Seanergy Maritime Corp. (the “Maker”) promises to pay to the order of Panagiotis Zafet (the “Payee”) the
principal sum of Twenty Five Thousand Four Hundred and Seventy Five Dollars and Zero Cents ($25,475.00) in
lawful money of the United States of America, together with interest on the unpaid principal balance of this Note,
on the terms and conditions described below.
1. Principal . The principal balance of this Note shall be repayable on the earlier of (i) January 12, 2008 or
(ii) the date on which Maker consummates an initial public offering of its securities.
2. Interest . Interest shall accrue at the rate of 4% annually (non-compounded) on the unpaid principal
balance of this Note.
3. Application of Payments . All payments shall be applied first to payment in full of any costs incurred in the
collection of any sum due under this Note, including (without limitation) reasonable attorneys’ fees, then to the
payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.
4. Events of Default . The following shall constitute Events of Default:
(a) Failure to Make Required Payments . Failure by Maker to pay the principal of or accrued interest on
this Note within five (5) business days following the date when due.
(b) Voluntary Bankruptcy, Etc . The commencement by Maker of a voluntary case under the Federal
Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy,
insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking
possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker
or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the
failure of Maker generally to pay its debts as such debts become due, or the taking of corp