| 1. | Top Ships Inc., of the Marshall Islands, Trust Company Complex, Ajeltake Road, Ajeltake Islands, Majuro, Marshall Islands MH96960, duly represented by Mr. Alexandros Tsirikos, CFO (the “Borrower”) and |
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| 2. | Laurasia Trading Ltd., of the Marshall Islands, Trust Company Complex, Ajeltake Road, Ajeltake Islands, Majuro, Marshall Islands MH96960, duly represented by Mr. Dimosthenis Eleftheriadis, President / Director (the “Lender”) |
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| (A) | This Agreement is supplemental to and amends the Loan Agreement dated 6th August, 2010, (the “Loan Agreement”) made between the Borrower as borrower and the Lender as lender relating to a Facility of $ 2,000,000 (Two million U.S. Dollars) (the “Loan”) advanced by the Lender to the Borrower in one Tranche to be used as bridge loan of the Borrower. |
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| (B) | During the period between the entry into the Loan Agreement and today the Borrower has requested the Lender: |
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| (C) | In consideration of the Lender consenting to the Borrower’s requests as above, the Borrower is prepared: |
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|   | 1. | to pay an extensions fee amounting to $120,000, that will carry interest as per the loan agreement dated August 6th 2010 and will be payable by February 15, 2012, and |
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|   | 2. | to give an option to the Lender to be repaid by shares of the Borrower instead of in cash, as per clause 2 of the loan agreement dated August 6th 2010. |
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| (D) | The parties have exchanged correspondence on the points set out above and have reached agreement which they wish to formalize, |
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| (E) | This Agreement sets out the terms and conditions upon which the Lender agreed to provide its consent to the Borrower’s requests. |
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|   | 2.1 | In consideration of the Borrower agreeing |
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|   | (a) | to pay the extensions fee amounting to $120,000, and |
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|   | (b) | to give to the Lender the option that all outstanding advances, unpaid arrangement fees and unpaid interest accrued thereon shall be payable by the Borrower to Lender (i) in cash, or (ii) in shares of the Borrower (“Shares”), or (iii) in consideration of cash and Shares. In case where the Lender opts to be repaid in Shares or partly in Shares, the number of Shares will be calculated at the dollar amount of the liability as of the repayment / prepayment date (exchange rate of the day) divided by U.S. $ 0,40. Such figure will be adjusted accordingly in the case of stock split. |
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|   | 2.2 | The Lender grants its consent: |
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|   | 2.3 | The parties further agree that in case of a successful equity offering there will be a mandatory full prepayment in cash, and in case of change of control, which includes liquidation, dissolution, or winding up, of the Borrower or the sale of all or substantially all of the Borrower’s assets there will be immediate prepayment as per the repayment provisions set out in clause 2.1 (b) above. |
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|   | 4.1 | Save as amended by this Agreement, the provisions of the Loan Agreement shall continue in full force and effect and both documents shall be read and construed as one instrument. |
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|   | 5.1 | Primary representations and warranties |
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|   | 5.1.1 | Existing representations and warranties |
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|   | 5.1.2 | Corporate power |
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|   | 5.1.3 | Binding obligations |
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|   | 5.1.4 | No conflict with other obligations |
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|   | 5.1.5 | No filings required |
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|   | 5.1.6 | Choice of Law |
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|   | 5.1.7 | Consents obtained |
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|   | 5.2 | Repetition of representations and warranties |
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|   | 6.1 | Expenses |
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|   | 6.1.1 | in connection with the negotiation, preparation, execution and, where relevant, registration of this Agreement and of any amendment or |
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|   | 6.1.2 | in contemplation of, or otherwise in connection with, the enforcement of, or preservation of any rights under this Agreement or otherwise in respect of the monies owing and obligations incurred tinder this Agreement, together with interest at the rate referred to in Clause 4 of the Loan Agreement (Default Interest) from the date on which such expenses were incurred to the date of payment (as well after as before judgment). |
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|   | 6.2 | Stamp and other duties |
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|   | 7.1 | Notices |
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|   | 7.2 | Counterparts |
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|   | 8.1 | Law |
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|   | 8.2 | Submission to jurisdiction |
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| SIGNED for and on behalf of | )      |                    |
|-----------------------------|--------|-------------------------|
|                        |   |                    |
| TOP SHIPS INC.              | )      | /s/ Alexandros Tsirikos |
|                        |   |                    |
| Alexandros Tsirikos         |   |                    |
|                        |   |                    |
| CFO                         |   |                    |
|                        |   |                    |
| Witness                     |   |                    |
|                        |   |                    |
| Signature:                  |   | /s/ Platsouka           |

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| Full name:  |   | Pinelopi Platsouka             |
|-------------|--------|--------------------------------|
|        |   |                           |
| Address:    |   | 11 Kanari Street, Athens 10671 |
|        |   |                           |
| Occupation: |   | Consultant                     |

| SIGNED for and on behalf of | )      |                           |
|-----------------------------|--------|--------------------------------|
|                        |   |                           |
| LAURASIA TRADING LTD.       | )      | /s/ Dimosthenis Eleftheriadis  |
|                        |   |                           |
| DIMOSTHENIS ELEFTHERIADIS   |   |                           |
|                        |   |                           |
| President / Director        |   |                           |
|                        |   |                           |
| Witness                     |   | Pinelopi Platsouka             |
|                        |   |                           |
| Signature:                  |   | /s/ Platsouka                  |
|                        |   |                           |
| Full name:                  |   |                           |
|                        |   |                           |
| Address:                    |   | 11 Kanari Street, Athens 10671 |
|                        |   |                           |
| Occupation:                 |   | Consultant                     |

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