Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 156

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 7
Chunk 156
---
, for a continuous period of two months, materially to perform its duties because of certain events of force majeure.  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

Moreover, following a change in control of us, which would occur if at least one director were elected to our Board without having been recommended by our existing Board, Tsakos Energy Management may terminate the agreement on 10 business days’ notice. If Tsakos Energy Management terminates the agreement for this reason, then we would immediately be obligated to pay Tsakos Energy Management the present discounted value of all of the payments that would have otherwise been due under the management agreement up until June 30 of the tenth year following the date of termination plus the average of the incentive awards previously paid to Tsakos Energy Management multiplied by ten. Under these terms, therefore, a termination as of December 31, 2024 would have resulted in a payment of approximately $166.7 million. Under the terms of the Management Agreement between the Company and Tsakos Energy Management, the Company may terminate the agreement only under specific circumstances, such as breach of contract by the manager and change of control in the shareholding of the manager without the prior approval of the Company’s Board of Directors.

Under the management agreement, we pay monthly fees for Tsakos Energy Management’s management of the vessels in the fleet. These fees are based on the number of ships in the fleet. The per-ship charges begin to accrue for a vessel at the point that a newbuilding contract is acquired, which may be 18 to 24 months before the vessel begins to earn revenue. In 2024, monthly management fees were $30.0 thousand per vessel, for all conventional vessels, apart from the LNG carriers, the DP2 suezmax shuttle tankers, the third-party managed vessels, chartered in vessels or chartered out on a bare-boat basis, and for vessels under construction. Monthly fees for third-party managed vessels were $28.8 thousand, for the suezmax tanker Decathlon, $30.1 thousand for the VLCCs Ulysses, Hercules I, $45.9 thousand for LNG carriers Maria Energyand Neo Energy(up to the sale May 31, 2024), and $37.5 thousand for Tenergy, $30.1 thousnd for the aframax tankers Sapporo Princessand Maria Princess, and $29.3 thousand for the