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CONSULTING AGREEMENT
This will confirm that International Shipholding Corporation has agreed to
retain you as a consultant commencing January 1, 2005 through December 31, 2005,
for a fee of $125,000, payable in 12 monthly installments of $10,416.67, plus
reasonable out-of-pocket expenses. At the end of the period, this Agreement is
automatically extended on a month-by-month basis. Either party on a 90-day
notice may cancel this Agreement. Please sign below to acknowledge your
agreement to this consulting arrangement.
Sincerely,
/s/ ▇. ▇. ▇▇▇▇▇▇▇
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Chairman of the Board
AGREED AND ACCEPTED:
/s/ ▇. ▇. ▇▇▇▇▇▇▇
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Date : 12/21/04
