|   | (a) shall be paid an executive services fee of US$ 2.200.000 (Two Million Two Hundred Thousand US Dollars) per annum, (the "Executive Services Fee') paid in 12 monthly installments, payable three working days prior to the last business day of each calendar month, with effect from l' January 2013. The Executive Services Fee shall at all times be subject to any changes that might have been incurred in the number of the Executive Officers and/or any changes to the Executive Services provided hereunder. |
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| For and on behalf of,                                                                                                                                                                                                                                                             |   |                                                                                                                                                                                                                                                                                                                                                          |
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| BOX SHIPS INC.                                                                                                                                                                                                                                                                    |   | ALLSEAS MARINE S.A.                                                                                                                                                                                                                                                                                                                                           |
| By: /s/ Robert Perri                                            |   | By: /s/ George Skrimizeas                                                       |
| Robert PerriChief Financial Officer                                                                                                                                                                                                                                                    |   | George SkrimizeasPresident/Director                                                                                                                                                                                                                                                                                                                           |   |