Description of Life Insurance Benefits Agreement between International Shipholding Corporation and Niels W. Johnsen and Erik F. Johnsen

Contract Categories: Human Resources › Compensation Agreements
Summary

International Shipholding Corporation has agreed to provide life insurance benefits to Niels W. Johnsen and Erik F. Johnsen. Upon their deaths, their estates will receive approximately $626,000 and $822,000, respectively. The company maintains an insurance policy and reserves to ensure these payments can be made. This agreement outlines the company's obligation to pay these specified amounts to the beneficiaries of the two executives.

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EX-10.8 6 h22938exv10w8.txt DESCRIPTION OF LIFE INSURANCE BENEFITS LIFE INSURANCE BENEFITS PROVIDED BY THE COMPANY TO NIELS W. JOHNSEN AND ERIK F. JOHNSEN International Shipholding Corporation (the "Company") has agreements with Erik F. Johnsen, Chairman of the Board of Directors and Chief Executive Officer, and Niels W. Johnsen, a Director and former Chairman, whereby their estates will be paid approximately $822,000 and $626,000, respectively upon death. The Company maintains an insurance policy and has established reserves sufficient to cover these benefits.