Document:

EX-4.12

 Exhibit 4.12 
 SUPPLEMENTAL AGREEMENT  
 THIS SUPPLEMENTAL AGREEMENT is made as of
the 8 day of June 2011 
 BY AND BETWEEN:  
 “FREE BULKERS S.A.”, a company duly incorporated and validly existing under the laws of the Republic of the Marshall Islands, having its registered office at Trust Company Complex,
Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands and having established a branch office in Greece under C.L. 378/68 as amended and currently in force, at 10 Eleftheriou Venizelou (Panepistimiou) Str., Athens, Greece, duly represented
by Ion G. Varouxakis hereinafter referred to as lithe Manager” 
 And 
 “FREESEAS INC.”, a company duly incorporated and validly existing under the laws of the Republic of the Marshall Islands, having its registered office at Trust Company Complex, Ajeltake
Road, Ajeltake Island, Majuro, Marshall Islands, duly represented by Alexandros Mylonas, hereinafter referred to as “the Company”. 

WHEREAS this Agreement is supplemental to an Amended and Restated Services Agreement dated October 1st 2008 (“the Principal
Agreement”) entered into between the Manager and the Company. 
 IT IS HEREBY MUTUALLY AGREED as follows: 

With effect from June 1 2011, 
 1/.
Clause 3.2 of the Principal Agreement is hereby amended and shall read as follows: 
 “In connection with that certain
Lease Agreement for Commercial Purposes dated May 6, 2011 entered into between “DALKA REAL ESTATE INVESTMENTS S.A.” as lessor (the “Lessor”) and the Manager as lessee (the “Lease Agreement”) pursuant to which the
Manager has leased for a period commencing from June 15, 2011 and terminating on June 14, 2023 premises comprising of the apartment/office of the third flour having a total area of 668 square meters of a building situated at 10 EI.
Venizelou (Panepistimiou) Str. Athens, Greece (the “Premises”) the following provisions shall apply;”. 
 2/. Clause 3.2.2. of
the Principal Agreement is hereby amended and shall read as follows: “The Company will pay promptly the lump sum of € 100,000 as contribution to the Manager for the expenses incurred in relation to the relocation of the Manager’s
offices from 4 Mavrokordatou str. & 89 Akti Miaouli, Piraeus, Greece to 10 EI. Venizelou (Panepistimiou) Str., Athens, Greece and breakage cost for previous lease agreement.” 

 3/. Clause 3.2.4 of the Principal Agreement is hereby amended and shall read as follows: 

“In exchange for the above the Company hereby undertakes to pay to the Manager throughout the Term of the Agreement and on a monthly basis
(a) sixty five percent (65%) of the monthly rent and corresponding stamp duty, if applicable, that the Manager is under an obligation to pay to the lessor for the Premises, according to the terms of the Lease Agreement, being noted that
such amount will be automatically re-adjusted at each time as the same are re-adjusted under the terms of the Lease Agreement and (b) sixty five percent (65%) of the at each time due and payable monthly by the Manager under the terms of
the Lease Agreement common charges and expenses (lithe Common Charges”) in respect of the building in which the Premises are situated, which Common Charges are shared together with all the other lessees and/or owners (as the case may be) of the
office building in which the Premises is located and (c) 65% of the at each time due and payable, utilities, and maintenance expenses (the amounts payable under Sub-Clauses (a), (b) and (c) above are collectively referred to as lithe
Premises Fee”). The monthly rent for the first six months payable by the Manager to the lessor under the terms of the Lease Agreement is Euro 8906 plus stamp duty, if applicable, payable in advance for each month and thereafter Euro 13360 plus
stamp duty, if applicable, and accordingly the amount payable for the first six months by the Company to the Manager is Euro 5780 plus the stamp duty, if applicable, and thereafter Euro 8,690 plus stamp duty, jf applicable, corresponding to said
amount and such amount shall be payable by the Company at the same time that the rent is payable by the Manager to the lessor under the terms of the Lease Agreement. The amount payable by the Company to the Manager in respect of the Premises Fee
shall be payable simultaneously with payment of same by the Manager to the manager of the building. The Manager is entitled at his absolute discretion to make reasonable extra charges for telephone and fax expenses and occupation of its staff
depending on the volume of work of the Company, provided that the Manager agrees to provide the Company with reasonable advance notice of and detail regarding any such extra charqes”. 
 4/. Clause 6.1.1 of the principal Agreement as amended by Addendum No1 dated September 17, 2009 is hereby further amended and shall read as follows: “US $136,275 per month effective from
June 1, 2011.” 
 5/. All other terms and conditions of the Principal Agreement shall remain unaltered and in full force and
effect. 
 In WITNESS whereof the parties hereto have caused this Agreement to be duly executed on the date first above written. 

 

									
	FOR THE MANAGER	 		 	FOR THE COMPANY
			
	 /s/ Ion G. Varouxakis
	 		 	 /s/ Alexandros Mylonas

	Name:	 	Ion G. Varouxakis	 		 	Name:	 	Alexandros Mylonas
	Title:	 	President	 		 	Title:	 	CFOEX-4.32

 Exhibit 4.32 
 ADDENDUM NO. 2 TO FIRST PREFERRED MORTGAGE 
 THIS ADDENDUM NO.2
TO FIRST PREFERRED MORTGAGE (this “Amendment”) is made this 18th day of July 2011 between ADVENTURE TEN S.A., a corporation organized and existing under the laws of the Marshall Islands, having its registered address at Trust Company Complex, Ajeltake Road,
Ajeltake Island, Majuro, Marshall Islands MH 96960, and registered as a Foreign Maritime Entity in the Republic of Liberia (the “Owner”), and CREDIT SUISSE AG (formerly known as CREDIT SUISSE) of Paradeplatz 8, 8070 Zurich,
Switzerland, acting for the purposes of this Amendment through its branch at St. Alban-Graben 1-3, 4002 Basel, Switzerland (the “Mortgagee”), and is supplemental to a First Preferred Mortgage dated 7 July 2008 made by the Owner
in favor of the Mortgagee on the Liberian registered motor vessel FREE LADY (the “Vessel”), Official No. 13955, of 27,986 tons gross and 17,077 tons net register, and which Mortgage was recorded in the indexes maintained by the
Deputy Commissioner of Maritime Affairs of the Republic of Liberia at 10:46 P.M., E.D.S.T. on July 6, 2008 in Book PM60 at Page 334, and which Mortgage was amended by an Amendment No. 1 dated April 2, 2009 and which amendment
No. 1 was recorded in the indexes maintained by the Deputy Commissioner of Maritime Affairs of the Republic of Liberia at 8:15 A.M., E.D.S.T. on April 2, 2009 in Book PM61 at Page 174 (hereinafter, the “Mortgage”).

 WHEREAS: 
  

	A.	The Owner granted the Mortgage to the Mortgagee as security for its Corporate Guarantee (as defined in the Mortgage) of (i) the Loan (as defined in the Mortgage),
interest thereon and all other sums of money owing to the Mortgagee by FREESEAS INC. (the “Borrower”) under that certain Facility Agreement dated 24 December 2007 as amended and restated (together, the “Loan
Agreement”) made among the Borrower, as borrower, and the Mortgagee, as lender and (ii) the debts and obligations arising or that may arise in favour of the Mortgagee under the Master Swap Agreement (as defined in the Mortgage) up to
the maximum amount of Eighteen Million Two Hundred Thousand Dollars ($18,200,000). 

  

	B.	The Loan Agreement has been further amended by a fourth supplemental agreement dated 15 July 2011 (the “Supplemental Agreement” and together
with the Loan Agreement hereinafter called the “Amended Loan Agreement”, capitalized terms and expression defined in which shall, unless otherwise defined in this Amendment, bear the same meanings when used herein) made among the
Borrower, as borrower, the Owner, Adventure Six S.A., Adventure Eight S.A. and Adventure Five S.A. each a wholly owned subsidiary of the Borrower (together, the “Owners”), as guarantors, FREE BULKERS S.A., as manager, and the
Mortgagee, as lender, pursuant to which, among other things, the Mortgage has agreed to: (i) the deferral of the next Reduction Date in respect of the Additional Tranche to 5 September 2011 whereupon the Borrower shall prepay to the Bank a
part of the Additional Tranche equal to Seven hundred fifty thousand Dollars ($750,000), (ii) the deferral of the next Reduction Date in respect of the Initial Tranche to 5 September 2011 whereupon the Borrower shall prepay to the Bank a
part of the Initial Tranche equal to One million Two hundred fifty thousand Dollars ($1,250,000), (iii) a change in the Margin and (iv) the addition of certain definitions and undertakings with respect to “Determination
Criteria”, “First PSP Ship”, “Fourth Supplemental Agreement”, “Investor”, “Mortgage Addendum”, “PoA”, “Private Sale Procedure”, “PSP Ships”, “Second PSP Ship”,
“Supplemental Agreements” and “Transaction”. A copy of the form of the Supplemental Agreement, is attached hereto as Exhibit 1 and shall be read together herewith; and 

	C.	It is a condition to the Supplemental Agreement that the Owner enters into this Amendment. 

NOW THEREFORE, in consideration of the premises, the parties hereby agree as follows: 

 

	1.	The Mortgage be and hereby is amended as follows: 

 A. All references in the Mortgage to “this Mortgage” and “this First Preferred Mortgage” shall be read and construed to mean the Mortgage as supplemented and amended by this Amendment
to First Preferred Mortgage. 
 B. All references in the Mortgage to the “Loan Agreement” are hereby amended to read the “Amended
Loan Agreement” and all references in the Mortgage to the Loan Agreement shall be read and construed as references to the Amended Loan Agreement. 
 C. All the other terms and conditions of the Mortgage shall remain in full force and effect, and the Mortgage shall be read and construed as if the terms of this Amendment were included therein by way of
addition or substitution, as the case may be. 
  

	2.	As amended by this Amendment to First Preferred Mortgage, the Mortgage is hereby ratified and confirmed in all respects. 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment the day and year first above written. 

 

													
	ADVENTURE TEN S.A.	 	CREDIT SUISSE AG
					
	By:	 	 /s/ Ion Varouxakis
	 		 	By:	 	 /s/ Pinelopi-Anna Miliou

		 	Name:	 	Ion Varouxakis	 		 		 	Name:	 	Pinelopi-Anna Miliou
		 	Title:	 	President	 		 		 	Title:	 	Attorney-in-Fact

			
	HELLENIC REPUBLIC	  	)
		  	: ss.:
	CITY OF PIRAEUS	  	)

 On this 18th day of July 2011 before me personally came Ion Varouxakis; to me known, who being by me duly sworn did depose and
say that he/she resides at 10 Eleftheriou Venizelou Str., Athens; that he/she is Attorney-in-Fact of ADVENTURE TEN S.A., the corporation described in and which executed the foregoing instrument, and that he/she signed his/her name thereto pursuant
to authority granted to him/her by the board of directors of said corporation. 
  

	
	 /s/ Christina Kaisari

	Special Agent

  

			
	 HELLENIC REPUBLIC
	  	)
		  	: ss.:
	 CITY OF PIRAEUS
	  	)

 On this 18th day of July 2011 before me personally came Pinelopi-Anna Miliou; to me known, who being by me duly sworn did
depose and say that he/she resides at 126 Kolokotroni Street, Piraeus; that he/she is Attorney-in-Fact of CREDIT SUISSE AG (formerly known as CREDIT SUISSE), the bank described in and which executed the foregoing instrument, and that he/she signed
his/her name thereto pursuant to authority granted to him/her by the board of directors of said bank. 
  

	
	 /s/ Christina Kaisari

	Special Agent

 Exhibit 1 
 Supplemental Agreement 
 Filed as Exhibit 99.3 to Registrant’s Form 6-K
filed December 12, 2011 and incorporated herein by reference

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