Consulting Agreement between International Shipholding Corporation and Niels W. Johnsen
International Shipholding Corporation has hired Niels W. Johnsen as a consultant from January 1, 2006, to December 31, 2006, for a total fee of $125,000, paid in monthly installments. The agreement covers reimbursement for reasonable expenses and will automatically continue on a month-to-month basis after the initial term. Either party can end the agreement with 90 days' notice.
Niels W. Johnsen
Consulting Agreement
This will confirm that International Shipholding Corporation has agreed to retain you as a consultant commencing January 1, 2006 through December 31, 2006, for a fee of $125,000, payable in 12 monthly installments of $10,416.67, plus reasonable out-of-pocket expenses. At the end of the period, this Agreement is automatically extended on a month-by-month basis. Either party on a 90-day notice may cancel this Agreement. Please sign below to acknowledge your agreement to this consulting arrangement.
Sincerely,
/s/ E. F. Johnsen
______________________
E. F. Johnsen
Chairman of the Board
AGREED AND ACCEPTED:
/s/ N. W. Johnsen
______________________
N. W. Johnsen
Date : 1/9/06
