Safe Bulkers, Inc. (a Marshall Islands corporation) 5,000,000 Shares of Common Stock UNDERWRITING AGREEMENTUnderwriting Agreement • November 18th, 2013 • Safe Bulkers, Inc. • Deep sea foreign transportation of freight • New York
Pursuant to Section 5(i) of the Underwriting Agreement, dated November 13, 2013 (the “Underwriting Agreement”), by and among Safe Bulkers, Inc. and Morgan Stanley & Co. LLC, as representative (the “Representative”) of the several underwriters named therein (the “Underwriters”), Safety Management Overseas S.A. (the “Manager”) hereby delivers this side letter (the “Manager Side Letter”) to the Underwriters on the date first written above. Capitalized terms used herein but not defined herein shall have the meanings given to them in the Underwriting Agreement.
