Document:

Exhibit 10.10

 

EXECUTION COPY

 

EMPLOYMENT
AGREEMENT (this “Agreement”) dated as of July 26, 2005, 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”).

 

WHEREAS Employer intends to consummate an initial
public offering of its common stock (the “IPO”);

 

WHEREAS Employer desires to employ Executive as its
Chief Executive Officer upon the consummation of the IPO; and

 

WHEREAS Executive is willing to serve in the employ of
Employer for the period and upon the other terms and conditions of this
Agreement.

 

NOW, THEREFORE, in consideration of the foregoing and
the respective representations, warranties, covenants and agreements set forth herein,
the parties hereto agree as follows:

 

ARTICLE I

 

Employment

 

SECTION 1.01.  Effectiveness.  This Agreement
shall become effective on April 15, 2005; provided, however,
that this Agreement shall be null and void and of no further force and effect
if the consummation of the IPO (the “Closing”) does not occur by November 30,
2005; provided, further that this Agreement shall be null and
void and of no further force and effect upon such earlier date that the
Employer affirmatively determines to cancel the IPO  (it being understood that, in the event this
Agreement becomes null and void pursuant to the preceding part of this
sentence, Executive shall not be subject or entitled to any of the provisions
set forth in this Agreement, including, without limitation, the termination
provisions of Article III; provided, however, that (a) Executive
shall be entitled to (i) receive his Salary through the earlier of the first
anniversary of the date on which the Employer affirmatively determines to
cancel the IPO and November 30, 2006 and (ii) the amounts referred to
in Section 3.02 and (b) the provisions of Article IV shall
apply, except that the provisions of Section 4.05 shall only apply for the
period during which Executive is entitled to receive his Salary pursuant to (a) of
this proviso).

 

SECTION 1.02.  Term.  The term of Executive’s
employment under this Agreement (the “Term”) shall commence on April 15,
2005 (the “Commencement Date”), and, unless earlier terminated pursuant
to the provisions of Article III, shall terminate on the third anniversary
of the Commencement Date, provided that such term may be extended by Employer,
in its sole discretion, for a term to be determined by 

 

 

Employer upon giving six months’
prior written notice to Executive of its intent to so extend.

 

SECTION 1.03.  Position.  During the
Term, Employer shall employ Executive, and Executive shall serve, as Chief
Executive Officer, reporting to the Board of Directors of Employer (the “Board”).  Executive shall have the duties, responsibilities
and authority as are typical for such position at companies of comparable size
to Employer and within Employer’s industry, including general executive
authority over Employer’s affairs arising in the ordinary course of business,
and shall perform the other services and duties as determined from time to time
by the Board.

 

SECTION 1.04.  Time and Effort.  Executive
shall serve Employer faithfully, loyally, honestly and to the best of Executive’s
ability.  Executive shall perform all
duties required of him as Chief Executive Officer.  During the Term, Executive shall not, directly
or indirectly, engage in any employment or other activity that, in the sole
discretion of the Board, is competitive with or adverse to the business,
practice or affairs of Employer or any of its affiliates, whether or not such
activity is pursued for profit or other advantage, or that would conflict or
interfere with the rendition of Executive’s services or duties, provided
that Executive may serve on civic or charitable boards or committees and serve
as a non-employee member of a board of directors of a corporation as to which
the Board has given its consent.  Prior
to the Closing, Executive shall resign from or terminate all positions,
relationships and activities that would be inconsistent with the foregoing.

 

SECTION 1.05. 
Location and Travel.  During
the Term, Executive shall be physically present at Employer’s offices in St.
Helier, Jersey, Channel Islands when discussing, deliberating over or making
any material decision regarding or affecting Employer or its business or
affairs (whether or not such activity includes or involves the Board), as
determined by the Board in its discretion. 
Executive acknowledges and agrees that his duties and responsibilities
to Employer will require him to travel worldwide from time to time, including
to Employer’s offices in the Channel Islands.

 

ARTICLE II

 

Compensation

 

SECTION 2.01.  Salary.  As
compensation for all services rendered by Executive to Employer and all its
affiliates in any capacity and for all other obligations of Executive
hereunder, Employer shall pay Executive a salary (“Salary”) during the
Term at the annual rate of $400,000, payable monthly to a bank account
specified by Executive.

 

SECTION 2.02.  Annual Bonus.  During the
Term, Executive shall be eligible to receive an annual cash bonus in such
amount and subject to such terms and conditions as the Board may determine in
its discretion.

 

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SECTION 2.03.  Equity Awards.  Upon the
pricing date of the IPO, Executive shall receive, pursuant to an incentive
compensation plan to be adopted by Employer prior to the IPO, stock options
with respect to Employer’s common stock (“Options”) and restricted shares of
Employer’s common stock (“Restricted Stock”) having an aggregate grant-date
value of $75,000 (the “Initial Grants”). 
The Initial Grants shall be divided equally between Options, which will
vest pro-rata over three years, and Restricted Stock, which will vest
pro rata over four years.  In the
event the Closing fails to occur for any reason by November 30, 2005, then
the Initial Grants will be automatically canceled and the Executive will be
entitled to no benefits or payments with respect thereto.  The Initial Grants and the other terms and
conditions thereof shall be evidenced by award agreements to be entered into by
Executive and Employer.  During the Term,
Executive shall be eligible to receive other awards of equity interests in
Employer in such amounts and subject to such terms and conditions as the Board
may determine in its discretion.

 

SECTION 2.04.  Benefits.  During the Term,
Executive shall not be entitled to receive, and Employer shall have no
obligation to provide, any employee benefits (including health, welfare, disability,
pension, retirement and death benefits), fringe benefits or perquisites, except
as otherwise set forth herein.

 

SECTION 2.05.  Vacation.  During each
calendar year of the Term, Executive shall be entitled to four weeks of paid
vacation from Employer, pro rated for any partial calendar year.

 

SECTION 2.06.  Business Expenses.  Employer shall
reimburse Executive for all necessary and reasonable “out-of-pocket” business
expenses incurred by Executive in the performance of Executive’s duties hereunder,
provided that Executive furnishes to Employer adequate records and other
documentary evidence required to substantiate such expenditures and otherwise
complies with any travel and expense reimbursement policy established by the
Board from time to time.

 

SECTION 2.07.  Withholdings.  Employer and
its affiliates may withhold or deduct from any amounts payable under this
Agreement such taxes, fees, contributions and other amounts as may be required
to be withheld or deducted pursuant to any applicable law or regulation.

 

ARTICLE III

 

Termination

 

SECTION 3.01.  General; Exclusive Rights.  Subject
to the provisions of this Article III, Executive’s employment with
Employer may be terminated by Executive or Employer at any time and for any
reason, which termination shall be effective on the date specified by Executive
or Employer, as the case may be.  In the
event that Executive’s employment with Employer is terminated, whether by
Employer or Executive, at any time and for any reason, Executive shall have no further
rights to any 

 

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compensation, payments or
any other benefits under this Agreement or any other contract, plan, policy or
arrangement with Employer or its affiliates, except as set forth in this Article III.

 

SECTION 3.02.  Accrued Rights.  Upon the termination
of Executive’s employment with Employer, whether by Employer or Executive, at
any time and for any reason, Executive shall be entitled to receive (a) Salary
earned through the date of termination that remains unpaid as of such date and (b) reimbursement
of any unreimbursed business expenses incurred by Executive prior to the date
of termination to the extent such expenses are reimbursable under Section 2.06
(all such amounts, the “Accrued Rights”).

 

SECTION 3.03.  Termination by Employer Other Than for Cause.  (a) 
If (i) Employer elects to terminate Executive’s employment during the Term
for any reason other than Cause (as defined below) or (ii) Employer elects
not to extend the Term in accordance with Section 1.02 and Employer would
not at such time have Cause to terminate Executive’s employment, then (A) Employer
shall continue to pay Executive’s Salary through the later of (1) the
third anniversary of the Commencement Date and (2) the first anniversary
of the effective date of Executive’s termination of employment and (B) in
the event of a termination pursuant to clause (i), all equity-based
compensation granted to Executive pursuant to Section 2.03 (including the
Initial Grants) shall immediately vest and become exercisable, subject to the
other terms and conditions of such grants, provided that Employer shall
not be obligated to commence any payment under this Section 3.03, and
Executive shall not be entitled to any such acceleration, until such time as Executive
has provided an irrevocable waiver and general release of claims, including Executive’s
right to notice pursuant to the Employment (Jersey) Law, 2003, as amended (other
than Executive’s rights under this Agreement ), in favor of Employer, its
affiliates, and their respective directors, officers, employees, agents and representatives
in form and substance acceptable to Employer; provided, further,
that Employer shall be entitled to cease making, and Executive shall forfeit
any entitlement to receive, such payments in the event that Executive breaches
any of his obligations under Article IV.

 

(b)  For
purposes of this Agreement, the term “Cause” shall mean (i) Executive’s  failure to
perform those duties that Executive is required or expected to perform pursuant
to this Agreement, (ii) Executive’s dishonesty or breach of any fiduciary
duty to Employer in the performance of Executive’s duties hereunder, (iii) Executive’s
conviction of, or a plea of guilty or nolo contendere to, a misdemeanor
involving moral turpitude, fraud, dishonesty, theft, unethical business conduct
or conduct that impairs the reputation of Employer or any of its affiliates or
any felony (or the equivalent thereof in any jurisdiction), (iv) Executive’s
gross negligence or willful misconduct in connection with Executive’s duties
hereunder or any act or omission that is injurious to the financial condition
or business reputation of Employer or any of its affiliates or (v) Executive’s
breach of the provisions of Article IV of this Agreement.

 

SECTION 3.04.  Termination upon Death or Disability.  (a) 
Executive’s employment with Employer shall terminate immediately upon Executive’s
death or 

 

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Disability (as defined
below).  In the event Executive’s
employment terminates due to death or Disability, then Employer shall continue
to pay Executive’s Salary through the first anniversary of the effective date
of such termination of employment.

 

(b)  For
purposes of this Agreement, the term “Disability” shall mean the
inability of Executive, due to illness, accident or any other physical or
mental incapacity, to perform Executive’s duties in a normal manner for a
period of 120 days (whether or not consecutive) in any twelve-month period
during the Term.   The Board shall
determine, on the basis of the facts then available, whether and when the
Disability of Executive has occurred. 
Such determination shall take into consideration the expert medical
opinion of a physician mutually agreeable to Employer and Executive based upon such
physician’s examination of Executive.  Executive
agrees to make himself available for such examination upon the reasonable
request of Employer.

 

SECTION 3.05.  Termination by Executive. 
If Executive terminates his employment with Employer for any reason, Executive
shall provide written notice to Employer at least 30 days prior to the
effective date of such termination.

 

SECTION 3.06.  Change of Control.  (a)  In
the event that Executive’s employment is terminated by Executive for Good
Reason within one year following a Change of Control, Executive shall be
entitled to receive the continuation of his Salary through the later of (i) the
third anniversary of the Commencement Date and (ii) the first anniversary
of the effective date of Executive’s termination of employment.

 

(b)  For
purposes of this Agreement, the term

 

(i) “Change
of Control” shall mean the occurrence of any of the following events, not
including any events occurring prior to or in connection with the IPO
(including the occurrence of such IPO):

 

(A) the
consummation of (1) a merger, consolidation, statutory share exchange or
similar form of corporate transaction involving (x) Employer or (y) any entity
in which Employer, directly or indirectly, possesses 50% or more of the total
combined voting power of all classes of its stock, but in the case of this
clause (y) only if Employer Voting Securities (as defined below) are issued or
issuable in connection with such transaction (each of the transactions referred
to in this clause (1) being hereinafter referred to as a “Reorganization”)
or (2) the sale or other disposition of all or substantially all the
assets of Employer to an entity that is not an affiliate (a “Sale”) if such
Reorganization or Sale requires the approval of Employer’s stockholders under
the law of Employer’s jurisdiction of organization (whether such approval is
required for such Reorganization or Sale or for the issuance of securities of
Employer in such Reorganization or Sale), unless, immediately following such
Reorganization or Sale, (I) all or substantially all the individuals and
entities who were the 

 

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“beneficial owners” (as
such term is defined in Rule 13d-3 under the Exchange Act (or a successor rule thereto))
of the Shares or other securities eligible to vote for the election of the
Board (collectively, the “Employer Voting Securities”) outstanding immediately
prior to the consummation of such Reorganization or Sale beneficially own,
directly or indirectly, more than 50% of the combined voting power of the then
outstanding voting securities of the entity resulting from such Reorganization
or Sale (including, without limitation, an entity that as a result of such
transaction owns Employer or all or substantially all the Employer’s assets
either directly or through one or more subsidiaries) (the “Continuing Entity”)
in substantially the same proportions as their ownership, immediately prior to
the consummation of such Reorganization or Sale, of the outstanding Employer
Voting Securities (excluding any outstanding voting securities of the
Continuing Entity that such beneficial owners hold immediately following the
consummation of the Reorganization or Sale as a result of their ownership prior
to such consummation of voting securities of any entity involved in or forming
part of such Reorganization or Sale other than Employer and its affiliates) and
(II) no Person beneficially owns, directly or indirectly, 30% or more of
the combined voting power of the then outstanding voting securities of the
Continuing Entity immediately following the consummation of such Reorganization
or Sale;

 

(B) the
stockholders of Employer approve a plan of complete liquidation or dissolution
of Employer; or

 

(C) any “person”
or “group” (as such terms are used in Sections 13(d) and 14(d)(2) of
the Exchange Act, respectively) (other than Employer or an affiliate) becomes
the beneficial owner, directly or indirectly, of securities of Employer
representing 50% or more of the then outstanding Employer Voting Securities; provided
that for purposes of this subparagraph (C), any acquisition directly from
Employer shall not constitute a Change of Control; and

 

(ii) “Good
Reason” shall mean the occurrence of any of the following events or
circumstances (without the prior written consent of Executive):  (A) a material reduction by Employer of
Executive’s authority or a material change in Executive’s functions, duties or
responsibilities, (B) a reduction in Executive’s Salary, (C) a
requirement that Executive report to anyone other than the Board, (D) a
requirement that Executive relocate his residence (it being understood that the
requirements set forth in Section 1.05 do not constitute a requirement to
relocate) or (E) a breach by Employer of any material obligation of
Employer under this Agreement (which breach has not been cured within 30 days
after written notice thereof is provided to Employer by Executive specifically
identifying such breach in reasonable detail).

 

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ARTICLE IV

 

Executive Covenants

 

SECTION 4.01.  Employer’s Interests.  Executive
acknowledges that Employer has expended substantial amounts of time, money and
effort to develop business strategies, substantial customer and supplier relationships,
goodwill, business and trade secrets, confidential information and intellectual
property and to build an efficient organization and that Employer has a
legitimate business interest and right in protecting those assets as well as
any similar assets that Employer may develop or obtain following the Commencement
Date.  Executive acknowledges and agrees
that the restrictions imposed upon Executive under this Agreement are
reasonable and necessary for the protection of such assets and that the
restrictions set forth in this Agreement will not prevent Executive from
earning an adequate and reasonable livelihood and supporting his dependents without
violating any provision of this Agreement. 
Executive further acknowledges that Employer would not have agreed to
enter into this Agreement without Executive’s agreeing to enter into, and to
honor the provisions and covenants of, this Article IV.  Therefore, Executive agrees that, in consideration
of Employer’s entering into this Agreement and Employer’s obligations hereunder
and other good and valuable consideration, the receipt of which is hereby
acknowledged by Executive, Executive shall be bound by, and agrees to honor and
comply with, the provisions and covenants contained in this Article IV
following the Commencement Date.

 

SECTION 4.02.  Scope of Covenants.  For purposes
of this Article IV, the term “Employer” includes Employer’s affiliates,
and its and their predecessors, successors and assigns.

 

SECTION 4.03.  Non-Disclosure of Confidential Information.  

(a)  Executive acknowledges that, in the performance of his duties as an employee
of Employer, Executive may be given access to Confidential Information (as
defined below).  Executive agrees that all
Confidential Information has been, is and will be the sole property of Employer
and that Executive has no right, title or interest therein.  Executive shall not, directly or indirectly,
disclose or cause or permit to be disclosed to any person, or utilize or cause
or permit to be utilized, by any person, any Confidential Information acquired
pursuant to Executive’s employment with Employer (whether acquired prior to or
subsequent to the execution of this Agreement or the Commencement Date) or
otherwise, except that Executive may (i) utilize and disclose Confidential
Information as required in the discharge of Executive’s duties as an employee
of Employer in good faith, subject to any restriction, limitation or condition
placed on such use or disclosure by Employer, and (ii) disclose Confidential
Information to the extent required by applicable law or as ordered by a court
of competent jurisdiction.

 

(b)  For
purposes of this Agreement, “Confidential Information” shall mean trade secrets
and confidential or proprietary information, knowledge or data that is or will
be used, developed, obtained or owned by Employer relating to the business,
operations, products or services of Employer or of any customer, supplier, employee
or 

 

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independent contractor
thereof, including products, services, fees, pricing, designs, marketing plans,
strategies, analyses, forecasts, formulas, drawings, photographs, reports,
records, computer software (whether or not owned by, or designed for, Employer),
operating systems, applications, program listings, flow charts, manuals,
documentation, data, databases, specifications, technology, inventions, developments,
methods, improvements, techniques, devices, products, know-how, processes,
financial data, customer or supplier lists, contact persons, cost information,
regulatory matters, employee information, accounting and business methods,
trade secrets, copyrightable works and information with respect to any supplier,
customer, employee or independent contractor of Employer, in each case whether
patentable or unpatentable, whether or not reduced to writing or other tangible
medium of expression and whether or not reduced to practice, and all similar
and related information in any form; provided, however, that
Confidential Information shall not include information that is generally known
to the public other than as a result of disclosure by Executive in breach of
this Agreement or in breach of any similar covenant made by Executive or any
other duty of confidentiality.

 

SECTION 4.04.  Non-Disparagement.  After the date
hereof, Executive shall not, whether in writing or orally, criticize or
disparage Employer, its business or any of its customers, clients, suppliers or
vendors or any of its current or former, stockholders, directors, officers,
employees, agents or representatives or any affiliates, directors, officers or
employees of any of the foregoing, provided that Executive may provide
critical assessments of Employer to Employer during the Term.

 

SECTION 4.05.  Non-Competition.  (a)  For
the Restricted Period (as defined below) Executive shall not directly or
indirectly, without the prior written consent of the Board:

 

(i) engage in any activity or business, or establish any new
business, in any location that is involved with the voyage chartering or time
chartering of crude oil tankers, including assisting any person in any way to
do, or attempt to do, any of the foregoing;

 

(ii) (A) solicit any person that is a customer or client
(or prospective customer or client) of Employer or any of its affiliates to
purchase any goods or services of the type sold by Employer or any of its
affiliates from any person other than Employer or any of its affiliates or to
reduce or refrain from doing (or otherwise change the terms or conditions of)
any business with Employer or any of its affiliates, (B) interfere with or
damage (or attempt to interfere with or damage) any relationship between
Employer or any of its affiliates and their respective employees, customers,
clients, vendors or suppliers (or any person that Employer or any of its
affiliates have approached or have made significant plans to approach as a
prospective employee, customer, client, vendor or supplier) or any governmental
authority or any agent or representative thereof or (C) assist any person
in any way to do, or attempt to do, any of the foregoing; or

 

8

 

(iii) form, or acquire a two (2%) percent or greater equity
ownership, voting or profit participation interest in, any Competitor.

 

(b)  For
purposes of this Agreement, the term “Restricted Period” shall mean a
period commencing on the date of the Commencement Date and terminating one year
from the date Executive ceases to be an employee of Employer for any reason.  The Restricted Period shall be tolled during
(and shall be deemed automatically extended by) any period in which Executive
is in violation of this Section 4.07.

 

(c)  For
purposes of this Agreement, the term “Competitor” means any person that engages in any activity, or owns or
controls a significant interest in any person that engages in any activity, in
the voyage chartering and time chartering of crude oil tankers; provided
that a Competitor shall not include any person who the Board has deemed,
through its prior written approval, not to be a Competitor.

 

SECTION 4.06.  Records.  All memoranda,
books, records, documents, papers, plans, information, letters, computer
software and hardware, electronic records and other data relating to
Confidential Information, whether prepared by Executive or otherwise, in Executive’s
possession shall be and remain the exclusive property of Employer, and Executive
shall not directly or indirectly assert any interest or property rights
therein.  Upon termination of employment
with Employer for any reason, and upon the request of Employer at any time, Executive
will immediately deliver to Employer all such memoranda, books, records,
documents, papers, plans, information, letters, computer software and hardware,
electronic records and other data, and all copies thereof or therefrom, and Executive
will not retain, or cause or permit to be retained, any copies or other
embodiments of such materials.

 

SECTION 4.07.  Specific Performance.  Executive
agrees that any breach by Executive of any of the provisions of this Article IV
shall cause irreparable harm to Employer that could not be adequately
compensated by monetary damages and that, in the event of such a breach, Executive
shall waive the defense in any action for specific performance that a remedy at
law would be adequate, and Employer shall be entitled to (a) specifically
enforce the terms and provisions of this Article IV without the necessity
of proving actual damages or posting any bond or providing prior notice and (b) cease
making any payments or providing any benefit otherwise required by this
Agreement (including payments under Section 3.03), in each case in
addition to any other remedy to which Employer may be entitled at law or in
equity.  Without limiting the generality
of the foregoing, in any proceeding in which Employer seeks enforcement of this
Agreement or seeks relief from Executive’s violation of this Agreement and
Employer prevails in such proceeding, Employer shall be entitled to recover
from Executive all litigation costs and attorneys’ fees and expenses incurred
by Employer in any suit, action or proceeding arising out of or relating to
this Agreement.

 

SECTION 4.08.  Executive Representations and Warranties.  Executive
represents and warrants to Employer that the execution and delivery of this
Agreement by Executive and the performance by Executive of Executive’s duties
hereunder shall not 

 

9

 

constitute a breach of,
or otherwise contravene, or conflict with the terms of any contract, agreement,
arrangement, policy or understanding to which Executive is a party or otherwise
bound.

 

SECTION 4.09.  Cooperation.  Following the
termination of Executive’s employment, Executive shall provide reasonable
assistance to and cooperation with Employer in connection with any suit, action
or proceeding (or any appeal therefrom) relating to acts or omissions that
occurred during the period of Executive’s employment with Employer.  Employer shall reimburse Executive for any
reasonable expenses incurred by Executive in connection with the provision of such
assistance and cooperation.

 

ARTICLE V

 

Miscellaneous

 

SECTION 5.01.  Assignment.  This Agreement
is personal to Executive and shall not be assignable by Executive.  The parties agree that any attempt by Executive
to delegate Executive’s duties hereunder shall be null and void.  Employer may assign this Agreement and its
rights and obligations thereunder, in whole or in part, to any person that is
an affiliate, or a successor in interest to substantially all the business or
assets, of Employer.  Upon such
assignment, the rights and obligations of Employer hereunder shall become the
rights and obligations of such affiliate or successor person, and Executive
agrees that Employer shall be released and novated from any and all further
liability hereunder.  For purposes of
this Agreement, the term “Employer” shall mean Employer as hereinbefore defined
in the recitals to this Agreement and any permitted assignee to which this
Agreement is assigned.

 

SECTION 5.02.  Successors.  This Agreement
shall be binding upon and shall inure to the benefit of the successors and permitted
assigns of Employer and the personal and legal representatives, executors,
administrators, successors, distributees, devisees and legatees of Executive.  Executive acknowledges and agrees that all Executive’s
covenants and obligations to Employer, as well as the rights of Employer under
this Agreement, shall run in favor of and will be enforceable by Employer, its
affiliates and their successors and permitted assigns.

 

SECTION 5.03.  Entire Agreement.  This Agreement
contains the entire understanding of Executive, on the one hand, and Employer
and its affiliates, on the other hand, with respect to the subject matter
hereof, and all oral or written agreements or representations, express or
implied, with respect to the subject matter hereof are set forth in this
Agreement.

 

SECTION 5.04.  Amendment.  This Agreement
may not be altered, modified or amended except by written instrument signed by
the parties hereto.

 

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SECTION 5.05.  Notice.  All notices,
requests, demands and other communications required or permitted to be given
under the terms of this Agreement shall be in writing and shall be deemed to
have been duly given when delivered by hand or overnight courier, return
receipt requested, postage prepaid, addressed to the other party as set forth
below:

 

	
  If to Employer:

  	
   

  	
  Double Hull Tankers, Inc.

  
	
   

  	
   

  	
  26 New Street

  
	
   

  	
   

  	
  St. Helier, Jersey JE23RA

  
	
   

  	
   

  	
  Channel Islands

  
	
   

  	
   

  	
  Attn: Board of Directors

  
	
   

  	
   

  	
   

  
	
  If to Executive:

  	
   

  	
  Ole Jacob Diesen

  
	
   

  	
   

  	
  Krags Vei 10

  
	
   

  	
   

  	
  0783 Oslo

  

 

The parties may change the address to which notices under this
Agreement shall be sent by providing written notice to the other in the manner
specified above.

 

SECTION 5.06.  Governing Law; Jurisdiction; Waiver of Jury Trial.  This
Agreement shall be governed by and construed in accordance with the laws of Jersey,
without regard to the conflicts of law principles thereof, and both Employer
and Executive submit to the non-exclusive jurisdiction of the Royal Court of
Jersey in all matters arising out of or in connection with this Agreement.

 

SECTION 5.07.  Severability.  If any term,
provision, covenant or condition of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable in any
jurisdiction, then such provision, covenant or condition shall, as to such
jurisdiction, be modified or restricted to the extent necessary to make such provision
valid, binding and enforceable, or, if such provision cannot be modified or
restricted, then such provision shall, as to such jurisdiction, be deemed to be
excised from this Agreement and any such invalidity, illegality or
unenforceability with respect to such provision shall not invalidate or render
unenforceable such provision in any other jurisdiction, and the remainder of
the provisions hereof shall remain in full force and effect and shall in no way
be affected, impaired or invalidated.

 

SECTION 5.08.  Survival.  Subject to Section 1.01,
the rights and obligations of Employer and Executive under the provisions of
this Agreement, including Articles IV and V of this Agreement, shall
survive and remain binding and enforceable, notwithstanding any termination of Executive’s
employment with Employer for any reason, to the extent necessary to preserve
the intended benefits of such provisions.

 

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SECTION 5.09.  No Waiver.  The failure of
a party to insist upon strict adherence to any term of this Agreement on any
occasion shall not be considered a waiver of such party’s rights or deprive
such party of the right thereafter to insist upon strict adherence to that term
or any other term of this Agreement.

 

SECTION 5.10.  Counterparts.  This Agreement
may be signed in counterparts, each of which shall be an original, with the
same effect as if the signatures thereto and hereto were upon the same
instrument.

 

SECTION 5.11.  Construction.  (a)  The
headings in this Agreement are for convenience only, are not a part of this
Agreement and shall not affect the construction of the provisions of this
Agreement.

 

(b)  For
purposes of this Agreement, the words “include” and “including”, and variations
thereof, shall not be deemed to be terms of limitation but rather will be
deemed to be followed by the words “without limitation”.

 

(c)  For
purposes of this Agreement, the term “person” means any individual,
partnership, company, corporation or other entity of any kind.

 

(d)  For
purposes of this Agreement, the term “affiliate”, with respect to any person,
means any other person that controls, is controlled by or is under common
control with such person.

 

REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK

 

12

 

IN WITNESS WHEREOF, the parties have duly executed
this Agreement as of the date first written above.

 

	
   

  	
  DOUBLE HULL TANKERS, INC.,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  by

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ Erik A. Lind

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Erik A. Lind

  	
   

  
	
   

  	
   

  	
   

  	
  Title: Chairman

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  OLE JACOB DIESEN,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Ole Jacob Diesen

  	
   

  

 

13Exhibit
10.10.1

 

EXECUTION COPY

 

INDEMNIFICATION
AGREEMENT (the “Agreement”) effective from April 15, 2005, between
Double Hull Tankers, Inc., a corporation incorporated under the laws of
the Republic of the Marshall Islands (the “Corporation”), and Ole Jacob
Diesen, an individual (the “Covered Person”).

 

WHEREAS, the
Corporation desires to employ the Covered Person as its Chief Executive Officer
upon the consummation of an initial public offering of the common stock of the
Corporation;

 

WHEREAS, the
Covered Person is willing to serve as the Chief Executive Officer pursuant to
the terms of an employment agreement between the Corporation and the Covered
Person and this Agreement.

 

NOW,
THEREFORE, in consideration of the foregoing and the terms set forth herein,
the parties hereto hereby agree as follows:

 

SECTION 1.01. Right to
Indemnification.  The Corporation
shall indemnify and hold harmless, to the fullest extent permitted by
applicable law as it presently exists or may hereafter be amended, the Covered
Person against all liability and loss suffered, and expenses (including
attorneys’ fees) actually and reasonably incurred, by such Covered Person in
connection with any action, suit, claim, inquiry or proceeding, whether civil,
criminal, administrative or investigative (including an action by or in the
right of the Corporation) and whether formal or informal (a “Proceeding”)
and by reason of the fact that he, or a person for whom he is the legal
representative, is or was a director or officer of the Corporation or, while a
director or officer of the Corporation, is or was serving at the request of the
Corporation as a director, officer, employee, trustee or agent of another
corporation or of a partnership, joint venture, trust, nonprofit entity or
other entity, including service with respect to employee benefit plans.  Notwithstanding the preceding sentence,
except as otherwise provided in Section 1.03, the Corporation shall be
required to indemnify or advance expenses to a Covered Person in connection
with a Proceeding (or part thereof) commenced by such Covered Person (and not
by way of defense) only if the commencement of such Proceeding (or part
thereof) by the Covered Person (i) was authorized in the specific case by
the Board, or (ii) was brought to establish or enforce a right to
indemnification under this Agreement, the Corporation’s Bylaws, the Corporation’s
Amended and Restated Articles of Incorporation, any other agreement, the
Business Corporation Act of the Republic of the Marshall Islands or otherwise.

 

SECTION 1.02. Prepayment
of Expenses.  The Corporation shall
to the fullest extent not prohibited by applicable law pay the expenses
(including attorneys’ fees) actually and reasonably incurred by the Covered
Person who was or is made or is threatened to be made a party to or a witness
in or is otherwise involved in any Proceeding, by reason of the fact that he,
or a person for whom he is the legal representative, is or was a director or
officer of the Corporation or, while a director or officer of the Corporation,
is or was serving at the request of the Corporation as a director, officer,
employee, trustee or agent of another corporation or of a partnership, joint
venture, trust, nonprofit entity or other entity, including service with
respect to employee benefit plans in advance of its final disposition,
provided, however, that, to the 

 

 

extent required by law, such payment of expenses in advance of the
final disposition of the proceeding shall be made only upon receipt of an
undertaking by the Covered Person to repay all amounts advanced if it should be
ultimately determined that the Covered Person is not entitled to be indemnified
under this Agreement or otherwise.

 

SECTION 1.03. Claims.  If a claim for indemnification (following the
final disposition of such action, suit or proceeding) or advancement of
expenses under this Agreement is not paid in full within thirty days after a
written claim therefor by the Covered Person has been presented to the
Corporation, the Covered Person may file suit against the Corporation to
recover the unpaid amount of such claim and, if successful in whole or in part,
shall be entitled to be paid the expense of prosecuting such claim.  In addition, the Covered Person may file suit
against the Corporation to establish a right to indemnification or advancement
of expenses.  In any such action the
Corporation shall have the burden of proving by clear and convincing evidence
that the Covered Person is not entitled to the requested indemnification or
advancement of expenses under applicable law.

 

SECTION 1.04. Nonexclusivity
of Rights.  The rights conferred on the
Covered Person by this Agreement shall not be exclusive of any other rights
which such Covered Person may have or hereafter acquire under any statute,
provision of the certificate of incorporation, the bylaws of the Corporation, any
other agreement, vote of stockholders or disinterested directors or otherwise.

 

SECTION 1.05. Other
Sources.  The Corporation’s
obligation, if any, to indemnify or to advance expenses to any Covered Person
who was or is serving at its request as a director, officer, employee or agent
of another corporation, partnership, joint venture, trust, enterprise or
nonprofit entity shall be reduced to the extent such Covered Person has
otherwise actually received payment (under any insurance policy or otherwise)
of the amounts otherwise payable by the Corporation.

 

ARTICLE II

 

GENERAL PROVISIONS

 

SECTION 2.01. Amendments.  This Agreement may not be amended, added to,
altered or repealed except by written instrument signed by each of the parties
hereto.

 

SECTION 2.02. Severability.  If any term, provision or covenant of this
Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable in any jurisdiction, then such term, provision or
covenant shall, as to such jurisdiction, be modified or restricted to the
extent necessary to make such provision valid, binding and enforceable, or, if
such provision cannot be modified or restricted, then such provision shall, as to
such jurisdiction, be deemed to be excised from this Agreement and any such
invalidity, illegality or unenforceability with respect to such provision shall
not invalidate or render unenforceable such provision in any other 

 

 

jurisdiction, and the remainder of the provisions hereof shall remain
in full force and effect an shall in no way be affected, impaired or
invalidated.

 

SECTION 2.03. Survival.  The rights and obligations of each party to
the this Agreement shall survive and remain binding and enforceable,
notwithstanding any termination of the Covered Person’s employment with the
Corporation, to the extent necessary to preserve the intended benefits of such
provisions.

 

SECTION 2.04. Governing
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the Republic of The
Marshall Islands.

 

SECTION 2.05. Counterparts.  This Agreement may be signed in counterparts,
each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument.

 

SECTION 2.06. No Waiver.  The failure of a party to insist upon strict
adherence to any term of this Agreement on any occasion shall not be considered
a waiver of such party’s rights or deprive such party of the right thereafter
to insist upon strict adherence to that term or any other term of this
Agreement.

 

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
July 26, 2005.

 

 

	
   

  	
  DOUBLE HULL
  TANKERS, INC.,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  by

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ Erik A. Lind

  	
   

  
	
   

  	
   

  	
   

  	
  Erik Lind, on behalf of the Board of 

  Directors of Double Hull Tankers,

  Inc.

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ Ole
  Jacob Diesen

  	
   

  
	
   

  	
   

  	
   

  	
  Ole Jacob
  Diesen

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