AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") is
entered into as of August 8, 2006 by and between Seaboard Marine
Ltd., a Liberian corporation, together with any successor
thereto, the "Company," and Xxxxxx X. Xxxxxxxx ("Executive").
W I T N E S S E T H:
WHEREAS, the Company and Executive entered into that certain
Employment Agreement ("Employment Agreement") dated as of July 1,
2005;
WHEREAS, said Employment Agreement continues in full force
and effect;
WHEREAS, the Company and Executive desire to amend the
Employment Agreement, as set forth herein;
NOW, THEREFORE, in consideration of the premises and the
mutual covenants and promises contained herein, and for further
good and valuable consideration, the Company and Executive hereby
agree as follows:
1. Amendment to Paragraph 2. Paragraph 2.(a) of the Employment
Agreement is amended and restated to read as follows:
(a) Term of Employment. Unless Executive's
employment shall sooner terminate pursuant to
Section 8, the Company shall continue to employ
Executive on the terms and subject to the conditions of
this Agreement for a term commencing on July 1, 2005
(the "Commencement Date") and ending on the date which
is five (5) years after the Commencement Date,
provided, however, on each annual anniversary date of
the Commencement Date (an "Annual Anniversary Date"),
Executive's employment hereunder shall be deemed to be
automatically extended, upon the same terms and
conditions for five (5) years after such Annual
Anniversary Date, unless the Company shall have given
written notice to Executive, at least thirty (30) days
prior to the expiration of such Annual Anniversary
Date, of its intention not to extend the Employment
Period (as defined below) hereunder. Notwithstanding
the foregoing, unless mutually agreed to by the Company
and the Executive, Executive's employment hereunder
shall under no circumstances extend beyond December 31,
2030. The period during which Executive is employed by
the Company pursuant to this Agreement, including any
extension thereof in accordance with the preceding
sentence, shall be referred to as the "Employment
Period."
2. Agreement Continues in Effect. Except as set forth herein,
the Employment Agreement shall continue in full force and effect
pursuant to its terms.
3. Miscellaneous. This Amendment shall be governed and
construed in accordance with the laws of the State of Florida,
without reference to principles of conflict of laws. This
Amendment may be executed in counterparts (including by
facsimile), each of which shall be deemed an original, and all of
which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the Company has duly executed this
Agreement by its authorized representative, and Executive has
hereto set his hand, in each case, effective as of the date first
above written.
SEABOARD MARINE LTD.
By: /s/ Xxxxxx X. Xxxxx
Xxxxxx X. Xxxxx, Vice President
EXECUTIVE:
By: /s/ Xxxxxx X. Xxxxxxxx
Xxxxxx X. Xxxxxxxx
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