| FOURTH SUPPLEMENTAL AGREEMENT   |
|---------------------------------|
| relating to a                   |
| Term Loan and                   |
| Revolving Credit Facility       |
| of originally US$545,656,899.82 |
| provided by                     |

|   | THE ROYAL BANK OF SCOTLAND plc | (1)    |
|--------|--------------------------------|--------|
|   |                           |   |
|   | to                             |   |
|   |                           |   |
|   | TOP SHIPS INC.                 | (2)    |

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| Clause                                             |                                  | Page   |
|----------------------------------------------------|---------------------------------------|--------|
|                                               |                                  |   |
| 1                                                  | Interpretation                        | 1      |
|                                               |                                  |   |
| 2                                                  | Amendments to the Principal Agreement | 2      |
|                                               |                                  |   |
| 3                                                  | Representations and warranties        | 9      |
|                                               |                                  |   |
| 4                                                  | Security Documents                    | 10     |
|                                               |                                  |   |
| 5                                                  | Expenses                              | 11     |
|                                               |                                  |   |
| 6                                                  | Effective Date                        | 11     |
|                                               |                                  |   |
| 7                                                  | Miscellaneous                         | 13     |
|                                               |                                  |   |
| 8                                                  | Governing Law                         | 13     |
|                                               |                                  |
| Schedule 1   Form of Supplemental Letter | 15                                    |
|                                               |                                  |
| Schedule 2   Retention Account Charge    | 17                                    |

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|   | (1) | TOP SHIPS INC. (formerly known as Top Tankers Inc.) with its principal place of business at 1, Vas. Sofias & Meg. Alexandrou Str., 151 24 Maroussi, Greece (the Borrower); and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | THE ROYAL BANK OF SCOTLAND plc, acting for the purposes of this Supplemental Agreement through its office at the Shipping Business Centre, 5-10 Great Tower Street, London, EC3P 3HX, England (the Bank). |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (A) | this Supplemental Agreement is supplemental to the facilities agreement dated 1 November 2005 (the Original Agreement) as supplemented and amended by a first supplemental agreement dated 21 December 2006 (the First Supplemental Agreement) and a second supplemental agreement dated 22 January 2008 (the Second Supplemental Agreement) and as amended and restated by a supplemental agreement dated 26 March 2008 (the Restatement Agreement and together with the Original Agreement, the First Supplemental Agreement and the Second Supplemental Agreement, the Principal Agreement), each made between (1) the Borrower and (2) the Bank, pursuant to which the Bank originally agreed, upon the terms and conditions set out in the Original Agreement, to make available to the Borrower (a) a term loan facility of up to $195,656,899.82, which has since been cancelled pursuant to the terms of the Restatement Agreement and (b) a revolving credit facility of up to $350,000,000, which has since been reduced to $123,000,000 (with no further drawdowns permitted) pursuant to the terms of the Restatement Agreement; and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | the Borrower has requested that the Security Value covenant set out in clause 8.2.1 of the Principal Agreement be temporarily waived until 31 March 2010 and this Supplemental Agreement sets out the terms and conditions upon which the Bank is prepared to agree to such waiver. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1       | Interpretation |
|----------------------------------|----------------|

| 1.1       | Definitions in Principal Agreement |
|-----------------------------------------|------------------------------------|

| 1.1.1       | Unless the context otherwise requires and save as mentioned below, words and expressions defined in the Principal Agreement shall have the same meanings when used in this Supplemental Agreement. |
|-------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.1.2      | In this Supplemental Agreement, unless the context otherwise requires: |
|-------------------------------------|------------------------------------------------------------------------|

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| 1.2       | Interpretation of Principal Agreement |
|-----------------------------------------|---------------------------------------|

| 1.3       | Incorporation of certain references |
|-----------------------------------------|-------------------------------------|

| 1.4      | Third party rights |
|-----------------------------------|--------------------|

| 2       | Amendments to the Principal Agreement |
|---------------------------------------|---------------------------------------|

| 2.1       | Agreement |
|-----------------------------------------|-----------|

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| 2.2       | Amendments |
|-----------------------------------------|------------|

| 2.2.1       | Clause 1.2: by inserting the following new definition of "Fourth Supplemental Agreement": |
|-------------------------------------------|-------------------------------------------------------------------------------------------|

| 2.2.2       | Clause 1.2: by amending the definition of "Margin" to read as follows: |
|-------------------------------------------|------------------------------------------------------------------------|

| (a)         | up until 26 March 2008 the margin listed in the following table which shall be adjusted at each Margin Set Date: |
|------------------------------------------------|------------------------------------------------------------------------------------------------------------------|

| Facility   | Loan/Security Value Ratio | Margin |
|------------|---------------------------|--------|
| Facility A | ≤ 60%          | 0.875% |
| Facility B | ≤ 60%          | 0.85%  |
| Loan       | > 60%                  | 1.0%   |

| (b)        | from 26 March 2008, 1.25%; and |
|------------------------------------------|--------------------------------|

| (c)         | from the date of the Fourth Supplemental Agreement, 2.5%;"; |
|------------------------------------------------|-------------------------------------------------------------|

| 2.2.3       | Clause 1.2: by deleting the definition of "Reduction Date" and all references thereto in the Principal Agreement and each of the Security Documents as necessary to reflect the fact that no further Advances shall be made under Facility B other than those set out at clause 2.4.11 of the Principal Agreement which at the date of this Supplemental Agreement have already been made; |
|-------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2.4      | Clause 1.2: by amending the definition of "Repayment Date" to read as follows: |
|-------------------------------------|--------------------------------------------------------------------------------|

| (a)         | in relation to Facility A, 30 November 2005 and each of the dates falling at six (6) monthly intervals thereafter up to and including the Final Repayment Date relative to Facility A; and |
|------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| (b)         | in relation to Facility B, 31 July 2009, 31 August 2009 and each of the dates falling at three (3) monthly intervals thereafter up to and including the Final Repayment Date relative to Facility B;"; |
|------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2.5       | Clause 1.2: by inserting the following new definition of "Retention Account": |
|-------------------------------------------|-------------------------------------------------------------------------------|

| 2.2.6       | Clause 1.2: by inserting the following new definition of "Retention Account Charge": |
|-------------------------------------------|--------------------------------------------------------------------------------------|

| 2.2.7       | Clause 1.2: by inserting the following new definition of "Retention Amount": |
|-------------------------------------------|------------------------------------------------------------------------------|

| (a)         | one-third (1/3rd) of the amount of the repayment instalment to be repaid on the next following Repayment Date for Facility B; and |
|-----------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------|

| (b)         | the applicable fraction (as hereinafter defined) of the aggregate amount of interest falling due for payment in respect of each part of the Loan during and at the end of each Interest Period current at the relevant Retention Date and, for this purpose, the expression "applicable fraction" in relation to each Interest Period shall mean a fraction having a numerator of one and a denominator equal to the number of Retention Dates falling within the relevant Interest Period;"; |
|------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2.8       | Clause 1.2: by inserting the following new definition of "Retention Dates": |
|-------------------------------------------|-----------------------------------------------------------------------------|

| 2.2.9       | Clause 1.2: by inserting the words ", the Retention Account Charge and the Fourth Supplemental Agreement" after the words "the Supplemental Agreement" in the seventh line of the definition of "Security Documents"; |
|-------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2.10       | Clause 1.2: by inserting the following new definition of "Surplus Earnings": |
|--------------------------------------------|------------------------------------------------------------------------------|

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| (a)         | a sum equal to all Retention Amounts made pursuant to clause 14.7 during that quarter; |
|-----------------------------------------------------|----------------------------------------------------------------------------------------|

| (b)         | the proper and reasonable operating expenses (including costs of crewing, insuring, repairing and maintaining the relevant Ship) of the relevant Ship and the proper and reasonable expenses of administering the affairs of the Borrower and the relevant Owner during that quarter; and |
|-----------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c)         | any Manager's remuneration under any Management Agreement previously approved by the Bank paid during such quarter, |
|-----------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|

| 2.2.11      | Clause 4.2: clause 4.2.2 shall be deleted and clause 4.2.1 shall be amended to read as follows: |
|--------------------------------------|-------------------------------------------------------------------------------------------------|

|   | 4.2.1 | Subject always to the provisions of this clause 4.2 the Borrower shall repay that part of the Loan forming Facility B (including without limitation the Initial Revolving Amount) by the eighteen (18) instalments referred to in this clause 4.2.1 and the further instalment referred to in clause 4.2.2. Subject to the provisions of clause 4.2.2, one such instalment shall be repaid on each of the Repayment Dates relative to Facility B. Subject to the provisions of this Agreement: |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)     | the amount of the first instalment (payable on 31 July 2009) shall be four million Dollars ($4,000,000); |
|-------------------|----------------------------------------------------------------------------------------------------------|

| (b)    | the amount of each of the second to the ninth instalments shall be one million Dollars ($1,000,000); |
|------------------|------------------------------------------------------------------------------------------------------|

| (c)    | the amount of each of the tenth to the seventeenth instalments shall be one million six hundred thousand Dollars ($1,600,000); and |
|------------------|------------------------------------------------------------------------------------------------------------------------------------|

| (d)    | the amount of the eighteenth and final instalment shall be thirty one million two hundred thousand Dollars ($31,200,000) (comprising a repayment instalment of one million six hundred thousand Dollars ($1,600,000) and a balloon repayment in the amount of twenty nine million six hundred thousand Dollars ($29,600,000). |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 4.2.2 | On the earlier of (a) 31 March 2010 and (b) the date on which the Borrower successfully raises more than ten million Dollars ($10,000,000) of additional equity, whether this be by way of a secondary offering or otherwise (including, without limitation, by sale of common or preferred stock/shares and/or warrants), the Borrower shall repay the sum of seven hundred and seventy six thousand eight hundred and twenty nine Dollars and twenty five cents ($776,829.25)."; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2.12       | Clause 4.9: by inserting a new clause 4.9 reading as follows: |
|--------------------------------------------|---------------------------------------------------------------|

|   | 4.9.1 | On each Repayment Date (other than the first Repayment Date), the Bank shall, after having notified the Borrower of any Surplus Earnings, apply seventy-five per cent (75%) of any Surplus Earnings standing to the credit of each Operating Account in prepayment of the Loan. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.9.2 | Any amount prepaid pursuant to clause 4.9.1 shall be applied in reducing the repayment instalments under clause 4.2.1 in inverse order of their due dates for payment."; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2.13      | Clause 8.1.16: by amending such clause to read as follows: |
|--------------------------------------|------------------------------------------------------------|

| (a)         | subject to this clause 8.1.16, on or before the Drawdown Date of the first Advance pay to the credit of the Operating Accounts (or other accounts charged in favour of the Bank in respect of the Ships) an aggregate sum of not less than ten million Dollars ($10,000,000); and |
|-----------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)         | on and from 29 June 2009 and throughout the Security Period maintain an average balance (calculated on a monthly basis) of not less than two hundred thousand Dollars ($200,000) and in any event an aggregate balance of not less than one hundred thousand Dollars ($100,000) per Ship standing to the credit of the Operating Accounts always excluding sums standing to the credit of the Retention Account;"; |
|-----------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2.14       | Clause 8.5.2: by amending the definition of "EBITDA" to read as follows: |
|--------------------------------------------|--------------------------------------------------------------------------|

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| 2.2.15      | Clause 14.1.1(c): by amending such clause to read as follows: |
|--------------------------------------|---------------------------------------------------------------|

| 2.2.16       | Clause 14.3.1: by amending such clause to read as follows: |
|--------------------------------------------|------------------------------------------------------------|

|   | 14.3.1 | to transfer to the Retention Account on each Retention Date all or part of the Retention Amount for such Retention Date; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------|

|   | 14.3.2 | to pay the proper and reasonable operating expenses (including costs of crewing, insuring, repairing and maintaining the Ships) of the Ships and the proper and reasonable expenses of administering the affairs of the Borrower and each of the Owners; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.3.3 | to pay any Manager's remuneration under any Management Agreement previously approved by the Bank in the amounts and at the times therein stated, |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2.17       | Clause 14.5: by inserting the words "and/or the Retention Account" after the words "the Operating Accounts" in the second line; |
|--------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|

| 2.2.18       | Clause 14.6: by deleting the word "Operating" in the heading and amending clause 14.6.1 to read as follows: |
|--------------------------------------------|-------------------------------------------------------------------------------------------------------------|

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| 2.2.19       | Clause 14: by inserting a new clause 14.7 reading as follows: |
|--------------------------------------------|---------------------------------------------------------------|

|   | 14.7.1 | The Borrower undertakes with the Bank that it will, from the date of this Agreement and so long as any moneys are owing under the Security Documents, on each Retention Date pay to the Bank for credit to the Retention Account, the Retention Amount for such Retention Date. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.7.2 | To the extent that there are moneys standing to the credit of the Operating Accounts as at the relevant Retention Date, such moneys shall be transferred to the Retention Account on such Retention Date (and the Borrower hereby instructs the Bank to effect such transfer) and to that extent the Borrower's obligations to make the payments referred to in sub-clause 14.3.1 shall have been fulfilled upon such transfer being effected. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.7.3 | Unless and until there shall occur an Event of Default (whereupon the provisions of clause 14.5 shall apply), all Retention Amounts credited to the Retention Account together with interest from time to time accruing or at any time accrued thereon shall be applied by the Bank (and the Borrower hereby irrevocably and unconditionally instructs the Bank so to apply the same) in the following manner: |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a)    | upon each Repayment Date (other than the first Repayment Date), and on each day that interest is payable pursuant to clause 3.1 whether in respect of an Advance or the Loan, in or towards payment to the Bank of that sum that may need to be repaid on the relevant Repayment Date or (as the case may be) the amount of interest then due. Each such application by the Bank shall constitute a payment in or towards satisfaction of the Borrower's corresponding payment obligations under this Agreement but shall be strictly without prejudice to the obligations of the Borrower to make any such payment to the extent that the aforesaid application by the Bank is insufficient to meet the same; and |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)    | following any application by the Bank pursuant to clause 14.7.3(a) in transfer to the Operating Accounts of any moneys standing to the credit of the Retention Account to the extent that such moneys do not constitute Retention Amounts. |
|------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 14.7.4 | Unless the Bank otherwise agrees in writing and subject to clause 14.7.3, the Borrower shall not be entitled to withdraw any moneys from the Retention Account at any time from the date of this Agreement and so long as any moneys are owing under the Security Documents.". |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3       | Representations and warranties |
|---------------------------------------|--------------------------------|

| 3.1       | The Borrower represents and warrants to the Bank that: |
|-----------------------------------------|--------------------------------------------------------|

| 3.1.1      | Representations and warranties in Principal Agreement |
|-------------------------------------|-------------------------------------------------------|

| 3.1.2       | Corporate power |
|-------------------------------------------|-----------------|

| 3.1.3      | No conflict with other obligations |
|-------------------------------------|------------------------------------|

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| 3.1.4      | Consents obtained |
|-------------------------------------|-------------------|

| 3.1.5       | No filings required |
|-------------------------------------------|---------------------|

| 3.2       | Repetition |
|-----------------------------------------|------------|

| 4       | Security Documents |
|---------------------------------------|--------------------|

| 4.1.1      | each of the Security Documents to which it is a party, and its obligations thereunder, shall remain in full force and effect notwithstanding the amendments made to the Principal Agreement by this Supplemental Agreement; and |
|-------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.1.2      | with effect from the Effective Date, references to "the Agreement" or "the Loan Agreement" or "the Facilities Agreement" in any of the Security Documents to which it is a party shall henceforth be reference to the Principal Agreement as amended by this Supplemental Agreement and as from time to time hereafter amended. |
|-------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 5       | Expenses |
|---------------------------------------|----------|

| 5.1       | Expenses |
|-----------------------------------------|----------|

| 5.2   | Stamp and other duties |
|-----------------|------------------------|

| 5.3       | Value Added Tax |
|-----------------------------------------|-----------------|

| 6       | Effective Date |
|---------------------------------------|----------------|

| 6.1       | Conditions precedent documentation |
|-----------------------------------------|------------------------------------|

| 6.1.1       | in relation to each of the Borrower, the Owners and the Manager: |
|-------------------------------------------|------------------------------------------------------------------|

| (a)   | copies certified as true copies by a Director or the Secretary of the relevant party, as true, complete and up to date copies, of all documents which contain or establish or relate to the constitution of that party or a Secretary or Director's Certificate confirming that there have been no changes or amendments to the constitutional documents certified copies of which were previously delivered to the Bank pursuant to the Principal Agreement; |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | a copy, certified as a true copy by a Director or the Secretary of the Borrower, of resolutions of the Board of Directors and Shareholders of the Borrower evidencing approval of this Supplemental Agreement and the Retention Account Charge and authorising its appropriate officers to execute and deliver this Supplemental Agreement and the Retention Account Charge and to give all notices and take all other action required by the Borrower under this Supplemental Agreement and the Retention Account Charge and a copy, certified as a true copy by a Director or the Secretary of each of the Owners and the Manager, of resolutions of the Board of Directors and (if necessary) Shareholders of each such party evidencing approval of the Supplemental Side Letter and authorising its appropriate officers to execute and deliver the Supplemental Side Letter, together with originals or certified copies of any Powers of Attorney issued by any party pursuant to such resolutions; |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 6.1.2      | a list of Directors and Officers of the Borrower, the Owners and the Manager specifying the names and positions of such persons, certified by an Officer of the relevant party to be true, complete and up to date; |
|-------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.1.3       | a certificate from a Director or the Secretary of each of the Borrower, the Owners and the Manager stating that no consents, authorisations, licences or approvals are necessary for such party to authorise, or are required by such party or any other party (other than the Bank) in connection with, the execution, delivery, and performance of this Supplemental Agreement, the Supplemental Side Letter and/or the Retention Account Charge to which it is or will be a party; |
|-------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.1.4       | the Supplemental Security Documents Letters duly executed; |
|-------------------------------------------|------------------------------------------------------------|

| 6.1.5       | the Retention Account Charge duly executed; |
|-------------------------------------------|---------------------------------------------|

| 6.1.6       | an opinion of Seward & Kissel LLP, special legal advisers to the Banks in the Marshall Islands in a form approved by the Bank; |
|-------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------|

| 6.1.7      | payment by the Borrower of all amounts currently due and owing by the Borrower to the Banks under the Principal Agreement including the repayment of four million Dollars ($4,000,000) referred to in clause 2.2.11 above; |
|-------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.1.8       | payment by the Borrower to the Bank of the expenses payable by the Borrower to the Bank pursuant to clause 5.1 of this Supplemental Agreement; and |
|-------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.1.9       | an original or certified true copy of a letter from the Borrower's agent for receipt of service of proceedings accepting its appointment under this Supplemental Agreement and the Retention Account Charge as the process agent. |
|-------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2       | Further Conditions Precedent |
|-----------------------------------------|------------------------------|

| 6.2.1       | The Bank shall not give notice of the occurrence of the Effective Date under clause 6.1 if, on the date on which it would otherwise have done so, the Bank has received actual knowledge that an Event of Default has occurred and is continuing or that any of the representations and warranties in clause 3.1 are untrue or incorrect as at such date as if made on such date with respect to the facts and circumstances existing at such date. |
|-------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 6.2.2       | Within ten (10) days of the Effective Date the Borrower shall provide to the Bank evidence that that a Mortgage Amendment has been properly and validly executed and registered through the Registry in relation to the Mortgages in respect of IOANNIS P and DAUNTLESS, which Mortgage Addendum shall reflect the increase in Margin referred to in clause 2.2.2 above. |
|-------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7       | Miscellaneous |
|---------------------------------------|---------------|

| 7.1       | Continuation of Principal Agreement |
|-----------------------------------------|-------------------------------------|

| 7.2       | Notices |
|-----------------------------------------|---------|

| 7.3       | Counterparts |
|-----------------------------------------|--------------|

| 7.4       | Partial invalidity |
|-----------------------------------------|--------------------|

| 8      | Governing Law |
|---------------------------------|---------------|

| 8.1       | Law |
|-----------------------------------------|-----|

| 8.2       | Submission to jurisdiction |
|-----------------------------------------|----------------------------|

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| To:    | The Royal Bank of Scotland plc |
|--------|--------------------------------|
|   | Shipping Business Centre       |
|   | 5-10 Great Tower Street        |
|   | London                         |
|   | EC3P 3HX                       |

| (a)         | the Security Documents (as defined in the Principal Agreement) to which we are a party, and our obligations thereunder, shall remain and continue in full force and effect notwithstanding the said amendments to the Facilities Agreement contained in the Supplemental Agreement; and |
|-----------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)         | with effect from the date upon which the conditions set out in clause 6 of the Supplemental Agreement have been satisfied, references in the Security Documents to which we are a party to "the Agreement" or "the Loan Agreement" or "the Facilities Agreement" shall henceforth be references to the Principal Agreement as amended by the Supplemental Agreement and as from time to time hereafter amended and shall also be deemed to include the Supplemental Agreement and the obligations of the Borrower thereunder. |
|-----------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| SIGNED, SEALED and DELIVERED as a DEEDbyfor and on behalf of[ILISOS][LEFKA] SHIPPING COMPANY LIMITED][TOP TANKER MANAGEMENT INC.]pursuant to [board resolutions][a power of attorney]dated                           2009in the presence of:  | )))))))) | ____________________                                          [Director/Attorney-in-fact] |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| SIGNED by A. Loukafor and on behalf ofTOP SHIPS INC.pursuant to a power of attorneydated 23rd July, 2009 | )))))))) | /s/ A. Louka              Attorney-in-fact |
|----------------------------------------------------------------------------------------------------------|----------|------------------------------------------------------------------------------------------------------------------|

| SIGNED by A. Kekatoufor and on behalf ofTHE ROYAL BANK OF SCOTLAND PLCpursuant to a power of attorneydated 28th July, 2009 | )))))))) | /s/  A. Kekatou                 Attorney-in-fact |
|----------------------------------------------------------------------------------------------------------------------------|----------|--------------------------------------------------------------------------------------------------------------------------------------------|

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