0000950144-06-006347 Sample Contracts

AMENDMENT AGREEMENT
Amendment Agreement • June 29th, 2006 • FreeSeas Inc. • Deep sea foreign transportation of freight
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THIS AGREEMENT is dated the 9th day of June Two Thousand Five and made BETWEEN WHEREAS
Agreement • June 29th, 2006 • FreeSeas Inc. • Deep sea foreign transportation of freight

At the request of the Borrower the Bank has agreed to advance a sum of up to United States Dollars SEVEN MILLION (US$ 7,000,000) to the Borrower upon the terms and conditions hereinafter set forth.

Contract
FreeSeas Inc. • June 29th, 2006 • Deep sea foreign transportation of freight

THIS FIRST PANAMANIAN NAVAL MORTGAGE is made this ....day of June 2005, between ADVENTURE FOUR S.A. a corporation organised and existing in good standing under the laws of the Republic of The Marshall Islands, having its registered office at Trust Company Complex, Ajeltake Island, Majuro, The Republic of the Marshall Islands, (hereinafter referred to as “the Owner”) of the one part and EGNATIA BANK S.A., a Banking Corporation, having its registered office at 4, Danaidon Street, Thessaloniki, Greece, acting for the purposes of this Agreement through its office at 116 Kolokotroni Street, Piraeus 185 35, Greece , (hereinafter called the “Mortgagee”), and the above parties requested the present deed to be drawn in which they declare, agree and covenant as follows:

THIS GUARANTEE is made on the 3rd day of March 2006 BETWEEN WHEREAS
FreeSeas Inc. • June 29th, 2006 • Deep sea foreign transportation of freight
Contract
FreeSeas Inc. • June 29th, 2006 • Deep sea foreign transportation of freight

THIS ADDENDUM NUMBER ONE to a Loan Agreement dated 9th day of June Two Thousand Five is dated the 3rd day of March Two Thousand Six and made

THIS DEED OF ASSIGNMENT is dated the day of June of the year two thousand five (2005) and made BETWEEN:
FreeSeas Inc. • June 29th, 2006 • Deep sea foreign transportation of freight
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