Amendment No. 5 to Employment Agreement between International Seaways, Inc. and Jeffrey D. Pribor
International Seaways, Inc. and Jeffrey D. Pribor have agreed to amend Mr. Pribor’s existing employment agreement. Effective March 8, 2023, Mr. Pribor’s base salary is increased from $547,000 to $580,000. All other terms of the original employment agreement remain unchanged and in effect. This amendment is legally binding upon both parties.
Exhibit 10.2
Form of Amendment No. 5 to Jeffrey D. Pribor’s Employment Agreement
This Amendment No. 5 (the “Amendment”), dated as of March 8, 2023 (the “Effective Date”), is between International Seaways, Inc. (the “Company”) and Jeffrey D. Pribor (the “Executive”).
WHEREAS, the Company and the Executive previously entered into an employment agreement, dated November 9, 2016, as amended as of April 5, 2019, April 2, 2020, March 16, 2021 and April 7, 2022 (the “Employment Agreement”).
WHEREAS, the Company and the Executive wish to amend the Employment Agreement in accordance with Section 13(c) thereof.
NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows:
| 1. | Section 3(a) is hereby amended by replacing “$547,000” with “$580,000”. |
| 2. | Except as provided herein, the terms and conditions of the Employment Agreement shall remain in full force and effect and shall be binding on the Company. |
| 3. | This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall constitute one and the same instrument. |
[Signature Page Follows]
IN WITNESS WHEREOF, the parties have executed this Amendment to the Employment Agreement as of the date first written above.
| Jeffrey D. Pribor | |
| International Seaways, Inc. | |
| Name: | |
| Title: |
