Safe Bulkers, Inc. (a Marshall Islands corporation) 13,600,000 Shares of Common Stock UNDERWRITING AGREEMENTUnderwriting Agreement • December 9th, 2016 • Safe Bulkers, Inc. • Deep sea foreign transportation of freight • New York
Pursuant to Section 5(i) of the Underwriting Agreement, dated December 6, 2016 (the “Underwriting Agreement”), by and among Safe Bulkers, Inc., Stifel, Nicolaus & Company, Incorporated and DNB Markets, Inc., as representatives (the “Representatives”) of the several underwriters named therein (the “Underwriters”), [Safety Management Overseas S.A. / Safe Bulkers Management Limited] (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.
