Contract
EXHIBIT 10.2
Amendment No. 1 to Xxxxxxx X. Xxxxxx’x Employment Agreement
This Amendment No. 1 (the “Amendment”), dated as of April 5, 2019 (the “Effective Date”), is between International Seaways, Inc. (the “Company”) and Xxxxxxx X. Xxxxxx (the “Executive”).
WHEREAS,
the Company and the Executive previously entered into an employment agreement, dated November 9, 2016 (the “Employment Agreement”).
WHEREAS,
the Company and the Executive wish to amend the Employment Agreement in accordance with Section 13(c) thereof.
NOW,
THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, conditioned and effective upon the occurrence of the Closing and the Assignment, the parties agree as follows:
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1.
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Section 3(a) is hereby amended by replacing “$450,000” with “$500,000”.
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2.
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Except as provided herein, the terms and conditions of the Employment Agreement shall remain in full force and
effect and shall be binding on the Company.
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3.
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This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall
be an original, but all of which shall constitute one and the same instrument.
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[Signature Page Follows]
IN WITNESS WHEREOF, the parties have executed this Amendment to the Employment Agreement as of the
date first written above.
Xxxxxxx X. Xxxxxx
/s/ Xxxxxxx X. Xxxxxx
/s/ Xxxx X. Xxxxxxxx
Name: Xxxx X. Xxxxxxxx
Chief Executive Officer
Title:
