Safe Bulkers, Inc. (a Marshall Islands corporation) 5,000,000 Shares of Common Stock PURCHASE AGREEMENTPurchase Agreement • March 16th, 2012 • Safe Bulkers, Inc. • Deep sea foreign transportation of freight • New York
Pursuant to Section 5(i) of the Purchase Agreement, dated March 13, 2012 (the “Purchase Agreement”), by and among Safe Bulkers, Inc. and Morgan Stanley & Co. LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representatives (the “Representatives”) of the several underwriters named therein (the “Underwriters”), Safety Management Overseas S.A. (the “Manager”) hereby delivers this side letter (the “Manager Side Letter”) to the Underwriters on the date first written above. Capitalized terms used herein but not defined herein shall have the meanings given to them in the Purchase Agreement.
