[ Form of Insider Letter - Directors and Officers ]
[•], 2008
Navios Maritime Acquisition Corporation
85 Akti Miaouli Street
Piraeus, Greece 185 38
Ladies and Gentlemen:
The undersigned, the Chief Executive Officer and Chairman, and a stockholder of Navios Maritime
Acquisition Corporation, a Marshall Islands corporation (the “ Company ”), in consideration of J.P. Morgan
Securities Inc. and Deutsche Bank Securities Inc., as representatives of the several underwriters (the “
Underwriters ”) of the Company’s initial public offering, agreeing to underwrite an initial public offering (the “
IPO ”) of the Company’s units (“ Units ”), each comprised of one share of the Company’s common stock, par
value $0.0001 per share (“ Common Stock ”), and one warrant exercisable for one share of Common Stock (“
Warrant ”), hereby agrees as follows (certain capitalized terms used herein are defined in Schedule I hereto):
1. If the Company solicits approval of its stockholders of a Business Combination and/or Extension Period,
the undersigned will vote (i) all Sponsor Shares owned by the undersigned in accordance with the majority of the
votes cast by the holders of the IPO Shares and (ii) all other shares acquired by the undersigned in the IPO or in
the aftermarket in favor of the Business Combination and/or Extension Period.
2. If a Transaction Failure occurs, the undersigned will take all reasonable actions within the undersigned’s
power to cause (i) the Trust Account to be liquidated and distributed to the holders of the IPO Shares in
accordance with the Investment Management Trust Agreement to be entered into by and between the Company
and Continental Stock Transfer & Trust Company, as trustee (the “ Trust Agreement ”), and (ii) the Company
to liquidate as soon as reasonably practicable after the Termination Date (the earliest date on which the
conditions in clauses (i) and (ii) are both satisfied being the “ Liquidation Date ”). The undersigned hereby
waives any and all right, title, interest or