EMPLOYMENT AGREEMENT (this "Agreement") dated as of 16 April 2008, between DOUBLE HULL TANKERS, INC., a corporation incorporated under the laws of the Republic of the Marshall Islands ("Employer"), and OLE JACOB DIESEN, an individual ("Executive").
Term. The term of Executive's employment under this Agreement (the "Term") shall commence on 16 April 2008 (the "Commencement Date"), and, unless earlier terminated pursuant to the provisions of Article III, shall continue for an indefinite term unless and until terminated by either party giving to the other not less than six months' prior written notice.
Term from Employment Agreement
THIS AGREEMENT made this 31st day of December, 2004 is by and between CABG Medical, Inc., a Minnesota Corporation (the Company), and Manuel A. Villafana, a resident of the State of Minnesota (the Employee).
Term. Unless terminated at an earlier date in accordance with the provisions of this Agreement, the term of Employees services hereunder shall commence on the date of this Agreement and shall terminate on 1 April 2008. The Company may terminate the relationships created by this Agreement upon 60 days notice to Employee if such termination is without cause (as defined below), and with no notice if such termination is for cause. If termination is without cause, Employees base salary will continue for the entire term of this Agreement as defined in Section 4(a) of this Agreement. As used in this Agreement, the term Cause shall be defined as (i) Employees breach of any of his material duties or obligations under this Agreement, which breach is not corrected within 30 days of receipt of written notice thereof by Employee from the Companys Board of Directors, (ii) embezzlement or other misappropriation of property of the Company, or (iii) conviction of a felony offense or gross misdemeanor. No termination of the relationship created by this Agreement shall relieve Employee of his duties under Sections 5, 6 and 7 hereof.