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Exhibit 10.14  

          

  

December 20,
2006 

Star
Maritime Acquisition Corp.

Aetherion Center, 40 Ag. Konstandinou Avenue

Maroussi, Athens 15124

Greece 

Attention:    Akis
Tsirigakis

                    Chief Executive Officer 

        This
letter agreement will confirm our understanding that Cantor Fitzgerald & Co ("CF&CO") has been engaged to act as financial advisor to Star Maritime Acquisition Corp. (the
"Company"), subject to the terms and conditions set forth below, in connection with one or more acquisitions of assets, companies or businesses. This letter agreement supercedes the prior two and
separate letter agreements dated July 12, 2006. 

	1.
	In
connection with any Acquisition to be completed prior to December 31, 2007, CF&CO will provide to the Company general M&A advisory work as CF&CO and the Company may agree
upon from time to time during the term of this letter agreement. These services may include:

	(a)
	creating
financial models and valuation analysis with respect to a potential Acquisition(s)

	(b)
	advising
on the structuring of a potential Acquisition(s)

	(c)
	assisting
in the preparation of term sheets and letters of intent with respect to a potential Acquisition

	(d)
	soliciting
and intermediating discussions in connection with an Acquisition(s)

	(e)
	assisting
management of the Company with the preparation of stock purchase agreements, asset purchase agreements, merger agreements, preliminary and final letters of intent, memoranda
of understanding and/or other documents in connection with an Acquisition(s)

	(f)
	assisting
in due diligence (not including asset inspections) with respect to an Acquisition(s)

	(g)
	negotiating
agreements on behalf of and in conjunction with the Company in connection with an Acquisition and/or

	(h)
	assisting
in the preparation of press releases, marketing materials, roadshows, proxy solicitation and the drafting of the Registration and Proxy Statements.

	2.
	For
CF&CO's services hereunder, the Company agrees to pay $1,250,000 to CF&CO in cash within 30 days following the date of consummation of an Acquisition, if such Acquisition is
consummated by the Company prior to December 31, 2007. Following payment of the $1,250,000, the Company will not owe any additional fees to CF&CO pursuant to this letter agreement and CF&CO
will not be obligated to provide any further services hereunder. 

As
used herein "Acquisition" means the acquisition of a majority of the common or voting stock of a target company or substantially all of its assets, or the acquisition of individual assets from one
or more sellers whether by merger or otherwise that will be approved by the shareholders of Star Maritime Acquisition Corp. 

	3.
	In
addition to the compensation described in paragraph 2, the Company shall, immediately upon request, reimburse CF&CO for all reasonable expenses (including any reasonable fees
and 

 

disbursements
of CF&CO's counsel) incurred in connection with this engagement. Such reimbursement is not to exceed $60,000. 

	4.
	The
Company will furnish, or cause to be furnished, to CF&CO such information as CF&CO believes appropriate to its engagement hereunder (all such information, the "Information"), and
the Company represents that all such Information will be accurate and complete in all material respects. CF&CO may rely on the accuracy and completeness of the Information without independent
verification. It is specifically understood, that CF&CO has not made, and will not make, any physical inspection of the properties or assets of the Company and with respect to any financial forecasts
that may be furnished to or discussed with CF&CO by the Company, CF&CO will assume that such forecasts have been reasonably prepared and reflect the best then currently available estimates and
judgments of the Company's management as to the expected future financial performance of the Company. The Company will notify CF&CO promptly of any material change in any Information previously made
available to CF&CO by the Company that becomes known to the Company.

	5.
	The
Company agrees that all advice given by CF&CO in connection with its engagement hereunder is for the benefit and use of the Company in considering an Acquisition(s) and that no
such advice shall be used for any other purpose or be disclosed, reproduced, disseminated, quoted or referred to at any time, in any manner or for any purpose, nor shall any public references to CF&CO
be made by or on behalf of the Company, in each case without CF&CO's prior written consent, which consent shall not be unreasonably withheld.

	6.
	The
Company agrees that CF&CO has been retained to act solely as financial advisor to the Company, and not as an advisor to or agent of any other person, and that the Company's
engagement of CF&CO is not intended to confer rights upon any person not a party hereto (including stockholders, employees or creditors of the Company) as against CF&CO or its affiliates, or their
directors, officers, employees or agents. The Company further agrees that under no circumstances shall the execution of this letter agreement or any act of CF&CO hereunder commit or be deemed a
commitment by CF&CO (or any affiliate) to provide or arrange any bank financing or other debt or equity financing for any transaction or to purchase any security in connection therewith. It is
specifically understood that the Company's Board of Directors will not base its decisions regarding whether and how to pursue any Acquisition solely on CF&CO's advice, but will also consider the
advice of the Company's legal, tax and other business advisors and such other factors which they consider appropriate. CF&CO, as an independent contractor under this letter agreement, shall not assume
the responsibilities of a fiduciary to the Company or its stockholders in connection with the performance of CF&CO's services hereunder, and any duties of CF&CO arising out of its engagement shall be
owed solely to the Company. The rights and obligations the Company may have to CF&CO or CF&CO's affiliates under any credit or other agreement are separate from the Company's rights and obligations
under this letter agreement and will not be affected by CF&CO's services hereunder.

	7.
	Please
be advised that CF&CO and its affiliates are engaged in a broad range of securities activities and financial services. In the ordinary course of CF&CO's business, CF&CO or its
affiliates (i) may at any time hold long or short positions, and may trade or otherwise effect transactions, for CF&CO's own account or the accounts of customers, in debt or equity securities
of the Company or any other company that may ultimately be involved in any possible Acquisition and (ii) may at any time be providing or arranging financing and other financial services to
other companies that may ultimately be involved in a possible Acquisition or a competing transaction.

	8.
	The
Company and CF&CO agree to the provisions with respect to the Company's indemnity of CF&CO and other matters set forth in Schedule I, the terms of which are incorporated
herein in 

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their
entirety. Schedule I is an integral part of this letter agreement and shall survive any termination or expiration of this letter agreement. 

	9.
	CF&CO's
engagement hereunder may be terminated at any time by either CF&CO or the Company, upon 30 days notice, it being understood that upon termination, this letter agreement
shall have no further force or effect, except that any termination of CF&CO's engagement hereunder for any reason shall not affect the Company's obligations to pay to CF&CO fees accruing prior to such
termination to the extent provided for herein, to provide indemnification and contribution as provided in Schedule I hereto, and to reimburse expenses as set forth herein and therein. The
Company shall pay to CF&CO the fees to the extent provided for herein with respect to and within thirty days following an Acquisition which is consummated or for which a definitive agreement has been
signed at any time until December 31, 2007. In addition, provisions relating to the status of CF&CO as an independent contractor, the limitation on to whom CF&CO shall owe any duties, governing
law, successors and assigns, and the waiver of the right to trial by jury shall survive any termination of this letter agreement.

	10.
	This
letter agreement, Schedule I, any annexes or attachments hereto and any rights, duties or obligations hereunder may not be waived, amended, modified or assigned, in any
way, in whole or in part, including by operation of law, without the prior written consent of, and shall inure to the benefit of and be binding upon the successors, assigns and personal
representatives of, each of the parties hereto.

	11.
	In
case any provision of this letter agreement shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions of this letter
agreement shall not in any way be affected or impaired thereby.

	12.
	This
letter agreement and any claim or dispute of any kind or nature whatsoever arising out of, or relating to, this letter agreement or CF&CO's engagement hereunder, directly or
indirectly (including any claim concerning advice provided pursuant to this letter agreement), shall be governed by and construed in accordance with the laws of the State of New York. Any rights to
trial by jury with respect to any claim, action or proceeding, directly or indirectly, arising out of, or relating to, this letter agreement or CF&CO's engagement hereunder are waived by CF&CO and the
Company. 

        We
are pleased to accept this engagement and look forward to working with the Company. Please confirm that the foregoing is in accordance with your understanding by signing and returning
to us the enclosed duplicate of this letter agreement, which shall thereupon constitute a binding agreement. 

Very
truly yours, 

	

CANTOR FITZGERALD & CO	
 	

 
	

By:	
 	

/s/  MARC BLAZER      
 Marc Blazer

Head of Investment Banking	
 	

 	
 	

 

Accepted
and agreed to

as of the date first written above: 

	

STAR MARITIME ACQUISITION CORP.	
 	

 
	

By:	
 	

/s/  AKIS TSIRIGAKIS      
 Akis Tsirigakis

Chief Executive Officer	
 	

 	
 	

 

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SCHEDULE I    
    

        The Company agrees to indemnify CF&CO and its affiliates and their respective directors, officers, employees, agents and controlling persons (CF&CO and each such
person being an "Indemnified Person") from and against any and all losses, claims, damages and liabilities, joint or several, to which such Indemnified
Person may become subject as a result of CF&CO's engagement or any matter contemplated by this Agreement, and will promptly reimburse any Indemnified Person for all expenses (including counsel fees
and disbursements) as they are incurred in connection with the investigation of,
preparation for or defense of any pending or threatened claim or any action or proceeding arising therefrom, whether or not such Indemnified Person is a party and whether or not such claim, action or
proceeding is initiated or brought by or on behalf of the Company (including in any settlement effected with the Company's consent, which shall not be unreasonably withheld). The Company will not be
liable under the foregoing indemnification provision to the extent that any loss, claim, damage, liability or expense is found in a final judgment by a court of competent jurisdiction to have resulted
directly and primarily from CF&CO's willful misconduct or gross negligence. 

        If
the indemnification of an Indemnified Person provided for in this Agreement were for any reason unavailable to any Indemnified Person or insufficient to hold it harmless, the Company
agrees to contribute to the amount paid or payable by such Indemnified Person in respect of losses, claims, damages and liabilities (i) in such proportion as is appropriate to reflect the
relative benefits to the Company, on the one hand, and CF&CO, on the other hand, of any proposed Transaction (whether or not such Transaction is consummated) or (ii) if (but only if) the
allocation provided for in clause (i) is for any reason held unenforceable, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but
also the relative fault of the Company, on the one hand, and CF&CO, on the other hand, as well as any other relevant equitable considerations. The Company agrees that for the purposes of this
paragraph the relative benefits to the Company and CF&CO of a proposed transaction shall be deemed to be in the same proportion that the total value paid, transferred, exchange or received or
contemplated to be paid, transferred, exchanged or received by the Company or its security holders, as the case may be, as a result of or in connection with such transaction bears to the fees paid or
to be paid to CF&CO under this Agreement; provided however, that, to the extent permitted by applicable law, in no event shall the Indemnified Persons be required to contributed an aggregate amount in
excess of the aggregate fees actually paid to CF&CO under this Agreement. 

        The
Company also agrees that no Indemnified Person shall have any liability to the Company or its affiliates, directors, officers, employees, agents, creditors, shareholders or interest
holders, directly or indirectly, related to or arising out of the Agreement, except losses incurred by the Company that a court of competent jurisdiction shall have determined by a final judgment to
have resulted primarily from such Indemnified Person's willful misconduct or gross negligence. In no event regardless of the legal theory advanced, shall any Indemnified Person be liable for any
consequential, indirect, incidental or special damages of any nature. If multiple claims are brought against an Indemnified Person in an arbitration, with respect to at least one of which
indemnification is permitted under applicable law and provided for hereunder, the Company agrees that any arbitration award shall be conclusively deemed to be based on claims as to which
indemnification is permitted and provided for, except to the extent the arbitration award expressly states that the award, or any portion thereof, is based solely on a claim as to which
indemnification is not available. In the event that an Indemnified Person, is requested or required to appear as a witness in any action brought by or on behalf of or against the Company or any other
person in which such Indemnified Person is not named as a defendant, the Company agrees to reimburse CF&CO for all reasonable expenses incurred by it in connection with such Indemnified Person's
appearing and preparing to appear as such a witness, including, without limitation, the reasonable fees and disbursements of its legal counsel. 

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        Promptly
after receipt by any Indemnified Persons of notice of any pending or threatened litigation, such Indemnified Persons will promptly notify the Company in writing of such matter,
provided, however, that the failure to provide such prompt notice to the Company shall not relieve the Company of any liability which it may have to any Indemnified Person except to the extent such
failure to provide such prompt notice to the Company has prejudiced the defense of the litigation. In the event any such action is brought against any Indemnified Person, the Company shall be entitled
to participate therein and to assume the defense thereof, with counsel reasonably satisfactory to the Indemnified Person; unless, however, the Indemnified Person reasonably determines that the
representation of the Indemnified Person and the Company by the same counsel would be inappropriate due to actual or potential differing interests between them, including situations in which there are
one or more legal defenses available to the Indemnified Person that are different from or additional to those available to the Company. In such event, the Indemnified Person shall have the right to
assume its own defense, with counsel reasonably satisfactory to the Company, and shall so signify by promptly notifying the Company in writing of its decision. Such decision shall not relieve the
Company of any liability which it may have to the Indemnified Person, including the reimbursement of any reasonable legal or other expenses incurred in connection with the Indemnified Person's
defense, provided that in no event shall the Company be liable for the fees and expenses of more than one counsel (in addition to local counsel) for all Indemnified Persons in connection with any
claim. 

        The
Company agrees that, without CF&CO's prior written consent, it will not settle, compromise or consent to the entry of any judgment in any pending or threatened claim, action or
proceeding in respect of which indemnification could be sought under the indemnification provision of this Agreement (whether or not CF&CO or any other Indemnified Person is an actual or potential
party to such claim, or action or proceeding), unless such settlement, compromise or consent (i) includes an unconditional release of each Indemnified Person from all liability arising out of
such claim, action or proceeding and (ii) does not include a statement as to, or an admission of, fault, culpability or a failure to act, by or on behalf of any person entitled to
indemnification hereunder. The indemnity, reimbursement and contribution obligations of the Company shall be in addition to any liability which the Company may otherwise have, and shall be binding
upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Company or an Indemnified Person. 

        The
provisions of this Schedule I shall expressly survive any expiration, termination or completion of the engagement provided by this Agreement. 

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Exhibit 10.15  

         

  

December 22nd
2006 

Mr. Prokopios
(Akis) Tsirigakis

Chairman and Chief Executive Officer

Star Maritime Acquisition Corp.

Aetherion Center

40, AG. Konstantinou Ave.

Maroussi 151 24

Greece 

	Re:
	Letter of Engagement

Dear
Mr. Tsirigakis: 

        This
letter agreement shall serve to cancel, supersede, replace, and amend the October 17, 2006 Professional Services Agreement ("Professional Services Agreement") entered into
between Star Maritime Acquisition Corp., a Delaware corporation ("Company"), and Maxim Group LLC ("Maxim"), a New York limited liability company whose offices are located in New York City, New York.
The principal elements of this letter agreement ("Agreement") between Maxim and the Company are as follows: 

	1.
	Relationship.

        A.    Upon
the execution of this Agreement, the Company appoints Maxim as its co-lead advisor with respect to the Company's interest in entering into a Transaction
(as defined herein) with a Target (as hereinafter defined) and Maxim accepts such retention upon the terms and conditions contained herein. The Company agrees that in consideration of Maxim rendering
certain or all of the Advisory Services (as hereafter defined in Section 3A) and/or Acquisition Support Services (hereafter defined in Section 3B) contemplated by this Agreement, it will
pay Maxim a cash fee of $800,000 at the Close (as hereafter defined) of a Transaction. "Target" is defined as any entity included in Exhibit B
hereto. No entity may be included or shall be deemed to be included on Exhibit B hereto without the prior written agreement of both Maxim and the
Company. It is expressly understood and agreed that Maxim shall be required to perform only such tasks as may be necessary or desirable in connection with the rendering of its services hereunder and
therefore may not perform all of the tasks enumerated above during the term of this Agreement. It is further understood that Maxim's tasks may not be limited to those enumerated in this paragraph. 

        B.    It
is expressly understood and agreed by both parties that the Company will not utilize the services performed by Maxim for any purpose other than that which is
specifically contemplated by this Agreement, and that Maxim's services are confidential and shall not in no way be communicated to any third party(s) interested in engaging in a Transaction except to
the extent that such disclosure is required by law, including the federal securities laws, rule, regulation or judicial or administrative process. For the point of further clarification, it is further
understood and agreed by the parties to this Agreement that the scope of Maxim's services do not contemplate the rendering of a fairness opinion for use in any filing with the Securities and Exchange
Commission or any proxy materials to be sent to the Company's shareholders and the Company shall not use any of the materials prepared by Maxim for any purpose other than internal use without the
express written consent and approval of Maxim except to the extent such use is required to enable the Company to comply with its obligations under any law, rule, regulation or judicial or
administrative process. 

 

        C.    As
used in this Agreement, the term "Transaction" shall mean, whether effected directly or indirectly or in one
transaction or a series of transactions, the acquisition through a merger, capital stock exchange, asset acquisition, stock acquisition or other similar business combination of one or more business in
the shipping industry and/or other related industries. 

        D.    The
Company may also decide to engage an additional investment bank(s) (the Adjunct Advisor(s)) to perform services in connection with potential Transactions. The
retention of any Adjunct Advisor(s)
shall be memorialized in a separate agreement to be entered into between the Company and the Adjunct Advisor. 

        2.     Term of Agreement. This Agreement will terminate on October 31, 2007, unless earlier terminated pursuant to
Section 6 herein or extended to another date mutually agreed to in writing (such date of termination, the "Termination Date"). 

        3.     A.    Advisory Services. Maxim shall provide certain or all of the following advisory services in connection
with a potential Transaction(s): (a) creating financial models and valuation analysis with respect to a potential Transaction(s); (b) advising on the structuring of a potential
Transaction(s); and (c) assisting in the preparation of term sheets and letters of intent with respect to a potential Transaction ("Advisory
Services"). 

        B.    Acquisition Support Services. Maxim shall also perform certain or all of the following services in connection with a
potential Transaction(s) (in addition to its performance of the Advisory Services): (a) solicit and intermediate discussions in connection with a Transaction(s); (b) assist management of
the Company with the preparation of stock purchase agreements, asset purchase agreements, merger agreements, preliminary and final letters of intent, memoranda of understanding and/or other documents
in connection with a Transaction(s); (c) assist in due diligence with respect to a Transaction(s) and Target and/or (d) negotiate agreements on behalf of and in conjunction with the
Company in connection with a Transaction ("Acquisition Support Services"). 

As
previously articulated, Maxim shall be paid a $800,000 cash fee (the "Success Fee") for its renderance of certain or all of the Advisory Services
and/or Acquisition Support Services on any Transaction completed during the term hereof (or within six (6) months of the Termination Date). The Company shall pay the Success Fee to Maxim at the
Close of such Transaction. Notwithstanding anything contained herein, the Company understands and agrees that Maxim shall not provide "proxy allocation" services to the Company and shall not be
recommending to shareholders of the Company the manner in which such shareholders should vote with respect to any Transaction. 

        C.    Finders Fee. In addition to the fees described in Paragraphs 3A and 3B, if Maxim introduces the Target to the Company,
either directly or indirectly, the Company agrees to pay Maxim a finders fee in cash equal to 0.50% of the total Transaction Consideration (as hereinafter defined) at the Close of the Transaction.
Maxim will have been deemed to have introduced a Target to the Company when: (i) Maxim has initially introduced the Target to the Company and has arranged meetings or discussions between the
Target and the Company (either by telephone or in person), and (ii) the Target was pre-approved by the Company and is listed on  Exhibit C hereto as amended from time to time by the parties in
writing. 

        D.    For
the purposes hereof, the term "Consideration" shall mean the total amount of any and all consideration received by the Target, its shareholders or any other person or
entity in connection with the consummation of a Transaction. Consideration shall include, without limitation, any cash, securities, promissory notes or other debt instruments, real or personal
property, tangible assets, intangible assets, shares, options, warrants, earn-out structures, escrow payments, any payments in consideration for any non-compete covenants,
future contractual or 

2

 

contingent
payments, and all other consideration paid or to be paid to the Target in connection with the Transaction. The term Consideration shall exclude assumption of Target's stock plan(s), change
of control arrangements, and liabilities. In the event of an investment or partially-consummated Transaction, the Consideration shall include without limitation the following: (a) any capital
increases which accrue to the Target, which are provided for in the definitive and binding purchase agreement; and (b) any separate purchase of assets. For the purposes of calculating the
Success Fee, any property, whether tangible or intangible, shall be valued either at the fair market value as of the date of the Close, or by Maxim and the Company jointly. 

        E.    As
used herein, the term "Close" occurs at the time of consummation of the Transaction. Any deferred consideration based upon some future contingency, such as without
limitation future earnings or the exercise of an option, payable subsequent to the date of the Close, shall be subject to the Success Fee set forth herein and shall be payable when such deferred
consideration is paid. The value of any such property paid as deferred consideration shall be determined as above, except that the value shall be as of the day the deferred consideration is paid. 

        F.     In
no event shall any obligations of the Company to pay fees or any other compensation to any other advisor or any other person in connection with any Transaction reduce
the Success Fee and other expenses payable by the Company to Maxim under this Agreement. 

        G.    The
Company acknowledges and agrees that any compensation payable or paid to Maxim hereunder shall not be construed or characterized as compensation to an underwriter
within the meaning of the rules of the NASD. The Company recognizes that the fees contemplated by this Agreement do not waive or in any way obviate the Company's obligation to pay any of the
previously agreed upon deferred compensation due and payable to Maxim under the Underwriting Agreement dated December 15, 2005 between Maxim and the Company (the "Underwriting Agreement"). The
Company and Maxim agree and acknowledge that as part of Maxim's continuing obligations to the Company pursuant to the Underwriting Agreement, Maxim will provide the Company with assistance in
initiating meetings with institutional shareholders of the Company in connection with potential Transactions and with advice in responding to inquiries from shareholders in connection with potential
Transactions. 

        H.    The
Company and Maxim may mutually decide to enter into a separate agreement with respect to any services other than Advisory or Acquisition Support Services to be
performed by Maxim in connection with any potential Transaction that does not involve a Target that has been introduced to the Company by Maxim. 

        4.     Expenses. In addition to the any fees payable hereunder, and regardless of whether any Transaction is proposed or
consummated, the Company shall reimburse Maxim for all reasonable out of pocket expenses incurred by Maxim in excess of $5,000 for travel, food, lodging that have been approved by the Company and
other reasonable out-of-pocket expenses incurred by Maxim is connection with the services performed by Maxim pursuant to this Agreement that have been approved by the Company,
in each case, promptly after submission of such properly evidenced expenses to the Company. Invoices shall be paid thirty (30) days from the date of the invoice. 

        5.     Independent Contractor. The parties agree that Maxim is acting solely as an independent contractor under this Agreement.
Maxim is not authorized to make any representations, warranties, covenants or commitments of any nature whatsoever on behalf of the Company not contemplated by this Agreement, unless and then only to
the extent expressly authorized in writing by the Company to do so. 

        6.     Termination. The Company or Maxim may terminate this Agreement at any time upon thirty (30) days prior written
notice to the other party. Notwithstanding any such termination, Maxim shall 

3

 

nonetheless
be entitled to receive all amounts due to Maxim in consideration for services rendered hereunder by Maxim to the extent provided in Sections 3 and 4, hereof. 

        7.     Indemnification. The Company agrees to indemnify and hold harmless Maxim, including any affiliated companies, and their
respective officers, directors, controlling persons and employees and any persons retained in connection with this Agreement in accordance with the terms set forth in  Exhibit A of this letter.

        8.     Information: Confidentiality. During the term of this Agreement, the Company agrees to cooperate with Maxim and to
furnish, or cause to be furnished, to Maxim, any and all information and data concerning the Company and a Transaction that Maxim deems appropriate in connection with the rendering of its services
hereunder. 

        The
Company agrees that any information or advice rendered by Maxim or its representatives in connection with its engagement hereunder is solely for the Company's confidential use in
connection with its evaluation of a Transaction. Except as otherwise required by law, rule, regulation, or Judicial or administrative process, the Company will not, and will not permit any third party
to, disclose or otherwise refer to such advice or information without Maxim's prior written consent. 

        Except
as contemplated by the terms hereof or as required by applicable law, rule, regulation or judicial or administrative process, Maxim shall keep confidential all
non-public information ("Information") provided to it by or on behalf of the Company. For purposes of this paragraph, the term Information
shall not include information that: (a) is, at the time of disclosure, or subsequently enters the public domain without a breach by Maxim of any obligation owed to the Company;
(b) became known to Maxim prior to the Company's disclosure of such Information to Maxim; (c) became known to Maxim from a source other than the Company, and other than by the breach of
an obligation of confidentiality owed to the Company; or (d) is disclosed by the Company to a third party without restrictions on its disclosure. The Company acknowledges and agrees that this
Agreement and the terms of this Agreement are confidential and will not be disclosed to anyone other then the officers and directors of the Company and the Company's accountants and legal counsel. 

        9.     Certain Representations and Warranties of the Company. The Company represents and warrants to Maxim that neither the
execution of this Agreement nor the consummation of any Transaction contemplated by this Agreement will conflict with or result in a breach of any of the terms and provisions of, or constitute a
default (or an event which with notice or the lapse of time, or both, would constitute a default) under, or result in the creation or imposition of any lien, charge or encumbrance upon any property or
assets of the Company pursuant to any oral or written agreement, understanding or arrangement to which the Company or its affiliates is a party. 

        10.   Disclaimers. The Company agrees that any and all decisions, acts, actions, or omissions with respect to the Target and
any Transaction shall be the sole responsibility of the Company, and that the performance by Maxim of services hereunder will in no way expose Maxim to any liability for any such decisions, acts,
actions or omissions of the Company. 

        11.   Choice of Law; Venue; Attorney's Fees; Waiver of Jury Trial. This Agreement shall be governed by the internal laws of the
State of New York, without regard to conflict of laws principles. Each of Maxim and the Company: (i) agrees that any legal suit, action or proceeding arising out of or relating to this
engagement letter and/or the transactions contemplated hereby shall be instituted exclusively in New York Supreme Court, County of New York, or in the United States District Court for the Southern
District of New York, (ii) waives any objection which it may have or hereafter has to the venue of any such suit, action or proceeding, and (iii) irrevocably consents to the jurisdiction
of the New York Supreme Court, County of New York, and the United States District Court for the Southern District of New York in any such suit, action or proceeding. Each of Maxim and the Company
further agrees to accept and acknowledge service of any and all process which may be served in any such suit, 

4

 

action
or proceeding in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York and agrees that service of process upon the Company
mailed by certified mail to the Company's address shall be deemed in every respect effective service of process upon the Company, in any such suit, action or proceeding, and service of process upon
Maxim mailed by certified mail to Maxim's address shall be deemed in every respect effective service process upon Maxim, in any such suit, action or proceeding. 

        If
any party to this Agreement brings an action directly or indirectly based upon this Agreement or the matters contemplated hereby, the prevailing party shall be entitled to recover, in
addition to any other appropriate amounts, its reasonable costs and expenses in connection with such proceeding, including, but not limited to reasonable attorneys' fees and court costs. Any right to
trial by jury with respect to any law suit, claim or other proceeding arising out of or relating to this Agreement or the services to be rendered by Maxim hereunder is expressly and irrevocably waived
by the parties hereto. 

        12.   Parties. Nothing in this Agreement, expressed or implied, is intended to confer or does confer on any person or entity
other than the parties hereto and their respective successors and assigns and, to the extent expressly set forth herein, the Indemnified Persons (as defined on  Exhibit A hereto), any rights or
remedies under or by reason of this Agreement or as a result of the services to be rendered by Maxim hereunder. 

        13.   Severability. In the event that any term or provision of this Agreement shall be held to be illegal or unenforceable, the
entire Agreement shall not fail on account thereof. It is further agreed that if any one or more of such paragraphs or provisions shall be judged to be void as going beyond what is reasonable in all
of the circumstances for the protection of the interests of the Company, but would be valid if part of the wording thereof were deleted or the period thereof reduced or the range of activities covered
thereby reduced in scope, the said reduction shall be deemed to apply with such modifications as may be necessary to make them valid and effective and any such modification shall not thereby affect
the validity of any other paragraph or provisions contained in this Agreement. 

        14.   Review by Counsel. This Agreement has been reviewed by the signatories hereto and their counsel. There shall be no
construction of any provision against Maxim because this Agreement was drafted by Maxim, and the parties waive any statute or rule of law to such effect. 

        15.   Credit. Maxim may, at its own expense, place announcements in financial and other newspapers and periodicals describing
its services in connection with the Transaction. The content of any such announcement shall be subject to the Company's prior approval, which approval shall not be unreasonably withheld or delayed. 

        16.   Survival of Certain Provisions. The provisions of Sections 1, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 17, 18, and this
Section 16, shall survive any termination of this Agreement. 

        17.   Entire Agreement. This Agreement and the schedule hereto sets forth the entire understandings of the parties relating to
the subject matter hereof and supersedes and cancels any prior or contemporaneous communications, understandings or agreements between the parties hereto. The parties mutually agree that this
Agreement shall in no way obviate, amend or affect the terms, conditions and/or attendant obligations of any agreements between the Company and Maxim, including, without limitation, the Underwriting
Agreement dated as of December 15, 2005. 

        18.   Modification. This Agreement may not be altered, amended, changed or modified, nor can any of its provisions be waived,
except by written amendment signed by both parties hereto. 

        19.   Counterparts. This Agreement may be executed in counterparts and by facsimile, each of which, when taken together, shall
constitute one and the same agreement. 

5

 

        20.   Notices. All notices provided hereunder shall be given in writing and either delivered personally or by overnight courier
service or sent by certified mail, return receipt requested, or by facsimile transmission, if to Maxim, to: 

Maxim
Group LLC,

405 Lexington Avenue,

New York, New York 10174

Attention: Edward L. Rose, Esq., General Counsel

Fax No. (212) 895-3860 

as
well as to: 

James
E. Siegel, Esq., Assistant General Counsel,

Fax No. (212) 895-3888, 

And
if to the Company, to the address, set forth on the first page of this Agreement, Attention, President, with a copy to Loeb & Loeb LLP, 345 Park Avenue, New York, NY 10154, Attention
Mitchell Nussbaum Esq., Fax No. (212) 407-4990. Any notice delivered personally or by fax shall be deemed given upon receipt (with confirmation of receipt required in the case of
fax transmissions); any notice given by overnight courier shall be deemed given on the next business day after delivery to the overnight courier, and any notice given by certified mail shall be deemed
given upon the second business day after certification thereof. 

(Signature
Page to follow) 

6

 

        If
the foregoing correctly sets forth our agreement with respect to the matters addressed herein, please so confirm by signing and returning one copy of this letter. Your signature below
shall indicate the Company's agreement to the terms hereof. We look forward to working with you. 

	 	 	Sincerely,
	

 	
 	

MAXIM GROUP LLC
	

 	
 	

/s/  FRANK J. ARGENZIANO      

	 	 	Name:	 	Frank J. Argenziano
	 	 	Title:	 	Senior V. P. Investment Banking
	

 	
 	

/s/  CLIFFORD A. TELLER      

	 	 	Name:	 	Clifford A. Teller
	 	 	Title:	 	Director of Investment Banking

	AGREED TO AND ACCEPTED:	 	 
	

STAR MARITIME ACQUISITION CORP.
	

/s/  PROKOPIOS (AKIS) TSIRIGAKIS      
	
 	

 
	Name:	 	Prokopios (Akis) Tsirigakis	 	 
	Title:	 	Chairman and Chief Executive Officer	 	 

7

  

 
 

Exhibit A    
    

 
  INDEMNIFICATION PROVISIONS    
    

        Capitalized terms used in this Exhibit shall have the meanings ascribed to such terms in the Agreement to which this Exhibit is attached. 

        The
Company agrees to indemnify and hold harmless Maxim and each of the other Indemnified Parties (as hereinafter defined) from and against any and all losses, claims, damages,
obligations, penalties, judgments, awards, liabilities, costs, expenses and disbursements, and any and all actions, suits, proceedings and investigations in respect thereof and any and all reasonable
legal and other costs, expenses and disbursements in giving testimony or furnishing documents in response to a subpoens or otherwise (including, without limitation, the costs, expenses and
disbursements, as and when incurred, of investigating, preparing, pursing or defending any such action, suit, proceeding or investigation (whether or not in connection with litigation in which any
Indemnified Party is a party)) (collectively, "Losses"), directly or Indirectly, caused by, relating to, based upon, arising out of, or in connection with, Maxim's acting for the Company, including,
without limitation, any act or omission by Maxim in connection with its acceptance of or the performance or non-performance of its obligations under the Agreement between the Company and
Maxim to which these indemnification provisions are attached and form a part (the "Agreement"), any breach by the Company of any representation, warranty, covenant or agreement contained in the
Agreement (or in any instrument, document or agreement relating thereto, including any Agency Agreement), or the enforcement by Maxim of its rights under the Agreement or these indemnification
provisions, except to the extent that any such Losses are found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from
the gross negligence or willful misconduct of the Indemnified Party seeking indemnification hereunder. The Company also agrees that no Indemnified Party shall have any liability (whether direct or
indirect, in contract or tort or otherwise) to the Company for or in connection with the engagement of Maxim by the Company or for any other reason, except to the extent that any such liability is
found in a final judgment by a court of competent jurisdiction (not subject to further appeal) to have resulted primarily and directly from such Indemnified Party's bad faith, gross negligence or
willful misconduct. 

        These
Indemnification Provisions shall extend to the following persons (collectively, the "Indemnified Parties"): Maxim, its present and former affiliated entities, managers, members,
officers, employees, legal counsel, agents and controlling persons (within the meaning of the federal securities laws), and the officers, directors, partners, stockholders, members, managers,
employees, legal counsel, agents and controlling persons of any of them. These indemnification provisions shall be in addition to any liability which the Company may otherwise have to any Indemnified
Party. 

        If
any action, suit, proceeding or investigation is commenced, as to which an Indemnified Party proposes to demand indemnification, it shall notify the Company with reasonable
promptness; provided, however, that any failure by an Indemnified Party to notify the Company shall not
relieve the Company from its obligations hereunder. An Indemnified Party shall have the right to retain counsel of its own choice to represent it, and the fees, expenses and disbursements of such
counsel shall be borne by the Company. Any such counsel shall, to the extent consistent with its professional responsibilities, cooperate with the Company and any counsel designated by the Company.
The Company shall be liable for any settlement of any claim against any Indemnified Party made with the Company's written consent. The Company shall not, without the prior written consent of Maxim,
settle or compromise any claim, or permit a default or consent to the entry of any judgment in respect thereof, unless such settlement, compromise or consent (i) includes, as an unconditional
term thereof, the giving by the claimant to all of the Indemnified Parties of an unconditional release from all liability in respect of such claim, and (ii) does not contain any factual or
legal omission by or with respect to an Indemnified 

8

 

Party
or an adverse statement with respect to the character, professionalism, expertise or reputation of any Indemnified Party or any action or inaction of any Indemnified Party. 

        In
older to provide for just and equitable contribution, if a claim for indemnification pursuant to these indemnification provisions is made but it is found in a final judgment by a
court of competent jurisdiction (not subject to further appeal) that such indemnification may not be enforced in such case, even though the express provisions hereof provide for indemnification in
such case, then the Company shall contribute to the Losses to which any Indemnified Party may be subject (i) in accordance with the relative benefits received by the Company and its
stockholders, subsidiaries and affiliates, on the one hand, and the Indemnified Party, on the other hand, and (ii) if (and only if) the allocation provided in clause (i) of this sentence
is not permitted by applicable law, in such proportion as to reflect not only the relative benefits, but also the relative fault of the Company, on the one hand, and the Indemnified Party, on the
other hand, in connection with the statements, acts or omissions which resulted in such Losses as well as any relevant equitable considerations. No person found liable for a fraudulent
misrepresentation shall be entitled to contribution from any person who is not also found liable for fraudulent misrepresentation. The relative benefits received (or anticipated to be received) by the
Company and it stockholders, subsidiaries and affiliates shall be deemed to be equal to the aggregate consideration payable or receivable by such parties in connection with the transaction or
transactions to which the Agreement relates relative to the amount of fees actually received by Maxim in connection with such transaction or transactions. Notwithstanding the foregoing, in no event
shall the amount contributed by all Indemnified Parties exceed the amount of fees previously received by Maxim pursuant to the Agreement. 

        Neither
termination nor completion of the Agreement shall affect these Indemnification Provisions which shall remain operative and in full force and effect. The Indemnification
Provisions shall be binding upon the Company and its successors and assigns and shall inure to the benefit of the Indemnified Parties and their respective successors, assigns, heirs and personal
representatives. 

9

 
 
 

Exhibit B—Appendix    
    

	1.
	Taiwan
Maritime Transportation Co. Ltd. 

10

 
 
 

Exhibit C—Appendix    
    

	1.
	Ancora
Investment Trust, Inc.

	2.
	N.E.
Vernicos Shipping Co.—Salvage & Towage 

11

QuickLinks

Exhibit A

INDEMNIFICATION PROVISIONS

Exhibit B—Appendix

Exhibit C—Appendix

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