TOP SHIPS INC. — Director's Dealing 2016

Sep 1, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TOP SHIPS INC. (TOPS)
CIK: 0001296484
Period of Report: 2016-08-30

Reporting Person: Ronin Capital, LLC (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-08-30	Common stock	S	8400	$3.955	Disposed	102850	Direct
2016-08-31	Common Stock	S	27500	$3.865	Disposed	75350	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $3.92 to $3.99. 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.

F2: This transaction was executed in multiple trades at prices ranging from $3.78 to $3.95. 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.