X0306 4 2016-08-25 0 0001296484 TOP SHIPS INC. TOPS 0001512282 Ronin Capital, LLC 350 N. ORLEANS STREET SUITE 2N CHICAGO IL 60654-1975 0 0 1 0 Common Stock 2016-08-25 4 S 0 36381 4.785 D 20000 D Common Stock 2016-08-25 4 X 0 111250 2.80 A 131250 D Common stock 2016-08-26 4 S 0 20000 4.605 D 111250 D Warrants to Purchase Common Stock 2.8 2016-08-25 4 X 0 125000 0 D 2014-06-11 2019-06-11 Common Stock 111250 375000 D This transaction was executed in multiple trades at prices ranging from $4.67 to $4.90. The price reported above reflects the average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transactions were effected. This transaction was executed in multiple trades at prices ranging from $4.36 to $4.85. The price reported above reflects the average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transactions were effected. Each warrant is exercisable for 0.89 shares of common stock. After giving effect to the exercise of 125,000 warrants to purchase 111,250 shares of common stock on August 25, 2016, the reporting person beneficially owns 375,000 warrants to purchase 333,750 shares of common stock. /s/ Agnes Burda, authorized signatory 2016-08-29