UNDERWRITING AGREEMENT Safe Bulkers, Inc. (a Marshall Islands corporation) 800,000 Shares of 8.00% Series B Cumulative Redeemable Perpetual Preferred Shares $0.01 Par Value Per Share, $25.00 Liquidation Preference Per Share Dated as of: June 6, 2013Underwriting Agreement • June 13th, 2013 • Safe Bulkers, Inc. • Deep sea foreign transportation of freight • New York
Pursuant to Section 5(i) of the Underwriting Agreement, dated June [●], 2013 (the “Underwriting Agreement”), by and among Safe Bulkers, Inc. (the “Company”) and Incapital LLC and DNB Markets, Inc., 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 Underwriting Agreement.
