Document:

Unassociated Document

    EXHIBIT
      10.3

    

    $100,000
      NEGOTIABLE PROMISSORY NOTE

    

    March
      12,
      2007

     

    For
      value
      received, General DataComm Industries, Inc, having an office at 6 Rubber Avenue,
      Naugatuck CT 06770 (“Payor”), promises to pay on demand to the order of Howard
      S. Modlin, having an office at 445 Park Avenue, 15th
      floor,
      New York, New York 10022 (“Payee”), with interest at the rate of 10% per annum
      on the unpaid balance thereof from March 12, 2007, the principal sum of $100,000
      in lawful money of the United States of America. This Note is payable on demand
      and may be prepaid at any time without penalty or premium. Interest which
      accrues during each calendar month shall be paid on the first day of the
      following calendar month during the term of this Note or date of payment or
      prepayment if earlier. This Note evidences a loan made to Payor by Payee on
      March 9, 2007 in the sum of $100,000 for the purpose of Payor replacing
      indebtedness of a similar amount paid to Ableco Finance LLC, as Agent, and
      the
      Lenders, under Loan and Security Agreement dated as of August 20,
      2002.

    

    1.
      Payment of this Note is unconditional and shall be made without defense,
      counterclaim or offset, any defense to be asserted in a separate suit. If
      payment is not made on the installment date or at maturity or upon the
      occurrence of a Default, then interest shall accrue from such date until paid
      in
      full at the rate of 12% per annum or the maximum permitted by law, whichever
      is
      less. This Note is secured by a security agreement dated December 30, 2003,
      as
      amended.

    

    2.
      The
      term “Default” as used herein shall mean the failure of Payor to pay the
      principal or interest on this Note when due or the failure of Payor to perform
      any other obligation under this Note (including the obligations under the
      security agreement securing this Note) or if an Event of Default exists under
      the Payor’s Loan and Security Agreement with Ableco Finance LLC and such
      indebtedness is accelerated.

    

    3.
      Payor
      agrees to pay all costs and expenses of collection, including reasonable
      attorney’s fees, in the event of acceleration of this Note by Payee or holder
      following Default.

    

    4.
      Presentation for payment, notice of dishonor, protest and notice of protest
      are
      hereby waived.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    5.
      This
      Note shall be governed by the laws of the State of Connecticut. The Payor of
      this Note hereby submits to the exclusive jurisdiction of the courts of general
      jurisdiction of the State of Connecticut, and hereby waives, and agrees not
      to
      assert, as a defense in any action, suit or proceeding for the interpretation
      or
      enforcement of this Note, that it is not subject thereto or that such action,
      suit or proceeding may not be brought or it is not maintainable in such courts,
      or that this Note may not be enforced in or by such courts, or that the suit,
      action or proceeding is brought in an inconvenient forum, or that the venue
      of
      the suit, action or proceeding is improper. Service of process with respect
      thereto may be made upon Payor by mailing a copy thereof by registered or
      certified mail, postage prepaid, to such party at its address as provided
      above.

    

    

    
      	 	
              GENERAL
                DATACOMM INDUSTRIES, INC.

            
	 	 
	 	
              By:_______________________________________

            
	 	
                   
                William G. Henry 

            
	 	
                   
                Title: Vice President, Finance 

            
	 	
                   
                and Administration

            

    

    

    
      
         

      

        
        2SPECIMEN
      COMMON STOCK CERTIFICATE

     

    
      	
              
                NUMBER
                  

                _______C

              

            	
              SHARES

            

    

     

    STAR
      BULK
      CARRIERS CORP.

    INCORPORATED
      UNDER THE LAWS OF THE REPUBLIC OF THE MARSHALL ISLANDS

    100,000,000
      Common Shares - Par Value U.S.$0.01 each

    25,000,000
      Preferred Shares - Par Value U.S.$0.01 each

    

    COMMON
      STOCK

    

    SEE
      REVERSE FOR

    CERTAIN
      DEFINITIONS

    
       

      
        	
                
                  THIS
                    CERTIFIES THAT 

                

              	
                CUSIP

              

      

       

    

    
      	IS
              THE
              OWNER OF    	 

    

     

    FULLY
      PAID AND NON-ASSESSABLE SHARES OF THE PAR VALUE OF $0.01 EACH OF THE COMMON
      STOCK OF

    

    STAR
      BULK
      CARRIERS CORP.

    

    transferable
      on the books of the Corporation in person or by duly authorized attorney upon
      surrender of this certificate properly endorsed. This certificate is not valid
      unless countersigned by the Transfer Agent and registered by the Registrar.
      Witness the seal of the Corporation and the facsimile signatures of its duly
      authorized officers.

    

    Dated:

     

    
      	
              __________________________________ 

              PRESIDENT

            	
               (SEAL)

            	
               __________________________________

              SECRETARY

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    STAR
      BULK
      CARRIERS CORP.

    CORPORATE
      SEAL

    2006

    REPUBLIC
      OF THE MARSHALL ISLANDS

    

    The
      following abbreviations, when used in the inscription on the face of this
      certificate, shall be construed as though they were written out in full
      according to applicable laws or regulations:

    

    TEN
      COM -
      as tenants in common

    

    TEN
      ENT -
      as tenants by the entireties

    

    JT
      TEN -
      as joint tenants with right of survivorship and not as tenants in
      common

     

    
      	
              UNIF GIFT MIN ACT - 

            	____________ Custodian ___________
              (Cust)                                                 
                (Minor)

              under
                Uniform Gifts to Minors Act 

              

              _______________________________

                            
                (State)

            

    

       

    Additional
      Abbreviations may also be used though not in the above list.

    

    STAR
      BULK
      CARRIERS CORP.

    

    The
      Corporation will furnish without charge to each stockholder who so requests
      the
      powers, designations, preferences and relative, participating, optional or
      other
      special rights of each class of stock or series thereof of the Corporation
      and
      the qualifications, limitations, or restrictions of such preferences and/or
      rights. This certificate and the shares represented thereby are issued and
      shall
      be held subject to all the provisions of the Certificate of Incorporation and
      all amendments thereto and resolutions of the Board of Directors providing
      for
      the issue of shares of Preferred Stock (copies of which may be obtained from
      the
      secretary of the Corporation), to all of which the holder of this certificate
      by
      acceptance hereof assents.

    

    For
      value
      received, ___________________________ hereby sell, assign and

    transfer
      unto

    

    PLEASE
      INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

    __________________________________

    __________________________________

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      
        

      

    

    (PLEASE
      PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
      ASSIGNEE)

     

    
      
        
          

        

        
          
            

          

          
            

          

        

         

      

    

    Shares
      of
      the capital stock represented by the within Certificate, and do hereby
      irrevocably constitute and appoint 

    _____________________________________________

    Attorney
      to transfer the said stock on the books of the within named Corporation with
      full power of substitution in the premises.

    

    Dated: __________________

    

    
      	 	
              ________________________________________________

              NOTICE:
                The signature to this assignment must correspond with the name as
                written
                upon the face of the certificate in every particular, without alteration
                or enlargement or any change
                whatever.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    Signature(s)
      Guaranteed:

     

    
      
        
THE
        SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
        STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP
        IN
        AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE
        17Ad-15).

    

    

    The
      holder of this certificate shall be entitled to receive funds from the trust
      fund only in the event of the Company's liquidation or if the holder seeks
      to
      convert his respective shares into cash upon a business combination which he
      voted against and which is actually completed by the Company. In no other
      circumstances shall the holder have any right or interest of any kind in or
      to
      the trust fund.

     

    

    

    SK
      25767
      0001 745923

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