Consulting Agreement between International Shipholding Corporation and Niels W. Johnsen (2008)

Contract Categories: Human Resources › Consulting Agreements
Summary

International Shipholding Corporation agrees to retain Niels W. Johnsen as a consultant from January 1, 2008, to December 31, 2008, with an annual fee of $250,000 paid in monthly installments, plus reasonable expenses. After the initial term, the agreement automatically renews on a month-to-month basis at the same monthly rate. Either party may cancel the agreement with 90 days' notice.

Read More Arrow
EX-10.5 2 exhibit105.htm EXHIBIT 10.5 - CONSULTING AGREEMENT exhibit105.htm
Exhibit 10.5

February 18, 2008


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, 2008, and ending December 31, 2008.  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
 

 
February 18, 2008
 
Date