EX-4.3 2 d878602_ex4-3.htm d878602_ex4-3.htm

Exhibit 4.3
 
AMENDMENT TO RESTATED MANAGEMENT AGREEMENT
 
This Amendment to the Restated Management Agreement is made as of the 3rd day of May, 2008, by and between Nordic American Tanker Shipping Limited, a Bermuda company (the “Company”), and Scandic American Shipping Ltd., a Bermuda company (“Scandic”).
 
W I T N E S S E T H:
 
WHEREAS, the Company and Scandic are parties to a management agreement restated as of June 30, 2004, as further amended on October 12, 2004, April 29, 2005, and November 19, 2005 (the “Restated Management Agreement”); and
 
WHEREAS, the Company has expanded its fleet of tanker vessels and Scandic will continue to provide management of these vessels.
 
NOW, THEREFORE, the Company and Scandic hereby agree as follows:
 
1. Effective as of July 1, 2007, Section 3(a) of the Restated Management Agreement is hereby amended to read in its entirety as follows:
 
“In consideration for Scandic’s providing the services to the Company specified in this Agreement, the Company shall pay Scandic a fee at the annual rate of Two Hundred and Twenty Five Thousand United States Dollars (USD 225,000) per annum (the "Fee") and cover Scandic’s reasonable costs incurred to perform the abovementioned services (the “Costs”). The Fee shall be paid quarterly in advance, on each January 1, April 1, July 1 and October 1. The Costs shall be paid monthly in advance through a monthly cash call procedure to be agreed between the parties.”
 
2. The Restated Management Agreement shall otherwise remain in full force and effect.
 

 
 

 
 
IN WITNESS WHEREOF, the undersigned have executed this Amendment to the Restated Management Agreement as of the date first above written.

 
 
NORDIC AMERICAN TANKERSHIPPING LIMITED
 
     
 
By
/s/ Hon. Sir David Gibbons
 
   
Name: Hon. Sir David Gibbons
 
   
Title: Director
 
       
       
 
By
/s/ Andreas Ove Ugland
 
   
Name: Andreas Ove Ugland
 
   
Title: Director
 
       
       
 
By
/s/ Torbjørn Gladsø
 
   
Name: Torbjørn Gladsø
 
   
Title: Director
 
       
       
 
By
/s/ Andrew W. March
 
   
Name: Andrew W. March
 
   
Title: Director
 
       
       
 
By
/s/ Paul J. Hopkins
 
   
Name: Paul J. Hopkins
 
   
Title: Director
 
       
       
 
By
/s/ Richard H.K. Vietor
 
   
Name: Richard H.K. Vietor
 
   
Title: Director
 
       
       
       
 
SCANDIC AMERICAN SHIPPING LTD.
 
     
 
By
/s/ Frithjof Bettum
 
   
Name: Frithjof Bettum
 
   
Title: Vice President Technical Operations & Chartering
 
       
       
 
By
/s/ Jan Erik Langangen
 
   
Name: Jan Erik Langangen
 
   
Title: Executive Vice President – Business Development and Legal
 
       
       

SK 01318 0002 878602