0000930413-14-001109 Sample Contracts

SAFE BULKERS, INC. - and - SAFETY MANAGEMENT OVERSEAS S.A. MANAGEMENT AGREEMENT
Restrictive Covenant Agreement • March 5th, 2014 • Safe Bulkers, Inc. • Deep sea foreign transportation of freight • England
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Polys Hajioannou c/o Safety Management Overseas S.A. 32 Avenue K. Karamanli P.O. Box 70837 16605 Voula Athens, Greece
Safe Bulkers, Inc. • March 5th, 2014 • Deep sea foreign transportation of freight • England

Reference is hereby made to the attached Restrictive Covenant Agreement (the “Restrictive Covenant Agreement”), dated as of May 29, 2008, as amended thereafter, by and among Safe Bulkers, Inc., a Marshall Islands corporation (the “Company”), Polys Hajioannou (“P. Hajioannou”), Vorini Holdings, Inc., a Marshall Islands Corporation, SafeFixing Corp., a Liberian Corporation and Machairiotissa Holdings Inc., a Marshall Islands Corporation.

SAFE BULKERS, INC., POLYS HAJIOANNOU, VORINI HOLDINGS INC., SAFEFIXING CORPORATION - and - MACHAIRIOTISSA HOLDINGS INC. RESTRICTIVE COVENANT AGREEMENT
Restrictive Covenant Agreement • March 5th, 2014 • Safe Bulkers, Inc. • Deep sea foreign transportation of freight • England

NOW, THEREFORE, in consideration of the terms and conditions set forth below and other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereto agree as follows:

Safety Management Overseas S.A. 32 Avenue K. Karamanli P.O. Box 70837 16605 Voula Athens, Greece
Safe Bulkers, Inc. • March 5th, 2014 • Deep sea foreign transportation of freight • England

Reference is hereby made to that certain Management Agreement (the “Management Agreement”), dated as of May 29, 2008, by and between Safe Bulkers, Inc., a corporation formed under the laws of the Republic of The Marshall Islands (the “Parent”), and Safety Management Overseas S.A., a corporation organized under the laws of the Republic of Panama (the “Manager”).

Safety Management Overseas S.A. 32 Avenue K. Karamanli P.O. Box 70837 16605 Voula Athens, Greece
Management Agreement • March 5th, 2014 • Safe Bulkers, Inc. • Deep sea foreign transportation of freight • England

Reference is hereby made to the attached Management Agreement (the “Management Agreement”), dated as of May 29, 2008, as amended thereafter, by and between Safe Bulkers, Inc., a corporation formed under the laws of the Republic of The Marshall Islands (the “Parent”), and Safety Management Overseas S.A., a corporation organized under the laws of the Republic of Panama (the “Manager”).

Safety Management Overseas S.A. 32 Avenue K. Karamanli P.O. Box 70837 16605 Voula Athens, Greece
Safe Bulkers, Inc. • March 5th, 2014 • Deep sea foreign transportation of freight • England

Reference is hereby made to that certain Management Agreement (the “Management Agreement”), dated as of May 29, 2008, as amended by Amendment No. 1 on December 7, 2011, by and between Safe Bulkers, Inc., a corporation formed under the laws of the Republic of The Marshall Islands (the “Parent”), and Safety Management Overseas S.A., a corporation organized under the laws of the Republic of Panama (the “Manager”).

SAFE BULKERS, INC., - and - POLYS HAJIOANNOU RESTRICTIVE COVENANT AGREEMENT
Restrictive Covenant Agreement • March 5th, 2014 • Safe Bulkers, Inc. • Deep sea foreign transportation of freight • England

NOW, THEREFORE, in consideration of the terms and conditions set forth below and other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the parties hereto agree as follows:

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