Consulting Agreement between International Shipholding Corporation and Niels W. Johnsen

Summary

International Shipholding Corporation has hired Niels W. Johnsen as a consultant from January 1, 2010, to December 31, 2010, with an annual fee of $250,000 paid in monthly installments, plus reasonable expenses. After the initial term, the agreement continues month-to-month unless either party gives 90 days' notice to end it. Both parties have signed to confirm their acceptance of these terms.

EX-10.5 2 exhibit105consagree.htm EXHIBIT 10.5 - CONSULTING AGREEMENT exhibit105consagree.htm

Exhibit 10.5

December 29, 2009

Mr. Niels W. Johnsen

174 Rumson Road

Rumson, NJ 07760

Reference: Niels W. Johnsen Consulting Agreement

This letter will confirm that International Shipholding Corporation has agreed to retain you as a consultant for the period of time commencing January 1, 2010, and ending December 31, 2010. Your consulting compensation will be an annual fee of $250,000, payable pro-rata in monthly installments of $20,833.34, plus reasonable out-of-pocket expenses. At the end of the agreed period of time, this Agreement is automatically extended month-by-month with a continuation of said pro-rata monthly installments of $20,833.34.

This Agreement may be cancelled by either party on giving a 90-day notice of cancellation.

Please sign below to acknowledge your agreement and acceptance of this Consulting Agreement.

Sincerely,

/s/ Niels M. Johnsen

N. M. Johnsen

Chairman of the Board

AGREED AND ACCEPTED:

/s/ Niels W. Johnsen

___________________________________

N. W. Johnsen

___1/06/10________________________________

Date