Document:

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                                                                     Exhibit 4.5

                                  FREESEAS INC.

                          -----------------------------

                             STOCK OPTION AGREEMENT

         1. GRANT OF OPTION. As of the _____ day of ___________, 2005, FREESEAS
INC., a Marshall Islands corporation (the "Company"), hereby grants to (the
"Optionee"), a stock option (the "Option") to acquire shares of Common Stock,
US$.001 par value, of the Company (the "Shares") pursuant to the Company's 2005
Stock Incentive Plan (the "Plan"), which is incorporated herein for all
purposes. Optionee agrees to be bound by all of the terms and conditions of the
Plan and this Stock Option Agreement (the "Agreement").

         2. DEFINITIONS. Unless otherwise provided herein, terms used herein
that are defined in the Plan and not defined herein shall have the meanings
attributed thereto in the Plan.

         3. EXERCISE PRICE. The exercise price per share of the Shares subject
to the Option is US$5.00.

         4. EXERCISE SCHEDULE. Except as otherwise provided in the Plan, the
Option shall be exercisable as follows:

                       No. of Shares for Which
                     Option will Be Exercisable         Date of Exercisability
                     --------------------------         ----------------------

                                                             Immediately
                                                             ________, 2006
                                                             ________, 2007

         5. METHOD OF EXERCISE OF OPTION.

                  5.1 NOTICE OF EXERCISE. Optionee shall notify the Company of
an exercise under the Option by sending Notice of Exercise in the form of
Exhibit A attached hereto by registered or certified mail, return receipt
requested, addressed to its principal office, or by hand delivery to such
office, properly receipted, which Notice of Exercise shall be accompanied by
Optionee' check payable to the order of the Company for the full option price of
the Shares purchased (unless Optionee elects to exercise this Option as provided
in Subsection 5.2). As soon as practicable after the receipt of such written
notice, the Company shall deliver or cause to be delivered to the Optionee a
certificate or certificates issued in Optionee's name evidencing the Shares
purchased by Optionee hereunder.

                  5.2 NET ISSUE EXERCISE. In lieu of exercising this Option,
Optionee may elect to receive shares equal to the value of this Option (or the
portion thereof being exercised) by surrender of this Option at the principal
office of the Company, together with notice of such election in the

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form of Exhibit A hereto, in which event the Company shall issue to Optionee a
number of shares of the Company's Common Stock computed using the following
formula:

         X    =   Y(A-B)
                  -----
                    A

Where    X    =   The number of shares of Common Stock to be issued to Optionee.
         Y    =   The number of shares of Common Stock purchasable under
                  this Option (as adjusted to the date of such calculation).
         A    =   The "fair market value" of one share of the Company's
                  Common Stock, "fair market value" meaning the closing sales
                  price, or if no sales price, the average of the closing bid
                  and asked prices, of the Company's Common Stock on the OTC
                  Bulletin Board, Nasdaq or any exchange on which the Common
                  Stock is traded.
         B    =   Exercise price per share of this Option (as adjusted to the
                  date of such calculation).

         6. SHARES OF COMMON STOCK AS INVESTMENT. By accepting the Option,
Optionee agrees that any and all Shares purchased upon the exercise hereof,
unless registered at the time of purchase under the Securities Act of 1933, as
amended, shall be acquired for investment and not for distribution, and upon the
issuance of any or all of the Shares subject to the Option, Optionee shall
deliver to the Company a representation in writing that such Shares are being
acquired in good faith for investment and not with a view to resale or
distribution. The Company may place an appropriate restrictive legend on the
certificate or certificates evidencing such Shares.

         7. TRANSFERABILITY OF OPTION. The Option is not transferable otherwise
than by will or the laws of descent and distribution and during the lifetime of
the Optionee is exercisable only by the Optionee.

         8. TERMINATION OF OPTIONS.

                  8.1 RESIGNATION OR TERMINATION OF EMPLOYMENT. In the event the
employment of Optionee by the Company is terminated by the Company or if the
Optionee shall resign from the Company, the Option shall remain exercisable as
set forth herein.

                  8.2 DEATH. If the Optionee dies while employed by the Company,
and if this Option shall have become exercisable under the provisions of Section
4 of this Agreement, this Option may, subject to the provisions of Subsection
8.4, be exercised by a legatee or legatees of such Option under such Optionee's
last will or by Optionee's personal representatives or distributees at any time
within one year after Optionee's death. Any portion of the Option that has not
become exercisable under the provisions of Section 4 of this Agreement shall
immediately expire upon the death of the Optionee.

                  8.3 DISABILITY. If the Optionee becomes disabled while
employed by the Company and such disability is the cause of termination of
employment, the Option shall immediately expire upon the termination of
employment due to the disability.

                                       2
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                  8.4 LIMITATION. The Option may not be exercised pursuant to
this Section 8 except to the extent that the Optionee was entitled to exercise
the Option, or any part thereof, at the time of termination of employment, death
or disability of Optionee, and in any event may not be exercised pursuant to
this Agreement after 10 years from the date of grant of such Option.

         9. NO RIGHTS AS SHAREHOLDER. Optionee shall have no rights as a
shareholder with respect to the Shares as to which the Option shall not have
been exercised as herein provided.

         10. GOVERNING LAW. This Agreement shall be governed in accordance with
the internal laws of the Marshall Islands.

         11. INTERPRETATION. The Optionee accepts this Option subject to all the
terms and provisions of the Plan and this Agreement. The undersigned Optionee
hereby accepts as binding, conclusive and final all decisions or interpretations
of the Committee upon any questions arising under the Plan and this Agreement.

         12. NON-GUARANTEE OF EMPLOYMENT. Nothing in this Agreement shall confer
upon Optionee any right to continued employment with the Company or interfere in
any way with the right of the Company to terminate the employment of the
Optionee at any time.

                                       COMPANY:

                                       FREESEAS INC.

                                       By:
                                           -------------------------------------
                                            Name:
                                                  ------------------------------
                                            Title:
                                                  ------------------------------

                                       OPTIONEE:

                                       -----------------------------------------
                                       George D. Gourdomichalis

                                       3
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                                    EXHIBIT A
                                    ---------

                                  FREESEAS INC.

                               NOTICE OF EXERCISE

                                       OF

                             STOCK OPTION AGREEMENT

To the Secretary of FREESEAS INC.

         Pursuant to the FREESEAS INC. 2005 Stock Incentive Plan (the
"Agreement"), I hereby exercise the Option thereunder to the extent of ______
shares of Common Stock and (a) enclose my payment in the amount of $____________
in accordance with Subsection 5.1 of the Agreement ([ ] check here if
applicable) or (b) elect to use the Net Issue Exercise procedure set forth in
Subsection 5.2 of the Agreement ([ ] check here if applicable).

Dated:
      --------------------             -----------------------------------------
                                       Optionee

                                       Address:

                                       -----------------------------------------

                                       -----------------------------------------

                                       -----------------------------------------

                                       4<PAGE>
                                                                   EXHIBIT 10.22

[HBU HOLLANDSCHE BANK - UNIE N.V. LOGO]

                                CREDIT AGREEMENT

THE UNDERSIGNED:

1.   Adventure Two S.A., established in Majuro, Marshall Islands,
     hereinafter referred to as 'the Borrower',

2.   HOLLANDSCHE BANK-UNIE N.V., having its registered office in Amsterdam,
     the Netherlands, hereinafter referred to as 'HBU'.

HAVE AGREED AS FOLLOWS:

On the basis of the information supplied to HBU, the Borrower is granted a
facility on the terms and conditions and at the rates and charges stated in this
agreement and the appendix hereto. The facility is granted to finance the
refinancing of the M.V. Free Destiny.

FACILITY AMOUNT                                        USD 3,700,000

OVERDRAFT FACILITY

The credit may also be used for drawing short-term loans in USD. The terms and
conditions governing these short-term loans will be incorporated in a separate
short-term loan agreement.

REDUCTION SCHEME

Except for earlier alteration, the limit of the overdraft facility will be
reduced in successive three-monthly instalments according to the below schedule:

8 instalments of USD 75,000, beginning on 27 December 2005,
1 instalment of USD 100,000 on 27 March 2008,
2 instalments of USD 500,000, beginning on 27 June 2008
1 instalment of USD 2,000,000 on 27 December 2008

RATES AND CHARGES

Overdraft facility

-    Current USD debit interest rate, based on the market rate, will be 6.19%
-    Short term loans: libor + 1.95%.
-    Upfront fee:                            0.9%

The upfront fee will be charged after this Credit Agreement has been signed.

SECURITY AND COVENANTS

-    All moneys mortgage, on the vessel m.v. "Free Destiny", registered under
     the flag of the Marshall Islands. IMO number 8128157, call letters V7GD8.
     Fuller details will be included in the mortgage deed. On this mortgage the
     laws of the Marshall Islands will be applicable.

     As far as possible HBU's General Conditions applicable to Ship Mortgages
     are incorporated in the mortgage deed.

-    Joint and several liability Adventure Three S.A.

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-    Pledge of rights and earnings under time charter contracts concluded or to
     be concluded.

-    Pledge of rights under hull and machinery insurance policy.

-    Pledge of rights under protection and indemnity risk insurance policy.

-    Pursuant to Art. 18 of the HBU General Banking Conditions HBU has a right
     of pledge on all goods and documents of title which are in possession or
     will come into the possession of HBU or a third party on HBU's behalf from
     or for the benefit of the Borrower on any account whatsoever and on all
     present or future claims of the Borrower vis-a-vis HBU on any account
     whatsoever to secure any obligations of the Borrower to HBU on any account
     whatsoever. Insofar as such pledge has not been created yet, this agreement
     shall be considered as an instrument of pledge and, insofar as necessary,
     as notification of such pledge.

OTHER PROVISIONS

If Freeseas S.A. has not got her Stock Exchange quotation in the first quarter
of 2006, the suretyship of USD 500,000 HBU received from the current
shareholders of Freeseas S.A. for the credit facility granted to Adventure
Three S.A., will also serve for the obligations of the borrower.

-    Borrower will give HBU the time charter agreements for inspection. The
     contents thereof must be acceptable to HBU.

-    At any moment at least 60% of the value of the ship must be covering the
     outstanding facility.

-    The Borrower will submit once a year to HBU a surveyor's report of the
     vessel to be mortgaged to HBU. The contents must be acceptable to HBU.

-    There will be no change of ownership with respect to the shares in the
     companies of the Borrower.

-    The enclosed HBU General Credit Provisions dated January 1999 will apply.
     By signing this Credit Agreement the Borrower declares that he has received
     a copy of said General Credit Provisions and is fully aware of the contents
     thereof.

Signature:

Rotterdam, 23 September 2005

HOLLANDSCHE BANK-UNIE N.V.

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Majuro, 26/9                  2005
       ---------------------------

/s/ Ion Varouxakis
----------------------------------
Adventure Two S.A.

The undersigned, Adventure Three S.A., declares that he assumes joint and
several liability towards HBU for all sums that the Borrower is now or will at
any time hereafter become due to HBU under this credit arrangement.

Majuro, 26/9                  2005
       ---------------------------

/s/ Ion Varouxakis
----------------------------------
Adventure Two S.A.

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