TOP SHIPS INC. — Director's Dealing 2016

Aug 25, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: TOP SHIPS INC. (TOPS)
CIK: 0001296484
Period of Report: 2016-06-13

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-06-13	Common Stock	S	597	$2.055	Disposed	82900	Direct
2016-06-14	Common Stock	S	3300	$1.955	Disposed	79600	Direct
2016-06-16	Common Stock	S	300	$2.00	Disposed	79300	Direct
2016-07-20	Common Stock	S	14700	$2.125	Disposed	64600	Direct
2016-07-21	Common Stock	S	64600	$3.45	Disposed	0	Direct
2016-08-12	Common Stock	X	111250	$2.80	Acquired	111250	Direct
2016-08-23	Common Stock	S	9869	$3.815	Disposed	101381	Direct
2016-08-24	Common Stock	S	45000	$4.15	Disposed	56381	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-08-12	Warrants to Purchase Common Stock	$2.8	X	125000	Disposed	2019-06-11	Common Stock (111250)	Direct

Footnotes

F1: This transaction was executed in multiple trades at prices ranging from $2.05 to $2.06. 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 $1.95 to $1.96. 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.

F3: This transaction was executed in multiple trades at prices ranging from $2.00 to $2.25. 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.

F4: This transaction was executed in multiple trades at prices ranging from $2.90 to $4.00. 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.

F5: 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 12, 2016, the reporting person beneficially owns 500,000 warrants to purchase 445,000 shares of common stock.

F6: This transaction was executed in multiple trades at prices ranging from $3.76 to $3.87. 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.

F7: This transaction was executed in multiple trades at prices ranging from $3.90 to $4.40. 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.