|   |   |  Dated: 5th August, 2009 |   |   |
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|   |  FIRST SUPPLEMENTAL AGREEMENTin relation to a Loan Agreement No. 185dated 5th March, 2008for a loan facility of up to US$50,000,000  |   |
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| (1) | EMPORIKI BANK OF GREECE S.A., a Greek banking societe anonyme duly incorporated under the laws of Greece, having its registered office at 11, Sofokleous Street, Athens, Greece, acting for the purposes of this Agreement through its office at 114 Kolokotroni Street, Piraeus, Greece and includes its successors in title, as lender (the "Bank"); and |
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| (2) | JAPAN I SHIPPING COMPANY LIMITED, a company incorporated in the Republic of Liberia and having its registered office at 80, Broad Street, Monrovia, Liberia and includes its successors in title, as borrower (hereinafter called the "Borrower"); and |
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| (3) | TOP SHIPS INC., a company duly incorporated under the laws of the Republic of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Island, Majuro, Marshall Islands MH 96960, a company listed in the Nasdaq, as Guarantor (hereinafter called the "Corporate Guarantor", which expression shall include its successors); |
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| (A) | The Borrower and the Corporate Guarantor hereby jointly and severally acknowledge and confirm that (a) the Bank has advanced to the Borrower the full amount of the Loan and (b) as the date hereof the principal amount of $43,325,000 (US Dollars Forty three million three hundred twenty five thousand) remains outstanding. |
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| (B) | Pursuant to a Guarantee dated Stn March, 2008 (the "Corporate Guarantee") the Corporate Guarantor irrevocably and unconditionally guaranteed the due and timely repayment of the Loan and interest and default interest accrued thereon and the performance of all the obligations of the Borrower under the Loan Agreement and the Security Documents executed in accordance thereto; |
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| (C) | The Borrower and the other Security Parties have requested the Bank to provide a waiver to the covenants of the Borrower under Clause 8.3 (a) and 8.6 (c) for the period starting from March 31st 2009 until the 31st March, 2010; |
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|   | (a) | an increase in loan margin to two and a half per cent (2.5%) per annum for the whole Waiver Period (as hereinafter defined); and |
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|   | (b) | an increase in loan margin to one and three quarters per centum (1.75%) per annum thereafter and until the end of the Security Period, |
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| 1.1 | Words and expressions defined in the Principal Agreement and not otherwise defined herein (including the Preamble and Recitals hereto) shall have the same meanings when used in this Agreement. |
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| 1.2 | In this Agreement the term "Security Documents" shall be construed as to include the Security Documents as defined in the Principal Agreement as amended and/or supplemented by this Agreement and the Mortgage Addendum. |
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| 1.3 | (a) where the context so admits words importing the singular number only shall include the plural and vice versa and words importing persons shall include firms and corporations, (b) clause headings are inserted for convenience of reference only and shall be ignored in construing this Agreement, (c) references to Clauses are to clauses of this Agreement save as may be otherwise expressly provided in this Agreement and (d) all capitalised terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Loan Agreement. |
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| 2. | Representations and Warranties |
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| 2.1 | Each corporate Security Party hereby jointly and severally represent and warrant to the Bank as at the date hereof that the representations and warranties set forth in the Principal Agreement and the Security Documents (updated mutatis mutandis to the date of this Agreement) are (and will be on the Effective Date) true and correct as if all references therein to "this Agreement" were references to the Principal Agreement as amended and supplemented by this Agreement. |
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| 2.2 | In addition to the above, the Borrower and the Corporate Guarantor hereby jointly and severally represent and warrant to the Bank as at the date of this Agreement that: |
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|   | (a) | each of the corporate Security Parties is duly formed, is validly existing and in good standing under the laws of the place of its incorporation has full power to carry on its business as it is now being conducted and to enter into and perform its obligations under the Principal Agreement, this Agreement and the Mortgage Addendum and has complied with all statutory and other requirements relative to its business; |
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|   | (b) | all necessary licences, consents and authorities, governmental or otherwise under this Agreement, the Principal Agreement and the Mortgage Addendum have been obtained and, as of the date of this Agreement, no further consents or authorities are necessary for any of the Security Parties to enter into this Agreement or otherwise perform its obligations hereunder; |
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|   | (c) | this Agreement constitutes and the Mortgage Addendum on the execution thereof will constitute, the legal, valid and binding obligations of the Security Parties thereto enforceable in accordance with their respective terms; |
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|   | (d) | the execution and delivery of, and the performance of the provisions of this Agreement and the Mortgage Addendum do not, and will not contravene any applicable law or regulation existing at the date hereof or any contractual restriction binding on any of the Security Parties or its respective constitutional documents; |
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|   | (e) | no action, suit or proceeding is pending or threatened against any of the Borrower and the other Security Parties or their assets before any court, board of arbitration or administrative agency which could or might result in any material adverse change in the business or condition (financial or otherwise) of such Borrower or such Security Party; |
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|   | (f) | none of the Borrower and the other Security Parties is and at the Effective Date will be in default under any agreement by which it is or will be at the Effective Date bound or in respect of any financial commitment, or obligation. |
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| 3. | Conditions |
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| 3.1 | The agreement of the Bank contained in Clause 4 shall be expressly subject to the fulfilment of the conditions set out in Clause 7 of the Principal Agreement and further subject to the condition that the Bank shall have received on or before the date hereof in form and substance satisfactory to the Bank and its legal advisers: |
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|   | (a) | a recent certificate of incumbency of the Borrower and the Corporate Guarantor signed by the secretary or a director thereof, stating the officers and the directors and the shareholders of each of them; |
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|   | (b) | certified and duly legalised copies of resolutions passed at a meeting of the Board of Directors and Shareholders of the Borrower evidencing approval of this Agreement and the Mortgage Addendum to which it is a party and authorising appropriate officers or attorneys to execute the same and to sign all notices required to be given under this Agreement on its behalf or other evidence of such approvals and authorisations as shall be acceptable to the Bank; |
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|   | (c)the original of any power(s) of attorney issued in favour of any person executing this Agreement or the Mortgage Addendum to which it is a party on behalf of the Borrower; |
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|   | (d) | the Mortgage Addendum duly executed by the respective parties thereto; |
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|   | (e) | evidence that the Vessel is classed with a classification society member of IACS to be specifically approved by the Bank, and remains free from outstanding or overdue recommendations, notations or conditions of class; such certificate to be dated no more than three (3) business days prior to the date hereof; and |
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|   | (f) | payment of any and all fees payable by the Borrower in accordance with Clause 8 hereof. |
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| 4. | Agreement of the Bank |
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| 5. | Variations to the Loan Agreement |
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| 5.1 | As from the Effective Date, the following new definitions, shall be added to Clause 1.2 of the Principal Agreement reading as follows: |
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| 5.2 | With effect as from the Effective Date, the following definitions set out in Clause 1.2 of the Principal Agreement shall be deleted and shall be replaced as follows: |
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| 5.3 | With effect from the Effective Date the following shall be added at the end of respective para (a) of Clause 8.3 and para (c) of Clause 8.6 of the Principal Agreement: |
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| 5.4 | With effect from the Effective Date, the definition "Security Documents" shall be deemed to include the Security Documents as amended and/or supplemented in pursuance to the terms hereof and any document or documents (including if the context requires the Loan Agreement) that may now or hereafter be executed as security for the repayment of the Loan, interest thereon and any other moneys payable by the Bank under the Principal Agreement and the Security Documents (as herein defined) as well as for the performance by the Borrower and the other Security Parties (as herein defined) of all obligations, covenants and agreements pursuant to the Principal Agreement this Agreement and/or the Security Documents; |
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| 5.5 | With effect from the Effective Date hereof, the definition and all references in the Principal Agreement and in the Security Documents to the "Mortgage" as references to the Mortgage as amended and supplemented by the Mortgage Addendum. |
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| 5.6. | With effect from the Effective Date hereof, the definition and all references in the Principal Agreement and in the Security Documents to "this Agreement", "hereunder" and the like and in the Security Documents to the "Loan Agreement" shall be construed as references to the Principal Agreement as amended and/or supplemented by this Agreement. |
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| 6. | Continuance of Principal Agreement and the Security Documents |
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| 7. | Reconfirmation of the Corporate Guarantee |
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| 7. | ENTIRE AGREEMENT AND AMENDMENT; EFFECT ON PRINCIPAL AGREEMENT-WAIVERS |
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| 7.1 | The Principal Agreement, the Security Documents and this Agreement represent the entire agreement among the parties hereto with respect to the subject matter hereof and supersede any prior expressions of intent or understanding with respect to this transaction and may be amended only by an instrument in writing executed by the party or parties to be bound or burdened thereby. |
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| 7.2 | Except to the extent that the Principal Agreement is expressly amended or supplemented by this Agreement, all terms and conditions of the Principal Agreement remain in full force and effect. This Agreement is supplementary to and incorporated in the Principal Agreement, all terms and conditions whereof, including, but not limited to, provisions on payments, calculation of interest and Events of Default, shall apply to the performance and interpretation of this Agreement. |
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| 7.3 | No waiver of any such right, remedy or power, or any consent to any departure from the strict application of the provisions of this Agreement, the Loan Agreement or of any other Security Document shall in any way prejudice or affect the powers conferred upon the Bank under this Agreement, the Loan Agreement and the other Security Documents or the right of the Bank thereafter to act strictly in accordance with the terms of this Agreement, the Loan Agreement and the other Security Documents nor shall, any delay or omission by the Bank to exercise any right, remedy or power vested in the Bank under this Agreement, the Loan Agreement and/or the other Security Documents or by law, impair such right or power, or be construed as a waiver of, or as an acquiescence in any default by the Borrower and/or any other Security Party, nor shall any single or partial exercise by the Bank of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. |
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| 8. | Fees and Expenses |
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|   | (a) | The Borrower and the Corporate Guarantor, jointly and severally, agree to pay to the Bank all costs, charges and expenses (including legal fees) incurred by the Bank in connection with the negotiation, preparation, execution and enforcement or attempted enforcement of this Agreement and any document executed pursuant thereto and/or in preserving or protecting or attempting to preserve or protect the security created hereunder and/or under the Security Documents. |
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|   | (c) | The Borrower and the Corporate Guarantor, jointly and severally, covenant and agree to pay and discharge any and all stamp duties, registration and recording fees and charges and any other charges whatsoever and wheresoever payable or due in respect of this Agreement and/or any document executed pursuant hereto. |
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| 9. | NOTICES |
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| 10. | APPLICABLE LAW AND JURISDICTION AND MISCELLANEOUS |
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| SIGNED byMr. Andreas Loukafor and on behalf ofJAPAN I SHIPPING COMPANY LIMITED | ))))                                                                                                     | /s/ Andreas Louka |
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| of Liberia, in the presence of:                                                | )                                                                                                        | Attorney-in-Fact  |
|   /s/ Efstratios Kalantzis                                           |                                                                                                     |              |
| Witness:Name:Address: Occupation:                                    |  Efstratios Kalantzis13, Defteras Merarchias StreetPiraeus, GreeceOccupation:  Attorney-at-law |              |   |

| EXECUTED as a DEEDfor and on behalf ofTOP SHIPS INC.,of The Marshall Islandsby Mr. Andreas Loukaits duly authorised Attorney-in-fact | ))))))                                                                                 | /s/ Andreas Louka |
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| in the presence of:                                                                                                                  | )                                                                                      | Attorney-in-Fact  |
|   /s/ Efstratios Kalantzis                                                                                                 |                                                                                   |              |
| Witness:Name:Address: Occupation:                                                                                          |  Efstratios KalantzisDefteras Merarchias Street 13,Piraeus, GreeceAttorney-at-law |              |   |

| SIGNED byMrs. Christina Margelou and                                | ))                                                                                                 | /s/ Christina Margelou                   |
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| Mrs. Maria Antonioufor and on behalf ofEMPORIKI BANK OF GREECE S.A. | )))                                                                                                | Attorney-in-Fact /s/ Maria Antoniou |
| in the presence of:                                                 | )                                                                                                  | Attorney-in-Fact                         |
|   /s/ Efstratios Kalantzis                                |                                                                                               |                                     |
| Witness:Name:Address: Occupation:                              |  Efstratios Kalantzis13 Defteras Merarchias Street185 35 Piraeus, Greece Attorney-at-law |                                     |   |