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|   |  FIRST      SUPPLEMENTAL AGREEMENT TO A SECURED LOAN      FACILITY AGREEMENT DATED 18 AUGUST 2008  |   |
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| 1 | Interpretation                       | 3 |
|---|-------------------------------------------|---|
| 2 | Conditions                           | 4 |
| 3 | Representations      and Warranties  | 5 |
| 4 | Amendments      to Loan Agreement    | 6 |
| 5 | Confirmation      and Undertaking    | 7 |
| 6 | Expenses                             | 7 |
| 7 | Miscellaneous      Provisions        | 8 |
| 8 | Notices,      Law and Jurisdiction   | 8 |

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| (1) | LICHTENSTEIN SHIPPING COMPANY      LIMITED, a company incorporated under the laws of the Republic of      Liberia whose registered office is at 80, Broad Street Monrovia, Liberia      (the "Borrower");      and |
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| (2) | TOP SHIPS INC., a      company incorporated according to the law of the Marshall Islands whose      registered office is at the Trust Company Complex, Ajeltake Road, Ajeltake      Islands, Majuro, Marshall Islands MH96960 (the "Guarantor");      and |
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| (3) | ALPHA BANK A.E., acting      through its office at 89 Akti Miaouli, GR 185 38 Piraeus, Greece (the      "Lender"). |
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| (A) | DAELIM H&L CO., LTD., of 1lth Floor,      The Korea Chamber Of Commerce & Industry Building #45, 4-Ga,      Namdaemun-Ro, Jung-Ku. Seoul, Korea 100-743 (the "Original Bareboat Charterer") has ceased      to exist with all the rights, interests, obligations and liabilities of      the Original Bareboat Charterer having been assigned to and/or novated to      and/or absorbed by (as appropriate) DAELLM      CORPORATION, of 1OF KCCI Bldg, 45 4ga Namdaernunre, Jung gu Seoul,      Korea (the "Replacement Bareboat      Charterer"). The Replacement Bareboat Charterer has assumed all of      the Original Bareboat Charterer's rights, obligations and liabilities      under the Bareboat Charter pursuant to Addendum No.2 to the Bareboat      Charter dated 21 November 2008 made between the Borrower, the Original      Bareboat Charterer and the Replacement Bareboat  Charterer. |
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| (B) | The      Borrower has requested the Lender to agree to the replacement of the      Original Bareboat Charterer by the Replacement Bareboat Charterer in the      Loan Agreement and the Tripartite Deed be cancelled and replaced by the      New Tripartite Deed and all references to the Bareboat Charter and the      Bareboat Charterer in the Loan Agreement and the Security Documents are      amended as more particularly described in this Supplemental      Agreement. |
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| (C) | The      parties to this Supplemental Agreement have agreed to amend the Loan      Agreement on the terms and subject to the conditions contained in this      Supplemental Agreement. |
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|   | 1.1 | In      this Supplemental Agreement:- |
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|   | 1.2 | All      words and expressions defined in the Loan Agreement shall have the same      meaning when used in this Supplemental Agreement unless the context      otherwise requires, and clause 1.2 of the Loan Agreement shall apply to      the interpretation of this Supplemental Agreement as if it was set out in      full. |
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|   | 2.1 | As      conditions for the agreement of the Lender to the request specified in      Recital (B) above and for the effectiveness of Clause 4, the Borrower      shall deliver or cause to be delivered to or to the order of the Lender      the following documents andevidence: |
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|   | 2.1.1 | a      certificate from a duly authorised officer of each of the Security Parties      confirming that none of the documents delivered to the Lender pursuant to      Clause 3.1 of the Loan Agreement have been amended or modified in any way      since the date of their delivery to the Lender, or copies, certified by a      duly authorised officer of the Security Party in question as true,      complete, accurate and neither amended nor revoked, of any which have been      amended or modified; |
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|   | 2.1.2 | a      copy, certified by a director or the secretary of the Security Party in      question as true, complete and accurate and neither amended nor revoked,      of a resolution of the directors and a resolution of the shareholders of      each Security Party (together, where appropriate, with signed waivers of      notice of any directors' or shareholders' meetings) approving, and      authorising or ratifying the execution of, this Supplemental Agreement and      any document to be executed by that Security Party pursuant to the      Additional Security Documents; and |
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|   | 2.1.3 | a      notarially attested and legalised power of attorney of each of the      Security Parties under which the Additional Security Documents and any      documents required pursuant to it are to be executed by that Security      Party; and |
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|   | 2.1.4 | if      a Security Party is incorporated in a jurisdiction other than England and      Wales, a legal opinion of the legal advisers to the Lender in each      relevant jurisdiction, substantially in the form or forms provided to the      Lender prior to signing the Additional Security Documents or confirmation      satisfactory to the Lender that such an opinion will be    given; |
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|   | 2.1.5 | evidence      in form and substance satisfactory to the Lender in its discretion of the      merger between the Original Bareboat Charterer and the Replacement      Bareboat Charterer; and |
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|   | 2.1.6 | the      Additional Security Documents, together with all notices and other      documents required by any of them, duly  executed; |
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|   | 2.2 | All      documents and evidence delivered to the Lender pursuant to this Clause      shall: |
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|   | 2.2.1 | be      in form and substance acceptable to theLender; |
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|   | 2.2.1 | be      accompanied, if required by the Lender, by translations into the English      language, certified in a manner acceptable to the Lender;    and |
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|   | 2.2.3 | if      required by the Lender, be certified, notarised, legalised or attested in      a manner acceptable to the Lender. |
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|   | 3.1 | Each      of the representations and warranties contained in clause 11 of the      Loan Agreement shall be deemed repeated by the Borrower at the date of      this Supplemental Agreement and at the Effective Date, by reference to the      facts and circumstances then pertaining, as if references to the Finance      Documents included this SupplementalAgreement. |
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|   | 3.2 | Each      Security Party further represents and warrants to the Lender      that: |
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|   | 3.2.1 | it      is a body corporate duly constituted and existing and (where applicable)      in good standing under the law of its country of incorporation, in each      case with the power to sue and be sued, to own its assets and to carry on      its business, and all of its corporate shareholders are duly constituted      and existing under the laws of their countries of incorporation with      perpetual corporate existence and the power to sue and be sued, to own      their assets and to carry on theirbusiness; |
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|   | 3.2.2 | it      has the power to enter into and perform this Supplemental Agreement, the      documentation and the transactions contemplated hereby and has taken all      necessary action to authorise the entry into and performance of this      Supplemental Agreement and such documentation and      transactions; |
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|   | 3.2.3 | this      Supplemental Agreement constitutes legal, valid and binding obligations of      that Security Party enforceable in accordance with its terms;      and |
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|   | 3.2.4 | the      entry into and performance of this Supplemental Agreement and the      documentation and transactions contemplated hereby do not and will not      conflict with (i) any law or regulation or any official or judicial order,      or (ii) the constitutional documents of that Security Party, or (iii) any      agreement or document to which that Security Party is a party or which is      binding on it or any of its assets, nor result in the creation or      imposition of any encumbrance on any of its  assets. |
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|   | 4.1 | the      definition of "Tripartite      Deed" set forth in clause 1.1 of the Loan Agreement was deleted and      replaced with the definition of ''New Tripartite Deed"      contained in Clause 1.1 and it was moved    accordingly; |
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|   | 4.2 | the      definition of "Security      Documents" set out in clause 1.1 of the Loan Agreement was amended      to include the Additional Security Documents and exclude the Tripartite      Deed. |
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|   | 4.3 | the      definition of "Bareboat      Charter" set out in clause 1.1 of the Loan Agreement was deleted      and replaced as follows: |
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|   | 4.4 | the      definition of "Bareboat      Charterer" set out in clause 1.1 of the Loan Agreement was deleted      and replaced as follows: |
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|   | 4.5 | clause      10.1.5 of the Loan Agreement was deleted and replaced as      follows:- |
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|   | 4.6 | schedule      1, Part I, 2, (a) (iv) was deleted and schedule 1, Part I, 2, (a) shall he      renumbered accordingly. |
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|   | 5.1 | Each      of the Security Parties confirms that all of its respective obligations      under or pursuant to each of the Security Documents to which it is a party      remain in full force and effect, despite the amendments to the Loan      Agreement made in this Supplemental Agreement, as if all references in any      of the Security Documents to the Loan Agreement were references to the      Loan Agreement as amended, supplemented and novated by this Supplemental      Agreement. |
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|   | 5.2 | The      definition of any term defined in any of the Security Documents shall, to      the extent necessary, be modified to reflect the amendments to the Loan      Agreement made in this SupplementalAgreement. |
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|   | 6.1 | The      Borrower undertakes to indemnify the Lender, within fourteen days of the      Lender's written demand, in respect of all costs, charges and expenses      (together with value added tax or any similar tax thereon and including      without limitation the fees and expenses of legal advisers) incurred by      the Lender in connection with the negotiation, preparation, printing,      execution and registration of this Supplemental Agreement, and the      completion of the transactions herein  contemplated. |
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|   | 6.2 | The      Borrower undertakes to indemnify the Lender, within fourteen days of the      Lender's written demand against all stamp. registration and similar taxes      which may be payable in connection with the entry into, performance and      enforcement of this SupplementalAgreement. |
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|   | 7.1 | This      Supplemental Agreement may be executed in any number of counterparts, each      of which, when so executed, shall be deemed to be an original, but such      counterparts shall together constitute one and the same      instrument. |
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|   | 7.2 | With      effect from the Effective Date, this Supplemental Agreement shall be      construed with and shall constitute an instrument supplemental to the Loan      Agreement. Save as otherwise provided herein and as hereby expressly      varied and supplemented, the Loan Agreement shall remain valid and binding      and in full force and effect after the Effective  Date. |
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| SIGNED and DELIVERED    as                | )      |                            |
|-------------------------------------------|--------|---------------------------------|
| A      DEED      by                       | )      |                            |
| LICHTENSTEIN      SHIPPING COMPANY        | )      |                            |
| LIMITED                                   | )      |                            |
| acting      by                            | )      |                            |
| Andreas      Louka                        | )      | /s/      Andreas Louka          |
| its      duly authorised attorney-in-fact | )      |                            |
| in      the presence of:                  | )      |                            |
| Constantinos      Karachallos             | )      |                            |
|                                      |   |                            |
|                                      |   |                            |
|                                      |   |                            |
|                                      |   |                            |
| SIGNED and DELIVERED    as                | )      |                            |
| A      DEED      by                       | )      |                            |
| TOP      SHIPS INC.                       | )      |                            |
| acting      by                            | )      |                            |
| Andreas      Louka                        | )      | /s/      Andreas Louka          |
| its      duly authorised attorney-in-fact | )      |                            |
| in      the presence of:                  | )      |                            |
| Constantinos      Karachallos             | )      |                            |
|                                      |   |                            |
|                                      |   |                            |
|                                      |   |                            |
|                                      |   |                            |
| SIGNED and DELIVERED    as                | )      |                            |
| A      DEED      by                       | )      |                            |
| ALPHA      BANK A.E.                      | )      |                            |
| acting      by                            | )      |                            |
| Gregorios      N. Kondilis                | )      | /s/      Gregorios N. Kondilis  |
| Constantinos      V. Flokos               | )      | /s/      Constantinos V. Flokos |
| its      duly authorised attorney-in-fact | )      |                            |
| in      the presence of:                  | )      |                            |
| Constantinos      Karachallos             | )      |                            |
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