EXHIBIT 10.5
The Form of OMI Employment Agreements for Senior Executives in Form 10-Q
filed November 13, 1998 has been amended by making Section 3(b) read in its
entirety as follows:
(b) Bonus
The Executive shall be eligible to receive bonuses (each a "Bonus")
under programs established by or at the discretion of and in the amount and
at the times determined by the Board except that in the event there occurs
a Change in Control (as hereinafter defined) (i) each Bonus thereafter paid
shall be equal to 150% of the Executive's Base Salary (the "Fixed Bonus")
and (ii) if the Executive's employment is terminated within two years
thereafter other than for "Cause" or the Executive becoming disabled (as
such terms are defined in paragraph (c) and (d), respectively, of Section
6), the Executive shall be shall entitled to receive a bonus at termination
(the "Assurance Bonus") equal to the Fixed Bonus. The Executive may by
written request require that the Company deposit an amount equal to the
Assurance Bonus into the Security Account referred to in the last paragraph
in Section 6.
