Safe Bulkers, Inc. (a Marshall Islands corporation) 2,800,000 Shares of 8.00% Series D Cumulative Redeemable Perpetual Preferred Stock, Par Value $0.01 Per Share, $25.00 Liquidation Preference Per Share UNDERWRITING AGREEMENTUnderwriting Agreement • June 30th, 2014 • Safe Bulkers, Inc. • Deep sea foreign transportation of freight • New York
Pursuant to Section 5(i) of the Underwriting Agreement, dated June 23, 2014 (the “Underwriting Agreement”), by and among Safe Bulkers, Inc., Morgan Stanley & Co. LLC and UBS Securities LLC, 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.
