Warrant Purchase Agreement between Prokopios (Akis) Tsirigakis and Maxim Group LLC for Star Maritime Acquisition Corp.

Summary

This agreement is between Prokopios (Akis) Tsirigakis and Maxim Group LLC regarding the purchase of warrants in Star Maritime Acquisition Corp. Tsirigakis irrevocably authorizes Maxim to buy warrants on his behalf, up to 1.5% of the IPO's gross proceeds, at prices not exceeding $1.20 per warrant, within six months after the warrants become separately tradable. The warrants cannot be sold or transferred until the company completes a merger or similar business combination. Maxim will not charge any fees or commissions for these purchases.

EX-10.14 21 v019349_ex10-14.txt Star Maritime Acquisition Corp. c/o Schwartz & Weiss, P.C. 457 Madison Avenue New York, New York 10022 ____, 2005 Maxim Group LLC 405 Lexington Avenue New York, NY 10174 Re: Star Maritime Acquisition Corp. Gentlemen: This letter will confirm the agreement of the undersigned to purchase warrants ("Warrants") of Star Maritime Acquisition Corp. ("Company") included in the units ("Units") being sold in the Company's initial public offering ("IPO") upon the terms and conditions set forth herein. Each Unit is comprised of one share of Common Stock and one Warrant. The shares of Common Stock and Warrants will not be separately tradable until 90 days after the effective date of the Company's IPO unless Maxim Group LLC ("Maxim") informs the Company of its decision to allow earlier separate trading. The undersigned agrees that this letter agreement constitutes an irrevocable order for Maxim to purchase Warrants in the public marketplace for the undersigned's account within the six month period commencing on the date separate trading of the Warrants commences ("Separation Date") in an amount equal to 1.5% of the gross proceeds of the offering at prices not to exceed $1.20 per Warrant ("Maximum Warrant Purchase"). Maxim (or such other broker dealer(s) as Maxim may assign the order to) agrees to fill such order in such amounts and at such times as it may determine, in its sole discretion, during the twenty-trading day period commencing on the Separation Date. Maxim further agrees that it will not charge the undersigned any fees and/or commissions with respect to such purchase obligation. The undersigned may notify Maxim that all or part of the Maximum Warrant Purchase will be made by an affiliate of the undersigned (or another person or entity introduced to Maxim by the undersigned (a "Designee")) who (or which) has an account at Maxim and, in such event, Maxim will make such purchase on behalf of said affiliate or Designee; provided, however, that the undersigned hereby agrees to make payment of the purchase price of such purchase in the event that the affiliate or Designee fails to make such payment. Maxim Group LLC ____, 2005 Page 2 The undersigned agrees that neither the undersigned nor any affiliate or Designee shall sell or transfer the Warrants until the earlier of the consummation of a merger, capital stock exchange, asset acquisition or other similar business combination and acknowledges that, at the option of Maxim, the certificates for such Warrants shall contain a legend indicating such restriction on transferability. Very truly yours ----------------------------------------- Prokopios (Akis) Tsirigakis 2