Imperial Petroleum Inc (IMPP)

[SILVERSURFER4263]

GOING UP IN NEXT FEW DAYS TO A BUCK MINIMUM IMO
4.20 Subsequent Equity Sales.

(a) From the date hereof until ninety (90) days after the Closing Date, neither the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Shares or Common Share Equivalents without the prior written consent of the Representative. Notwithstanding the foregoing, this Section 4.20 shall not apply in respect of an Exempt Issuance.

(b) Future Offerings. If within nine (9) months of the Closing (each, an “Event”), the Company completes any public or private financing of equity, equity-linked, convertible or debt or other capital-raising activity of the Company for which the Representative is not acting as underwriter or placement agent (other than the exercise by any person or entity of any options, warrants or other convertible securities) with any of the investors that were contacted by the Representative, introduced to the Company by the Representative or participated in the Offering (excluding any investors that either held securities of the Company prior to the Closing or that were introduced by the Company to the Representative), then the Company shall pay to the Representative a commission as described in Section 2.1(b) herein, in each case only with respect to the portion of such financing received from such investors.

4.21 Capital Changes. Until sixty (60) days after the Closing Date, the Company shall not undertake a reverse or forward stock split or reclassification of the Common Shares without the prior written consent of the Representative, which consent shall not be unreasonably withheld; provided however, no written consent of the Representative shall be required for the Company to maintain compliance with the Trading Market.