Company: TEN-PE
Filing Date: 2025-09-30
Form Type: 6-K
Source: 0001193125-25-225057
Chunk: 30

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-09-30
Form: 6-K
Chunk 30
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 of Directors. For the first half of 2025, an award of $ 3,000was granted to the Management Company and is included in the general and administrative expenses in the accompanying consolidated statements of comprehensive income. No incentive award was granted in the first six months of 2024.

The Holding Company and the Management Company have certain officers and directors in common. The Chief Executive Officer and Director of the Holding Company is also the sole stockholder of the Management Company and the son of the founder of TST (as defined below). The Management Company may unilaterally terminate its Management Agreement with the Holding Company at any time upon one yea r ’s notice. In addition, if even one director is elected to the Holding Company without the recommendation of the existing Board of Directors, the Holding Company would be obligated to pay the Management Company an amount calculated in accordance with the terms of the Management Agreement. Under the terms of the Management Agreement between the Holding Company and the Management Compan y, the Holding Company may terminate the Management Agreement only under specific circumstances, without the prior approval of the Holding Company ’s Board of Directors.

Estimated future management fees payable over the next ten years under the Management Agreement, exclusive of any incentive awards and based on existing vessels and known vessels scheduled for future deliver y, as at June 30, 2025, are $ 12,451 for the remainder of 2025, $ 24,474 for 2026, $ 24,381for 2027, $ 25,252for 2028, $ 25,860for 2029 and $ 108,756from 2030 to 2034.

Management fees for vessels are included in general and administrative expenses in the accompanying consolidated statements of comprehensive income. Also, under the terms of the Management Agreement, the Management Company provides supervisory services for the construction of new vessels. During the six months ended June 30, 2025, and June 30, 2024, $ 2,022and $ 861, respectively, were charged and accounted for as part of construction costs. For the second quarter of 2025, the amount of $ 1,241was charged, compared to $ 463in the second quarter of 2024.

As of June 30, 2025, the amount due from the Management Company was $ 76($ 170due to the Management Company at December 31, 2024).

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TSAKOS