Letter Agreement Granting Restricted Shares Sample Contracts
FIRST AMENDMENT TO JUNE 29, 2005 LETTER AGREEMENT GRANTING RESTRICTED SHARES TO FERDINAND V. LEPERELetter Agreement Granting Restricted Shares • May 9th, 2008 • TBS International LTD • Deep sea foreign transportation of freight
The letter agreement dated June 29, 2005 between TBS International Limited (the "Company") and Ferdinand V. Lepere ("Mr. Lepere"), pursuant to which 100,000 Common Shares of TBS International Limited (the "Shares") are granted, subject to various restrictions, to Mr. Lepere, is hereby amended to provide that any and all unvested Shares shall vest in full and Mr. Lepere shall have unrestricted ownership rights in such Shares in the event Mr. Lepere's employment is terminated by the Company other than for Cause or Mr. Lepere resigns for Good Reason, as such terms are defined in the TBS International Limited 2005 Equity Incentive Plan, as amended.