Exhibiti 4.27WARRANT CLARIFICATION AGREEMENT     THIS WARRANT CLARIFICATION AGREEMENT (this “Agreement”), datedMay 10, 2007, amends the Warrant Agreement, dated as of July 29, 2004 (the “WarrantAgreement”), by and between FreeSeas Inc., a corporation organized under the laws of theRepublic of the Marshall Islands (“Company”), the successor by merger with Trinity PartnersAcquisition Company Inc. (“Trinity”), and AMERICAN STOCK TRANSFER & TRUST COMPANY, a NewYork corporation (“Warrant Agent”).     WHEREAS, the Company assumed Trinity’s rights and obligations under the Warrant Agreement byvirtue of Trinity’s merger with and into the Company on December 15, 2005;     WHEREAS, Section 3.3.2 of the Warrant Agreement provides that Company shall not be obligatedto deliver any securities pursuant to the exercise of a Warrant unless a registration statementunder the Securities Act of 1933, as amended (“Securities Act”), with respect to the CommonStock is effective;     WHEREAS, in furtherance of the foregoing, Trinity’s final prospectus, dated July 29, 2004,delivered in connection with the original offering of the Warrants, indicated (i) that no Warrantwould be exercisable unless at the time of exercise a prospectus relating to the Common Stockissuable upon exercise of the Warrant is current and the Common Stock has been registered under theSecurities Act or qualified or deemed to be exempt under the securities laws of the state ofresidence of the holder of the Warrant and (ii) that the Warrant may be deprived of any value andthe market for the Warrant may be limited if the prospectus relating to the Common Stock issuableupon the exercise of the Warrant is not current or if the Common Stock is not qualified or exemptfrom qualification in the jurisdictions in which the holder of the Warrant resides; and     WHEREAS, the parties hereto deem it necessary and desirable to amend the Warrant Agreement toclarify that the registered holders do not have the right to receive a net cash settlement in theevent the Company does not maintain a current prospectus relating to the Common Stock issuable uponexercise of the Warrants at the time such Warrants are exercisable.     NOW, THEREFORE, in consideration of the mutual agreements contained herein and other good andvaluable consideration, the receipt and sufficiency of which are hereby acknowledged, and intendingto be legally bound hereby, the parties hereto agree to amend the Warrant Agreement as set forthherein.     1. Warrant Agreement. The Warrant Agreement is hereby amended by adding the followingsentence as the penultimate sentence of Section 3.3.2 thereof:“Furthermore, if the Company is unable to deliver any securitiespursuant to the exercise of a Warrant as a result of the foregoing,the Company will have no obligation to pay such registered holder anycash or other consideration or otherwise “net cash settle” theWarrant.”
 

 
     2. Miscellaneous.          (a) Defined Terms. Capitalized terms used but not defined herein shall have therespective meanings ascribed to such terms in the Warrant Agreement.          (b) Governing Law. The validity, interpretation, and performance of this Agreementand of the Warrants shall be governed in all respects by the laws of the State of New York, withoutgiving effect to conflicts of law principles that would result in the application of thesubstantive laws of another jurisdiction. The Company hereby agrees that any action, proceeding orclaim against it arising out of or relating in any way to this Agreement shall be brought andenforced in the courts of the State of New York or the United States District Court for theSouthern District of New York, and irrevocably submits to such jurisdiction, which jurisdictionshall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and thatsuch courts represent an inconvenient forum. Any such process or summons to be served upon theCompany may be served by transmitting a copy thereof by registered or certified mail, returnreceipt requested, postage prepaid, addressed to it at the address set forth in Section 9.2 of theWarrant Agreement. Such mailing shall be deemed personal service and shall be legal and bindingupon the Company in any action, proceeding or claim.          (c) Responsibility of the Warrant Agent. The Warrant Agent has no responsibility forthe correctness of the recitals above which shall be taken as statements of the Company, and makesno representations as to the validity, sufficiency or enforceability of this Agreement.          (d) Binding Effect. This Agreement shall be binding upon and inure to the benefit ofthe parties hereto and to their respective heirs, legal representatives, successors and assigns.          (e) Entire Agreement. This Agreement sets forth the entire agreement andunderstanding between the parties as to the subject matter thereof and merges and supersedes allprior discussions, agreements and understandings of any and every nature among them. Except as setforth in this Agreement, provisions of the Warrant Agreement which are not inconsistent with thisAgreement shall remain in full force and effect.          (f) Severability. This Agreement shall be deemed severable, and the invalidity orunenforceability of any term or provision hereof shall not affect the validity or enforceability ofthis Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalidor unenforceable term or provision, the parties hereto intend that there shall be added as part ofthis Agreement a provision as similar in terms to such invalid or unenforceable provision as may bepossible and be valid and enforceable.          (g) Execution. This Agreement may be executed in one or more counterparts, each ofwhich shall be deemed to be an original, but all of which together shall constitute one and thesame instrument. Each counterpart may be delivered by facsimile transmission, which transmissionshall be deemed delivery of an originally executed document.
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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date firstwritten above.      FREESEAS INC.