Unassociated Document


    Exhibit
      10.16

     

    STAR
      MARITIME ACQUISITION CORP.

     

    December
      22, 2006

     

    Schwartz
      & Weiss, P.C.

    457
      Madison Avenue

    New
      York,
      New York 10022

     

    Gentlemen:

     

    This
      letter will confirm our agreement that effective immediately, the parties hereto
      have agreed that the Administrative Services Agreement, dated May 25, 2005
      (the
“Services
      Agreement”),
      by
      and between the Company and Schwartz & Weiss, P.C. (“Firm”),
      shall
      automatically, without further action by any party, be terminated in its
      entirety and will no longer have any force or effect and no party thereto shall
      have any further rights, duties, liabilities or obligations of any nature
      whatsoever with respect to, in connection with or otherwise arising under the
      Services Agreement.

     

    Effective
      immediately, the Firm, on behalf of itself and its successors and assigns,
      hereby releases, forever discharges and covenants not to sue the Company and
      each of its affiliates and each of their representatives, directors, officers,
      attorneys, agents, employees, affiliates, shareholders, controlling persons,
      subsidiaries, successors and assigns (individually, a “Company
      Releasee”
and
      collectively, the “Company
      Releasees”)
      from
      and with respect to any and all claims, dues and demands, proceedings, causes
      of
      action, orders, obligations, contracts and agreements, debts and liabilities
      of
      any nature whatsoever, at law or in equity, which the Firm or any of the Firm’s
      successors and assigns now has, has ever had or may hereafter have against
      the
      respective Company Releasees with respect to, in connection with or arising
      out
      of the Services Agreement.

     

    Effective
      immediately, the Company, on behalf of itself and its successors and assigns,
      hereby releases, forever discharges and covenants not to sue the Firm and each
      of its affiliates and each of their respective representatives, directors,
      officers, attorneys, agents, employees, affiliates, shareholders, controlling
      persons, subsidiaries, successors and assigns (individually, a “Firm
      Releasee”
and
      collectively, “Firm
      Releasees”)
      from
      and with respect to any and all claims, dues and demands, proceedings, causes
      of
      action, orders, obligations, contracts and agreements, debts and liabilities
      of
      any nature whatsoever, at law or in equity, which the Company or any of the
      Company’s successors and assigns now has, has ever had or may hereafter have
      against the respective Firm Releasees with respect to, in connection with or
      arising out of the Services Agreement.

     

    This
      letter agreement shall be governed by and construed in accordance with the
      domestic laws of the State of New York, without giving effect to any choice
      of
      law or conflict provision or rule (whether of the State of New York or any
      other
      jurisdiction) that would cause the laws of any jurisdiction other than the
      State
      of New York to be applied. In furtherance of the foregoing, the internal law
      of
      the State of New York shall control the interpretation and construction of
      this
      Agreement, even if under such jurisdiction’s choice of law or conflict of law
      analysis, the substantive law of some other jurisdiction would ordinarily
      apply.


     

    Very
      truly yours,

     

    STAR
      MARITIME ACQUISITION CORP.


     

    By:
      /s/
      Prokopios Akis Tsirigakis            

                           
      Name: Prokopios (Akis) Tsirigakis

                            Title:
      Chief Executive Officer and President

     

    Agreed
      to
      and Accepted by:

     

    SCHWARTZ
      & WEISS, P.C.

     

    By:
      /s/ Allan Schwartz    

    Name:
      Allan Schwartz

    Title: