AMENDMENT TO RESTATED MANAGEMENT AGREEMENT
EXHIBIT
4.5
AMENDMENT
TO RESTATED MANAGEMENT AGREEMENT
This
Amendment to the Restated Management Agreement (this “Amendment”) is made as of
the 31st day
of May, 2009, by and between Nordic American Tanker Shipping Limited, a Bermuda
company (the “Company”), and Scandic American Shipping Ltd., a Bermuda company
(“Scandic”).
W
I T N E S S E T H:
WHEREAS,
the Company and Scandic are parties to a management agreement restated as of
June 30, 2004, as further amended on October 12, 2004, April 29, 2005, November
19, 2005 and May 3, 2008 (the “Restated Management Agreement”); and
WHEREAS,
Section 2 of the Restated Management Agreement currently provides, inter alia,
that the term of the Restated Management Agreement shall terminate on June 30,
2019, unless earlier terminated by the parties or unless extended by the parties
following mutual agreement; and
WHEREAS,
the Company and Scandic wish to amend Section 2 of the Restated Management
Agreement to extend the term of the Restatement Management
Agreement.
NOW,
THEREFORE, the parties hereby agreed as follows:
1. Section
2 of the Restated Management Agreement is hereby amended in its entirety to read
as follows:
“The term
of this Agreement shall commence on June 30, 2004 and shall terminate as
follows, unless earlier terminated pursuant to Section 6 hereof or unless
extended by the parties following mutual agreement:
Until
June 30, 2009, this Agreement shall terminate on June 30, 2019;
Thereafter,
this Agreement shall terminate on the date which is ten years from the calendar
date so that the remaining term of this Agreement shall always be ten
years.”
2. All
other terms of the Restated Management Agreement shall remain in full force and
effect.
3. This
Amendment may be executed in several counterparts, and all counterparts so
executed shall constitute one agreement, binding on all of the parties hereto,
notwithstanding that all of the parties are not signatory to the original or the
same counterpart.
[Signature Page Follows]
IN
WITNESS WHEREOF, the undersigned have executed this Amendment as of the date
first above written.
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NORDIC
AMERICAN TANKERSHIPPING LIMITED
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By
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/s/
Hon. Sir Xxxxx Xxxxxxx
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Name:
Hon. Sir Xxxxx Xxxxxxx
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Title:
Director
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By
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/s/
Andreas Xxx Xxxxxx
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Name:
Andreas Xxx Xxxxxx
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Title:
Director
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By
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/s/
Torbjørn Gladsø
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Name:
Torbjørn Gladsø
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Title:
Director
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By
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/s/
Xxxxxx X. March
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Name:
Xxxxxx X. March
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Title:
Director
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By
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/s/
Xxxx X. Xxxxxxx
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Name:
Xxxx X. Xxxxxxx
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Title:
Director
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By
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/s/
Xxxxxxx X.X. Xxxxxx
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Name:
Xxxxxxx X.X. Xxxxxx
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Title:
Director
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SCANDIC
AMERICAN SHIPPING LTD.
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By
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/s/
Herbjørn Hansson
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Name:
Herbjørn Hansson
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Title:
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