REIMBURSEMENT AGREEMENT
EXHIBIT 4.25
REIMBURSEMENT AGREEMENT
Dated for reference January 1, 2000Between:
FLEET MANAGEMENT INC. a company incorporated under the laws of the Commonwealth of the Bahamas, with an office at TK House, Bayside Executive Park, West Bay Street & Blake Road, P.O. Box AP-59213, Nassau, The Bahamas ("FMI")And:
TEEKAY SHIPPING CORPORATON, a Xxxxxxxx Islands company with an office at TK House, Bayside Executive Park, West Bay Street & Blake Road, P.O. Box AP-59213, Nassau, The Bahamas ("Teekay")Whereas:
- C. Xxxx Xxx provides consulting services to Cirrus Trust and JTK Trust ("the Trusts"). FMI pays C. Xxxx
Xxx for such consulting services for and on behalf of the Trusts.
- Teekay has requested that C. Xxxx Xxx also provide consulting services to Teekay from time to time as
required by Teekay, and the Trusts and FMI have agreed to permit C. Xxxx Xxx to provide such consulting
services on the condition that Teekay reimburse FMI for certain consulting fees paid to C. Xxxx Xxx.
- Teekay agrees to reimburse FMI for consulting fees paid to C. Xxxx Xxx (or his
consulting company) in connection with consulting services provided by C. Xxxx
Xxx to Teekay. FMI shall invoice Teekay from time to time for such consulting
services, together with reasonable disbursements incurred in connection with the
provision of such consulting services, and Teekay agrees to pay such invoices
within forty five (45) days of receipt of such invoice.
- Either party may terminate this Agreement upon not less than 6 months prior written notice.
- This Agreement shall be governed by the law of the Commonwealth of the Bahamas.
Fleet Management Inc.
Per: /s/ Xxxxxx Xxxxx
Authorized Signatory
Teekay Shipping Corporation
Per: /s/ Xxxxx Xxxxxxx
Authorized Signatory