Document:

___, 2005

Star Maritime Acquisition Corp.
c/o Schwartz & Weiss, P.C.
457 Madison Avenue
New York, New York 10022
Attn: Prokopios (Akis) Tsirigakis

Maxim Group LLC
405 Lexington Avenue
New York, New York 10174
Attn: Clifford A. Teller

            Re:   Initial Public Offering

Gentlemen:

            The   undersigned   stockholder   and  director  of  Star   Maritime
Acquisition  Corp.  ("Company"),  in  consideration of Maxim Group LLC ("Maxim")
entering  into a letter of intent  ("Letter of Intent") to underwrite an initial
public  offering of the  securities of the Company  ("IPO") and embarking on the
IPO process, hereby agrees as follows (certain capitalized terms used herein are
defined in paragraph 11 hereof):

            1.  If  the  Company  solicits  approval  of its  stockholders  of a
Business Combination,  the undersigned will vote all Insider Shares owned by him
in  accordance  with the  majority  of the votes cast by the  holders of the IPO
Shares.

            2. In the event  that the  Company  fails to  consummate  a Business
Combination  within 18 months from the effective date ("Effective  Date") of the
registration statement relating to the IPO (or 24 months under the circumstances
described in the prospectus  relating to the IPO), the undersigned will take all
reasonable actions within his power to cause the Company to liquidate as soon as
reasonably practicable. In such event, the undersigned hereby waives any and all
right,  title,  interest  or  claim  of  any  kind  in  or  to  any  liquidating
distributions by the Company, including, without limitation, any distribution of
the  Trust  Fund (as  defined  in the  Letter  of  Intent)  as a result  of such
liquidation  with respect to his Insider Shares  ("Claim") and hereby waives any
Claim the  undersigned may have in the future as a result of, or arising out of,
any contracts or agreements with the Company and will not seek recourse  against
the Trust Fund for any reason  whatsoever.  The undersigned  agrees to indemnify
and hold  harmless  the  Company  against any and all loss,  liability,  claims,
damage and expense whatsoever (including,  but not limited to, any and all legal
or other expenses reasonably  incurred in investigating,  preparing or defending
against any litigation,  whether pending or threatened, or any claim whatsoever)
which the Company may become subject as a result of any claim by any vendor that
is owed money by the Company for services  rendered or products sold but only to
the extent  necessary  to ensure  that such loss,  liability,  claim,  damage or
expense does not reduce the amount in the Trust Fund.

<PAGE>

Star Maritime Acquisition Corp.
Maxim Group LLC
___, 2005
Page 2

            3. In order to minimize  potential  conflicts of interest  which may
arise  from  multiple  affiliations,  the  undersigned  agrees to present to the
Company for its  consideration,  prior to  presentation  to any other  person or
entity,  those  opportunities  to acquire an operating  business the undersigned
reasonably  believes  are  suitable  for the  Company,  until the earlier of the
consummation  by the Company of a Business  Combination,  the liquidation of the
Company  or until  such  time as the  undersigned  ceases  to be an  officer  or
director of the Company,  subject to any fiduciary  obligations  the undersigned
might have.

            4. The undersigned acknowledges and agrees that the Company will not
consummate any Business Combination which involves a company which is affiliated
with  any of the  Insiders  unless  the  Company  obtains  an  opinion  from  an
independent  investment  banking firm  reasonably  acceptable  to Maxim that the
business  combination  is fair to the  Company's  stockholders  from a financial
perspective.

            5.  Neither  the  undersigned,  any  member  of  the  family  of the
undersigned,  nor any Affiliate of the  undersigned  will be entitled to receive
and will not accept any  finder's  fee or any other  compensation  for  services
rendered to the Company prior to the  consummation of the Business  Combination;
provided  that the  undersigned  shall be  entitled  to  reimbursement  from the
Company for his  out-of-pocket  expenses incurred in connection with seeking and
consummating a Business Combination.

            6.  Neither  the  undersigned,  any  member  of  the  family  of the
undersigned,  or any Affiliate of the undersigned will be entitled to receive or
accept a finder's fee or any other  compensation  in the event the  undersigned,
any member of the family of the  undersigned or any Affiliate of the undersigned
originates a Business Combination.

            7. The undersigned will escrow his Insider Shares for the three-year
period commencing on the Effective Date,  subject to the terms of a Stock Escrow
Agreement  which the Company will enter into with the  undersigned and an escrow
agent acceptable to the Company.

            8. The undersigned  agrees to be a Director of the Company until the
earlier of the  consummation  by the  Company of a Business  Combination  or the
liquidation of the Company. The undersigned's biographical information furnished
to the Company and Maxim and  attached  hereto as Exhibit A is true and accurate
in all  respects,  does not omit any  material  information  with respect to the
undersigned's  background  and  contains all of the  information  required to be
disclosed  pursuant  to Section 401 of  Regulation  S-K,  promulgated  under the
Securities Act of 1933. The undersigned's Questionnaire furnished to the Company
and Maxim and annexed as Exhibit B hereto is true and accurate in all  respects.
The undersigned represents and warrants that:

            (a) he is not subject to or a  respondent  in any legal  action for,
any  injunction,  cease-and-desist  order or order or  stipulation  to desist or
refrain from any act or practice  relating to the offering of  securities in any
jurisdiction;

                                       2
<PAGE>

Star Maritime Acquisition Corp.
Maxim Group LLC
___, 2005
Page 3

            (b) he has never been  convicted  of or pleaded  guilty to any crime
(i)  involving  any  fraud or (ii)  relating  to any  financial  transaction  or
handling of funds of another person,  or (iii) pertaining to any dealings in any
securities and he is not currently a defendant in any such criminal  proceeding;
and

            (c) he has never been  suspended or expelled from  membership in any
securities  or  commodities  exchange  or  association  or had a  securities  or
commodities license or registration denied, suspended or revoked.

            9. The undersigned has full right and power,  without  violating any
agreement by which he is bound, to enter into this letter agreement and to serve
as a Director of the Company.

            10. The undersigned authorizes any employer,  financial institution,
or  consumer  credit  reporting  agency  to  release  to  Maxim  and  its  legal
representatives  or agents (including any investigative  search firm retained by
Maxim) any  information  they may have about the  undersigned's  background  and
finances ("Information"),  solely for the purposes of the Company's IPO. Neither
Maxim nor its agents shall be violating  the  undersigned's  right of privacy in
any manner in  requesting  and  obtaining the  Information  and the  undersigned
hereby  releases  them  from  liability  for  any  damage   whatsoever  in  that
connection.

            11. As used  herein,  (i) a  "Business  Combination"  shall  mean an
acquisition  by merger,  capital  stock  exchange,  asset or stock  acquisition,
reorganization  or  otherwise,  of one or more  ships of  vessels  or  operating
businesses in the shipping  industry  selected by the Company;  (ii)  "Insiders"
shall mean all officers,  directors and stockholders of the Company  immediately
prior to the IPO; (iii) "Insider  Shares" shall mean all of the shares of Common
Stock of the Company owned by an Insider prior to the IPO; and (iv) "IPO Shares"
shall mean the shares of Common Stock issued in the Company's IPO.

                                     --------------------------------
                                     Petros Pappas

                                       3
<PAGE>

Star Maritime Acquisition Corp.
Maxim Group LLC
___, 2005
Page 4

                                    EXHIBIT A

                      [Insider's biographical information]

                                       4INVESTMENT MANAGEMENT TRUST AGREEMENT

            This Agreement is made as of _________, 2005 by and between Star
Maritime Acquisition Corp. (the "Company") and American Stock Transfer & Trust
Company ("Trustee").

            WHEREAS, the Company's Registration Statement on Form S-1, No. 333-
________ ("Registration Statement"), for its initial public offering of
securities ("IPO") has been declared effective as of the date hereof by the
Securities and Exchange Commission ("Effective Date"); and

            WHEREAS, Maxim Group LLC ("Maxim") is acting as the representative
of the underwriters in the IPO; and

            WHEREAS, as described in the Company's Registration Statement, and
in accordance with the Company's Certificate of Incorporation, $___________ of
the net proceeds of the IPO ($___________ if the underwriters' over-allotment
option is exercised in full) will be delivered to the Trustee to be deposited
and held in a trust account for the benefit of the Company and the holders of
the Company's Common Stock issued in the IPO and in the event the Units are
registered in Colorado, pursuant to Section 11-51-302(6) of the Colorado Revised
Statutes, a copy of which statute is attached hereto and made a part hereof. The
amount to be delivered to the Trustee will be referred to herein as the
"Property," the stockholders for whose benefit the Trustee shall hold the
Property will be referred to as the "Public Stockholders," and the Public
Stockholders and the Company will be referred to together as the
"Beneficiaries"); and

            WHEREAS, the Company and the Trustee desire to enter into this
Agreement to set forth the terms and conditions pursuant to which the Trustee
shall hold the Property;

            IT IS AGREED:

1. Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants
to:

            (a) Hold the Property in trust for the Beneficiaries in accordance
with the terms of this Agreement, including the terms of Section 11-51-302(6) of
the Colorado Statute, in a segregated trust account ("Trust Account")
established by the Trustee at a branch of JPMorgan Chase NY Bank selected by the
Trustee;

            (b) Manage, supervise and administer the Trust Account subject to
the terms and conditions set forth herein;

            (c) In a timely manner, upon the instruction of the Company, to
invest and reinvest the Property in any "Government Security." As used herein,
Government Security means any Treasury Bill issued by the United States, having
a maturity of one hundred and eighty days or less;

            (d) Collect and receive, when due, all principal and income arising
from the Property, which shall become part of the "Property," as such term is
used herein;

            (e) Notify the Company and Maxim of all communications received by
it with respect to any Property requiring action by the Company;

<PAGE>

            (f) Supply any necessary information or documents as may be
requested by the Company in connection with the Company's preparation of the tax
returns for the Trust Account;

            (g) Participate in any plan or proceeding for protecting or
enforcing any right or interest arising from the Property if, as and when
instructed by the Company and/or Maxim to do so;

            (h) Render to the Company and to Maxim, and to such other person as
the Company may instruct, monthly written statements of the activities of and
amounts in the Trust Account reflecting all receipts and disbursements of the
Trust Account; and

            (i) Commence liquidation of the Trust Account only after receipt of
and only in accordance with the terms of a letter ("Termination Letter"), in a
form substantially similar to that attached hereto as either Exhibit A or
Exhibit B, signed on behalf of the Company by its Chief Executive Officer or
Chairman of the Board and Secretary, and complete the liquidation of the Trust
Account and distribute the Property in the Trust Account only as directed in the
Termination Letter and the other documents referred to therein.

2. Agreements and Covenants of the Company. The Company hereby agrees and
covenants to:

            (a) Give all instructions to the Trustee hereunder in writing,
signed by the Company's Chief Executive Officer or Chairman of the Board. In
addition, except with respect to its duties under paragraph 1(i) above, the
Trustee shall be entitled to rely on, and shall be protected in relying on, any
verbal or telephonic advice or instruction which it in good faith believes to be
given by any one of the persons authorized above to give written instructions,
provided that the Company shall promptly confirm such instructions in writing;

            (b) Hold the Trustee harmless and indemnify the Trustee from and
against any and all expenses, including reasonable counsel fees and
disbursements, or loss suffered by the Trustee in connection with any action,
suit or other proceeding brought against the Trustee involving any claim, or in
connection with any claim or demand which in any way arises out of or relates to
this Agreement, the services of the Trustee hereunder, or the Property or any
income earned from investment of the Property, except for expenses and losses
resulting from the Trustee's gross negligence or willful misconduct. Promptly
after the receipt by the Trustee of notice of demand or claim or the
commencement of any action, suit or proceeding, pursuant to which the Trustee
intends to seek indemnification under this paragraph, it shall notify the
Company in writing of such claim (hereinafter referred to as the "Indemnified
Claim"). The Trustee shall have the right to conduct and manage the defense
against such Indemnified Claim, provided, that the Trustee shall obtain the
consent of the Company with respect to the selection of counsel, which consent
shall not be unreasonably withheld. The Company may participate in such action
with its own counsel; and

            (c) Pay the Trustee an initial acceptance fee of $1,000 and an
annual fee of $3,000 (it being expressly understood that the Property shall not
be used to pay such fee). The Company shall pay the Trustee the initial
acceptance fee and first year's fee at the consummation of the IPO and
thereafter on the anniversary of the Effective Date. The Trustee shall refund to
the Company the fee (on a pro rata basis) with respect to any period after the
liquidation of the Trust Fund. The Company shall not be responsible for any
other fees or charges of the Trustee except as may be provided in paragraph 2(b)
hereof (it being expressly understood that the Property shall not be used to
make any payments to the Trustee under such paragraph).

                                       2
<PAGE>

3. Limitations of Liability. The Trustee shall have no responsibility or
liability to:

            (a) Take any action with respect to the Property, other than as
directed in paragraph 1 hereof and the Trustee shall have no liability to any
party except for liability arising out of its own gross negligence or willful
misconduct;

            (b) Institute any proceeding for the collection of any principal and
income arising from, or institute, appear in or defend any proceeding of any
kind with respect to, any of the Property unless and until it shall have
received instructions from the Company given as provided herein to do so and the
Company shall have advanced or guaranteed to it funds sufficient to pay any
expenses incident thereto;

            (c) Change the investment of any Property, other than in compliance
with paragraph 1(c);

            (d) Refund any depreciation in principal of any Property;

            (e) Assume that the authority of any person designated by the
Company to give instructions hereunder shall not be continuing unless provided
otherwise in such designation, or unless the Company shall have delivered a
written revocation of such authority to the Trustee;

            (f) The other parties hereto or to anyone else for any action taken
or omitted by it, or any action suffered by it to be taken or omitted, in good
faith and in the exercise of its own best judgment, except for its gross
negligence or willful misconduct. The Trustee may rely conclusively and shall be
protected in acting upon any order, notice, demand, certificate, opinion or
advice of counsel (including counsel chosen by the Trustee), statement,
instrument, report or other paper or document (not only as to its due execution
and the validity and effectiveness of its provisions, but also as to the truth
and acceptability of any information therein contained) which is believed by the
Trustee, in good faith, to be genuine and to be signed or presented by the
proper person or persons. The Trustee shall not be bound by any notice or
demand, or any waiver, modification, termination or rescission of this agreement
or any of the terms hereof, unless evidenced by a written instrument delivered
to the Trustee signed by the proper party or parties and, if the duties or
rights of the Trustee are affected, unless it shall give its prior written
consent thereto;

            (g) Verify the correctness of the information set forth in the
Registration Statement or to confirm or assure that any acquisition made by the
Company or any other action taken by it is as contemplated by the Registration
Statement; and

            (h) Pay any taxes on behalf of the Trust Account (it being expressly
understood that the Property shall not be used to pay any such taxes and that
such taxes, if any, shall be paid by the Company from funds not held in the
Trust Account).

4. Termination. This Agreement shall terminate as follows:

            (a) If the Trustee gives written notice to the Company that it
desires to resign under this Agreement, the Company shall use its reasonable
efforts to locate a successor trustee. At such time that the Company notifies
the Trustee that a successor trustee has been appointed by the Company and has
agreed to become subject to the terms of this Agreement, the Trustee shall
transfer the management of the Trust Account to the successor trustee, including
but not limited to the transfer of copies of the reports and statements relating
to the Trust Account, whereupon this Agreement shall terminate; provided,
however, that, in the event that the Company does not locate a successor trustee
within ninety days of receipt of the resignation notice from the Trustee, the
Trustee may submit an application to have the Property deposited with the United
States District Court for the Southern District of New York and upon such
deposit, the Trustee shall be immune from any liability whatsoever that arises
due to any actions or omissions to act by any party after such deposit;

                                       3
<PAGE>

            (b) At such time that the Trustee has completed the liquidation of
the Trust Account in accordance with the provisions of paragraph 1(i) hereof,
and distributed the Property in accordance with the provisions of the
Termination Letter, this Agreement shall terminate except with respect to
Paragraph 2(b); or

            (c) On such date after ________ __, 2007 when the Trustee deposits
the Property with the United States District Court for the Southern District of
New York in the event that, prior to such date, the Trustee has not received a
Termination Letter from the Company pursuant to paragraph 1(i).

5. Miscellaneous.

            (a) The Company and the Trustee each acknowledge that the Trustee
will follow the security procedures set forth below with respect to funds
transferred from the Trust Account. Upon receipt of written instructions, the
Trustee will confirm such instructions with an Authorized Individual at an
Authorized Telephone Number listed on the attached Exhibit C. The Company and
the Trustee will each restrict access to confidential information relating to
such security procedures to authorized persons. Each party must notify the other
party immediately if it has reason to believe unauthorized persons may have
obtained access to such information, or of any change in its authorized
personnel. In executing funds transfers, the Trustee will rely upon account
numbers or other identifying numbers of a beneficiary, beneficiary's bank or
intermediary bank, rather than names. The Trustee shall not be liable for any
loss, liability or expense resulting from any error in an account number or
other identifying number, provided it has accurately transmitted the numbers
provided.

            (b) This Agreement shall be governed by and construed and enforced
in accordance with the laws of the State of New York, without giving effect to
conflict of laws. It may be executed in several counterparts, each one of which
shall constitute an original, and together shall constitute but one instrument.

            (c) This Agreement contains the entire agreement and understanding
of the parties hereto with respect to the subject matter hereof. This Agreement
or any provision hereof may only be changed, amended or modified by a writing
signed by each of the parties hereto; provided, however, that no such change,
amendment or modification may be made without the prior written consent of
Maxim. As to any claim, cross-claim or counterclaim in any way relating to this
Agreement, each party waives the right to trial by jury.

            (d) The parties hereto consent to the jurisdiction and venue of any
state or federal court located in the City of New York for purposes of resolving
any disputes hereunder.

                                       4
<PAGE>

            (e) Any notice, consent or request to be given in connection with
any of the terms or provisions of this Agreement shall be in writing and shall
be sent by express mail or similar private courier service, by certified mail
(return receipt requested), by hand delivery or by facsimile transmission:

                  if to the Trustee, to:

                           American Stock Transfer & Trust Company
                           59 Maiden Lane
                           New York, New York 10038
                           Attn:    ___________
                           Fax No.:  (212) ___________

                  if to the Company, to:

                           Star Maritime Acquisition Corp.
                           c/o Schwartz & Weiss, P.C.
                           457 Madison Avenue
                           New York, New York 10022
                           Attn:  Akis Tsirigakis
                           Fax No.:

                  in either case with a copy to:

                           Maxim Group LLC
                           405 Lexington Avenue
                           New York, New York 10174
                           Attn:  Clifford A. Teller
                           Fax No.: (212) 895-3783

                           and

                           Mintz Levin Cohn Ferris Glovsky and Popeo, P.C.
                           666 Third Avenue, 25th Floor
                           New York, New York 10017
                           Attn:  Stephen J. Gulotta, Jr., Esq.
                           Fax No.: (212) 983-3115

            (f) This Agreement may not be assigned by the Trustee without the
prior written consent of the Company and Maxim.

            (g) Each of the Trustee and the Company hereby represents that it
has the full right and power and has been duly authorized to enter into this
Agreement and to perform its respective obligations as contemplated hereunder.
The Trustee acknowledges and agrees that it shall not make any claims or proceed
against the Trust Account, including by way of set-off, and shall not be
entitled to any funds in the Trust Account under any circumstance.

                                       5
<PAGE>

            IN WITNESS WHEREOF, the parties have duly executed this Investment
Management Trust Agreement as of the date first written above.

                                  AMERICAN STOCK TRANSFER & TRUST COMPANY,
                                  as Trustee

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

                                  STAR MARITIME ACQUISITION CORP.

                                  By:
                                      ----------------------------------------
                                       Name:  Prokopios (Akis) Tsirigakis
                                       Title: Chief Executive Officer and
                                              President

                                       6
<PAGE>

EXHIBIT A

                             [Letterhead of Company]

[Insert date]

American Stock Transfer
  & Trust Company
59 Maiden Lane
New York, New York 10038
Attn:

            Re: Trust Account No. [           ] Termination Letter

Gentlemen:

            Pursuant to paragraph 1(i) of the Investment Management Trust
Agreement between Star Maritime Acquisition Corp. ("Company") and American Stock
Transfer & Trust Company ("Trustee"), dated as of __________, 2005 ("Trust
Agreement"), this is to advise you that the Company has entered into an
agreement ("Business Agreement") with __________________ ("Target Business") to
consummate a business combination with Target Business ("Business Combination")
on or about [insert date]. The Company shall notify you at least 48 hours in
advance of the actual date of the consummation of the Business Combination
("Consummation Date").

            In accordance with the terms of the Trust Agreement, we hereby
authorize you to commence liquidation of the Trust Account to the effect that,
on the Consummation Date, all of funds held in the Trust Account will be
immediately available for transfer to the account or accounts that the Company
shall direct on the Consummation Date.

            On the Consummation Date (i) counsel for the Company shall deliver
to you written notification that (a) the Business Combination has been
consummated and (b) the provisions of Section 11-51-302(6) and Rule 51-3.4 of
the Colorado Statute have been met, and (ii) the Company shall deliver to you
written instructions with respect to the transfer of the funds held in the Trust
Account ("Instruction Letter"). You are hereby directed and authorized to
transfer the funds held in the Trust Account immediately upon your receipt of
the counsel's letter and the Instruction Letter, in accordance with the terms of
the Instruction Letter. In the event that certain deposits held in the Trust
Account may not be liquidated by the Consummation Date without penalty, you will
notify the Company of the same and the Company shall direct you as to whether
such funds should remain in the Trust Account and distributed after the
Consummation Date to the Company. Upon the distribution of all the funds in the
Trust Account pursuant to the terms hereof, the Trust Agreement shall be
terminated.

            In the event that the Business Combination is not consummated on the
Consummation Date described in the notice thereof and we have not notified you
on or before the original Consummation Date of a new Consummation Date, then the
funds held in the Trust Account shall be reinvested as provided in the Trust
Agreement on the business day immediately following the Consummation Date as set
forth in the notice.

                                 Very truly yours,

                                 STAR MARITIME ACQUISITION CORP.

                                 By:
                                     ------------------------------------------
                                     Prokopios (Akis) Tsirigakis,
                                     Chief Executive Officer and President

                                 By:
                                     ------------------------------------------
                                     George Syllantavos, Chief Financial Officer

<PAGE>

EXHIBIT B

                             [Letterhead of Company]

[Insert date]

American Stock Transfer
  & Trust Company
59 Maiden Lane
New York, New York 10038
Attn:

            Re: Trust Account No. [          ] Termination Letter

Gentlemen:

            Pursuant to paragraph 1(i) of the Investment Management Trust
Agreement between Star Maritime Acquisition Corporation ("Company") and American
Stock Transfer & Trust Company ("Trustee"), dated as of _____________, 2005
("Trust Agreement"), this is to advise you that the Board of Directors of the
Company has voted to dissolve and liquidate the Company. Attached hereto is a
copy of the minutes of the meeting of the Board of Directors of the Company
relating thereto, certified by the Secretary of the Company as true and correct
and in full force and effect.

            In accordance with the terms of the Trust Agreement, we hereby (a)
certify to you that the provisions of Section 11-51-302(6) and Rule 51-3.4 of
the Colorado Statute have been met and (b) authorize you, to commence
liquidation of the Trust Account. You will notify the Company and JPMorgan Chase
NY Bank ("Designated Paying Agent") in writing as to when all of the funds in
the Trust Account will be available for immediate transfer ("Transfer Date").
The Designated Paying Agent shall thereafter notify you as to the account or
accounts of the Designated Paying Agent that the funds in the Trust Account
should be transferred to on the Transfer Date so that the Designated Paying
Agent may commence distribution of such funds in accordance with the Company's
instructions. You shall have no obligation to oversee the Designated Paying
Agent's distribution of the funds. Upon the payment to the Designated Paying
Agent of all the funds in the Trust Account, the Trust Agreement shall be
terminated.

                                Very truly yours,

                                STAR MARITIME ACQUISITION CORP.

                                By:
                                    --------------------------------------------
                                    Prokopios (Akis) Tsirigakis,
                                    Chief Executive Officer and President

                                By:
                                    --------------------------------------------
                                    George Syllantavos, Chief Financial Officer

                                       2
<PAGE>

EXHIBIT C

AUTHORIZED INDIVIDUAL(S)                          AUTHORIZED
FOR TELEPHONE CALL BACK                           TELEPHONE NUMBER(S)

Company:

Star Maritime Acquisition Corp.
c/o Schwartz & Weiss, P.C.
457 Madison Avenue
New York, New York 10022
Attn: Akis Tsirigakis, Chief Executive Officer               ()

Trustee:

American Stock Transfer & Trust Company
59 Maiden Lane
New York, New York 10038
Attn:                                                        (212)

                                       3

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