Contract
Exhibit 10.5
February
18, 2008
Xx. Xxxxx
X. Xxxxxxx
000
Xxxxxx Xxxx
Xxxxxx,
XX 00000
Reference:
Xxxxx X. Xxxxxxx Consulting Agreement
This
letter will confirm that International Shipholding Corporation has agreed to
retain you as a consultant for the period of time commencing January 1, 2008,
and ending December 31, 2008. Your consulting compensation will be an
annual fee of $250,000, payable pro-rata in monthly installments of $20,833.34,
plus reasonable out-of-pocket expenses. At the end of the agreed
period of time, this Agreement is automatically extended month-by-month with a
continuation of said pro-rata monthly installments of $20,833.34.
This
Agreement may be cancelled by either party on giving a 90-day notice of
cancellation.
Please
sign below to acknowledge your agreement and acceptance of this Consulting
Agreement.
Sincerely,
/s/ Xxxxx X. Xxxxxxx
N. M. Xxxxxxx
Chairman of the Board
AGREED
AND ACCEPTED:
/s/
Xxxxx X. Xxxxxxx
X. X.
Xxxxxxx
February
18, 2008
Date