Document:

STAR
      BULK CARRIERS CORP.

    2007
      EQUITY INCENTIVE PLAN

    

    ARTICLE
      I.

    General

    

    
      	1.1.	
              Purpose

            

    

    

    The
      Star
      Bulk
      Carriers Corp.
      2007 Equity Incentive Plan (the “Plan”) is designed to provide certain key
      persons, whose initiative and efforts are deemed to be important to the
      successful conduct of the business of Star
      Bulk
      Carriers Corp.
      (the
“Company”), with incentives to (a) enter into and remain in the service of
      the Company, (b) acquire a proprietary interest in the success of the
      Company, (c) maximize their performance and (d) enhance the long-term
      performance of the Company. 

    

    
      	1.2.	
              Administration

            

    

    

    (a) Administration.
      The
      Plan shall be administered by the Compensation Committee of the Company’s Board
      of Directors (the “Board”), such other committee of the Board as may be
      designated by the Board to administer the Plan (the “Administrator”);
provided
      that, in
      the event the Company is subject to Section 16 of the Securities Exchange
      Act of 1934, as amended (the “1934 Act”), the Administrator shall be
      composed of two or more directors, each of whom is
      a
“Non-Employee Director” (a “Non-Employee Director”) under Rule 16b-3 (as
      promulgated and interpreted by the Securities and Exchange Commission (the
      “SEC”) under the 1934, or any successor rule or regulation thereto as in effect
      from time to time).
      Subject
      to the terms of the Plan and applicable law, and in addition to other express
      powers and authorizations conferred on the Administrator by the Plan,
      the
      Administrator shall have the full power and authority
      to:
      (1) designate the persons to receive Awards (as defined below) under the
      Plan; (2) determine the types of Awards granted to a participant under the
      Plan; (3) determine the number of shares to be covered by, or with respect
      to which payments, rights or other matters are to be calculated with respect
      to,
      Awards; (4) determine the terms and conditions of any Awards;
      (5) determine whether, and to what extent, and under what circumstances,
      Awards may be settled or exercised in cash, shares, other securities, other
      Awards or other property, or cancelled, forfeited or suspended, and the methods
      by which Awards may be settled, exercised, cancelled, forfeited or suspended;
      (6) determine whether, to what extent, and under what circumstances cash,
      shares, other securities, other Awards, other property and other amounts payable
      with respect to an Award shall be deferred, either automatically or at the
      election of the holder thereof or the Administrator; (7) construe,
      interpret and implement the Plan and any Award Agreement (as defined below);
      (8) prescribe, amend, rescind or waive rules and regulations
      relating to the Plan, including rules governing its operation;
      (9) make all determinations necessary or advisable in administering the
      Plan; (10) correct any defect, supply any omission and reconcile any
      inconsistency in the Plan or any Award Agreement; and (11) make any other
      determination and take any other action that the Administrator deems necessary
      or desirable for the administration of the Plan. Unless
      otherwise expressly provided in the Plan, all designations, determinations,
      interpretations and other decisions under or with respect to the Plan or any
      Award shall be within the sole discretion of the Administrator, may be made
      at
      any time and shall be final, conclusive and binding upon all
      persons.

    

    
      
         

      

      
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    (b) General
      Right of Delegation.
      Except
      to the extent prohibited by applicable law, the applicable rules of a stock
      exchange or any charter, by-laws or other agreement governing the Administrator,
      the Administrator may delegate all
      or
      any part of its responsibilities to any person or persons selected by
      it
      and may
      revoke any such allocation or delegation at any time.

    

    (c) Indemnification.
      No
      member of the Board, the Administrator or any employee of the Company (each
      such
      person, a “Covered Person”) shall be liable for any action taken or omitted to
      be taken or any determination made in good faith with respect to the Plan or
      any
      Award hereunder. Each Covered Person shall be indemnified and held harmless
      by
      the Company against and from (i) any loss, cost, liability or expense
      (including attorneys’ fees) that may be imposed upon or incurred by such Covered
      Person in connection with or resulting from any action, suit or proceeding
      to
      which such Covered Person may be a party or in which such Covered Person may
      be
      involved by reason of any action taken or omitted to be taken under the Plan
      or
      any Award Agreement and (ii) any and all amounts paid by such Covered Person,
      with the Company’s approval, in settlement thereof, or paid by such Covered
      Person in satisfaction of any judgment in any such action, suit or proceeding
      against such Covered Person; provided
      that the
      Company shall have the right, at its own expense, to assume and defend any
      such
      action, suit or proceeding and, once the Company gives notice of its intent
      to
      assume the defense, the Company shall have sole control over such defense with
      counsel of the Company’s choice. The foregoing right of indemnification shall
      not be available to a Covered Person to the extent that a court of competent
      jurisdiction in a final judgment or other final adjudication, in either case
      not
      subject to further appeal, determines that the acts or omissions of such Covered
      Person giving rise to the indemnification claim resulted from such Covered
      Person’s bad faith, fraud or willful criminal act or omission or that such right
      of indemnification is otherwise prohibited by law or by the Company’s Articles
      of Incorporation or Bylaws. The foregoing right of indemnification shall not
      be
      exclusive of any other rights of indemnification to which Covered Persons may
      be
      entitled under the Company’s Articles of Incorporation or Bylaws, as a matter of
      law, or otherwise, or any other power that the Company may have to indemnify
      such persons or hold them harmless.

    

    (d) Delegation
      of Authority to Senior Officers.
      The
      Administrator may delegate, on such terms and conditions as it determines,
      to
      one or more senior officers of the Company the authority to make grants of
      Awards to key employees (other than officers) of the Company and its
      Subsidiaries (including any such prospective key employee) and consultants
      of
      the Company and its Subsidiaries.

    

    (e) Awards
      to Non-Employee Directors.
      Notwithstanding anything to the contrary contained herein, the Board may, in
      its
      sole discretion, at any time and from time to time, grant Awards to Non-Employee
      Directors or administer the Plan with respect to such Awards. In any such case,
      the Board shall have all the authority and responsibility granted to the
      Administrator herein.

    

    
      	1.3.	
              Persons
                Eligible for Awards

            

    

    

    The
      persons eligible to receive Awards under the Plan are those directors,
      officers and key
      employees (including any prospective officer or key employee) and consultants
      of
      the Company and its Subsidiaries (collectively,
      “Key Persons”) as the Administrator
      shall
      select.

    

    
      
         

      

      
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      	1.4.	
              Types
                of Awards

            

    

    

    Awards
      may be made under the Plan in the form of (a) stock options, (b) stock
      appreciation rights, (c) restricted stock, (d) restricted stock units
      and (e) unrestricted stock, all as more fully set forth in the Plan. The
      term “Award”
      means any of the foregoing that are granted under the Plan.

    

    
      	1.5.	
              Shares
                Available for Awards; Adjustments for Changes in
                Capitalization

            

    

    

    (a) Maximum
      Number.
      Subject
      to adjustment as provided in Section 1.5(c), the aggregate number of shares
      of common stock of the Company, par value $0.01 (“Common Stock”), with
      respect to which Awards may at any time be granted under the Plan shall be
      2,000,000. The
      following shares
      of
      Common Stock shall again become available for Awards under the Plan:
      (i) any shares that are subject to an Award under the Plan and that remain
      unissued upon the cancellation or termination of such Award for any reason
      whatsoever; (ii) any shares of restricted stock forfeited pursuant to the
      Plan or the applicable Award Agreement; provided
      that any
      dividend equivalent rights with respect to such shares that have not theretofore
      been directly remitted to the grantee are also forfeited; and (iii) any
      shares in respect of which a stock appreciation right or restricted stock unit
      is settled for cash.

    

    (b) Source
      of Shares.
      Shares
      issued pursuant to the Plan may be authorized but unissued Common Stock or
      treasury shares. The Administrator may direct that any stock certificate
      evidencing shares issued pursuant to the Plan shall bear a legend setting forth
      such restrictions on transferability as may apply to such shares.

    

    (c) Adjustments.
      i)  In
      the
      event that the Administrator determines that any dividend or other distribution
      (whether in the form of cash, Company shares, other securities or other
      property), recapitalization, stock split, reverse stock split, reorganization,
      merger, consolidation, split-up, spin-off, combination, repurchase or exchange
      of Company shares or other securities of the Company, issuance of warrants
      or
      other rights to purchase Company shares or other securities of the Company,
      or
      other similar corporate transaction or event affects the Company shares such
      that an adjustment is determined by the Administrator to be appropriate or
      desirable, then the Administrator shall, in such manner as it may deem equitable
      or desirable, adjust the number of shares or other securities of the Company
      (or
      number and kind of other securities or property) with respect to which Awards
      may be granted under the Plan.

    

    (ii) The
      Administrator is authorized to make adjustments in the terms and conditions
      of,
      and the criteria included in, Awards in recognition of unusual or nonrecurring
      events (including the events described in Section 1.5(c)(i) or the
      occurrence of a Change in Control (as defined below)) affecting the Company,
      any
      Affiliate, or the financial statements of the Company or any Affiliate, or
      of
      changes in applicable rules, rulings, regulations or other requirements of
      any
      governmental body or securities exchange, accounting principles or law, whenever
      the Administrator determines that such adjustments are appropriate or
      desirable,
      including providing for (A) adjustment to (1) the
      number of shares or other securities of the Company (or number and kind of
      other
      securities or property) subject to outstanding Awards or to which outstanding
      Awards relate and (2) the Exercise Price (as defined below) with respect to
      any Award and (B) a
      substitution or assumption of Awards, accelerating the exercisability or vesting
      of, or lapse of restrictions on, Awards, or accelerating the termination of
      Awards by providing for a period of time for exercise prior to the occurrence
      of
      such event, or,
      if
      deemed appropriate or desirable, providing for a cash payment to the holder
      of
      an outstanding Award in consideration for the cancellation of such Award (it
      being understood that, in such event, any option or stock appreciation right
      having a per share Exercise Price equal to, or in excess of, the Fair Market
      Value of a share subject to such option or stock appreciation right may be
      cancelled and terminated without any payment or consideration
      therefor).

    

    
      
         

      

      
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    (iii) In
      the
      event of (A) a dissolution or liquidation of the Company, (B) a sale
      of all or substantially all the Company’s assets or (C) a merger,
      reorganization or consolidation involving the Company or one of its Subsidiaries
      (as defined below), the
      Administrator shall
      have the
      power to:

    

    (1)  provide
      that outstanding options, stock appreciation rights and restricted stock units
      (including any related dividend equivalent right) shall either continue in
      effect, be assumed or an equivalent award shall be substituted therefor by
      the
      successor corporation or a “parent corporation” (as defined in
      Section 424(e) of the Internal Revenue Code of 1986, as amended (the
“Code”)) or “subsidiary corporation” (as defined in Section 424(f) of the
      Code);

    

    (2)  cancel,
      effective immediately prior to the occurrence of such event, options, stock
      appreciation rights and restricted stock units (including each dividend
      equivalent right related thereto) outstanding immediately prior to such event
      (whether or not then exercisable) and, in full consideration of such
      cancellation, pay to the holder of such Award a cash payment in an amount equal
      to the excess, if any, of the Fair Market Value (as of a date specified by
      the
      Administrator) of the shares subject to such Award over the aggregate Exercise
      Price of such Award (it being understood that, in such event, any option or
      stock appreciation right having a per share Exercise Price equal to, or in
      excess of, the Fair Market Value of a share subject to such option or stock
      appreciation right may be cancelled and terminated without any payment or
      consideration therefor); or

    

    (3)  notify
      the holder of an option or stock appreciation right in writing or electronically
      that each option and stock appreciation right shall be fully vested and
      exercisable for a period of 30 days from the date of such notice, or such
      shorter period as the Administrator may determine to be reasonable, and the
      option or stock appreciation right shall terminate upon the expiration of such
      period (which period shall expire no later than immediately prior to the
      consummation of the corporate transaction).

    

    
      	1.6.	
              Definitions
                of Certain Terms

            

    

    

    (a) The
“Fair
      Market Value” of a share of Common Stock on any day shall be the closing price
      on the stock exchange upon which such shares are listed as reported for such
      day
      in The Wall Street Journal, or, if no such price is reported for such day,
      the
      average of the high bid and low asked price of Common Stock as reported for
      such
      day. If no quotation is made for the applicable day, the Fair Market Value
      of a
      share of Common Stock on such day shall be determined in the manner set forth
      in
      the preceding sentence for the next preceding trading day.
      Notwithstanding
      the
      foregoing, if there is no reported closing price or high bid/low asked price
      that satisfies the preceding sentences, or if otherwise deemed necessary or
      appropriate by the Administrator, the Fair Market Value of a share of Common
      Stock on any day shall be determined by such methods or procedures as shall
      be
      established from time to time by the Administrator.
      The
“Fair
      Market Value” of any property other than Common Stock shall be the fair market
      value of such property determined by such methods or procedures as shall be
      established from time to time by the Administrator.

    

    
      
         

      

      
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    (b) Unless
      otherwise set forth in an Award Agreement, in connection with a termination
      of
      employment or consultancy relationship or a dismissal from Board membership,
      for
      purposes of the Plan, the term “for Cause” shall be defined as
      follows:

    

    (i) if
      there
      is an employment, severance, change in control or other agreement governing
      the
      relationship between the grantee, on the one hand, and the Company or a
      Subsidiary, on the other hand, that contains a definition of “cause” (or similar
      phrase), for purposes of the Plan, the term “for Cause” shall mean those acts or
      omissions that would constitute “cause” under such agreement; or

    

    (ii) if
      the
      preceding clause (i) is not applicable to the grantee, for purposes of the
      Plan, the term “for Cause” shall mean any of the following:

    

    (A) any
      failure by the grantee substantially to perform the grantee’s employment or
      Board membership duties;

    

    (B) any
      excessive unauthorized absenteeism by the grantee;

    

    (C) any
      refusal by the grantee to obey the lawful orders of the Board or any other
      person to whom the grantee reports;

    

    (D) any
      act
      or omission by the grantee that is or may be injurious to the Company or any
      Affiliate, whether monetarily, reputationally or otherwise;

    

    (E) any
      act
      by the grantee that is inconsistent with the best interests of the Company
      or
      any Affiliate;

    

    (F) the
      grantee’s gross negligence that is injurious to the Company or any Affiliate,
      whether monetarily, reputationally or otherwise;

    

    (G) the
      grantee’s material violation of any of the Company’s policies, including,
      without limitation, those policies relating to discrimination or sexual
      harassment;

    

    (H) the
      grantee’s material breach of his or her employment or service contract with the
      Company or any Affiliate;

    

    (I) the
      grantee’s unauthorized (1) removal from the premises of the Company or an
      Affiliate of any document (in any medium or form) relating to the Company or
      an
      Affiliate or the customers or clients of the
      Company or an Affiliate or (2) disclosure to any person or entity
      of
      any of
      the Company’s, or any Affiliate’s, confidential or proprietary
      information;

    

    
      
         

      

      
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    (J) the
      grantee’s being convicted of, or entering a plea of guilty or nolo contendere
      to, any crime that constitutes a felony or involves moral turpitude;
      and

    

    (K) the
      grantee’s commission of any act involving dishonesty or fraud.

    

    Any
      rights the Company may have under the Plan in respect of the events giving
      rise
      to a termination or dismissal “for Cause” shall be in addition to any other
      rights the Company may have under any other agreement with a grantee or at
      law
      or in equity. Any determination of whether a grantee’s employment, consultancy
      relationship or Board membership is (or is deemed to have been) terminated
“for
      Cause” shall be made by the Administrator. If, subsequent to a grantee’s
      voluntary termination of employment or consultancy relationship or voluntarily
      resignation from the Board or involuntary termination of employment or
      consultancy relationship without Cause or removal from the Board other than
“for
      Cause”, it is discovered that the grantee’s employment or consultancy
      relationship or Board membership could have been terminated “for Cause”, the
      Administrator may deem such grantee’s employment or consultancy relationship or
      Board membership to have been terminated “for Cause” upon such discovery and
      determination by the Administrator.

    

    (c) “Affiliate”
      shall mean (i) any entity that, directly or indirectly, is controlled by,
      controls or is under common control with, the Company and (ii) any entity
      in which the Company has a significant equity interest, in either case as
      determined by the Administrator.

    

    (d) “Subsidiary”
      shall mean any entity in which the Company, directly or indirectly, has a 50%
      or
      more equity interest.

    

    (e) “Exercise
      Price” shall mean (i) in the case of options, the price specified in the
      applicable Award Agreement as the price-per-share at which such share can be
      purchased pursuant to the option or (ii) in the case of stock appreciation
      rights, the price specified in the applicable Award Agreement as the reference
      price-per-share used to calculate the amount payable to the
      grantee.

    

    ARTICLE
      II.

    Awards
      Under The Plan

    

    
      	2.1.	
              Agreements
                Evidencing Awards

            

    

    

    Each
      Award granted under the Plan shall
      be
      evidenced by a written certificate (“Award Agreement”), which shall
      contain such provisions as the Administrator may deem
      necessary or desirable and which may, but need not, require execution or
      acknowledgment by a grantee. The Award shall be subject to all of the terms
      and
      provisions of the Plan and the applicable Award Agreement.

    

    
      	2.2.	
              Grant
                of Stock Options and Stock Appreciation
                Rights

            

    

    

    (a) Stock
      Option Grants.
      The
      Administrator may grant stock options (“options”) to purchase shares of Common
      Stock from the Company to such Key Persons, and in such amounts and subject
      to
      such vesting and forfeiture provisions and other terms and
      conditions, as the Administrator shall determine, subject
      to the
      provisions of the Plan. No option will be treated as an “incentive stock option”
for purposes of the Code.

    

    
      
         

      

      
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    (b) Stock
      Appreciation Right Grants; Types of Stock Appreciation Rights.
      The
      Administrator may grant stock appreciation rights to such Key Persons, and
      in
      such amounts and subject to such vesting and forfeiture provisions and other
      terms and conditions, as the Administrator shall determine, subject to the
      provisions of the Plan. The terms of a stock appreciation right may provide
      that
      it shall be automatically exercised for a payment upon the happening of a
      specified event that is outside the control of the grantee and that it shall
      not
      be otherwise exercisable. Stock appreciation rights
      may be granted in connection with all or any part of, or independently of,
      any
      option granted under the Plan.

    

    (c) Nature
      of Stock Appreciation Rights.
      The
      grantee of a stock appreciation right shall have the right, subject to the
      terms
      of the Plan and the
      applicable Award Agreement, to receive from the Company an amount equal
      to
      (i) the excess of the Fair Market Value of a share of Common Stock on the
      date of exercise of the stock appreciation right over the Exercise Price of
      the
      stock appreciation right, multiplied by (ii) the number of shares with
      respect to which the stock appreciation right is exercised. Each Award Agreement
      with respect to a stock appreciation right shall set forth the Exercise Price
      of
      such Award and, unless otherwise specifically provided in the Award Agreement,
      the Exercise Price of a stock appreciation right shall equal the Fair Market
      Value of a share of Common Stock on the date of grant; provided
      that in
      no event may such Exercise Price be less than the greater of (A) the Fair
      Market Value of a share of Common Stock on the date of grant and (B) the
      par value of a share of Common Stock. Payment upon exercise of a stock
      appreciation right
      shall be in cash or in shares of Common Stock (valued at their Fair
      Market
      Value on
      the date of exercise of the stock appreciation right) or both, all as the
      Administrator shall determine. Upon the exercise of a stock appreciation right
      granted in connection with an option, the number of shares subject to the option
      shall be reduced by the number of shares with respect
      to which the stock appreciation right is exercised. Upon the exercise
      of
      an
      option in connection with which a stock appreciation right has been granted,
      the
      number of shares subject to the stock appreciation right shall be reduced
      by
      the
      number of shares with respect to which the option is exercised.

    

    (d) Option
      Exercise Price.
      Each
      Award Agreement with respect to an option shall set forth the Exercise Price
      of
      such Award and, unless otherwise specifically provided in the Award Agreement,
      the Exercise Price of an option shall equal the Fair Market Value of a share
      of
      Common Stock on the date of grant; provided
      that in
      no event may such Exercise Price be less than the greater of (i) the Fair
      Market Value of a share of Common Stock on the date of grant and (ii) the
      par value of a share of Common Stock.

    

    
      	2.3.	
              Exercise
                of Options and Stock Appreciation
                Rights

            

    

    

    Subject
      to the other provisions of this Article II and the Plan, each option and
      stock appreciation right granted under the Plan shall be exercisable as
      follows:

    

    (a) Timing
      and Extent of Exercise.
      Options
      and stock appreciation rights shall be exercisable at such times and under
      such
      conditions as determined by the Administrator and set forth in the corresponding
      Award Agreement, but in no event shall any portion of such Award be exercisable
      subsequent to the tenth anniversary of the date on which such Award was granted.
      Unless the applicable Award Agreement otherwise provides, an option or stock
      appreciation right may be exercised from time to time as to all or part of
      the
      shares as to which such Award
      is
      then exercisable.

    

    
      
         

      

      
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    (b) Notice
      of Exercise.
      An
      option or stock appreciation right shall be exercised by the filing of a written
      notice with the Company or the Company’s
      designated exchange agent (the “Exchange Agent”), on such form and
      in
      such
      manner as the Administrator shall prescribe.

    

    (c) Payment
      of Exercise Price.
      Any
      written notice of exercise of an option shall be accompanied by payment for
      the
      shares being purchased. Such payment shall be made: (i) by certified or
      official bank check (or the equivalent
      thereof acceptable to the Company or its Exchange Agent) for the
      full option
      Exercise Price; (ii) with the consent of the Administrator, which consent
      shall be given or withheld in the sole discretion of the Administrator, by
      delivery of shares
      of
      Common Stock having a Fair Market Value (determined as of the
      exercise
      date)
      equal to all or part of the option
      Exercise Price and a certified or official bank check (or the
      equivalent
      thereof
      acceptable to the Company or its Exchange Agent) for any remaining portion
      of
      the full option Exercise Price; or (iii) at the sole discretion of the
      Administrator and to the extent permitted by law, by such other provision,
      consistent with the terms of the Plan, as the Administrator may from time to
      time prescribe (whether directly or indirectly through the Exchange
      Agent).

    

    (d) Delivery
      of Certificates Upon Exercise.
      Subject
      to the provision of Sections 3.2, 3.4 and 3.13, promptly after
      receiving payment of the full option Exercise Price, or after receiving notice
      of the exercise of a stock appreciation right for which the Administrator
      determines payment will be made partly or entirely in shares, the Company or
      its
      Exchange Agent shall (i)
      deliver
      to the grantee, or to such other person as
      may
      then have the right to exercise the Award, a certificate or
      certificates
      for the
      shares of Common Stock for which the Award has been exercised or, in the case
      of
      stock appreciation rights, for which the Administrator determines will be made
      in shares or (ii) establish an account evidencing ownership of the stock in
      uncertificated form.  If
      the
      method of payment employed upon an option exercise so requires, and if
      applicable law permits, an optionee may direct the Company or its Exchange
      Agent, as the case may be, to deliver the stock certificate(s) to the optionee’s
      stockbroker.

    

    (e) No
      Stockholder Rights.
      No
      grantee of an option or stock appreciation right (or other person having the
      right to exercise such Award) shall have any of the rights of a stockholder
      of
      the Company with respect to shares subject to such Award until the issuance
      of a
      stock certificate to such person for such shares. Except as otherwise provided
      in Section 1.5(c), no adjustment shall be made for dividends, distributions
      or other rights (whether ordinary or extraordinary, and whether in cash,
      securities or other property) for
      which
      the record date is prior to the date such stock certificate is
      issued.

    

    
      	2.4.	
              Termination
                of Employment; Death Subsequent to a Termination of
                Employment

            

    

    

    (a) General
      Rule.
      Except
      to the extent otherwise provided in paragraphs (b), (c), (d), (e)
      or (f) of this Section 2.4 or Section 3.5(b)(iii), a grantee who
      incurs a termination of employment or consultancy relationship or dismissal
      from
      the Board may exercise any outstanding option or stock appreciation right on
      the
      following terms and conditions: (i) exercise may be made only to the extent
      that the grantee was entitled to exercise
      the Award on the date of termination of employment or consultancy relationship
      or dismissal from the Board, as applicable; and (ii) exercise
      must
      occur
      within three months after termination of employment or consultancy relationship
      or dismissal from the Board but in no event after the original expiration date
      of the Award.

    

    
      
         

      

      
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    (b) Dismissal
      “for Cause”.
      If a
      grantee incurs a termination
      of employment or consultancy relationship or dismissal from the Board, in either
      case “for Cause”,
      all
      options and stock appreciation rights not theretofore exercised shall terminate
      upon the grantee’s termination of employment or
      consultancy relationship or
      dismissal from the Board.

    

    (c) Retirement.
      If
      a
      grantee incurs a termination of employment as
      the
      result of his or her retirement (as defined below), then any outstanding option
      or stock appreciation right shall, to the extent exercisable at the time of
      such
      retirement, remain exercisable for a period of three years after such
      termination of employment; provided
      that in
      no event may such option or stock appreciation right be exercised following
      the
      original expiration date of the Award. For this purpose, “retirement” shall
mean
      a
      grantee’s resignation of employment, with the Company’s prior consent,
on
      or
      after (i) his or her 65th birthday, (ii) the date on which he or she
      has attained age 60 and completed at least five years of service with the
      Company (using any method
      of
      calculation the Administrator deems appropriate) or (iii) if approved by
      the
      Administrator, on or after his or her having completed at least 20 years of
      service with the Company (using any method of calculation the Administrator
      deems appropriate).

    

    (d) Disability.
      If
      a
      grantee incurs a termination of employment or a dismissal from the Board
      by
      reason
      of a disability (as defined below), then any outstanding option or stock
      appreciation right shall, to the extent exercisable at the time of such
      termination, remain exercisable for a period of one year after such termination
      of employment; provided
      that in
      no event may such option or stock appreciation right be exercised following
      the
      original expiration date of the Award. For this purpose, “disability” shall mean
      any physical or mental condition that would qualify the grantee for a disability
      benefit under the long-term disability plan maintained by the Company or, if
      there is no such plan, a physical or mental condition that prevents the grantee
      from performing the essential functions of the grantee’s position (with or
      without reasonable accommodation) for a period of six consecutive months. The
      existence of a disability shall be determined by the Administrator.

    

    (e) Death.

    

    (i) Termination
      of Employment as a Result of Grantee’s Death.
      If a
      grantee incurs a termination of employment or leaves the Board as the result
      of
      his or her death, then
      any
      outstanding option or stock appreciation right shall, to the extent exercisable
      at the time of such termination, remain exercisable
      for a
      period of one year after such termination of employment; provided
      that in
      no event may such option or stock appreciation right be exercised following
      the
      original expiration date of the Award.

    

    (ii) Restrictions
      on Exercise Following Death.
      Any
      such
      exercise
      of an
      Award following a grantee’s death shall be made only by the grantee’s executor
      or administrator or other duly appointed representative reasonably acceptable
      to the Administrator, unless the grantee’s will specifically
      disposes
      of such
      Award, in which case such exercise shall be made only by the recipient of such
      specific disposition. If a grantee’s personal representative or the recipient of
      a specific disposition under the grantee’s will shall be entitled to exercise
      any Award pursuant to the preceding sentence, such representative or recipient
      shall be bound by all the terms and conditions of the Plan and the applicable
      Award Agreement which would have applied to the grantee.

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

       

    

    (f) Administrator
      Discretion.
      The
      Administrator, in the applicable Award Agreement, may waive or modify the
      application of the foregoing provisions of this Section 2.4.

    

    
      	2.5.	
              Transferability
                of Options and Stock Appreciation
                Rights

            

    

    

    Except
      as
      otherwise provided in an applicable Award Agreement evidencing an option or
      stock appreciation right, during the lifetime of a grantee, each such Award
      granted to a grantee shall be exercisable
      only by the grantee, and no such Award shall
      be
      assignable or transferable other than by will or by the laws of descent and
      distribution. The Administrator
      may, in any applicable Award Agreement evidencing an option or stock
      appreciation right, permit a grantee to transfer all or some of the options
      or
      stock appreciation rights to (a) the grantee’s spouse, children or
      grandchildren (“Immediate Family Members”), (b) a trust or trusts for the
      exclusive benefit of such Immediate Family Members or (c) other parties
      approved by the Administrator. Following any such transfer, any transferred
      options and stock appreciation rights shall continue to be subject to the same
      terms and conditions as were applicable immediately prior to the
      transfer.

    

    
      	2.6.	
              Grant
                of Restricted Stock

            

    

    

    (a) Restricted
      Stock Grants.
      The
      Administrator may grant restricted shares of Common Stock to such Key Persons,
      in such amounts and subject to such vesting and forfeiture provisions and other
      terms and conditions as the Administrator shall determine, subject to the
      provisions of the Plan. A
      grantee
      of a restricted stock Award shall
      have no
      rights with respect to such Award unless such grantee accepts the Award within
      such period as the Administrator shall specify by accepting delivery of a
restricted
      stock agreement in such form as the Administrator shall determine and,
      in
      the
      event the restricted shares are newly issued by the Company, makes payment
      to
      the
      Company or its Exchange Agent by certified or official bank check (or
      the equivalent
      thereof acceptable to the Company and the Administrator) in an amount at least
      equal to the
      par
      value of the shares covered by the Award (which payment may be waived at the
      time of grant of the restricted stock Award to the extent the restricted shares
      granted hereunder are otherwise deemed to be fully paid and
      non-assessable).

    

    (b) Issuance
      of Stock Certificate.
      Promptly after a grantee accepts
      a
      restricted stock Award in accordance with Section 2.6(a), subject to
      Sections 3.2, 3.4 and 3.13, the Company or its Exchange Agent shall
      issue
      to the
      grantee a stock certificate or stock certificates for the shares of Common
      Stock
      covered by the Award or shall establish an account evidencing ownership of
      the
      stock in uncertificated form. Upon the issuance of such stock certificates,
      or
      establishment of such account, the grantee shall have the rights of a
      stockholder with respect to the restricted stock, subject to: (i) the
      nontransferability restrictions and forfeiture provision described in the Plan
      (including paragraphs (d)
      and (e) of this Section 2.6); (ii) in the Administrator’s sole
      discretion, a requirement that any dividends paid on such shares shall be held
      in escrow
      and
      shall remain forfeitable until all restrictions on such shares have lapsed;
      and
      (iii) any other restrictions and conditions contained in the applicable
      Award Agreement.

    

    (c) Custody
      of Stock Certificate.
      Unless
      the Administrator shall otherwise determine, any stock certificates issued
      evidencing shares of restricted
      stock shall remain in the possession of the Company until such
      shares
      are free
      of any restrictions specified in the applicable Award Agreement.
      The Administrator may direct that such stock certificates bear a
      legend
      setting
      forth the applicable restrictions on transferability. 

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

       

    

    (d) Nontransferability.
      Shares
      of restricted stock may not be sold, assigned, transferred, pledged or otherwise
      encumbered or disposed of prior to the lapsing of all restrictions thereon,
      except as otherwise specifically provided in this Plan or the applicable Award
      Agreement.
      The Administrator at the time of grant shall specify the
      date or
      dates (which may depend upon or be related to the attainment of performance
      goals and other conditions) on which the nontransferability of the restricted
      stock shall lapse. 

    

    (e) Consequence
      of Termination of Employment.
      A
      grantee’s termination of employment or consultancy relationship or dismissal
      from the Board for any reason (including death) shall cause the immediate
      forfeiture of all shares of restricted stock that have not yet vested as of
      the
      date of such termination of employment or
      consultancy relationship or dismissal from the Board.
      All
      dividends paid on such shares
      that have not theretofore been directly remitted to the grantee shall also
      be
      forfeited, whether by termination of any escrow arrangement
      under
      which such dividends are held or otherwise. The
      Administrator, in the applicable Award Agreement, may waive or modify the
      application of the foregoing provisions of this
      Section 2.6(e).

    

    
      	2.7.	
              Grant
                of Restricted Stock Units

            

    

    

    (a) Restricted
      Stock Unit Grants.
      The
      Administrator may grant restricted stock units to such Key Persons, and in
      such
      amounts and subject to such vesting and forfeiture provisions and other terms
      and conditions, as the Administrator shall determine, subject to the provisions
      of the Plan. A restricted stock unit granted under the Plan shall confer upon
      the grantee a right to receive from the Company, upon the occurrence of such
      vesting event as shall be determined by the Administrator and specified in
      the
      Award Agreement, the number of such grantee’s restricted stock units that vest
      upon the occurrence of such vesting event multiplied by the Fair Market Value
      of
      a share of Common Stock on the date of vesting. Payment upon vesting of a
      restricted stock unit shall
      be
      in cash or in shares of Common Stock (valued at their Fair Market
      Value on
      the date of vesting) or both, all as the Administrator shall
      determine.

    

    (b) Dividend
      Equivalents.
      The
      Administrator may include in any Award Agreement with respect to a restricted
      stock unit a dividend equivalent right entitling the grantee to receive amounts
      equal to the ordinary dividends that would be paid, during the time such Award
      is outstanding and unvested, on the shares of Common Stock underlying such
      Award
      if such shares were then outstanding. In the event such a provision is included
      in a Award Agreement, the Administrator shall determine whether such payments
      shall be (i) paid to the holder of the Award either (A) at the same
      time as the underlying dividends are paid, regardless of the fact that the
      restricted stock unit has not theretofore vested, or (B) at the time at
      which the Award’s vesting event occurs, conditioned upon the occurrence of the
      vesting event, (ii) made in cash, shares of Common Stock or other property
      and (iii) subject to such other vesting and forfeiture provisions and other
      terms and conditions as the Administrator shall deem appropriate and as shall
      set forth in the Award Agreement.

    

    
      
         

      

      
        11

        
          

        

      

      
         

      

       

    

    (c) Consequence
      of Termination of Employment.
      A
      grantee’s termination of employment or
      consultancy relationship or dismissal from the Board for
      any
      reason (including death) shall cause the immediate forfeiture of all restricted
      stock units that have not yet vested as of the date of such termination of
      employment or
      consultancy relationship or dismissal from the Board.
      Any
      dividend equivalent rights that
      have
      not theretofore been directly remitted to the grantee shall also be forfeited,
      whether by termination of any escrow arrangement
      under
      which such dividends are held or otherwise. The
      Administrator, in the applicable Award Agreement, may waive or modify the
      application of the foregoing provisions of this
      Section 2.7(c).

    

    (d) No
      Stockholder Rights.
      No
      grantee of a restricted stock unit shall have any of the rights of a stockholder
      of the Company with respect to such Award unless and until a stock certificate
      is issued with respect to such Award upon the vesting of such Award (it being
      understood that the Administrator shall determine whether to pay any vested
      restricted stock unit in the form of cash or Company shares or both). Except
      as
      otherwise provided in Section 1.5(c), no adjustment to any restricted stock
      unit shall be made for dividends, distributions or other rights (whether
      ordinary or extraordinary, and whether in cash, securities or other property)
      for
      which
      the record date is prior to the date such stock certificate, if any, is
      issued.

    

    (e) Transferability
      of Restricted Stock Units.
      Except
      as otherwise provided in an applicable Award Agreement evidencing a restricted
      stock unit, no restricted stock unit granted under the Plan shall
      be
      assignable or transferable. The Administrator
      may, in any applicable Award Agreement evidencing a restricted stock unit,
      permit a grantee to transfer all or some of the restricted stock units to (i)
      the grantee’s Immediate Family Members, (ii) a trust or trusts for the exclusive
      benefit of such Immediate Family Members or (iii) other parties approved by
      the
      Administrator. Following any such transfer, any transferred restricted stock
      units shall continue to be subject to the same terms and conditions as were
      applicable immediately prior to the transfer.

    

    
      	2.8.	
              Grant
                of Unrestricted Stock

            

    

    

    The
      Administrator may grant (or sell at a purchase price at least equal to par
      value) shares of Common Stock free of restrictions under the Plan to such
Key
      Persons and in such amounts and subject to such forfeiture provisions as
      the
      Administrator shall determine. Shares may be thus granted or sold in respect
      of
      past services or other valid consideration.

    

    ARTICLE
      III.

    Miscellaneous

    

    
      	3.1.	
              Amendment
                of the Plan; Modification of
                Awards

            

    

    

    (a) Amendment
      of the Plan.
      The
      Board may from time to time suspend,
      discontinue, revise or amend the Plan in any respect whatsoever,
      except that
      no
      such amendment shall materially impair any rights or materially
      increase
      any
      obligations under any Award theretofore made under the Plan without the consent
      of the grantee (or, upon the grantee’s death, the person having the right to
      exercise the Award). For purposes of this Section 3.1, any action of the
      Board or the Administrator that in any way alters or affects the tax treatment
      of any Award shall not be considered to materially impair any rights of any
      grantee.

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

       

    

    (b) Stockholder
      Approval Requirement.
      If
      required by applicable rules or regulations of a national securities exchange
      or
      the SEC, the Company shall obtain stockholder approval with respect to any
      amendment to the Plan that (i) materially increases the benefits under the
      Plan to persons whose transactions in Common Stock are subject to
      Section 16(b) of the 1934 Act, (ii) increases the number of shares
      which may be issued under the Plan (except as permitted pursuant to
      Section 1.5(c)), (iii) has the effect of a “re-pricing” of any
      outstanding Award or (iv) modifies the eligibility requirements of persons
      eligible to receive Awards under the Plan. 

    

    (c) Modification
      of Awards.
      The
      Administrator may cancel any Award under the Plan. The Administrator also may
      amend any outstanding Award Agreement, including, without limitation, by
      amendment which would: (i) accelerate the time or times at which the Award
      becomes unrestricted, vested or may be exercised; (ii) waive or amend any
      goals, restrictions or conditions set forth in the Award Agreement; or
      (iii) waive or amend the operation of Section 2.4 with respect to the
      termination of the Award upon termination of employment or consultancy
      relationship or dismissal from the Board. However, any such cancellation or
      amendment that materially impairs the rights or materially increases the
      obligations of a grantee under an outstanding Award shall be made only with
      the
      consent of the grantee (or, upon the grantee’s death, the person having the
      right to exercise the Award). In making any modification to an Award, the
      Administrator may consider the implications under Section 409A of the Code
      of such modification.

    

    
      	3.2.	
              Consent
                Requirement

            

    

    

    (a) No
      Plan Action Without Required Consent.
      If the
      Administrator shall at any time determine that any Consent (as defined below)
      is
necessary
      or desirable as a condition of, or in connection with, the granting
      of
      any
      Award under the Plan, the issuance or purchase of shares or other rights
thereunder,
      or the taking of any other action thereunder (each such action being
      hereinafter referred to as a “Plan Action”), then such Plan Action shall not be
      taken, in whole or in part, unless and until such Consent shall have been
      effected or obtained to the full satisfaction of the Administrator.

    

    (b) Consent
      Defined.
      The
      term “Consent” as used herein with respect to any Plan Action means (i) any
      and all listings, registrations or qualifications in respect thereof upon any
      securities exchange or under any federal, state or local law, rule or
      regulation, (ii) any and all written agreements
      and representations by the grantee with respect to the disposition
      of
      shares,
      or with respect to any other matter, which the Administrator shall deem
      necessary or desirable to comply with the terms of any such listing,
      registration or qualification or to obtain an exemption from the requirement
      that any such listing, qualification or registration be made and (iii) any
      and all consents, clearances and approvals in respect of a Plan Action by any
      governmental or other regulatory bodies.

    

    
      	3.3.	
              Nonassignability

            

    

    

    Except
      as
      provided in Sections 2.4(e), 2.5, 2.6(d) or 2.7(e), (a) no
      Award or right granted to any person under the Plan or under any Award Agreement
      shall be assignable or transferable other than by will or by the laws of descent
      and distribution and (b) all rights granted under the Plan or any
      Award
      Agreement shall be exercisable during the life of the grantee only
      by the
      grantee or the grantee’s legal representative or the grantee’s permissible
      successors or assigns (as authorized and determined by the Administrator).
      All
      terms and conditions of the Plan and the applicable Award Agreements will be
      binding upon any permitted successors or assigns.

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

       

    

    
      	3.4.	
              Taxes

            

    

    

    (a) Withholding.
      A
      grantee or other Award holder under the Plan shall be required to pay, in cash,
      to the Company, and the Company and Affiliates shall have the right and are
      hereby authorized to withhold from any Award, from any payment due or transfer
      made under any Award or under the Plan or from any compensation or other amount
      owing to such grantee or other Award holder, the amount of any applicable
      withholding taxes in respect of an Award, its grant, its exercise, its vesting,
      or any payment or transfer under an Award or under the Plan, and to take such
      other action as may be necessary in the opinion of the Company to satisfy all
      obligations for payment of such taxes. Whenever shares of Common Stock are
      to be
      delivered pursuant to an Award under the Plan, with the approval of the
      Administrator, which the Administrator shall have sole discretion whether or
      not
      to give, the grantee may satisfy the foregoing condition by electing to have
      the
      Company withhold from delivery shares having a value equal to the amount of
      minimum tax required to be withheld. Such shares shall
      be
      valued at their Fair Market Value as of the date on which the amount
      of
      tax to
      be withheld is determined. Fractional share amounts shall be settled in
cash.
      Such a withholding election may be made with respect to all or any
      portion
      of the
      shares to be delivered pursuant to an Award.

    

    (b) Liability
      for Taxes.
      Grantees and holders of Awards are solely responsible and liable for the
      satisfaction of all taxes and penalties that may arise in connection with Awards
      (including, without limitation, any taxes arising under Section 409A of the
      Code), and the Company shall not have any obligation to indemnify or otherwise
      hold any such person harmless from any or all of such taxes. The Administrator
      shall have the discretion to organize any deferral program, to require deferral
      election forms, and to grant or to unilaterally modify any Award in a manner
      that (i) conforms with the requirements of Section 409A of the Code,
      (ii) voids any participant election to the extent it would violate
      Section 409A of the Code and (iii) for any distribution event or
      election that could be expected to violate Section 409A of the Code, make
      the distribution only upon the earliest of the first to occur of a “permissible
      distribution event” within the meaning of Section 409A of the Code or a
      distribution event that the participant elects in accordance with
      Section 409A of the Code. The Administrator shall have the sole discretion
      to interpret the requirements of the Code, including, without limitation,
      Section 409A, for purposes of the Plan and all Awards.

    

    
      	3.5.	
              Change
                in Control

            

    

    

    (a) Change
      in Control Defined.
      For
      purposes of the Plan, “Change in Control” shall mean the occurrence of any of
      the following:

    

    (i) any
      “person” (as defined in Section 13(d)(3) of the 1934 Act), corporation
      or other entity (other than (A) the Company, (B) any trustee or other
      fiduciary holding securities under an employee benefit plan of the Company
      or an
      Affiliate, or (C) any company or other entity owned, directly or
      indirectly, by the holders of the voting stock of the Company in substantially
      the same proportions as their ownership of the aggregate voting power of the
      capital stock ordinarily entitled to elect directors of the Company) acquires
      “beneficial ownership” (as defined in Rule 13d-3 under the 1934 Act),
      directly or indirectly, of more than 50% of the aggregate voting power of the
      capital stock ordinarily entitled to elect directors of the
      Company;

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

       

    

    (ii) the
      sale
      of all or substantially all the Company’s assets in one or more related
      transactions to a person or group of persons, other than such a sale (A) to
      a Subsidiary which does not involve a change in the equity holdings of the
      Company, or (B) to an entity which has acquired all or substantially all
      the Company’s assets (any such entity described in clause (A) or (B), the
“Acquiring Entity”) if, immediately following such sale, 50% or more of the
      aggregate voting power of the capital stock ordinarily entitled to elect
      directors of the Acquiring Entity (or, if applicable, the ultimate parent entity
      that directly or indirectly has beneficial ownership of more than 50% of the
      aggregate voting power of the capital stock ordinarily entitled to elect
      directors of the Acquiring Entity) is beneficially owned by the holders of
      the
      voting stock of the Company, and such voting power among the persons who were
      holders of the voting stock of the Company immediately prior to such sale is,
      immediately following such sale, held in substantially the same proportions
      as
      the aggregate voting power of the capital stock ordinarily entitled to elect
      directors of the Company immediately prior to such sale;

    

    (iii) any
      merger, consolidation, reorganization or similar event of the Company or any
      Subsidiary as a result of which the holders of the voting stock of the Company
      immediately prior to such merger, consolidation, reorganization or similar
      event
      do not directly or indirectly hold 50% or more of the aggregate voting power
      of
      the capital stock of the surviving entity (or, if applicable, the ultimate
      parent entity that directly or indirectly has beneficial ownership of more
      than
      50% of the aggregate voting power of the capital stock ordinarily entitled
      to
      elect directors of the surviving entity) and such voting power among the persons
      who were holders of the voting stock of the Company immediately prior to such
      sale is, immediately following such sale, held in substantially the same
      proportions as the aggregate voting power of the capital stock ordinarily
      entitled to elect directors of the Company immediately prior to such
      sale;

    

    (iv) the
      approval by the Company’s stockholders of a plan of complete liquidation or
      dissolution of the Company; or

    

    (v) during
      any period of 12 consecutive calendar months, individuals:

    

    
      	 	
              (A)

            	
              who
                were directors of the Company on the first day of such period,
                or

            

    

    

    
      	 	
              (B)

            	
              whose
                election or nomination for election to the Board was recommended
                or
                approved by at least a majority of the directors then still in office
                who
                were directors of the Company on the first day of such period, or
                whose
                election or nomination for election were so
                approved,

            

    

    

    shall
      cease to constitute a majority of the Board;

    

    provided,
      however,
      that
      (1) in no event shall a Change in Control be deemed to have occurred in
      connection with any definitive agreement entered into prior to the adoption
      of
      the Plan or a merger of the Company with Star Maritime Acquisition Corp., with
      the Company being the surviving corporation, and (2) notwithstanding the
      foregoing, for each Award subject to Section 409A of the Code, a Change in
      Control shall be deemed to occur under this Plan with respect to such Award
      only
      if a change in the ownership or effective control of the Company or a change
      in
      the ownership of a substantial portion of the assets of the Company shall also
      be deemed to have occurred under Section 409A of the Code, provided
      that
      this clause (2) shall apply to such Award only to the extent necessary to avoid
      adverse tax effects under Section 409A of the Code.

    

    
      
         

      

      
        15

        
          

        

      

      
         

      

       

    

    (b) Effect
      of a Change in Control.
      Unless
      the Administrator provides otherwise in a Award Agreement, upon the occurrence
      of a Change in Control:

    

    (i) notwithstanding
      any other provision of this Plan, any Award then
      outstanding shall become fully vested and any Award in the form of
      an
      option
      or stock appreciation right shall be immediately exercisable;

    

    (ii) to
      the
      extent permitted by law and not otherwise limited by the terms of the Plan,
      the
      Administrator may amend any Award Agreement in such manner as it deems
      appropriate;

    

    (iii) a
      grantee
      who incurs a termination of employment or
      consultancy relationship or
      dismissal from the Board for any reason,
      other than a termination or dismissal “for Cause”, concurrent with or within one
      year following
      the Change in Control may exercise any outstanding option or stock
      appreciation right, but only to the extent that the grantee was entitled to
      exercise the Award on the date of his or her termination of employment
or
      consultancy relationship or
      dismissal from the Board, until the earlier of (A) the original expiration
      date of the Award and (B) the later of (x) the date provided for under
      the terms of Section 2.4 without reference to this Section 3.5(b)(iii)
      and (y) the first anniversary of the grantee’s termination
      of employment or
      consultancy relationship or
      dismissal from the Board.

    

    (c) Miscellaneous.
      Whenever deemed appropriate by the Administrator, any
      action
      referred to in paragraph (b)(ii) of this Section 3.5 may be made
      conditional upon the consummation of the applicable Change in Control
      transaction.

    

    
      	3.6.	
              Operation
                and Conduct of Business

            

    

     

    Nothing
      in the Plan or any Award Agreement shall be construed as limiting or preventing
      the Company or any Affiliate from taking any action with respect to the
      operation and conduct of their business that they deem appropriate or in their
      best interests, including any or all adjustments, recapitalizations,
      reorganizations, exchanges or other changes in the capital structure of the
      Company or any Affiliate, any merger or consolidation of the Company or any
      Affiliate, any issuance of Company shares or other securities or subscription
      rights, any issuance of bonds, debentures, preferred or prior preference stock
      ahead of or affecting the Common Stock or other securities or rights thereof,
      any dissolution or liquidation of the Company or any Affiliate, any sale or
      transfer of all or any part of the assets or business of the Company or any
      Affiliate, or any other corporate act or proceeding, whether of a similar
      character or otherwise.

    

    
      	3.7.	
              No
                Rights to Awards

            

    

     

    No
      Key
      Person or other person shall have any claim to be granted any Award under the
      Plan.

    

    
      
         

      

      
        16

        
          

        

      

      
         

      

       

    

    
      	3.8.	
              Right
                of Discharge Reserved

            

    

     

    Nothing
      in the Plan or in any Award Agreement shall confer upon any grantee
      the right to continue his or her employment with the Company or any of its
      Subsidiaries, his or her consultancy relationship with the Company or any of
      its
      Subsidiaries or his or her position as a director of the Company or any of
      its
      Subsidiaries or affect any right that the
      Company
      or any of its Subsidiaries
      may have
      to terminate such employment or consultancy relationship or service as a
      director.

    

    
      	3.9.	
              Non-Uniform
                Determinations

            

    

     

    The
      Administrator’s determinations and the treatment of Key Persons and grantees and
      their beneficiaries under the Plan need not be uniform and may be made and
      determined by the Administrator selectively among persons who receive, or who
      are eligible to receive, Awards under the Plan (whether or not such persons
      are
      similarly situated).
      Without limiting the generality of the foregoing, the Administrator
      shall
      be
      entitled, among other things, to make non-uniform and selective determinations,
      and to enter into non-uniform and selective Award Agreements, as to (a) the
      persons to receive Awards under the Plan, (b) the types of Awards granted
      under the Plan, (c) the number of shares to be covered by, or with respect
      to which payments, rights or other matters are to be calculated with respect
      to,
      Awards and (d) the terms and conditions of Awards.

     

    
      	3.10.	
              Other
                Payments or Awards

            

    

     

    Nothing
      contained in the Plan shall be deemed in any way to limit or restrict the
      Company from making any award or payment to any person under any other
      plan, arrangement or understanding, whether now existing or hereafter
      in
      effect.

    

    
      	3.11.	
              Headings

            

    

     

    Any
      section, subsection, paragraph or other subdivision headings contained
      herein are for the purpose of convenience only and are not intended
      to
      expand,
      limit or otherwise define the contents of such subdivisions.

    

    
      	3.12.	
              Effective
                Date and Term of Plan

            

    

     

    (a) Adoption;
      Stockholder Approval.
      The
      Plan was adopted by the Board and approved by the Company’s stockholders on
      February 8, 2007. The Board may, but need not, make the granting of any Awards
      under the Plan subject to the approval of the Company’s
      stockholders.

    

    (b) Termination
      of Plan.
      The
      Board may terminate the Plan at any time. All Awards made under the Plan prior
      to its
      termination shall remain in effect until such Awards have been satisfied
      or
      terminated in accordance with the terms and provisions of the Plan and the
      applicable Award Agreements. No Awards may be granted under the Plan following
      the tenth anniversary of the date on which the Plan was adopted by the
      Board.

    

    
      
         

      

      
        17

        
          

        

      

      
         

      

       

    

    
      	3.13.	
              Restriction
                on Issuance of Stock Pursuant to
                Awards

            

    

     

    The
      Company shall not permit any shares of Common Stock to be issued pursuant
      to Awards granted under the Plan unless such shares of Common Stock
      are
      fully
      paid and non-assessable under applicable law. Notwithstanding anything to the
      contrary in the Plan or any Award Agreement, at the time of the exercise of
      any
      Award, at the time of vesting of any Award or at the time of grant of any
      unrestricted shares under the Plan, the Company and the Administrator may,
      if
      either shall deem it necessary or advisable for any reason, require the holder
      of an Award (a) to represent in writing to the Company that it is the Award
      holder’s then-intention to acquire the shares with respect to which the Award is
      granted for investment and not with a view to the distribution thereof or
      (b) to postpone the date of exercise until such time as the Company has
      available for delivery to the Award holder a prospectus meeting the requirements
      of all applicable securities laws; and no shares shall
      be
      issued or transferred in connection with any Award unless and until all legal
      requirements applicable to the issuance or transfer of such shares have been
      complied with to the satisfaction of the Company and the Administrator. The
      Company and the Administrator shall have the right to condition any issuance
      of
      shares to any Award holder hereunder on such person’s undertaking in writing to
      comply with such restrictions on the subsequent transfer of such shares as
      the
      Company or the Administrator shall deem necessary or advisable as a result
      of
      any applicable law, regulation or official interpretation thereof, and all
      share
      certificates delivered under the Plan shall be subject to such stop transfer
      orders and other restrictions as the Company or the Administrator may deem
      advisable under the Plan, the applicable Award Agreement or the rules,
      regulations and other requirements of the SEC, any
      stock
      exchange upon which such shares are listed,
      and any
      applicable securities or other laws, and certificates representing such shares
      may contain a legend to reflect any such restrictions. The Administrator may
      refuse to issue or transfer any shares or other consideration under an Award
      if
      it determines that the issuance or transfer of such shares or other
      consideration might violate any applicable law or regulation or entitle the
      Company to recover the same under Section 16(b) of the 1934 Act, and
      any payment tendered to the Company by a grantee or other Award holder in
      connection with the exercise of such Award shall be promptly refunded to the
      relevant grantee or other Award holder. Without limiting the generality of
      the
      foregoing, no Award granted under the Plan shall be construed as an offer to
      sell securities of the Company, and no such offer shall be outstanding, unless
      and until the Administrator has determined that any such offer, if made, would
      be in compliance with all applicable requirements of any applicable securities
      laws.

    

    
      	3.14.	
              Requirement
                of Notification of Election Under Section 83(b) of the
                Code

            

    

    

    If
      an
      Award recipient, in connection with the acquisition of Company shares under
      the
      Plan, makes an election under Section 83(b) of the Code (to include in
      gross income in the year of transfer the amounts specified in Section 83(b)
      of the Code), the grantee shall notify the Administrator of such election within
      ten days of filing notice of the election with the U.S. Internal Revenue
      Service, in addition to any filing and notification required pursuant to
      regulations issued under Section 83(b) of the Code.

    

    
      	3.15.	
              Severability

            

    

    

    If
      any
      provision of the Plan or any Award is or becomes or is deemed to be invalid,
      illegal, or unenforceable in any jurisdiction or as to any person or Award,
      or
      would disqualify the Plan or any Award under any law deemed applicable by the
      Administrator, such provision shall be construed or deemed amended to conform
      to
      the applicable laws or, if it cannot be construed or deemed amended without,
      in
      the determination of the Administrator, materially altering the intent of the
      Plan or the Award, such provision shall be stricken as to such jurisdiction,
      person or Award and the remainder of the Plan and any such Award shall remain
      in
      full force and effect.

    

    
      
         

      

      
        18

        
          

        

      

      
         

      

       

    

    
      	3.16.	
              Governing
                Law

            

    

     

    The
      Plan will
      be
      construed and administered in accordance with the laws of the State
      of
      New
      York, without giving effect to principles of conflict of laws.

     

    
      
         

      

      
        19MEMORANDUM
                  OF AGREEMENT

                 

                Dated:
                  January
                  12, 2007

              	 	
                Norwegian
                  Shipbrokers’ Association’s Memorandum
                  of Agreement for sale and purchase of ships. Adopted by The Baltic
                  and
                  International Maritime
                  Council (BIMCO) in 1956.

                Code-name

                SALEFORM
                  1993

                Revised
                  1966, 1983 and 1986/87.

              

      

       

      A 
        Duckling
        Corporation, Panama

      hereinafter
        called the Sellers, have agreed to sell, and Star
        Bulk Carriers Corp., Majuro -

      Marshall
        Islands or nominee

       

      hereinafter
        called the Buyers, have agreed to buy-

       

      Name:
        A.
        DUCKLING

       

      Classification
        Society/Class:  BUREAU
        VERITAS

       

      Built:
        1992    By:
        STOCNIA
        GDYNIA S.A., POLAND

       

      Flag:
        PANAMA    Place
        of
        Registration: PANAMA

       

      Call
        Sign: 3EAJ8    Grt/Nrt:
        91,642/53,439

       

      Register
        Number IMO
        Number: 8800391

       

      hereinafter
        called the Vessel, on the following terms and conditions:

       

      Definitions

       

      "Banking
        days" are days on which banks are open both in the country of the currency
        stipulated
        for the Purchase Price in Clause 1 and in the place of closing stipulated
        in
        Clause 8.

       

      "In
        writing" or "written" means a letter handed over from the Sellers to the
        Buyers
        or vice versa, a
        registered letter, telex, telefax or other modern form of written
        communication.

       

      "Classification
        Society" or "Class" means the Society referred to in line 4.

       

      
        	1.	
                Purchase
                  Price USD
                  59,329,707.14

              

      

       

      
        	2.	
                Deposit

              

      

       

      As
        security for the correct fulfilment of this Agreement the Buyers shall pay
        a
        deposit of 10 % (ten
        per
        cent) of the Purchase Price within ___ banking days from the date of this
        Agreement. This deposit shall be placed with _______________ and
        held
        by them in a joint account for the Sellers and the Buyers, to be released
        in
        accordance with
        joint written instructions of the Sellers and the Buyers. Interest, if any,
        to
        be credited to the Buyers.
        Any fee charged for holding the said deposit shall be borne equally by the
        Sellers and the
        Buyers.

       

      
        	3.	
                Payment

              

      

       

      The
        said
        Purchase Price shall be paid in full free of bank charges
        to_____________________ on
        delivery of the Vessel, but not later than 3 banking days after the Vessel
        is in
        every respect physically
        ready for delivery in accordance with the terms and conditions of this Agreement
        and Notice
        of Readiness has been given in accordance with Clause
        5.The
        Purchase Price shall be paid as provided
        in the Supplemental Agreement referenced in Clause
        25.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	4.	
                Inspections

              

      

       

      
        	
                a)*

              	
                The
                  Buyers have inspected and accepted the Vessel's classification
                  records.
                  The Buyers have
                  also inspected
                  the Vessel at/in ____________on
                  ____________ and
                  have accepted the Vessel following this inspection and the sale
                  is
                  outright and definite, subject
                  only to the terms and conditions of this
                  Agreement.

              

      

       

      
        	
                b)*

              	
                The
                  Buyers shall have the right to inspect the Vessel
                  and Vessel's
                  classification records and declareat
                  a suitable
                  place at the Buyers' option. However these inspections are not
                  a subject
                  and
                  once the subjects stipulated in clause 18 are lifted the sale becomes
                  outright and definite,
                  subject to the provisons of the Supplemental Agreement referenced
                  in
                  Clause 25. whether
                  same are accepted or not
                  within

              

      

       

      The
        Sellers shall provide for inspection of the Vessel at/in (to
        be advised by Sellers)

       

      The
        Buyers shall undertake the inspection without undue delay to the Vessel.
        Should
        the Buyers
        cause undue delay they shall compensate the Sellers for the losses thereby
        incurred.The
        Buyers shall inspect the Vessel without opening up and without cost to the
        Sellers. During
        the inspection, the Vessel's deck, instuction
        books, maintenance records,and
        engine log
        books
as
        available on board shall
        be made
        available for examination
        by the Buyers. If the Vessel is accepted after such inspection, the sale
        shall become
        outright and definite, subject only to the terms and conditions of this
        Agreement, provided the Sellers receive written notice of acceptance from
        the
        Buyers within 72 hours after
        completion of such inspection.

       

      Should
        notice of acceptance of the Vessel's classification records and of the Vessel
        not be received
        by the Sellers as aforesaid, the deposit together with interest earned
        shall be released
        immediately to the Buyers, whereafter this Agreement shall be null and
        void.

       

      
        	*	
                4
                  a) and 4b) are alternatives; delete whichever is not applicable.
                  In the
                  absence of deletions, alternative
                  4a) to apply.

              

      

       

      
        	5.	
                Notices,
                  time and place of delivery

              

      

       

      
        	
                a)

              	
                The
                  Sellers shall keep the Buyers well informed of the Vessel's itinerary
                  and
                  shall provide
                  the Buyers with 20
                  , 15,and
                  7, 5,
                  2 days
                  approximate
                  and 1 definite notice
                  of
                  the estimated
                  time of arrival at the intended
                  place of drydocking/underwater inspection/delivery. When
                  the Vessel is at the place of
                  delivery and in every respect physically ready for delivery in
                  accordance
                  with this Agreement,
                  the Sellers shall give the Buyers a written Notice of Readiness
                  for
                  delivery.

              

      

       

      
        	
                b)

              	
                The
                  Vessel shall be delivered and taken over safely afloat at a safe
                  and
                  accessible berth or anchorage
                  at/in a
                  port worldwide (range/s to be advised) in
                  the Sellers' option.

              

      

       

      Expected
        time of delivery: as
        soon as practically possible following the Effective Date of the
Merger
        (as defined in the Supplemental Agreement referenced in Clause 25) but not
        later
than
        the last discharging port of the last laden voyage

       

      Date
        of
        cancelling (see Clauses 5 c), 6 b) (iii) and
        14):as
        per Supplemental Agreement referenced
        in Clause 25

       

      
        	
                c)

              	
                If
                  the Sellers anticipate that, notwithstanding the exercise of due
                  diligence
                  by them, the Vessel
                  will not be ready for delivery by the cancelling date they may
                  notify the
                  Buyers in writing
                  stating the date
                  when they anticipate that the Vessel will be ready for delivery
                  and propose
                  a new cancelling date. Upon receipt of such notification the Buyers
                  shall
                  have the option
                  of either cancelling this Agreement in accordance with Clause 14
                  within 7
                  running days
                  of receipt of the notice or of accepting the new date as the new
                  cancelling date. If the Buyers
                  have not declared their option within 7 running days of receipt
                  of the
                  Sellers' notification
                  or if the Buyers accept the new date, the date proposed in the
                  Sellers'
                  notification shall
                  be deemed to be the new cancelling date and shall be substituted
                  for the
                  cancelling date
                  stipulated in line 61. 

                 

                If
                  this Agreement is maintained with the new cancelling date all other
                  terms
                  and conditions hereof including these contained in Clauses 5 a)
                  and 5 c)
                  shall remain unaltered and in full force
                  and effect. Cancellation or failure to cancel shall be entirely
                  without
                  prejudice to any claim
                  for damages the Buyers may have under Clause 14 for the Vessel
                  not being
                  ready by the
                  original cancelling
                  date.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      
        	
                d) 

              	
                Should
                  the Vessel become an actual, constructive or compromised total
                  loss before
                  delivery the
                  deposit together
                  with interest earned shall be released immediately to the Buyers
                  whereafter
                  this Agreement shall be null and
                  void.

              

      

       

      
        	6.	
                Drydocking/Divers
                  InspectionSee
                  Clause 19

              

      

       

      
        	
                a)**

              	
                The
                  Sellers shall place the Vessel in drydock at the port of delivery
                  for
                  inspection by the Classification
                  Society of the Vessel's underwater parts below the deepest load
                  line, the
                  extent
                  of the inspection being in accordance with the Classification Society's
                  rules. If the rudder,
                  propeller, bottom or other underwater parts below the deepest load
                  line
                  are found broken,
                  damaged or defective so as to affect the Vessel's class, such defects
                  shall be made good
                  at the Sellers' expense to the satisfaction of the Classification
                  Society
                  without condition/recommendation*.

              

      

       

      
        	
                b)**

              	
                (i)
                  The Vessel is to be delivered without drydocking. However, the
                  Buyers
                  shall have
                  the right at their expense to arrange for an underwater inspection
                  by a
                  diver approved by
                  the Classification Society prior to the delivery of the Vessel.
                  The
                  Sellers shall at their cost
                  make the Vessel available for such inspection. The extent of the
                  inspection and the conditions
                  under which it is performed shall be to the satisfaction of the
                  Classification Society.
                  If the conditions at the port of delivery are unsuitable for such
                  inspection, the Sellers
                  shall make the Vessel available at a suitable alternative place
                  near to
                  the delivery port.

              

      

      

      (ii)
        If
        the rudder, propeller, bottom or other underwater parts below the deepest
        load
        line are
        found
        broken, damaged or defective so as to affect the Vessel's class, then unless
        repairs
        can be carried out afloat to the satisfaction of the Classification Society,
        the
        Sellers shall
        arrange for the Vessel to be drydocked at their expense for inspection by
        the
Classification
        Society of the Vessel's underwater parts below the deepest load line, the
        extent
        of
        the inspection being in accordance with the Classification Society's rules.
        If
        the rudder,
        propeller, bottom or other underwater parts below the deepest load line are
        found broken,
        damaged or defective so as to affect the Vessel's class, such defects shall
        be
        made good
        by
        the Sellers at their expense to the satisfaction of the Classification Society
        without
        condition/recommendation*. In such event the Sellers are to pay also for
        the
        cost of the
        underwater inspection and the Classification Society's
        attendance.

       

      (iii)
        If
        the Vessel is to be drydocked pursuant to Clause 6 b) (ii) and no suitable
        drydocking
        facilities are available at the port of delivery, the Sellers shall take
        the
        Vessel to
        a port
        where suitable drydocking facilities are available, whether within or outside
        the delivery
        range a6 per Clause 5 b). Once drydocking has taken place the Sellers shall
        deliver the
        Vessel at a port within the delivery range as per Clause 5 b) which shall,
        for
        the purpose
        of this Clause, become the new port of delivery. In such event the cancelling
        date provided
        for in Clause 5 b) shall be extended by the additional time required for
        the
drydocking
        and extra steaming, but limited to a maximum of 14 running
        days.

       

      
        	
                c)

              	
                If
                  the Vessel is drydocked pursuant to Clause 6 a) or 6 b)
                  above

              

      

       

      (i)
        the
        Classification Society may require survey of the tailshaft system, the extent
        of
the
        survey being to the satisfaction of the Classification surveyor. If such
        survey
        is not required
        by the Classification Society, the Buyers shall have the right to require
        the
        tailshaft to
        be
        drawn and surveyed by the Classification Society, the extent of the survey
        being
        in accordance with the Classification Society's rules for tailshaft survey
        and
        consistent with the
        current stage of the Vessel's survey cycle. The Buyers shall declare whether
        they require
        the tailshaft to be drawn and surveyed not later than by the completion of
        the
inspection
        by the Classification Society. The drawing and refitting of the tailshaft
        shall
        be arranged by the Sellers. Should any parts of the tailshaft system be
        condemned or found defective
        so as to affect the Vessel's class, those parts shall be renewed or made
        good at
        the Sellers' expense to the satisfaction of the Classification Society without
        condition/recommendation*.

      

      (ii)
        the
        expenses relating to the survey of the tailshaft system shall be borne
by
        the
        Buyers unless the Classification Society requires such survey to be carried
        out,
        in which
        case the Sellers shall pay these expenses. The Sellers shall also pay the
        expenses if
        the
        Buyers require the survey and parts of the system are condemned or found
        defective or
        broken
        so as to affect the Vessel's class*.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      (iii)
        the
        expenses in connection with putting the Vessel in and taking her out of drydock,
        including the drydock dues and the Classification Society's fees shall be
        paid
        by the Sellers if the Classification Society issues any
        condition/recommendation* as a result of
        the
        survey or if it requires survey of the tailshaft system. In all other cases
        the
        Buyers shall
        pay
        the aforesaid expenses, dues and fees.

       

      (iv)
        the
        Buyers' representative shall have the right to be present in the drydock,
        but without
        interfering with the work or decisions of the Classification
        surveyor.

       

      (v)
        the
        Buyers shall have the right to have the underwater parts of the Vessel
cleaned
        and painted at their risk and expense without interfering with the Sellers'
        or
        the Classification
        surveyor's work, if any, and without affecting the Vessel's timely delivery.
        If, however,
        the Buyers' work in drydock is still in progress
        when the Sellers have completed
        the work which the Sellers are required to do, the additional docking time
        needed
        to
        complete the Buyers' work shall be for the Buyers' risk and expense. In the
        event that the Buyers' work requires such additional time, the Sellers may
        upon
        completion of the Sellers'
        work tender Notice of Readiness for delivery whilst the Vessel is still in
        drydock and
        the
        Buyers shall be obliged to take delivery in accordance with Clause 3, whether
        the
        Vessel is in drydock or not and irrespective of Clause 5
        b).

       

      
        
          
            	*	
                    Notes,
                      if any, in the surveyor's report which are accepted by the
                      Classification
                      Society without
                      condition/recommendation are not to be taken into
                      account.

                  

          

        

      

       

      
        
          
            	**	
                    6
                      a)
                      and 6 b) are alternatives; delete whichever is not applicable).
                      In the
                      absence of deletions, alternative
                      6 a) to
                      apply.

                  

          

        

      

       

      
        
          
            	7.	
                    Spares/bunkers,
                      etc.

                  

          

        

      

       

      The
        Sellers shall deliver the Vessel to the Buyers with everything belonging
        to her
        on board and on shore.
        All spare parts and spare equipment including spare tail-end shaft(s) and/or
        spare propeller(s)/propeller
        blade(s), if any, belonging to the Vessel at the time of inspection used
        or
unused,
        whether on board or not shall become the Buyers' property, but spares on
        order
        are to be excluded.
        Forwarding charges, if any, shall be for the Buyers' account. The Sellers
        are
        not required to replace
        spare parts including spare tail-end shaft(s) and spare propeller(s)/propeller
        blade(s) which are
        taken
        out of spare and used as replacement prior to delivery, but the replaced
        items
        shall be the property
        of the Buyers. The radio installation and navigational equipment shall be
        included in the sale without
        extra payment if they are the property of the Sellers. Unused stores and
        provisions shall be included
        in the sale and be taken over by the Buyers without extra payment.

       

      The
        Sellers have the right to take ashore crockery, plates, cutlery, linen and
        other
        articles bearing the Sellers'
        flag or name, provided they replace same with similar unmarked items. Library,
        forms, etc., exclusively
        for use in the Sellers' vessel(s), shall be excluded without compensation.
        Captain's, Officers'
        and Crew's personal belongings including the slop chest are to be excluded
        from
        the sale, as
        well
        as the following additional items (including items on hire): To
        Be Advised

       

      The
        Buyers shall take over the remaining bunkers (if
        same are property of the Sellers)and
        unused lubricating
        oils in storage tanks and sealed
        drums and pay the current net market price (excluding barging expenses)
        at the port and date of
        delivery of the Vessel. See
        Clause 20

       

      Payment
        under this Clause shall be made at the same time and place and in the same
        currency as the
        Purchase Price.

       

      
        
          
            	8.	
                    Documentation

                  

          

        

      

       

      The
        place
        of closing: New
        York, USA

       

      In
        exchange for payment of the Purchase Price the Sellers shall furnish the
        Buyers
        with delivery documents,
        namely:

       

      
        	a)	
                Legal
                  Bill of Sale in a form recordable in Marshall
                  Islands (the
                  country in which the Buyers are to
                  register the Vessel), warranting that the Vessel is free from all
                  encumbrances, mortgages and
                  maritime liens or any other debts or claims whatsoever, duly notarially
                  attested and legalized
                  by the consul of such country or other competent
                  authority.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      
        	
                b)

              	
                Current
                  Certificate of Ownership issued by the competent authorities of
                  the flag
                  state of the
                  Vessel.

              

      

       

      
        	c)	
                Confirmation
                  of Class issued within 72 hours3
                  working days prior
                  to
                  delivery.

              

      

       

      
        	d)	
                Current
                  Certificate issued by the competent authorities stating that the
                  Vessel is
                  free from registered
                  encumbrances.

              

      

       

      
        	e)	
                Certificate
                  of Deletion of the Vessel from the Vessel's registry or other official
                  evidence of deletion
                  appropriate to the Vessel's registry at the time of delivery, or,
                  in the
                  event that the registry
                  does not as a matter of practice issue such documentation immediately,
                  a
                  written undertaking
                  by the Sellers to effect deletion from the Vessel's registry forthwith
                  and
                  furnish a Certificate
                  or other official evidence of deletion to the Buyers promptly and
                  latest
                  within 4 (four)
                  weeks after the Purchase Price has been paid and the Vessel has
                  been
                  delivered.

              

      

       

      
        	f)	
                Any
                  such additional documents as may reasonably be required by the
                  competent
                  authorities for
                  the purpose of registering the Vessel, provided the Buyers notify
                  the
                  Sellers of any such documents
                  as soon as possible after the date of this Agreement. See
                  Clause 22

              

      

       

      At
        the
        time of delivery the Buyers and Sellers shall sign and deliver to each other
        a
        Protocol of Delivery
        and Acceptance confirming the date and time of delivery of the Vessel from
        the
        Sellers to the Buyers.

       

      At
        the
        time of delivery the Sellers shall hand to the Buyers the classification
        certificate(s) as well as all plans,
        instruction books, maintenance records etc.,
        which are on board the Vessel. Other certificates which
        are
        on board the Vessel shall also be
        handed
        over to the Buyers unless the Sellers are required to retain same, in which
        case
        the Buyers
        to
        have the right to take copies. Other technical documentation which may
be
        in the
        Sellers' possession shall be promptly forwarded to the Buyers at their expense,
        if
        they so request.
        The
        Sellers may keep the Vessel's log books but the Buyers to have the right
        to take
copies
        of
        same.

       

      
        	9.	
                Encumbrances

              

      

       

      The
        Sellers warrant that the Vessel, at the time of delivery, is free from all
        charters
        (other than term employment/charters
        contemplated by the Supplemental Agreement referenced in Clause 25),
encumbrances,
        mortgages
        and maritime liens or any other debts whatsoever. The Sellers hereby undertake
        to
        indemnify the Buyers against all consequences of claims made against the
        Vessel
        which have been
        incurred prior to the time of delivery. The
        Vessel on delivery to be delivered free of cargo /cargo residues,
        and free of any dunnage.

       

      
        	10.	
                Taxes,
                  etc.

              

      

       

      Any
        taxes, fees and expenses in connection with the purchase and registration
        under
        the Buyers' flag shall be for the Buyers' account, whereas similar charges
        in
        connection with the closing of the Sellers' register
        shall be for the Sellers' account.

       

      
        	11.	
                Condition
                  on delivery

              

      

       

      The
        Vessel with everything belonging to her shall be at the Sellers' risk and
        expense until she is delivered
        to the Buyers, but subject to the terms and conditions of this Agreement
        she
        shall be delivered
        and taken over as she was at the time of inspection, fair wear and tear
        excepted. However,
        the Vessel shall be delivered with her class maintained without
        condition/recommendation*, free
        of
        average damage affecting the Vessel's class, and with her classification
        certificates and International/national
        certificates
        and
        surveys, as
        well
        as all other certificates the Vessel had at the time
        of
agreement
        inspection,
        valid and unextended
        without condition/recommendation* by Class or the relevant authorities
for
        a minimum of 1
        month from atthe
        time
        of delivery.

      
         

        "Inspection"
          in this Clause 11 and
          in Clause 7, Line 157, shall
          mean the Buyers' inspection according to Clause 4 a) or 4 b), if applicable,
          or
          the Buyers' inspection prior to the signing of this Agreement. If the Vessel
          is
          taken over without
          inspection, the date of this Agreement shall be the relevant date.

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

    

     

    
      
        	*	
                Notes,
                  if any, in the surveyor's report which are accepted by the Classification
                  Society without
                  condition/recommendation are not to be taken into account. 

              

      

       

      12.  Name/markings

       

      Upon
        delivery the Buyers undertake to change the name of the Vessel and alter
        funnel
        markings.

       

      13.  Buyers'default

       

      Should
        the deposit not be paid in accordance with Clause 2, the Sellers have the
        right
        to cancel this Agreement,
        and they shall be entitled to claim compensation for their losses and for
        all
        expenses incurred
        together with interest.

       

      Should
        the Purchase Price not be paid in accordance with Clause 3, the Sellers have
        the
        right to
        cancel
        the Agreement, in which case the deposit together with interest earned
        shall be released to the Sellers.
        If the deposit does not cover their loss, the Sellers shall be entitled
        to claim further compensation
        for their losses and for all expenses incurred together with
        interest.

       

      14.    
         Sellers' default as per Supplemental
        Agreement referenced in Clause 25

       

      Should
        the Sellers fail to give Notice of Roadiness in accordance with Clause 5
        a) or
        fail to be ready to
        validly complete a legal transfer by the date stipulated in line 61 the Buyers
        shall have the
        option of cancelling this Agreement provided always that the Sellers shall
        be
        granted a maximum
        of 3 banking days after Notice of Readiness has been given to make
        arrangements for
        the
        documentation set out in Clause 8. If after Notice of Readiness has been
        given
        but before the
        Buyers have taken delivery, the Vessel ceases to be physically ready for
        delivery and is not made
        physically ready again in every respect by the date stipulated in line 61
        and
        new Notice of Readiness
        given, the Buyers shall retain their option to cancel. In the event that
        the
        Buyers elect to
        cancel
        this Agreement the deposit together with interest earned shall be released
        to
        them immediately.

       

      Should
        the Sellers fail to give Notice of Readiness by the date stipulated in line
        61
        or fail to be ready to
        validly complete a legal transfer as aforesaid they shall make due compensation
        to the Buyers for their
        loss and for all expenses together with interest if their failure is due
        to
        proven negligence
        and whether or not the Buyers cancel this Agreement.

       

      15.    
         Buyers' representatives See Clause
        21

       

      After
        this Agreement has been signed by both parties and the deposit has been lodged,
        the Buyers have
        the
        right to place two representatives on board the Vessel at their sole risk
        and
        expense upon arrival
        at
        ____________ on
        or
        about
        ________________________________ These
        representatives are on board for the purpose of familiarisation and in the
        capacity of observers
        only, and they shall not interfere in any respect with the operation of the
        Vessel. The Buyers'
        representatives shall sign the Sellers' letter of indemnity prior to their
        embarkation.

       

      16.    
         Arbitration

       

      
        	a)*	
                This
                  Agreement shall be governed by and construed in accordance with
                  English
                  law and any
                  dispute arising out of this Agreement shall be referred to arbitration
                  in
                  London in accordance
                  with the Arbitration Acts 1950 and 1979 or any statutory modification
                  or
                  re
                  enactment thereof for the time being in force, one arbitrator being
                  appointed by each party.
                  On the receipt by one party of the nomination in writing of the
                  other
                  party's arbitrator, that party shall appoint their arbitrator within
                  fourteen days, failing which the decision of the single
                  arbitrator appointed shall apply. If two arbitrators property appointed
                  shall not agree they
                  shall appoint an umpire whose decision shall be
                  final.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	b)*	
                This
                  Agreement shall be governed by and construed in accordance with
                  Title 9 of
                  the United
                  States Code and the Law of the State of New York and should any
                  dispute
                  arise out of this
                  Agreement, the matter in dispute shall be referred to three persons
                  at New
                  York, one to be
                  appointed by each of the parties hereto, and the third by the two
                  so
                  chosen; their decision
                  or that of any two of them shall be final, and for purpose of enforcing
                  any award, this Agreement
                  may be made a rule of the Court.

                 

                The
                  proceedings shall be conducted in accordance with the rules of
                  the Society
                  of Maritime Arbitrators,
                  Inc. New York.

              

      

      

      
        	c)*	
                Any
                  dispute arising out of this Agreement shall be referred to arbitration
                  at
                  __________________________
                  ,
                  subject to the procedures applicable there. The
                  laws of
                  _______________ shall
                  govern this Agreement.

              

      

       

      
        	*	
                16
                  a), 16 b) and 16 c) are alternatives; delete whichever is not applicable.
                  In the absence of deletions,
                  alternative 16 a) to apply.

              

      

       

      Clauses
        17-25 both inclusive are deemed are part of this
        agreement

       

      This
        Charter Party is a computer generated copy of the "SALEFORM 1993" form printed
        by authority of Norwegian Shipbrokers' Association
        using software which is the copyright of Strategic Software Ltd. Any insertion
        or deletion to the form must be clearly visible. In the
        event
        of any modification made to the preprinted text of this document which is
        not
        clearly visible, the text of the original approved document shall apply.
        Norwegian Shipbrokers' Association and Strategic Software Ltd. assume no
        responsibility for any loss or damage caused
        as
        a result of discrepancies between the original approved document and this
        document.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      ADDITIONAL
        CLAUSES

      TO
        THE MEMORANDUM OF AGREEMENT - SALE FORM 1993

      DATED
        JANUARY 12, 2007 FOR M.V. 'A DUCKLING'
        (THE VESSEL)

      BETWEEN
        A DUCKLING CORPORATION PANAMA (THE SELLERS)

      AND
        STAR BULK CARRIERS CORP. MARSHALL ISLANDS

      OR
        NOMINEE (THE BUYERS)

       

      CLAUSE
        17

       

      This
        sale
        is part of the sale and delivery of the following additional Motor
        Vessels:

       

      M.V.
        "B
        Duckling" 

      M.V.
        "C
        Duckling" 

      M.V.
        "F
        Duckling"

      M.V.
        "G
        Duckling"

      M.V.
        "I
        Duckling" 

      M.V.
        "J
        Duckling" 

      M.V.
        "Mommy Duckling"

       

      registered
        in the respective ownership of the following Owners:

       

      B
        Duckling Corporation, Panama 

      C
        Duckling Corporation, Panama 

      F
        Duckling Corporation, Panama 

      G
        Duckling Corporation, Panama 

      I
        Duckling Corporation, Panama 

      J
        Duckling Corporation, Panama 

      Mommy
        Management Corp., Panama

       

      and
        all
        ultimately beneficially owned by TMT Co., Ltd., Taiwan ("TMT"). In the event
        that
        one
        or more of the above vessels are not delivered pursuant to their respective
        MOA's
        for
        any reason whatsoever, TMT hereby agrees and assumes the obligation to
        substitute the non-delivered vessel(s) with replacement tonnage pursuant
        and
subject
        to the terms of the Supplemental Agreement referenced in Clause 25.

       

      CLAUSE
        18

       

      This
        sale
        is subject to:

      

      
        	
              	i)	
                STAR
                  MARITIME ACQUISITION CORP. Delaware ("Star Maritime") a
                  listed company in the AMEX being the parent company of the Buyers
                  filing
                  a definitive proxy/registration statement (the "Registration Statement")
                  with
                  the Securities and Exchange Commission (the "SEC") and such
                  Registration Statement being declared effective by the
                  SEC.

              

      

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
              	ii)	
                Star
                  Maritime obtaining the requisite approval of its stockholders for
                  the
                  Merger (as defined in Supplemental Agreement referenced in Clause
                  25)
                  and the sale of the vessels provided for in the Supplemental Agreement
                  referenced in Clause 25 at a duly convened stockholders' meeting.

              

      

       

      CLAUSE
        19

       

      No
        dry-docking / however the Buyers have the right at Buyers' expense to carry
        out
an
        under-water (defined as 'parts below the sea water line at time of divers
        inspection')
        inspection prior to or at the delivery port and the Sellers shall make the
        vessel
        available for such under-water inspection. Inspection of underwater parts
        shall
        be
        carried out by divers approved by the class with the presence of class
surveyor
        and the Sellers/Buyers representatives. Such diver inspection shall be
carried
        out in a manner acceptable to class surveyor. If the conditions at the port
        of
delivery
        are unsuitable for such inspection, the Sellers shall make the Vessel
available
        at a suitable alternative place near the delivery port.

       

      In
        the
        event of any damage/s being found which lead to a recommendation by the
classification
        society and immediate repairs are required, the Sellers shall then
        dry-dock
        the
        Vessel in accordance with clause 6 of the Norwegian Sale Form 1993, and
Sellers
        shall repair same to class satisfaction. Cancelling date to be extended
accordingly.

       

      If
        damage/s are found which lead to a recommendation by the classification society,
        repair/s
        of which maybe be carried out by the Buyers at a later stage, as per
classification
        society recommendation, then in lieu of Buyers taking delivery of the
Vessel
        with said recommendation/s the Sellers shall pay to the Buyers the estimated
        repairing
        direct cost - this amount will be deducted from the purchase price on
delivery.

       

      This
        estimated repairing direct cost shall be the average cost of 2 quotations
        from
reputable
        yards/repair shops at or near the delivery port, 1 obtained by Buyers and
        1
obtained
        by Sellers determined in accordance with the cost of such repairs prevailing
        at
the
        time
        of delivery of the Vessel, for repair works only without dry-docking costs
        and
without
        costs of possible time lost, and in any case for the direct cost/s
        only.

       

      It
        is
        understood that class shall be the sole arbiter in any matter under this
        Clause
        19 affecting
        the Vessel's class.

       

      The
        costs
        of class surveyor's fee and diver inspection will be for the Buyers'
        account.

       

      CLAUSE
        20

       

      The
        Buyers are to pay extra for unused/unbroached lubricating oils in drums and
        designated storage tanks 'remaining on board' as per actual cost evidenced
        by
        net invoice
        prices including discounts. Also extra payment for bunkers 'remaining on
        board'
        at
        the Sellers' last paid prices (either bought in the open market or paid to
        last
charterers).

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      CLAUSE
        21

       

      As
        from
        the Effective Date of Merger (as defined in the Supplemental Agreement
referenced
        in Clause 25) Buyers shall have the right to place onboard up to a maximum
        of
        three
        (3) representatives until delivery as observers for familiarisation purposes
        only
        without interference to the Vessel's operation at Buyer's risk and expense.
        Representatives
        are to sign Sellers' indemnity form. Sellers shall assist where necessary
        in the application for visas for Buyer's ongoing representatives. Upon
Vessel's
        arrival at the delivery port Buyers shall have the right to place on board
        three
        (3) more representatives on a daily basis up until delivery. Buyers
        representatives to have
        the
        right to communicate with their office / managers via the Vessel's communication
        means always at Buyers' cost. The Buyers' representatives shall have
full
        access to Vessel's all non-private spaces, as well as to instruction books,
        plans, certificates,
        records, documents, plans, drawings and shall have the right to take
photocopies
        of same but should not interfere with the Vessel's cargo discharge operations,
        if any.

       

      CLAUSE
        22

       

      Sellers
        and Buyers to supply documentation which may be reasonably required and to
        be
        mutually agreed for the legal transfer of the Vessel and for her Marshall
        Islands
        registration under new flag and ownership (such list to form an addendum
        to
the
        MOA).

       

      At
        the
        time of delivery, in addition to other documents to be agreed per this clause,
        Buyers
        shall furnish Sellers with the following delivery documents:

       

      
        	(i)	
                Novation
                  Agreement duly executed by Buyers;

              

      

       

      
        	(ii)	
                Secretary's
                  Certificate of Buyers authorizing this MOA, the Supplemental Agreement
                  and the Novation Agreement in respect of the charter of the Vessel,
                  together with incumbency certificates; and

              

      

       

      
        	(iii)	
                Secretary's
                  Certificate of each of Star Maritime and Star Bulk authorizing
                  the
                  Master
                  Agreement, the Supplemental Agreement and this MOA, together with
                  incumbency certificates.

              

      

       

      At
        the
        time of delivery, in addition to other documents to be agreed per this clause,
        Sellers
        shall furnish Buyers with the following delivery documents:

       

      
        	(i)	
                Novation
                  Agreement duly executed by Sellers and the
                  charterer;

              

      

       

      
        	(ii)	
                Secretary's
                  Certificate of Sellers authorizing this MOA, the Supplemental Agreement
                  and the Novation Agreement in respect of the charter of the Vessel,
                  together with incumbency certificates; and

              

      

       

      
        	(iii)	
                Secretary's
                  Certificate of each of TMT authorizing the Master Agreement, the
                  Supplemental
                  Agreement and this MOA, together with incumbency certificates.

              

      

       

      CLAUSE
        23

       

      Sellers
        warrant that on the date hereof and on the date of closing, the Vessel shall
        be
        entitled to trade worldwide within Institute Warranty Limits without restriction
        on limitation.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        
           

          CLAUSE
            24

           

          All
            instruction books, drawings, plans and manuals, on board or ashore in
            owners/managers office that are in Sellers possession are to be delivered
            to the
            Buyers except ISM manuals and ship security plan. The Sellers to forward
            office
            set as soon as possible after delivery to the Buyer’s office. All forwarding
            costs to be for Buyers account.

          

          CLAUSE
            25

           

          This
            agreement is one of the “MOAs” referred to and defined in (i) that certain
            Supplemental Agreement dated the date hereof and executed and delivered
            concurrently herewith by and among Buyers, Star Maritime as the 100pct
            parent of
            the Buyers, and TMT, the 100pct parent of the Sellers and is incorporated
            herein
            by reference, and (ii) the Master Agreement dated the date hereof and
            executed
            and delivered concurrently herewith by TMT, Buyers and Star Maritime,
            and is
            incorporated by reference. If there is any inconsistency between the
            terms of
            this agreement and the terms of said Supplemental Agreement and/or said
            Master
            Agreement, the terms of said Supplemental Agreement and said Master Agreement
            shall control.

          

          

          
            	
                    THE
                      SELLERS

                  	
                    THE
                      BUYERS

                  
	 	 
	
                    /s/
                      Nobu Su

                  	
                    /s/
                      Prokopios Tsirigakis

                  
	
                    ____________________

                  	
                    _____________________

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