AMENDMENT TO RESTATED MANAGEMENT AGREEMENT
Exhibit 4.3
AMENDMENT TO RESTATED
MANAGEMENT AGREEMENT
This
Amendment to the Restated Management Agreement is made as of the 3rd day of
May, 2008, by and between Nordic American Tanker Shipping Limited, a Bermuda
company (the “Company”), and Scandic American Shipping Ltd., a Bermuda company
(“Scandic”).
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W I T N E S S E T
H:
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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, and
November 19, 2005 (the “Restated Management Agreement”); and
WHEREAS,
the Company has expanded its fleet of tanker vessels and Scandic will continue
to provide management of these vessels.
NOW,
THEREFORE, the Company and Scandic hereby agree as follows:
1. Effective
as of July 1, 2007, Section 3(a) of the Restated Management Agreement is hereby
amended to read in its entirety as follows:
“In
consideration for Scandic’s providing the services to the Company specified in
this Agreement, the Company shall pay Scandic a fee at the annual rate of Two
Hundred and Twenty Five Thousand United States Dollars (USD 225,000) per annum (the "Fee") and
cover Scandic’s reasonable costs incurred to perform the abovementioned services
(the “Costs”). The Fee shall be paid quarterly in advance, on each
January 1, April 1, July 1 and October 1. The Costs shall be
paid monthly in advance through a monthly cash call procedure to be agreed
between the parties.”
2. The
Restated Management Agreement shall otherwise remain in full force and
effect.
IN
WITNESS WHEREOF, the undersigned have executed this Amendment to the Restated
Management Agreement 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/
Xxxxxxxx Xxxxxx
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Name:
Xxxxxxxx Xxxxxx
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Title:
Vice President Technical Operations & Chartering
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By
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/s/
Jan Xxxx Xxxxxxxxx
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Name:
Jan Xxxx Xxxxxxxxx
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Title:
Executive Vice President – Business Development and Legal
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SK
01318 0002 878602
