pursuant to Section 9 hereof.

    (b)          In connection with a Registration Statement, the Investor agrees to severally and not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company,
          each of its directors, each of its officers, employees, representatives, or agents and each Person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act (each an “Indemnified Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Claim or Indemnified Damages
          arise out of or is based upon any Violation, in each case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information furnished to the Company by the Investor expressly for use in
          connection with such Registration Statement; and, subject to Section 6(d), the Investor will reimburse any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Claim; provided, however, that
          the indemnity agreement contained in this Section 6(b) and the

    
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    agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if
      such settlement is effected without the prior written consent of such Investor, which consent shall not be unreasonably withheld; provided, further, however, that the Investor shall be liable under this Section 6(b) for only that amount of a Claim or
      Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement.  Such indemnity shall remain in full force and effect regardless of any investigation
      made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investor pursuant to Section 9.  Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in
      this Section 6(b) with respect to any prospectus shall not inure to the benefit of any Indemnified Party if the untrue statement or omission of material fact contained in the prospectus was corrected and such new prospectus was delivered to the
      Investor prior to the Investor’s use of the prospectus to which the Claim relates.

    (c)          Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or proceeding (including any governmental action or proceeding) involving a Claim,
          such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the
          indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually
          satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified Party shall have the right to retain its own counsel with the fees and
          expenses of not more than one (1) counsel for such Indemnified Person or Indemnified Party to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by the indemnifying party, the representation by such counsel of
          the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing  interests between such Indemnified Person or Indemnified Party and any other party represented by such counsel in
          such proceeding.  The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of any such action or claim by the indemnifying party and shall furnish to the
          indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or claim.  The indemnifying party shall keep the Indemnified Party or Indemnified Person fully apprised at all
          times as to the status of the defense or any settlement negotiations with respect thereto.  No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however,
          that the indemnifying party shall not unreasonably withhold, delay or condition its consent.  No indemnifying party shall, without the prior written consent of the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter
          into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party or Indemnified Person of a release from all liability in respect to such claim or
          litigation.  Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating to the
          matter for which indemnification has been made.  The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the
          Indemnified Person or Indemnified Party under this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action.

    
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    (d)          The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are
          incurred.

    (e)          The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or Indemnified Person against the indemnifying party or others, and (ii) any liabilities
          the indemnifying party may be subject to pursuant to the law.

    7.          CONTRIBUTION.

    To the extent any indemnification by an indemnifying party is prohibited or limited by law, the
      indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that:  (i) no seller of Registrable Securities
      guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any seller of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution
      by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities.

    8.          REPORTS UNDER THE EXCHANGE ACT.

    With a view to making available to the Investor the benefits of Rule 144 promulgated under the Securities
      Act or any similar rule or regulation of the SEC that may at any time permit the Investor to sell securities of the Company to the public without registration (“Rule 144”),
      and as a material inducement to the Investor’s purchase of the Convertible Debenture, the Company represents, warrants, and covenants to the following:

    (a)          The Company is subject to the reporting requirements of section 13 or 15(d) of the Exchange Act and has filed all required reports under section 13 or 15(d) of the Exchange Act during the 12 months prior to the date
          hereof (or for such shorter period that the issuer was required to file such reports), other than Form 6-K reports

    (b)          During the Registration Period, the Company shall file with the SEC in a timely manner all required reports under section 13 or 15(d) of the Exchange Act (it being understood that nothing herein shall limit the Company’s
          obligations under the Securities Purchase Agreement) and such reports shall conform to the requirement of the Exchange Act and the SEC for filing thereunder.

    (c)          The Company shall furnish to the Investor so long as the Investor owns Registrable Securities, promptly upon request, (i) a written statement by the Company that it has complied with the reporting requirements of Rule
          144, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Investor to sell such
          securities pursuant to Rule 144 without registration.

    
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    9.          AMENDMENT OF REGISTRATION RIGHTS.

    Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or
      in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Investor.  Any amendment or waiver effected in accordance with this Section 9 shall be binding upon the Investor and the
      Company.  No such amendment shall be effective to the extent that it applies to fewer than all of the holders of the Registrable Securities.  No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of
      any provision of any of this Agreement unless the same consideration also is offered to all of the parties to this Agreement.

    10.          MISCELLANEOUS.

    (a)          A Person is deemed to be a holder of Registrable Securities whenever such Person owns or is deemed to own of record such Registrable Securities or owns the right to receive the Registrable Securities.  If the Company
          receives conflicting instructions, notices or elections from two (2) or more Persons with respect to the same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered owner of
          such Registrable Securities.

    (b)          No Piggyback on Registrations.  Except as set forth on Schedule
              10(b) attached hereto, neither the Company nor any of its security holders (other than the Investor in such capacity pursuant hereto) may include securities of the Company in the initial Registration Statement other than the
          Registrable Securities.  The Company shall not file any other registration statements until the initial Registration Statement required hereunder is declared effective by the SEC, provided that this Section 10(b) shall not prohibit the Company
          from filing amendments to registration statements already filed.

    (c)          Piggy-Back Registrations.  If at any time there is not an effective Registration Statement covering all of the Registrable Securities and
          the Company shall determine to prepare and file with the SEC a registration statement relating to an offering for its own account or the account of others under the Securities Act of any of its equity securities, other than on Form F-4 or Form
          S-8 (each as promulgated under the Securities Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with the stock
          option or other employee benefit plans, then the Company shall send to the Investor a written notice of such determination and, if within 15 days after the date of such notice, the Investor shall so request in writing, the Company shall include
          in such registration statement all or any part of such Registrable Securities the Investor requests to be registered; provided, however, that, the Company shall not be required to register any Registrable Securities pursuant to this Section 10(c) that are eligible for resale pursuant to Rule 144 promulgated under
          the Securities Act or that are the subject of a then effective Registration Statement.

    
      11

      
        

    

    (d)          Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered upon:  (i) receipt, when delivered
          personally, (ii) 1 Business Day after deposit with an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive the same, or  (iii) receipt, when sent by electronic mail (provided that
          the electronic mail transmission is not returned in error or the sender is not otherwise notified of any error in transmission. The addresses and e-mail addresses for such communications shall be:

    	
            If to the Company, to:

          	
            Castor Maritime Inc.

          
	 	
            223 Christodoulou Chatzipavlou Street

          
	 	
            Hawaii Royal Gardens

            3036 Limassol, Cyprus

          
	 	
            Attention:    Petros Panagiotidis

            Telephone:  +35725357767

            Email: petrospan@castormaritime.com

          
	 	 
	
            With Copy to:

          	
            Seward & Kissel LLP

            One Battery Park Plaza

            New York, NY 10004

            Attention:   Gary Wolfe, Esq.

            Telephone: (212) 574-1200

            Email: wolfe@sewkis.com

          
	 	 
	 	 
	
            If to the Investor:

          	
            YAII PN, Ltd.

          
	 	
            c/o Yorkville Advisors Global, LP

            1012 Springfield Avenue

          
	 	
            Mountainside, NJ  07092

          
	 	
            Attention:    Mark
                  Angelo

          
	 	
            Telephone:   (201)
                  536-5114

            Email:  mangelo@yorkvilleadvisors.com

          
	 	 
	
            With a copy to:

          	
            David Gonzalez, Esq.

          
	 	
            1012 Springfield Avenue

          
	 	
            Mountainside, NJ  07092

          
	 	
            Telephone:   (201)
                  985-8300

          
	 	
            Email:  dgonzalez@yorkvilleadvisors.com

          
	 	 

    or at such other address and/or electronic email address and/or to the attention of such other person as the recipient party
      has specified by written notice given to each other party 3 Business Days prior to the effectiveness of such change.  Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other communication, (ii) mechanically
      or electronically generated by the sender’s computer containing the time, date, recipient’s electronic mail address and the text of such electronic mail or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable
      evidence of personal service, receipt by electronic mail or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

    
      12

      
        

    

    

    

    (e)          Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

    (f)          The laws of the State of New York shall govern all issues concerning the relative rights of the Company and the Investor as its stockholders.  All other questions concerning the construction, validity, enforcement and
          interpretation of this Agreement shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that
          would cause the application of the laws of any jurisdiction other than the State of New York.  Each party hereby irrevocably submits to the non-exclusive jurisdiction of the state and federal courts, sitting in the City of New York, Borough of
          Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any
          claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  Each party hereby
          irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such
          service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.  If any provision of this Agreement shall
          be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of
          this Agreement in any other jurisdiction.  EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS
          AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

    (g)          This Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns of each of the parties hereto.

    (h)          The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

    (i)          This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all of which shall constitute one and the same agreement.  This Agreement, once executed by a party, may be
          delivered to the other party hereto by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

    (j)          Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party
          may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

    
      13

      
        

    

    (k)          The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction will be applied against any party.

    (l)          This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

    

    

    [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

    

    

    
      14

      
        

    

    

    

    IN WITNESS
        WHEREOF, each of the Investor and the Company has affixed their respective signatures to this
        Registration Rights Agreement as of the date first written above

    

    

    	 	
            COMPANY:

          	 
	 	
            CASTOR MARITIME INC.

          	 
	 	 	 	 
	 	 	 	 
	 	
            By:

          	
            /s/ Petros Panagiotidis

          	 
	 	
            Name:

          	
            Petros Panagiotidis

          	 
	 	
            Title:

          	
            Chairman & Chief Executive Officer

          
	 	 	 	 
	 	 	 	 
	 	
            INVESTOR:

          	 
	 	
            YA II PN, LTD.

          	 
	 	
            By:

          	
            Yorkville Advisors Global, LP

          	 
	 	
            Its:

          	
            Investment Manager

          	 
	 	 	 	 
	 	
            By:

          	
            Yorkville Advisors Global II, LLC

          	 
	 	
            Its:

          	
            General Partner

          	 
	 	 	 	 
	 	 	 	 
	 	
            By:

          	
            /s/ David Gonzalez

          	 
	 	
            Name:

          	
            David Gonzalez

          	 
	 	
            Title:

          	
            Member and General Counsel

          	 

    

    

    
      15

      
        

    

    EXHIBIT A

    

    

    SELLING STOCKHOLDERS

    AND PLAN OF DISTRIBUTION

    

    

    Selling Stockholders

    

    

    The shares of Common Stock being offered by the selling stockholders are issuable upon conversion of the
      convertible debenture.  For additional information regarding the issuance of those convertible notes, see “Private Placement of Convertible Debenture” above.  We are registering the shares of Common Stock in order to permit the selling stockholders
      to offer the shares for resale from time to time.  Except as otherwise notes and except for the ownership of the convertible Debenture issued pursuant to the Securities Purchase Agreement, the selling stockholders have not had any material
      relationship with us within the past three years.

    The table below lists the selling stockholders and other information regarding the beneficial ownership of
      the shares of Common Stock by each of the selling stockholders.  The second column lists the number of shares of Common Stock beneficially owned by each selling stockholder, based on its ownership of the convertible debenture, as of ________, 200_,
      assuming conversion of all convertible debentures held by the selling stockholders on that date, without regard to any limitations on conversions or exercise.

    The third column lists the shares of Common Stock being offered by this prospectus by the selling
      stockholders.

    In accordance with the terms of a registration rights agreement with the selling stockholders, this
      prospectus generally covers the resale of at least ___________ shares of common stock issued or issuable to the selling stockholders pursuant to the Securities Purchase Agreement.  Because the conversion price of the convertible debenture may be adjusted, the number of shares that will actually be issued may be more or less than the number of shares being offered by this prospectus.  The fourth
      column assumes the sale of all of the shares offered by the selling stockholders pursuant to this prospectus.

    Under the terms of the convertible debenture , a selling stockholder may not convert the convertible
      debenture to the extent such conversion would cause such selling stockholder, together with its affiliates, to beneficially own a number of shares of Common Stock which would exceed 4.99% of our then outstanding shares of Common Stock following such
      conversion, excluding for purposes of such determination shares of Common Stock issuable upon conversion of the convertible debenture which have not been converted.  The number of shares in the second column does not reflect this limitation.  The
      selling stockholders may sell all, some or none of their shares in this offering.  See "Plan of Distribution."

    

    

    
      
        

    

    	
            Name of Selling Stockholder

          	
            Number of Shares Owned

            Prior to Offering

          	
            Maximum Number of Shares

            to be Sold Pursuant to this

            Prospectus

          	
            Number of Shares Owned

            After Offering

          
	 	 	 	 
	
            YAII PN, Ltd. (1)

          	 	 	 

    

    

    (1)          YAII
          PN, Ltd. is a Cayman Island exempt limited company.  YAII PN, Ltd. is managed by Yorkville Advisors Global, LP.  Investment decisions for Yorkville Advisors Global, LP are made by its portfolio manager.

    

    

    
      
        

    

    
    Plan of Distribution

    Each Selling Stockholder (the “Selling
          Stockholders”) of the common stock and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their shares of common stock on the __________ or any other stock exchange, market or trading
      facility on which the shares are traded or in private transactions.  These sales may be at fixed or negotiated prices.  A Selling Stockholder may use any one or more of the following methods when selling shares:

    
      
        	

              	•	
                ordinary brokerage transactions and transactions in which the broker‐dealer solicits purchasers;

              

      

    

    
      
        	

              	•	
                block trades in which the broker‐dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the
                  transaction;

              

      

    

    
      
        	

              	•	
                purchases by a broker‐dealer as principal and resale by the broker‐dealer for its account;

              

      

    

    
      
        	

              	•	
                an exchange distribution in accordance with the rules of the applicable exchange;

              

      

    

    
      
        	

              	•	
                privately negotiated transactions;

              

      

    

    
      
        	

              	•	
                broker‐dealers may agree with the Selling Stockholders to sell a specified number of such shares at a stipulated price per share;

              

      

    

    
      
        	

              	•	
                through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

              

      

    

    
      
        	

              	•	
                a combination of any such methods of sale; or

              

      

    

    
      
        	

              	•	
                any other method permitted pursuant to applicable law.

              

      

    

    The Selling Stockholders may also sell shares under Rule 144 under the Securities Act of 1933, as amended
      (the “Securities Act”), if available, rather than under this prospectus.

    Broker‐dealers engaged by the Selling Stockholders may arrange for other brokers‐dealers to participate in
      sales.  Broker‐dealers may receive commissions or discounts from the Selling Stockholders (or, if any broker‐dealer acts as agent for the purchaser of shares, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement
      to this Prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with NASDR Rule 2440; and in the case of a principal transaction a markup or markdown in compliance with NASDR IM-2440.

    In connection with the sale of the common stock or interests therein, the Selling Stockholders may enter
      into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the Common Stock in the course of hedging the positions they assume.  The Selling Stockholders may also enter into option or
      other transactions with broker-dealers or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which
      shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

    
      3

      
        

    

    The Selling Stockholders and any broker-dealers or agents that are involved in selling the shares may be
      deemed to be “underwriters” within the meaning of the Securities Act in connection with such sales.  In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the shares purchased by them may be deemed
      to be underwriting commissions or discounts under the Securities Act.  Each Selling Stockholder has informed the Company that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the
      Common Stock. In no event shall any broker-dealer receive fees, commissions and markups which, in the aggregate, would exceed eight percent (8%).

    The Company is required to pay certain fees and expenses incurred by the Company incident to the
      registration of the shares.  The Company has agreed to indemnify the Selling Stockholders against certain losses, claims, damages and liabilities, including liabilities under the Securities Act.

    Because Selling Stockholders may be deemed to be “underwriters” within the meaning of the Securities Act,
      they will be subject to the prospectus delivery requirements of the Securities Act including Rule 172 thereunder.  In addition, any securities covered by this prospectus which qualify for sale pursuant to Rule 144 under the Securities Act may be sold
      under Rule 144 rather than under this prospectus.  There is no underwriter or coordinating broker acting in connection with the proposed sale of the resale shares by the Selling Stockholders.

    We agreed to keep this prospectus effective until the earlier of (i) the date on which the shares may be
      resold by the Selling Stockholders without registration and without regard to any volume limitations by reason of Rule 144(k) under the Securities Act or any other rule of similar effect or (ii) all of the shares have been sold pursuant to this
      prospectus or Rule 144 under the Securities Act or any other rule of similar effect.  The resale shares will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain
      states, the resale shares may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.

    
      4

      
        

    

    Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of
      the resale shares may not simultaneously engage in market making activities with respect to the common stock for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution.  In addition, the Selling
      Stockholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of shares of the common stock by the Selling Stockholders or
      any other person.  We will make copies of this prospectus available to the Selling Stockholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance
      with Rule 172 under the Securities Act).

    
      5

      
        

    

    EXHIBIT B

    OTHER DISCLOSURES

    

    

    Schedule 10(b) – Piggy-Back Registration Rights. – None

    
      6

      
        

    

    EXHIBIT C

    FORM OF NOTICE OF EFFECTIVENESS

      OF REGISTRATION STATEMENT

    

    

    Attention:

    

    

    
      
        	

              	Re:	
                CASTOR MARITIME INC.

              

      

    

    

    

    Ladies and Gentlemen:

    

    

    We are counsel to Castor Maritime Inc., a corporation organized and existing under the laws of the Republic
      of the Marshall Islands (the “Company”), and have represented the Company in connection with that certain Securities Purchase Agreement (the “Securities Purchase Agreement”) entered into by and among the Company and the Investor named therein (the “Investor”)
      pursuant to which the Company issued to the Investor a convertible debenture convertible into shares of its Common Stock, par value $0.001 per share (the “Common Stock”). 
      Pursuant to the Securities Purchase Agreement, the Company also has entered into a Registration Rights Agreement with the Investor (the “Registration Rights Agreement”)
      pursuant to which the Company agreed, among other things, to register upon demand by the Investor the Registrable Securities (as defined in the Registration Rights Agreement) under the Securities Act of 1933, as amended (the “Securities Act”).  In connection with the Company’s obligations under the Registration Rights Agreement, on ____________ ____, the Company filed a Registration Statement on
      Form ________ (File No. 333-_____________) (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) relating to the Registrable Securities which names each of the Investor as a selling stockholder there under.

    In connection with the foregoing, we advise you that a member of the SEC’s staff has advised us by
      telephone that the SEC has entered an order declaring the Registration Statement effective under the Securities Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF EFFECTIVENESS] and we have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its
      effectiveness has been issued or that any proceedings for that purpose are pending before, or threatened by, the SEC and the Registrable Securities are available for resale under the Securities Act pursuant to the Registration Statement.

    	 	
            Very truly yours,

          
	 	 	 
	 	
            [Law Firm]

          
	 	 	 
	 	
            By:

          	 

    

    

    cc:          [LIST NAMES OF INVESTOR]

  

  7Exhibit 10.3

  

   

    

   

  

  
    NEITHER THIS DEBENTURE NOR THE SECURITIES INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND
      EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE.  THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE
      OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH
      APPLICABLE STATE SECURITIES LAWS.

    CASTOR MARITIME INC.

    Convertible Debenture

    	
            Issuance Date:            , 2020

          	
            Original Principal Amount:                             

            

          
	
            No. CTRM- [-] -3

          	 

    

    

    FOR VALUE RECEIVED, CASTOR
        MARITIME INC., a corporation organized and existing under the laws of the Republic of the Marshall Islands (the "Company"), hereby promises to pay to the order of YAII PN, LTD.
        or registered assigns (the "Holder") the amount set out above as the Original Principal Amount (as reduced pursuant to the terms hereof pursuant to redemption, conversion or
        otherwise, the "Principal") when due, on the Maturity Date (as defined below), acceleration, redemption or otherwise (in each case in accordance with the terms hereof) and to
        pay interest ("Interest") on any outstanding Principal at the applicable Interest Rate from the date set out above as the Issuance Date (the "Issuance Date") until the same becomes due and payable, whether upon the Maturity Date, acceleration, conversion, redemption or otherwise (in each case in accordance with the terms hereof).  This Convertible
        Debenture (including all Convertible Debentures issued in exchange, transfer or replacement hereof, this "Debenture") is issued pursuant to the Securities Purchase Agreement. 
        Certain capitalized terms used herein are defined in Section 16.

    (1)          GENERAL TERMS

    (a)          Payment of Principal.    On the
        Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding Principal, accrued and unpaid Interest. The "Maturity Date" shall be January 27, 2021, as may be extended at the option of the Holder (i) in
        the event that, and for so long as, an Event of Default (as defined below) shall have occurred and be continuing on the Maturity Date (as may be extended pursuant to this Section 1) or any event shall have occurred and be continuing on the Maturity
        Date (as may be extended pursuant to this Section 1) that with the passage of time and the failure to cure would result in an Event of Default.

    
      
        

    

    
    

    

    (b)          Interest.  Interest shall accrue
        on the outstanding principal balance hereof at an annual rate equal to 6% (“Interest Rate”).  Provided however if:

    (i)          The Closing Bid Price of the Company’s
        Common Stock, as quoted by Bloomberg, LP is below the Floor Price for 5 consecutive Trading Days the Interest Rate on this Debenture shall immediately become 10% per annum and shall remain at such increased interest rate until the Closing Bid Price
        of the Company’s Common Stock, as quoted by Bloomberg, LP is above the Floor Price; or

    (ii)         If an Event of Default occurs and for so
        long as such Event of Default remains uncured the Interest Rate on this Debenture shall immediately become 10% per annum and shall remain at such increased interest rate until the applicable Event of Default is cured.

    Interest shall be calculated on the basis of a 365-day year and the actual number of days elapsed, to the extent permitted by applicable law.  Interest
      hereunder shall be paid on the Maturity Date (or sooner if upon conversion or acceleration by the Holder as provided herein) to the Holder or its Designee in whose name this Debenture is registered on the records of the Company regarding registration
      and transfers of Debentures at the option of the Company in cash, or, provided that the Equity Conditions are then satisfied, converted into Common Stock at the Market Conversion Price on the Trading Day immediately prior to the date paid.

    (2)          EVENTS OF DEFAULT.

    (a)          An “Event of Default”, wherever
        used herein, means any one of the following events (whatever the reason and whether it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of
        any administrative or governmental body):

    (i)          the Company's failure to pay to the
        Holder any amount of Principal, Interest, or other amounts when and as due under this Debenture (including, without limitation, the Company's failure to pay any redemption payments or amounts hereunder) or any other Transaction Document;

    (ii)        The Company or any subsidiary of the
        Company shall commence, or there shall be commenced against the Company or any subsidiary of the Company under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Company or any subsidiary of
        the Company commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the
        Company or any subsidiary of the Company or there is commenced against the Company or any subsidiary of the Company any such bankruptcy, insolvency or other proceeding which remains undismissed for a period of 61 days; or the Company or any
        subsidiary of the Company is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or the Company or any subsidiary of the Company suffers any appointment of any custodian,
        private or court appointed receiver or the like for it or any substantial part of its property which continues undischarged or unstayed for a period of 61 days; or the Company or any subsidiary of the Company makes a general assignment for the
        benefit of creditors; or the Company or any subsidiary of the Company shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; or the Company or any subsidiary of the Company
        shall call a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts; or the Company or any subsidiary of the Company shall by any act or failure to act expressly indicate its consent to, approval
        of or acquiescence in any of the foregoing; or any corporate or other action is taken by the Company or any subsidiary of the Company for the purpose of effecting any of the foregoing;

    
      2

      
        

    

    

    

    (iii)      The Company or any subsidiary of the
        Company shall default in any of its obligations under any other debenture or any mortgage, credit agreement or other facility, indenture agreement, factoring agreement or other instrument under which there may be issued, or by which there may be
        secured or evidenced any indebtedness for borrowed money or money due under any long term leasing or factoring arrangement of the Company or any subsidiary of the Company in an amount exceeding $1,000,000, whether such indebtedness now exists or
        shall hereafter be created and such default shall result in such indebtedness becoming or being declared due and payable prior to the date on which it would otherwise become due and payable;

    (iv)        If the Common Stock is quoted or listed
        for trading on the following and it ceases to be so quoted or listed for trading and shall not again be quoted or listed for trading on  the Nasdaq Capital Market (the “Primary Market”) within 5 Trading Days of such delisting;

    (v)         The Company or any subsidiary of the
        Company shall be a party to any Change of Control Transaction (as defined in Section 16) unless in connection with such Change of Control Transaction this Debenture is retired;

    (vi)       the Company's (A) failure to cure a
        Conversion Failure by delivery of the required number of shares of Common Stock within 3 Business Days after the applicable Conversion Failure or (B) notice, written or oral, to any holder of the Debenture, including by way of public announcement,
        at any time, of its intention not to comply with a request for conversion of the Debenture into shares of Common Stock that is tendered in accordance with the provisions of the Debentures, other than pursuant to Section 4(e) and 4(g);

    (vii)       The Company shall fail for any reason to
        deliver the payment in cash pursuant to a Buy-In (as defined herein) within 3 Business Days after such payment is due;

    (viii)      The Company shall fail to observe or
        perform any other covenant, agreement or warranty contained in, or otherwise commit any breach or default of any provision of this Debenture (except as may be covered by Section 2(a)(i) through 2(a)(vii) hereof) or any Transaction Documents (as
        defined in Section 17) which is not cured within the time prescribed.

    
      3

      
        

    

    

    

    (ix)         Failure by the Company and the Transfer
        Agent to enter into new irrevocable transfer agent instructions as articulated in the Irrevocable Transfer Agent Instructions;

    (x)          any Event of Default occurs with respect
        to any Transaction Document.

    (b)          During the time that any portion of this
        Debenture is outstanding, if any Event of Default has occurred, the full unpaid Principal amount of this Debenture, together with interest and other amounts owing in respect thereof, to the date of acceleration shall become at the Holder's
        election, immediately due and payable in cash; provided however, the Holder may request (but shall have no obligation to request) payment of such amounts in Common Stock of the Company.  Furthermore, in addition to any other remedies, the Holder
        shall have the right (but not the obligation) to convert this Debenture at any time after (x) an Event of Default at the Market Conversion Price or (y) the Maturity Date at the Market Conversion Price.  The Holder need not provide and the Company
        hereby waives any presentment, demand, protest or other notice of any kind, (other than required notice of conversion) and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies
        hereunder and all other remedies available to it under applicable law. Such declaration may be rescinded and annulled by Holder at any time prior to payment hereunder. No such rescission or annulment shall affect any subsequent Event of Default or
        impair any right consequent thereon.

    (3)          COMPANY REDEMPTION.

    (a)          Company’s Cash Redemption.  The
        Company at its option shall have the right to redeem (a “Redemption”), in part or in whole, outstanding Principal and Interest under this Debenture prior to the Maturity Date provided that as of the date of the Holder’s receipt of a
        Redemption Notice (as defined herein) (i) the VWAP of the Company’s Common Stock is less than the Fixed Conversion Price and (ii) there is no Equity Conditions Failure.  The Company shall pay an amount equal to the principal amount being redeemed
        plus a redemption premium (“Redemption Premium”) equal to 15% of the outstanding Principal Amount being redeemed plus outstanding and accrued Interest.  In order to make a Redemption pursuant to this Section, the Company shall first provide
        10 business days advanced written notice to the Holder of its intention to make a redemption (the “Redemption Notice”) setting forth the amount of Principal and Interest it desires to redeem plus the applicable Redemption Premium (the “Redemption

          Amount”).  After receipt of the Redemption Notice the Holder shall have 5 Business Days to elect to convert all or any portion of this Debenture, subject to the limitations set forth in Section 4(f).  On the 11th Business Day after
        the Redemption Notice, the Company shall deliver to the Holder via wire transfer of immediately available funds the Redemption Amount with respect to the Principal Amount and Interest redeemed after giving effect to conversions by the Holder
        effected during the 10 Business Day period.

    
      4

      
        

    

    (4)          CONVERSION OF DEBENTURE.  This
        Debenture shall be convertible into shares of the Company's Common Stock, on the terms and conditions set forth in this Section 4.

    (a)          Conversion Right.  Subject to the
        provisions of Section 4(e) and 4(g), after the Issuance Date and not withstanding any pending Company Redemption, the Holder shall be entitled to convert at its option any portion of the outstanding and unpaid Conversion Amount (as defined below)
        into fully paid and nonassessable shares of Common Stock in accordance with Section 4(e), at the lower of the Fixed Conversion Price then in effect or the Market Conversion Price except as provided for in Section 2(b).  The number of shares of
        Common Stock issuable upon conversion of any Conversion Amount pursuant to this Section 4(a) shall be determined by dividing (x) such Conversion Amount by (y) the Fixed Conversion Price or (z) the Market Conversion Price, as applicable (the "Conversion

          Rate").  The Company shall not issue any fraction of a share of Common Stock upon any conversion.  If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of
        Common Stock up to the nearest whole share.  The Company shall pay any and all transfer, stamp and similar taxes that may be payable with respect to the issuance and delivery of Common Stock upon conversion of any Conversion Amount.

    (b)           "Conversion Amount" means the
        portion of the Principal and accrued Interest to be converted, redeemed or otherwise with respect to which this determination is being made.

    (c)          “Fixed Conversion Price" means, as
        of any Conversion Date (as defined below) or other date of determination, a price per share equal to $2.25, subject to adjustment as provided herein.  All such determinations to be appropriately adjusted for
        any stock split, stock dividend, stock combination or other similar transaction.

    (d)          “Market Conversion Price” means,
        as of any Conversion Date (as defined below) or other date of determination, 90% of the lowest VWAP of the Company’s Common Stock during the 10 Trading Days immediately preceding the Conversion Date. All such determinations to be appropriately
        adjusted for any stock split, stock dividend, stock combination or other similar transaction.  Provided however at no time shall the Market Conversion Price be below $0.60 per share (the “Floor Price”).

    (e)          Limitation on Sales of Conversion
          Shares.  Provided there is not Event of Default, without the Company’s prior consent the Holder shall limit the sale of Conversion Shares below the Fixed Conversion Price on any Trading Day the Holder is selling Conversion Shares to an amount
        of Conversion Shares not to exceed the greater of:

    (i)          if such Trading Days Dollar Value Traded is
        less than $400,000, as quoted by Bloomberg, LP, to an amount equal to 10% of such Trading Day’s daily Dollar Value Traded;

    (ii)         if such Trading Days Dollar Value Traded is
        equal to or greater than $400,000 as quoted by Bloomberg, LP, to an amount equal to 20% of such Trading Day’s Daily Value Traded; or

    
      5

      
        

    

    

    

    (iii)        10,000 Conversion Shares.

    (f)          Mechanics of Conversion.

    (i)          Optional Conversion.  To convert
        any Conversion Amount into shares of Common Stock on any date (a "Conversion Date"), the Holder shall (A) transmit by electronic mail (or otherwise deliver), for receipt on or prior to 11:59 p.m., New York Time, on such date, a copy of an
        executed notice of conversion in the form attached hereto as Exhibit I (the "Conversion Notice") to the Company and (B) if required by Section 4(e)(iii), surrender this Debenture to a nationally recognized overnight delivery service
        for delivery to the Company (or an indemnification undertaking reasonably satisfactory to the Company with respect to this Debenture in the case of its loss, theft or destruction).  On or before the 3rd Business Day following the date of receipt of
        a Conversion Notice (the "Share Delivery Date"), the Company shall (X) if legends are not required to be placed on certificates of Common Stock pursuant to the Securities Purchase Agreement and provided that the Transfer Agent is
        participating in the Depository Trust Company's ("DTC") Fast Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to which the Holder shall be entitled to the Holder's or its designee's balance
        account with DTC through its Deposit Withdrawal Agent Commission system or (Y) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the address as specified in the Conversion Notice,
        a certificate, registered in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder shall be entitled which certificates shall not bear any restrictive legends unless required pursuant to Section 3(g)
        of the Securities Purchase Agreement.  If this Debenture is physically surrendered for conversion and the outstanding Principal of this Debenture is greater than the Principal portion of the Conversion Amount being converted, then the Company shall
        as soon as practicable and in no event later than 3 Business Days after receipt of this Debenture and at its own expense, issue and deliver to the holder a new Debenture representing the outstanding Principal not converted.  The Person or Persons
        entitled to receive the shares of Common Stock issuable upon a conversion of this Debenture shall be treated for all purposes as the record holder or holders of such shares of Common Stock upon the transmission of a Conversion Notice.

    (ii)          Company's Failure to Timely Convert. 

        If within 3 Trading Days after the Company's receipt by electronic mail a copy of a Conversion Notice the Company shall fail to issue and deliver a certificate to the Holder or credit the Holder's balance account with DTC for the number of shares
        of Common Stock to which the Holder is entitled upon such conversion of any Conversion Amount (a "Conversion Failure"), and if on or after such Trading Day the Holder purchases (in an open market transaction or otherwise) Common Stock to
        deliver in satisfaction of a sale by the Holder of Common Stock issuable upon such conversion that the Holder anticipated receiving from the Company (a "Buy-In"), then the Company shall, within 3 Business Days after the Holder's request and
        in the Holder's discretion, either (i) pay cash to the Holder in an amount equal to the Holder's total purchase price (including brokerage commissions and other out of pocket expenses, if any) for the shares of Common Stock so purchased (the "Buy-In Price"), at which point the Company's obligation to deliver such certificate (and to issue such Common Stock) shall terminate, or (ii) promptly honor its
        obligation to deliver to the Holder a certificate or certificates representing such Common Stock and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over the product of (A) such number of shares of Common Stock,
        times (B) the Closing Bid Price on the Conversion Date.

    
      6

      
        

    

    

    

    (iii)        Book-Entry. Notwithstanding
        anything to the contrary set forth herein, upon conversion of any portion of this Debenture in accordance with the terms hereof, the Holder shall not be required to physically surrender this Debenture to the Company unless (A) the full Conversion
        Amount represented by this Debenture is being converted or (B) the Holder has provided the Company with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Debenture upon physical surrender of
        this Debenture.  The Holder and the Company shall maintain records showing the Principal and Interest converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to
        require physical surrender of this Debenture upon conversion.

    (g)          Limitations on Conversions.

    (i)          Beneficial Ownership.  The Company
        shall not effect any conversions of this Debenture and the Holder shall not have the right to convert any portion of this Debenture or receive shares of Common Stock as payment of interest hereunder to the extent that after giving effect to such
        conversion or receipt of such interest payment, the Holder, together with any affiliate thereof, would beneficially own (as determined in accordance with Section 13(d) of the Exchange Act and the rules promulgated thereunder) in excess of 4.99% of
        the number of shares of Common Stock outstanding immediately after giving effect to such conversion or receipt of shares as payment of interest.    Since the Holder will not be obligated to report to the Company the number of shares of Common Stock
        it may hold at the time of a conversion hereunder, unless the conversion at issue would result in the issuance of shares of Common Stock in excess of 4.99% of the then outstanding shares of Common Stock without regard to any other shares which may
        be beneficially owned by the Holder or an affiliate thereof, the Holder shall have the authority and obligation to determine whether the restriction contained in this Section will limit any particular conversion hereunder and to the extent that the
        Holder determines that the limitation contained in this Section applies, the determination of which portion of the principal amount of this Debenture is convertible shall be the responsibility and obligation of the Holder.  If the Holder has
        delivered a Conversion Notice for a principal amount of this Debenture that, without regard to any other shares that the Holder or its affiliates may beneficially own, would result in the issuance in excess of the permitted amount hereunder, the
        Company shall notify the Holder of this fact and shall honor the conversion for the maximum principal amount permitted to be converted on such Conversion Date in accordance with Section 4(a) and, any principal amount tendered for conversion in
        excess of the permitted amount hereunder shall remain outstanding under this Debenture. The provisions of this Section may be waived by a Holder (but only as to itself and not to any other Holder) upon not less than 65 days prior notice to the
        Company. Other Holders shall be unaffected by any such waiver.

    (ii)          Primary Market Limitation.   The
        Company shall not issue any shares of Common Stock pursuant to the terms of this Debenture if the issuance of such shares of Common Stock would exceed the aggregate number of shares of Common Stock that the Company may issue upon conversion of the
        Debenture in compliance with the Company’s obligations under the rules or regulations of the Primary Market (the number of shares which may be issued without violating such rules and regulations, the “Exchange Cap”), except that such
        limitation shall not apply in the event that the Company (A) obtains the approval of its stockholders as required by the applicable rules of the Primary Market for issuances of shares of Common Stock in excess of such amount or (B) obtains a
        written opinion from outside counsel to the Company that such approval is not required, which opinion shall be reasonably satisfactory to the Holder.

    
      7

      
        

    

    

    

    

    

    (h)          Other Provisions.

    (i)          The Company shall at all times reserve
        and keep available out of its authorized Common Stock the full number of shares of Common Stock issuable upon conversion of all outstanding amounts under this Debenture; and within 3 Business Days following the receipt by the Company of a Holder's
        notice that such minimum number of Underlying Shares is not so reserved, the Company shall promptly reserve a sufficient number of shares of Common Stock to comply with such requirement.

    (ii)          All calculations under this Section 4
        shall be rounded to the nearest $0.001 or whole share.

    (iii)        The Company covenants that it will at
        all times reserve and keep available out of its authorized and unissued shares of Common Stock solely for the purpose of issuance upon conversion of this Debenture and payment of interest on this Debenture, each as herein provided, free from
        preemptive rights or any other actual contingent purchase rights of persons other than the Holder, not less than such number of shares of the Common Stock as shall (subject to any additional requirements of the Company as to reservation of such
        shares set forth in this Debenture or in the Transaction Documents) be issuable (taking into account the adjustments and restrictions set forth herein) upon the conversion of the outstanding principal amount of this Debenture and payment of
        interest hereunder. The Company covenants that all shares of Common Stock that shall be so issuable shall, upon issue, be duly and validly authorized, issued and fully paid, nonassessable and, if the Underlying Shares Registration Statement has
        been declared effective under the Securities Act, registered for public sale in accordance with such Underlying Shares Registration Statement.

    (iv)        Nothing herein shall limit a Holder's
        right to pursue actual damages or declare an Event of Default pursuant to Section 2 herein for the Company’s  failure to deliver certificates representing shares of Common Stock upon conversion within the period specified herein and such Holder
        shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief, in each case without the need to post a bond or provide other security. The
        exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.

    
      8

      
        

    

    

    

    (5)          Adjustments to the Fixed Conversion Price.

    (a)          Adjustment of the Fixed Conversion
          Price and Floor Price upon Subdivision or Combination of Common Stock.  If the Company, at any time while this Debenture is outstanding, shall (a) pay a stock dividend or otherwise make a distribution or distributions on shares of its Common
        Stock or any other equity or equity equivalent securities payable in shares of Common Stock, (b) subdivide outstanding shares of Common Stock into a larger number of shares, (c) combine (including by way of reverse stock split) outstanding shares
        of Common Stock into a smaller number of shares, or (d) issue by reclassification of shares of the Common Stock any shares of capital stock of the Company, then the Fixed Conversion Price and Floor Price shall be multiplied by a fraction of which
        the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding before such event and of which the denominator shall be the number of shares of Common Stock outstanding after such event. Any adjustment
        made pursuant to this Section shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the
        case of a subdivision, combination or re-classification.

    (b)          Purchase Rights.  If at any time
        the Company grants, issues or sells any Options, Convertible Securities or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of Common Stock (the "Purchase Rights"), then the Holder
        will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete conversion of
        this Debenture (without taking into account any limitations or restrictions on the convertibility of this Debenture) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such
        record is taken, the date as of which the record holders of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights.

    (c)          Other Events.  If any event occurs
        of the type contemplated by the provisions of this Section 5 but not expressly provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights or other rights with equity features),
        then the Company's Board of Directors will make an appropriate adjustment in the Conversion Price so as to protect the rights of the Holder under this Debenture; provided that no such adjustment will increase the Conversion Price as otherwise
        determined pursuant to this Section 5.

    (d)          Other Corporate Events.  In
        addition to and not in substitution for any other rights hereunder, prior to the consummation of any transaction pursuant to which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange
        for shares of Common Stock (a "Corporate Event"), the Company shall make appropriate provision to insure that the Holder will thereafter have the right to receive upon a conversion of this Debenture, at the Holder's option, (i) in addition
        to the shares of Common Stock receivable upon such conversion, such securities or other assets to which the Holder would have been entitled with respect to such shares of Common Stock had such shares of Common Stock been held by the Holder upon the
        consummation of such Corporate Event (without taking into account any limitations or restrictions on the convertibility of this Debenture) or (ii) in lieu of the shares of Common Stock otherwise receivable upon such conversion, such securities or
        other assets received by the holders of shares of Common Stock in connection with the consummation of such Corporate Event in such amounts as the Holder would have been entitled to receive had this Debenture initially been issued with conversion
        rights for the form of such consideration (as opposed to shares of Common Stock) at a conversion rate for such consideration commensurate with the Conversion Rate.  Provision made pursuant to the preceding sentence shall be in a form and substance
        satisfactory to the Holder. The provisions of this Section shall apply similarly and equally to successive Corporate Events and shall be applied without regard to any limitations on the conversion or redemption of this Debenture.

    
      9

      
        

    

    

    

    (e)          Whenever the Fixed Conversion Price is
        adjusted pursuant to Section 5 hereof, the Company shall promptly mail to the Holder a notice setting forth the Fixed Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment.

    (f)          In case of any (1) merger or
        consolidation of the Company or any subsidiary of the Company with or into another Person, or (2) sale by the Company or any subsidiary of the Company of more than one-half of the assets of the Company in one or a series of related transactions, a
        Holder shall have the right to (A) exercise any rights under Section 2(b), (B) convert the aggregate amount of this Debenture then outstanding into the shares of stock and other securities, cash and property receivable upon or deemed to be held by
        holders of Common Stock following such merger, consolidation or sale, and such Holder shall be entitled upon such event or series of related events to receive such amount of securities, cash and property as the shares of Common Stock into which
        such aggregate principal amount of this Debenture could have been converted immediately prior to such merger, consolidation or sales would have been entitled, or (C) in the case of a merger or consolidation, require the surviving entity to issue to
        the Holder a convertible Debenture with a principal amount equal to the aggregate principal amount of this Debenture then held by such Holder, plus all accrued and unpaid interest and other amounts owing thereon, which such newly issued convertible
        Debenture shall have terms identical (including with respect to conversion) to the terms of this Debenture, and shall be entitled to all of the rights and privileges of the Holder of this Debenture set forth herein and the agreements pursuant to
        which this Debentures were issued. In the case of clause (C), the conversion price applicable for the newly issued shares of convertible preferred stock or convertible Debentures shall be based upon the amount of securities, cash and property that
        each share of Common Stock would receive in such transaction and the Fixed Conversion Price in effect immediately prior to the effectiveness or closing date for such transaction. The terms of any such merger, sale or consolidation shall include
        such terms so as to continue to give the Holder the right to receive the securities, cash and property set forth in this Section upon any conversion or redemption following such event. This provision shall similarly apply to successive such events.

    (6)          REISSUANCE OF THIS DEBENTURE.

    (a)          Transfer.  If this Debenture is to
        be transferred, the Holder shall surrender this Debenture to the Company, whereupon the Company will, subject to the satisfaction of the transfer provisions of the Securities Purchase Agreement, forthwith issue and deliver upon the order of the
        Holder a new Debenture (in accordance with Section 6(d)), registered in the name of the registered transferee or assignee, representing the outstanding Principal being transferred by the Holder and, if less than the entire outstanding Principal is
        being transferred, a new Debenture (in accordance with Section 6(d)) to the Holder representing the outstanding Principal not being transferred.  The Holder and any assignee, by acceptance of this Debenture, acknowledge and agree that, by reason of
        the provisions of Section 4(e)(iii) following conversion or redemption of any portion of this Debenture, the outstanding Principal represented by this Debenture may be less than the Principal stated on the face of this Debenture.

    
      10

      
        

    

    

    

    (b)          Lost, Stolen or Mutilated Debenture. 

        Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Debenture, and, in the case of loss, theft or destruction, the purchase of an indemnity bond by the Holder to the
        Company in customary form and, in the case of mutilation, upon surrender and cancellation of this Debenture, the Company shall execute and deliver to the Holder a new Debenture (in accordance with Section 6(d)) representing the outstanding
        Principal.

    (c)          Debenture Exchangeable for Different
          Denominations.  This Debenture is exchangeable, upon the surrender hereof by the Holder at the principal office of the Company, for a new Debenture or Debentures (in accordance with Section 6(d)) representing in the aggregate the outstanding
        Principal of this Debenture, and each such new Debenture will represent such portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

    (d)          Issuance of New Debentures. 
        Whenever the Company is required to issue a new Debenture pursuant to the terms of this Debenture, such new Debenture (i) shall be of like tenor with this Debenture, (ii) shall represent, as indicated on the face of such new Debenture, the
        Principal remaining outstanding (or in the case of a new Debenture being issued pursuant to Section 6(a) or Section 6(c), the Principal designated by the Holder which, when added to the principal represented by the other new Debentures issued in
        connection with such issuance, does not exceed the Principal remaining outstanding under this Debenture immediately prior to such issuance of new Debentures), (iii) shall have an issuance date, as indicated on the face of such new Debenture, which
        is the same as the Issuance Date of this Debenture, (iv) shall have the same rights and conditions as this Debenture, and (v) shall represent accrued and unpaid Interest from the Issuance Date.

    
      11

      
        

    

    

    

    (7)          NOTICES.  Any notices, consents,
        waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered upon:  (i) receipt, when delivered personally, (ii) 1 Business Day after deposit with
        an overnight courier service with next day delivery specified, in each case, properly addressed to the party to receive the same, or  (iii) receipt, when sent by electronic mail (provided that the electronic mail transmission is not returned in
        error or the sender is not otherwise notified of any error in transmission. The addresses and e-mail addresses for such communications shall be:

    	
            If to the Company, to:

          	
            Castor Maritime Inc.

          
	 	
            223 Christodoulou Chatzipavlou Street

          
	 	
            Hawaii Royal Gardens

            3036 Limassol, Cyprus

          
	 	
            Attention:   Petros Panagiotidis

            Telephone:  +35725357767

          
	 	
            Email:      petrospan@castormaritime.com

          
	 	 
	
            With a copy to:

          	
            Seward & Kissel LLP

            One Battery Park Plaza

            New York, NY 10004

          
	 	
            Attention:  Gary Wolfe, Esq.

          
	 	
            Telephone: (212) 574-1200

          
	 	
            Email: wolfe@sewkis.com

          

    

    

    	
            If to the Holder:

          	
            YAII PN, Ltd.

            c/o Yorkville Advisors Global, LP

          
	 	
            1012 Springfield Avenue

          
	 	
            Mountainside, NJ 07092

          
	 	
            Attention:      Mark Angelo

            Telephone:    (201) 536-1115

          
	 	
            Email: mangelo@yorkvilleadvisors.com

          
	 	 
	
            With a copy to:

          	
            David Gonzalez, Esq.

          
	 	
            1012 Springfield Avenue

          
	 	
            Mountainside, NJ 07092

          
	 	
            Telephone:     (201) 536-5109

          
	 	
            Email:  dgonzalez@yorkvilleadvisors.com

          
	 	 

    or at such other address and/or electronic email address and/or to the attention of such other person as the recipient party has specified by written
      notice given to each other party 3 Business Days prior to the effectiveness of such change.  Written confirmation of receipt (i) given by the recipient of such notice, consent, waiver or other communication, (ii) mechanically or electronically
      generated by the sender’s computer containing the time, date, recipient’s electronic mail address and the text of such electronic mail or (iii) provided by a nationally recognized overnight delivery service, shall be rebuttable evidence of personal
      service, receipt by electronic mail or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively.

    
      12

      
        

    

    

    

    (8)          Except as expressly provided herein, no
        provision of this Debenture shall alter or impair the obligations of the Company, which are absolute and unconditional, to pay the principal of, interest and other charges (if any) on, this Debenture at the time, place, and rate, and in the coin or
        currency, herein prescribed.  This Debenture is a direct obligation of the Company. As long as this Debenture is outstanding, the Company shall not and shall cause their subsidiaries not to, without the consent of the Holder, (i) amend its
        certificate of incorporation, bylaws or other charter documents so as to adversely affect any rights of the Holder (which shall not include combining (by way of reverse stock split) outstanding shares of Common Stock into a smaller number of
        shares); (ii) repay, repurchase or offer to repay, repurchase or otherwise acquire shares of its Common Stock or other equity securities other than as to the Underlying Shares to the extent permitted or required under the Transaction Documents; or
        (iii) enter into any agreement with respect to any of the foregoing.

    (9)          This Debenture shall not entitle the
        Holder to any of the rights of a stockholder of the Company, including without limitation, the right to vote, to receive dividends and other distributions, or to receive any notice of, or to attend, meetings of stockholders or any other proceedings
        of the Company, unless and to the extent converted into shares of Common Stock in accordance with the terms hereof.

    (10)          This Debenture shall be governed by and
        construed in accordance with the laws of the State of New York, without giving effect to conflicts of laws thereof.  Each of the parties consents to the jurisdiction of the state and the federal courts sitting in the City of New York, Borough of
        Manhattan, in connection with any dispute arising under this Debenture and hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens to the bringing of any such proceeding in such
        jurisdictions.

    (11)          If the Company fails to strictly comply
        with the terms of this Debenture, then the Company shall reimburse the Holder promptly for all fees, costs and expenses, including, without limitation, attorneys’ fees and expenses incurred by the Holder in any action in connection with this
        Debenture, including, without limitation, those incurred: (i) during any workout, attempted workout, and/or in connection with the rendering of legal advice as to the Holder’s rights, remedies and obligations, (ii) collecting any sums which become
        due to the Holder, (iii) defending or prosecuting any proceeding or any counterclaim to any proceeding or appeal; or (iv) the protection, preservation or enforcement of any rights or remedies of the Holder.

    (12)          Any waiver by the Holder of a breach of
        any provision of this Debenture shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Debenture. The failure of the Holder to insist upon strict adherence to any
        term of this Debenture on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Debenture. Any waiver must be in writing.

    
      13

      
        

    

    

    

    (13)          If any provision of this Debenture is
        invalid, illegal or unenforceable, the balance of this Debenture shall remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances. If it shall
        be found that any interest or other amount deemed interest due hereunder shall violate applicable laws governing usury, the applicable rate of interest due hereunder shall automatically be lowered to equal the maximum permitted rate of interest.
        The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law which would
        prohibit or forgive the Company from paying all or any portion of the principal of or interest on this Debenture as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance
        of this indenture, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefits or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impeded the execution of any
        power herein granted to the Holder, but will suffer and permit the execution of every such as though no such law has been enacted.

    (14)          Whenever any payment or other obligation
        hereunder shall be due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day.

    (15)          THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY
        AND INTENTIONALLY WAIVE THE RIGHT ANY OF THEM MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION DOCUMENT OR ANY COURSE OF CONDUCT, COURSE OF
        DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY.  THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PARTIES’ ACCEPTANCE OF THIS AGREEMENT.

    (16)          CERTAIN DEFINITIONSFor purposes of
        this Debenture, the following terms shall have the following meanings:

    (a)          “Approved Stock Plan” means a
        stock option plan that has been approved by the Board of Directors of the Company, pursuant to which the Company’s securities may be issued only to any employee, officer, or director or third party service providers in the normal course of
        business, for services provided to the Company.

    (b)          "Bloomberg" means Bloomberg
        Financial Markets.

    (c)          “Business Day” means any day
        except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or a day on which banking institutions are authorized or required by law or other government action to close.

    (d)           “Change of Control Transaction”
        means the occurrence of (a) an acquisition after the date hereof by an individual or legal entity or “group” (as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of effective control (whether through legal or beneficial ownership
        of capital stock of the Company, by contract or otherwise) of in excess of 50% of the voting securities of the Company (except that the acquisition of voting securities by the Holder or any other current holder of convertible securities of the
        Company shall not constitute a Change of Control Transaction for purposes hereof), (b) a replacement at one time or over time of more than one-half of the members of the board of directors of the Company which is not approved by a majority of those
        individuals who are members of the board of directors on the date hereof (or by those individuals who are serving as members of the board of directors on any date whose nomination to the board of directors was approved by a majority of the members
        of the board of directors who are members on the date hereof), (c) the merger, consolidation or sale of 50% or more of the assets of the Company or any subsidiary of the Company in one or a series of related transactions with or into another
        entity, or (d) the execution by the Company of an agreement to which the Company is a party or by which it is bound, providing for any of the events set forth above in (a), (b) or (c).

    
      14

      
        

    

    

    

    (e)          “Closing Bid Price” means the
        price per share in the last reported trade of the Common Stock on the Primary Market or on the exchange  which the Common Stock is then listed as quoted by Bloomberg, LP.

    (f)          “Convertible Securities” means any
        stock or securities (other than Options) directly or indirectly convertible into or exercisable or exchangeable for Common Stock.

    (g)          “Commission” means the Securities
        and Exchange Commission.

    (h)          “Common Stock” means the common
        stock, par value $0.001, of the Company and stock of any other class into which such shares may hereafter be changed or reclassified.

    (i)          "Dollar Value Traded" means, for
        any security as of any date, the daily dollar traded value for such security as reported by Bloomberg, LP through its “Historical Price Table Screen (HP)” with Market: Dollar Value Traded function selected, or, if no dollar value traded is reported
        for such security by Bloomberg, the dollar traded value of any of the market makers for such security as reported in the "pink sheets" by Pink Sheets LLC.

    (j)          "Equity Conditions" means that
        each of the following conditions is satisfied:  (i) on each day during the period beginning 2 weeks prior to the applicable date of determination and ending on and including the applicable date of determination (the "Equity Conditions Measuring
          Period"), all applicable shares of Common Stock to be issued in connection with the event requiring determination shall be eligible for sale without restriction and without the need for registration under any applicable federal or state
        securities laws; (ii) on each day during the Equity Conditions Measuring Period, the Common Stock is designated for quotation on the Principal Market and shall not have been suspended from trading on such exchange or market nor shall delisting or
        suspension by such exchange or market been threatened or pending either (A) in writing by such exchange or market or (B) by falling below the then effective minimum listing maintenance requirements of such exchange or market; (iii) during the
        Equity Conditions Measuring Period, the Company shall have delivered Conversion Shares upon conversion of the Debentures to the Holder on a timely basis as set forth in Section 4(e)(i) hereof; (iv) any applicable shares of Common Stock to be issued
        in connection with the event requiring determination may be issued in full without violating Section 4(f) hereof and the rules or regulations of the Primary Market; (v) during the Equity Conditions Measuring Period, there shall not have occurred
        either (A) an Event of Default or (B) an event that with the passage of time or giving of notice would constitute an Event of Default; and (vii) the Company shall have no knowledge of any fact that would cause any applicable shares of Common Stock
        to be issued in connection with the event requiring determination not to be eligible for sale without restriction and without the need for registration under any applicable federal or state securities laws.

    
      15

      
        

    

    

    

    (k)          "Equity Conditions Failure" means
        that on any applicable date the Equity Conditions have not been satisfied (or waived in writing by the Holder).

    (l)          “Exchange Act” means the
        Securities Exchange Act of 1934, as amended.

    (m)          “Options” means any rights,
        warrants or options to subscribe for or purchase shares of Common Stock or Convertible Securities.

    (n)          “Original Issue Date” means the
        date of the first issuance of this Debenture regardless of the number of transfers and regardless of the number of instruments, which may be issued to evidence such Debenture.

    (o)          “Person” means a corporation, an
        association, a partnership, organization, a business, an individual, a government or political subdivision thereof or a governmental agency.

    (p)          “Securities Act” means the
        Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

    (q)          “Securities Purchase Agreement”
        means the Securities Purchase Agreement dated the date hereof by and among the Company and the Holder.

    (r)           “Trading Day” means a day on
        which the shares of Common Stock are quoted on the Primary Market on which the shares of Common Stock are then quoted or listed; provided, that in the event that the shares of Common Stock are not listed or quoted, then Trading Day shall mean a
        Business Day.

    (s)          “Transaction Documents” means the
        Securities Purchase Agreement or any other agreement delivered in connection with the Securities Purchase Agreement, including, without limitation, Registration Rights Agreement and the Irrevocable Transfer Agent Instructions.

    (t)          “Underlying Shares” means the
        shares of Common Stock issuable upon conversion of this Debenture or as payment of interest in accordance with the terms hereof.

    (u)          "VWAP" means, for any security as
        of any date, the daily dollar volume-weighted average price for such security as reported by Bloomberg, LP through its “Historical Price Table Screen (HP)” with Market: Weighted Average function selected, or, if no dollar volume-weighted average
        price is reported for such security by Bloomberg, the average of the highest closing bid price and the lowest closing ask price of any of the market makers for such security as reported in the "pink sheets" by Pink Sheets LLC.

    
      16

      
        

    

    

    

     [Signature Page Follows]

    

    

    
      17

      
        

    

    

    

    IN WITNESS WHEREOF, the
        Company has caused this Convertible Debenture to be duly executed by a duly authorized officer as of the date set forth above.

    

    

    	 	
            COMPANY:

          
	 	
            CASTOR MARITIME INC.

          
	 	 	 
	 	
            By:

          	

          
	 	
            Name:

          	

          
	 	
            Title:

          	

          
	 	 	 

    

    

    

    

    
      
        

    

    

    

    EXHIBIT I

      CONVERSION NOTICE

    (To be executed by the Holder in order to Convert the Debenture)

    

    

    	
            TO:

          

    

    

    The undersigned hereby irrevocably elects to convert $___________________ of the principal amount of Debenture No. CTRM-1-3
      into Shares of Common Stock of CASTOR MARITIME INC., according to the conditions stated therein, as of the Conversion Date written below.

    	
            Conversion Date:

          	 	 
	
            Conversion Amount to be converted:

          	
            $

          	 
	
            Conversion Price:

          	
            $

          	 
	
            Number of shares of Common Stock to be issued:

          	 	 
	
            Amount of Debenture Unconverted:

          	
            $

          	 
	 	
             

          	 
	 	 	 
	
            Please issue the shares of Common Stock in the following name and to the following address:

          
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
            Issue to:

          	 	 
	
            HOLDER

          	 	 
	
            Authorized Signature:

          	 	 
	
            Name:

          	 	 
	
            Title:

          	 	 
	
            Broker DTC Participant Code:

          	 	 
	
            Account Number:

          	 	 
	
            COMPANY

          	 	 
	
            Authorized Signature:

          	 	 
	
            Name:

          	 	 
	
            Title:

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