Document:

Exhibit 10.1

 

Personal  Employment
Agreement

 

That was made and signed on August 10, 2005

 

	
  Between:

  	
   

  	
  Ness Technologies Holdings Ltd

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (hereafter – Company)

  
	
   

  	
   

  	
   

  
	
  And between:

  	
   

  	
  Shachar Efal

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  I.D. 059256255

  
	
   

  	
   

  	
  6 Alomot St. Ramat Efal

  
	
   

  	
   

  	
  (hereafter – the employee)

  

 

Whereas the employee began to work at the Ness Technologies’ Group on January 1,
1994, and he is employed today as President 
responsible for business activity; and

 

Whereas the parties are interested to define the employee’s employment
terms as of July 1, 2005;

 

Therefore it has been stipulated and agreed between the parties as
follows:

 

It is agreed between the parties that the terms of the employing the
employee are on the basis of five working days per week (a total of 9.0 hours
per day - 43 hours per week) and that these terms, as set out in this agreement
below, were determined by the Board of Directors of the Company and can be
changed only with the approval and consent of the employee.

 

A.        Monthly
payments

 

1.         Salary

 

The salary of the employee, as of the salary
for the month of July 2005 (which is paid on August 1, 2005) is NIS 72,000
gross (hereafter – the basic salary).

 

The basic salary will be revised fully in
accordance with the increase in the Consumer Price Index at the time of paying
a price increase supplement in the economy. The base index is the index for the
month of May 2005 as published on June 15, 2005.

 

The aforesaid revision includes all the price
increase supplements as paid from time to time to all the employees in Israel
and also every national and/or plant supplement, and the employee hereby waives
every such supplement.

 

2.         Overtime

 

It is agreed between the parties that the
employee’s job both requires a special degree of personal trust, and also
requires additional work at unusual hours, and therefore

 

 

the employee shall not be entitled to
additional payment for overtime, and any such payment is included in the
payment under clause A.1 above.

 

3.         Annual
Bonus

 

The employee shall be entitled to an annual
bonus in a maximum amount of $200,000. The actual amount shall be determined
50% in proportion to the share of the CEO in his maximum annual bonus and 50%
according to the business results in his responsibility according to the
Company’s annual bonus plan.

 

4.         Reimbursement
of Expenses

 

Company will reimburse the employee for any
business related expenses incurred by him according to the Company’s policy and
procedures and subject to the Company’s’ discretion.

 

5.         Company
car

 

A company car shall be put at the disposal of
the employee for his use in accordance with the policy that shall be determined
from time to time by Company. The car will be a Toyota Land Cruiser or
equivalent. The Company will bear the tax liability according to Israeli income
tax rules.

 

B.                         Annual payments - based on a full
work year. Parts of a year shall be calculated proportionately.

 

1.         Convalescence

 

The employee shall be entitled to 13 days of convalescence
 per year, which shall be paid at the
rate and at the time as customary for the management staff at the Company.

 

2.         Vacation

 

The employee shall be entitled to a vacation
of 25 working days per year.

 

The employee should make every effort to take
an annual vacation, but if the conditions of the work require him not to
utilize all the vacation days, the employee may accumulate to his credit the
unused balance of vacation days up to a maximum of 50 accumulated vacation
days.

 

The employee may redeem vacation balances or
a part thereof with the approval of his superior. Twenty accumulated vacation
days shall be considered as a month for the purpose of the redemption. The
redemption shall include the basic salary and the accompanying supplements, effective
as of the date of the redemption (clauses A.1 above).

 

If the employee accumulates more than 50
vacation days, he shall receive an automatic redemption of the accumulated
amount over fifty days, at the end of each calendar year.

 

2

 

3.         Sickness

 

The employee is entitled to 22 paid sick days
per year. This right is cumulative over the whole period of the employee’s work
at Company. This right is not redeemable and is intended to be used only in a
case of actual sickness. The exploitation of sickness days will be in
accordance with Company policy.

 

C.                          Paid Absences

 

The employee shall be entitled to be absent from work on full pay on
those days recognized by law and the Company’s policy.

 

D.                         Deductions from salary

 

1.         Study
fund

 

The employee shall be entitled to savings in
the advanced study fund.

 

The salary that constitutes a basis for the advanced
study fund is the basic salary.

 

The amounts of the payment are: 7.5% at Company’s
expense and 2.5% at the employee’s expense. These amounts of payment shall be
calculated up to the salary ceiling permitted for the payment without any tax
liability under the Income Tax Regulations, as in force from time to time. If
the amounts of the payment (the employer’s part) are larger than the aforesaid
ceiling, the difference shall be paid to the employee gross as a study
supplement.

 

This supplement shall not constitute a basis
for calculating the rights of the employee for any purpose and/or matter.

 

2.                             Company
shall deduct from the employee’s salary any tax that is payable under any law
and/or custom by the employee.

 

E.                           Miscellaneous

 

1.         Report
of work hours

 

The basis for the payment of the salary is
clocking in and out with a personal badge or a manual report, in accordance
with the Company’s policy. Flexible hours during the month is possible in accordance
with Company’s policy.

 

2.         Prepayments

 

The employee shall be entitled to ask for
prepayments in accordance with the procedures that shall be determined from
time to time.

 

3.         Daily
newspaper

 

The employee shall be entitled to a
subscription to a daily newspaper which shall be paid by Company and sent to
his address.

 

3

 

4.         Medical
checks

 

The employee shall be entitled to have
medical checks once a year at Company’s invitation and at Company’s expense.

 

F.                           Declaration of the employee

 

1.                             The
employee hereby confirms his consent to be employed on the terms set out in
this agreement and undertakes to invest all his efforts and skills in carrying
out the job that he has been given in order to promote the interests of Company.
The employee also undertakes to comply with all the obligations for which he is
liable as set out in the agreement.

 

2.                             The
employee hereby gives an irrevocable instruction to deduct from any credit
balance that he has at Company and/or that is due to him from Company,
including the right to severance pay, any debt that he has and/or that he will
have to Company and/or any amount that was paid to him in error and/or to which
he was not entitled, all of which in real terms, namely: with the addition of
linkage to the Consumer Price Index.

 

3.                             The
employee declares that he knows that the terms of his employment are personal
and confidential and he undertakes to keep them confidential.

 

4.                             The
employee hereby declares that he is free to enter into this agreement, and that
he has no obligations whatsoever that affect this agreement whether as an
employee or as an independent contractor to any person or organization
whatsoever. The employee undertakes that as long as he is employed by Company under
this agreement, he shall not take upon himself any such obligations.

 

5.                             The
employee undertakes to keep confidential any professional, commercial or business
information that comes to his attention with regard to the affairs of Company,
not to use and not to abuse any such information and not to transfer it to
anyone. A confidentiality appendix will be attached.

 

6.                             When
the period of his employment has ended, the employee shall be free to engage in
any business that he chooses, provided that for a year from the date of
finishing his job he shall not be entitled to engage, whether directly or
indirectly, in projects (as agreed with Company) at any stage, and to make
contact with software companies whose products are represented by Company
(and/or are subject to negotiations to receive a representation) in which he
was involved within the framework of his job at Company prior to the date of
his leaving.

 

4

 

G.                          Insurances

 

1.         Managers
insurance - regular payments

 

The employee shall be entitled to managers
insurance under the terms of Company’s managers insurance policy for management
staff, as in force from time to time. The payments to managers insurance shall
be based on the basic salary.

 

The amounts of the payment shall be as
follows:

 

	
  On account of compensation

  	
   

  	
  8.33

  	
  %

  
	
  On account of employer benefits

  	
   

  	
  5.00

  	
  %

  
	
  On account of disability (loss of work
  capacity)

  	
   

  	
  0.50

  	
  %

  
	
  Total at expense of the employer

  	
   

  	
  13.83

  	
  %

  

 

Benefits at the expense of the employee: 5%.

 

In order to remove doubt, it is agreed
between the parties that the payments to managers insurance are on account of
severance pay.

 

2.         Managers
insurance - increases in policies for raises in salary

 

When raising the salary of the employee in
real terms, the managers insurance policies shall be revised by a lump-sum
increase for compensation only in an amount of 8.33% on the basis of the salary
and seniority, as set out in clause A.1 above.

 

H.                         Leaving Company

 

1.         Leaving
on the initiative of Company

 

Company shall be entitled to terminate the
employee-employer relationship at any time and for any reason. If the employee’s
work is terminated as aforesaid, and the employee leaves in a manner
coordinated with his superior and as agreed with him, for cooperation in
transferring the job, the employee shall be entitled to three months’ prior
notice and  unless the termination is in
the circumstances  described in section H
4 below to additional adaptation period of six months. During the adaptation
period, the employee shall be entitled to his salary including all the
accompanying supplements under this agreement.

 

2.         Leaving
on the initiative of the employee

 

Should the employee choose to leave Company
on his initiative, he must give the Company three months’ prior notice. The
terms of his leaving in such a case (including the date of leaving and the use
of the prior notice that he gave) shall be subject to the discretion of his
superiors and at their discretion he shall be entitled to three months of
adaptation.  During the adaptation
period, the employee shall be entitled to his salary including all the
accompanying supplements under this agreement.

 

5

 

3.         Assignment
of managers insurance policy

 

On the date of ending his work, for any
reason, the employee shall receive an automatic transfer of the managers
insurance policy to his exclusive ownership in accordance with the appendix.

 

4.                             Everything
stated in clause H above shall not apply in a case where the employee is
dismissed or resigns as a result of his committing, within the framework of his
work and/or with regard thereto, acts that constitute a criminal offence that
involves moral turpitude or in a case where the employee caused real damage
arising from a serious breach of his obligations to the employer, including a
breach of this agreement.

 

I.                              Term

 

1.                             The
period of the agreement is for two years as of the date of the agreement unless
terminated earlier by the Company or the employee as described in clauses H1
and H2 above. The agreement shall automatically be extended for successive one
year periods  unless either of the
parties shall give to the other party written notice of its desire to terminate
it pursuant to clause H above.

 

J.                             Miscellaneous

 

1.                             This
agreement exhausts all the terms of the employment that were made with the
employee hitherto, replaces them and cancels as of July 1, 2005 any
previous document except the employee option agreement and appendix A to this
agreement.  The Company is entitled to
assign this employment contract in the future to any company in the Ness
Technologies Inc. group by delivering the employee written notice.

 

 

	
  NESS Technologies Holdings Ltd.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Aharon Fogel

  	
   

  	
  /s/
  Shachar Efal

  
	
  Aharon Fogel

  	
   

  	
  Shachar Efal

  
	
  Chairman
  of the Board

  	
   

  	
  The
  employee

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/
  Raviv Zoller

  	
   

  	
   

  	
   

  
	
  Raviv Zoller

  	
   

  	
   

  	
   

  
	
  President
  and Chief Executive Officer

  	
   

  	
   

  	
   

  

 

6

 

Appendix A

 

Appendix: Addendum to the Managers Insurance
Agreement dated                  
(hereafter “the Addendum”) with regard to all the Policies that exist or that
will be issued in the future (hereafter: “the Policies”)

 

1.                             It is
hereby declared and agreed that notwithstanding anything stated in the Addendum
or in the main agreement, in any case of ending work the employee shall be
entitled to receive into his possession the full ownership of the Policies,
when all the payments that the employer was liable to pay to the insurer until
the date of the transfer under the Addendum and the main agreement have been
paid in full.

 

2.                             Notwithstanding
the aforesaid, if the employee is dismissed or if the employee resigns from
work with the employer as a result of his committing, within the framework of
his work and/or with regard thereto, acts that constitute a criminal offence
that involves moral turpitude or in a case where the employee caused real
damage arising from a serious breach of his obligations to the employer, then
the employee shall be entitled only to the pension monies that have accumulated
in the policies and the employer shall be entitled to redeem to his credit the
compensation monies that have accumulated in the policies. In such a case, the
employee may, at the time of ending his work, choose one of the following options:

 

a.                             To
redeem the policies. In such a case, the employee shall receive an amount equal
to the difference between the redemption value and the total of all the
premiums that were paid by the employer on account of the compensation.

 

b.                            A
transfer of the ownership of the policies into the name of the employee for the
full amount of the insurance stipulated therein, after all the premiums that
were payable under the agreement until the date of the transfer were paid in
full. In such a case, the employee shall repay to the employer the total of all
the premiums that were paid by the employer on account of the compensation.

 

 

In witness whereof the parties have signed
below on the 10 day of August, 2005.

 

	
  NESS Technologies Holdings Ltd.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Aharon Fogel

  	
   

  	
  /s/
  Shachar Efal

  
	
  Aharon Fogel

  	
   

  	
  Shachar Efal

  
	
  Chairman
  of the Board

  	
   

  	
  The
  employee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Raviv Zoller

  	
   

  	
   

  
	
  Raviv Zoller

  	
   

  	
   

  
	
  President
  and Chief Executive Officer

  	
   

  	
   

  

 

7Exhibit 10.1

 

FIRST AMENDMENT TO 

SECOND AMENDED
AND RESTATED CREDIT AGREEMENT

 

THIS FIRST
AMENDMENT TO SECOND AMENDED AND RESTATED
CREDIT AGREEMENT, dated as of August 1, 2005 (this “Amendment”), is
entered into by and among U.S. SHIPPING PARTNERS L.P., a Delaware limited partnership,
U.S. SHIPPING
OPERATING LLC, a Delaware limited liability company, ITB BALTIMORE LLC,
a Delaware limited liability company, ITB GROTON LLC, a Delaware
limited liability company, ITB JACKSONVILLE LLC, a Delaware limited liability company, ITB MOBILE LLC,
a Delaware limited liability company, ITB NEW YORK LLC, a Delaware
limited liability company, ITB PHILADELPHIA LLC, a Delaware limited liability company, USS CHARTERING LLC,
a Delaware limited liability company, USCS CHEMICAL CHARTERING LLC, a
Delaware limited liability company, USCS CHEMICAL PIONEER INC., a
Delaware corporation and successor-by-conversion to USCS Chemical Pioneer LLC, USCS CHARLESTON LLC,
a Delaware limited liability company, USCS CHARLESTON CHARTERING LLC,
a Delaware limited liability company, USCS ATB LLC, a Delaware limited
liability company (each of the foregoing being individually called a “Borrower”
and collectively, the “Borrowers”), the various financial institutions
as are or may become parties to the Credit Agreement as defined hereinafter
(collectively, the “Lenders”), CANADIAN IMPERIAL BANK OF COMMERCE
(“CIBC”), as administrative agent (in such capacity together with its
successors in such capacity, the “Administrative Agent”) for the
Lenders, CIBC,
as letter of credit issuer (the “Letter of Credit Issuer”), and KEYBANK NATIONAL
ASSOCIATION, as collateral agent (in such capacity, together with
its successors in such capacity, the “Collateral Agent”) for the Secured
Parties (as defined in the Credit Agreement hereinafter defined).

 

W I T N E S S E T H:

 

WHEREAS,
the Borrowers, the Lenders, the Letter of Credit Issuer, the Administrative
Agent and the Collateral Agent have entered into that certain Second Amended
and Restated Credit Agreement dated as of November 3, 2004 (the “Credit Agreement”).

 

WHEREAS,
the Borrowers intend to increase the Commitments pursuant to Section 2.1.6
of the Credit Agreement and to use the proceeds of the Credit Extensions
utilizing such increased Commitments (a) to acquire the M/V Gus W.
Darnell, a vessel that has been operating for at least six months prior to such
acquisition by the Borrowers and (b) to construct one or more new
articulated tug-barge vessel in addition to the ATB (such vessels, the “New
ATBs”).

 

WHEREAS,
the Borrowers, the Lenders, the Letter of Credit Issuer, the Administrative
Agent and the Collateral Agent intend to amend certain provisions of the Credit
Agreement as set forth herein.

 

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

 

SECTION 1.         Definitions.  Unless otherwise defined in this Amendment,
each capitalized term used in this Amendment has the meaning assigned to such
term in the Credit Agreement.

 

 

SECTION 2.         Amendment of Section 1.1 of
the Credit Agreement.  Section 1.1
of the Credit Agreement is hereby amended as follows:

 

(a)           The following defined term is
inserted in Section 1.1 of the Credit Agreement immediately after the
definition for “Credit Facility Pro Rata Share” and immediately before the
definition for “Debt”:

 

“              “Darnell Acquisition Agreement”
means that certain Memorandum of Agreement, dated July 5, 2005, by and
between Wilmington Trust Company, not in its individual capacity but solely as
Owner Trustee under the Owner Trust agreement dated September 11, 1985, as
“Sellers” and MLP or its guaranteed nominee as “Buyers”, as amended or
otherwise modified from time to time.”

 

(b)           Clause (f) of the definition of “Indebtedness”
is amended (i) by inserting the text “or the Darnell Acquisition Agreement”
immediately after the text “the ATB Construction Contract” and (ii) by
inserting the text “provided, however, that any agreement to pay for the
purchase or construction of one or more vessels and other assets relating to
such vessels upon the delivery of such acquired vessels where the acquisition
of such vessels and related assets are otherwise permitted under this Agreement
shall not be deemed to be “Indebtedness” hereunder until the earlier of (a) the
first date of delivery of any such vessel or other related asset in accordance
with such agreement or (b) the first date any payment (other than an
initial deposit) is made by any Borrower or Subsidiary for the purchase or
construction of such vessel or other related asset” immediately before the text
“; and”.

 

(c)           The definition of “Vessel Acquisition”
is amended by inserting the text “but including the M/V Gus Darnell acquired
pursuant to the Darnell Acquisition Agreement” immediately after the text “excluding
the ATB”.

 

SECTION 3.         Amendment of Section 3.1 of
the Credit Agreement.  Clause (c) of
Section 3.1 of the Credit Agreement is hereby amended by deleting the
repayment schedule in its entirety and inserting the following schedule in
lieu thereof:

 

	
  Date

  	
   

  	
  Amount

  	
   

  
	
  September 30, 2005

  	
   

  	
  $

  	
  375,000

  	
   

  
	
  December 31, 2005

  	
   

  	
  $

  	
  462,549

  	
   

  
	
  March 31, 2006

  	
   

  	
  $

  	
  462,549

  	
   

  
	
  June 30, 2006

  	
   

  	
  $

  	
  462,549

  	
   

  
	
  September 30, 2006

  	
   

  	
  $

  	
  462,549

  	
   

  
	
  December 31, 2006

  	
   

  	
  $

  	
  462,549

  	
   

  
	
  March 31, 2007

  	
   

  	
  $

  	
  1,541,829

  	
   

  
	
  June 30, 2007

  	
   

  	
  $

  	
  1,541,829

  	
   

  
	
  September 30, 2007

  	
   

  	
  $

  	
  1,541,829

  	
   

  
	
  December 31, 2007

  	
   

  	
  $

  	
  1,541,829

  	
   

  
	
  March 31, 2008

  	
   

  	
  $

  	
  3,083,658

  	
   

  
	
  June 30, 2008

  	
   

  	
  $

  	
  3,083,658

  	
   

  
	
  September 30, 2008

  	
   

  	
  $

  	
  3,083,658

  	
   

  
	
  December 31, 2008

  	
   

  	
  $

  	
  3,083,658

  	
   

  
	
  March 31, 2009

  	
   

  	
  $

  	
  3,083,658

  	
   

  
	
  June 30, 2009

  	
   

  	
  $

  	
  3,083,658

  	
   

  
	
  September 30, 2009

  	
   

  	
  $

  	
  3,083,658

  	
   

  
	
  December 31, 2009

  	
   

  	
  $

  	
  64,217,166

  	
   

  
	
  April 30, 2010

  	
   

  	
  $

  	
  64,217,167

  	
   

  

 

2

 

SECTION 4.         Amendment of Section 7.2.7
of the Credit Agreement.  Section 7.2.7
of the Credit Agreement is hereby amended by (a) deleting the text “or
commit to make” and (b) inserting the text “, expenditures for the
purchase of the M/V Gus W. Darnell pursuant to the Darnell Acquisition
Agreement and refurbishment of the M/V Gus W. Darnell in an amount not to
exceed $30,000,000 in the aggregate,” immediately after the text “expenditures
for the ATB”.

 

SECTION 5.         Calculation of Consolidated Pro
Forma EBITDA. 
The parties hereto agree with the Administrative
Agent that for each period that Consolidated Pro Forma EBITDA is calculated
after the delivery of the M/V Gus W. Darnell to the Borrowers, Consolidated Pro
Forma EBITDA shall be calculated after giving pro forma effect to the
acquisition of the M/V Gus W. Darnell during the period as if such acquisition had
occurred on the first day of such period.

 

SECTION 6.         Ratification.  Each Borrower hereby ratifies and confirms
all of the Obligations under the Credit Agreement and the other Loan
Documents.  This Amendment is an
amendment to the Credit Agreement, and the Credit Agreement as amended hereby,
is hereby ratified, approved and confirmed in each and every respect.

 

SECTION 7.         Effectiveness.  This Amendment shall be effective as of July 5,
2005, provided  that
the conditions set forth in this Section 5 are satisfied:

 

(a)           The Administrative Agent shall have
received duly executed counterparts of this Amendment from the Borrowers, the
Administrative Agent, the Letter of Credit Issuer, the Collateral Agent and the
Majority Lenders.

 

(b)           To induce the Lenders to enter into
this Amendment, each of the Borrowers shall have represented and warranted to
the Administrative Agent, the Letter of Credit Issuer, the Collateral Agent and
the Lenders, and by its execution and delivery of this Amendment such Borrower
does hereby represent and warrant to the Administrative Agent, the Letter of
Credit Issuer, the Collateral Agent and the Lenders,

 

3

 

that (i) the
execution, delivery and performance of this Amendment has been duly authorized
by all requisite corporate action on the part of such Borrower; (ii) the
Credit Agreement and each other Loan Document to which it is a party constitute
valid and legally binding agreements enforceable against such Borrower in
accordance with their respective terms, except as such enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent
transfer or other similar laws relating to or affecting the enforcement of
creditors’ rights generally and by general principles of equity, (iii) the
representations and warranties by such Borrower contained in the Credit
Agreement and in the other Loan Documents are true and correct on and as of the
date hereof in all material respects as though made as of the date hereof, except
those that by their terms relate solely as to an earlier date, in which event
they shall be true and correct on and as of such earlier date, and (iv) no
Default or Event of Default exists under the Credit Agreement or any of the
other Loan Documents.

 

SECTION 8.         Conditions
Subsequent.  The Borrowers hereby
covenant and agree that they

 

(a)           shall execute and deliver a Mortgage,
substantially in the form of Exhibit G to the Credit Agreement, within
twenty (20) Business Days (or such timeframe as is acceptable to the
Administrative Agent) after the delivery of the M/V Gus W. Darnell to any
Borrower or Subsidiary of a Borrower;

 

(b)           shall deliver a Third Party Consent,
substantially in the form of Exhibit K-2 to the Credit Agreement, duly
executed and delivered by each charterer who executes a time charter for any
period equal to or greater than two years with any Borrower or Subsidiary of a
Borrower with respect to the M/V Gus W. Darnell not later
than 180 days immediately following the execution of such charter; and

 

(c)           shall
not, and shall not permit any of their respective Subsidiaries to, make any
disbursement of funds to any contractor for the construction of each of the New
ATBs, other than the payment of a premium in an amount not in excess of $1,000,000
with respect to purchasing an option to have the contractor construct each of
the New ATBs, unless prior to any such disbursement each of the following
conditions shall have been satisfied with respect to each New ATB:  (i) one or more of the Borrowers, or a
wholly-owned Subsidiary thereof, shall have entered into a fixed price
construction contract, which may include a fluctuating speed bonus component,
with the contractor for the construction of the New ATB at a total cost not in
excess of $48,000,000, with a construction period of no longer than 24 months
and which is otherwise in form and substance reasonably satisfactory to the
Administrative Agent; (ii) the Borrowers, or a wholly-owned Subsidiary
thereof, shall have obtained a completion bond, insurance policy, standby
letter of credit, deposit arrangement, or other arrangement, in an amount, upon
terms and from parties that are reasonably satisfactory to the Administrative
Agent, to assure the timely completion and certification of the New ATB with
such arrangement to be maintained throughout the construction period; and (iii) the
Administrative Agent shall have received a consent and agreement to the
assignment and creation of a security interest in the construction contract
with the contractor for the construction of the New ATB by the Borrowers, or a
wholly-owned Subsidiary thereof, to the Collateral Agent for 

 

4

 

the benefit of the
Secured Parties of all of the Borrowers’ and its Subsidiaries’ rights, title
and interests in, to and under the construction contract as security for the
Obligations.

 

SECTION 9.         Governing Law; Severability;
Entire Agreement. 
THIS AMENDMENT SHALL EACH BE DEEMED TO BE A CONTRACT MADE
UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK (WITHOUT
REGARD TO ANY CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF
THE LAW OF ANY OTHER JURISDICTION). 
Any provision of this Amendment or any other Loan Document which is
prohibited or unenforceable in any jurisdiction shall, as to such provision and
such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions of this
Amendment or such Loan Document or affecting the validity or enforceability of
such provision in any other jurisdiction. 
This Amendment and the other Transaction Documents constitute the entire
understanding among the parties hereto with respect to the subject matter
hereof and supersede any prior agreements, written or oral, with respect
thereto.

 

SECTION 10.       Execution
in Counterparts.  This Amendment may
be executed by the parties hereto in several counterparts, each of which shall
be executed by the Borrowers and the Administrative Agent and be deemed to be
an original and all of which shall constitute together but one and the same
agreement.

 

SECTION 11.       Successors
and Assigns.  This Amendment shall be
binding upon and shall inure to the benefit of the parties hereto and their
respective successors and assigns; provided, however, that (a) no
Borrower may assign or transfer its rights or obligations hereunder without the
prior written consent of the Administrative Agent, the Letter of Credit Issuer
and all Lenders; and (b) the rights of sale, assignment and transfer of
the Lenders are subject to Section 10.11 of the Credit Agreement.

 

SECTION 12.       Miscellaneous.  (a) On and after the effectiveness of
this Amendment, each reference in each Transaction Document to “the Credit
Agreement”, “thereunder”, “thereof” or words of like import
referring to the Credit Agreement shall mean and be a reference to the Credit
Agreement as amended or otherwise modified by this Amendment; (b) the
execution, delivery and effectiveness of this Amendment shall not, except as
expressly provided herein, operate as a waiver of any default of the Borrower
or any right, power or remedy of the Administrative Agent, the Letter of Credit
Issuer, the Collateral Agent or the Lenders under any of the Loan Documents,
nor constitute a waiver of any provision of any of the Loan Documents; (c) this
Amendment is a Loan Document executed pursuant to the Credit Agreement and
shall (unless otherwise expressly indicated therein) be construed, administered
and applied in accordance with the terms and provisions of the Credit
Agreement; and (d) a facsimile signature of any party hereto shall be
deemed to be an original signature for purposes of this Amendment.

 

[Remainder of Page Left
Intentionally Blank]

 

5

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by its officers thereunto duly authorized as of the date first above
written.

 

	
   

  	
  BORROWERS:

  
	
   

  	
   

  	
   

  
	
   

  	
  U.S. SHIPPING PARTNERS L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  US Shipping General Partner LLC,

  
	
   

  	
   

  	
  its General Partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Gridley

  	
   

  
	
   

  	
  Name:

  	
  Paul Gridley

  
	
   

  	
  Title:

  	
  Chairman and
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  U.S. SHIPPING OPERATING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Gridley

  	
   

  
	
   

  	
  Name:

  	
  Paul Gridley

  
	
   

  	
  Title:

  	
  Chairman and
  Chief Executive Officer

  
					

 

	
   

  	
  ITB BALTIMORE LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Gridley

  	
   

  
	
   

  	
  Name:

  	
  Paul Gridley

  
	
   

  	
  Title:

  	
  Chairman and
  Chief Executive Officer

  
					

 

	
   

  	
  ITB GROTON LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Gridley

  	
   

  
	
   

  	
  Name:

  	
  Paul Gridley

  
	
   

  	
  Title:

  	
  Chairman and
  Chief Executive Officer

  
					

 

	
   

  	
  ITB JACKSONVILLE LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Gridley

  	
   

  
	
   

  	
  Name:

  	
  Paul Gridley

  
	
   

  	
  Title:

  	
  Chairman and
  Chief Executive Officer

  
					

 

S-1

 

	
   

  	
  ITB MOBILE LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Gridley

  	
   

  
	
   

  	
  Name:

  	
  Paul Gridley

  
	
   

  	
  Title:

  	
  Chairman and
  Chief Executive Officer

  
					

 

	
   

  	
  ITB NEW YORK LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Gridley

  	
   

  
	
   

  	
  Name:

  	
  Paul Gridley

  
	
   

  	
  Title:

  	
  Chairman and
  Chief Executive Officer

  
					

 

	
   

  	
  ITB PHILADELPHIA LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Gridley

  	
   

  
	
   

  	
  Name:

  	
  Paul Gridley

  
	
   

  	
  Title:

  	
  Chairman and
  Chief Executive Officer

  
					

 

	
   

  	
  USS CHARTERING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Gridley

  	
   

  
	
   

  	
  Name:

  	
  Paul Gridley

  
	
   

  	
  Title:

  	
  Chairman and
  Chief Executive Officer

  
					

 

	
   

  	
  USCS CHEMICAL CHARTERING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Gridley

  	
   

  
	
   

  	
  Name:

  	
  Paul Gridley

  
	
   

  	
  Title:

  	
  Chairman and
  Chief Executive Officer

  
					

 

	
   

  	
  USCS CHEMICAL PIONEER INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Gridley

  	
   

  
	
   

  	
  Name:

  	
  Paul Gridley

  
	
   

  	
  Title:

  	
  Chairman and
  Chief Executive Officer

  
					

 

S-2

 

	
   

  	
  USCS CHARLESTON CHARTERING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Gridley

  	
   

  
	
   

  	
  Name:

  	
  Paul Gridley

  
	
   

  	
  Title:

  	
  Chairman and
  Chief Executive Officer

  
					

 

	
   

  	
  USCS CHARLESTON LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Gridley

  	
   

  
	
   

  	
  Name:

  	
  Paul Gridley

  
	
   

  	
  Title:

  	
  Chairman and
  Chief Executive Officer

  
					

 

	
   

  	
  USCS ATB LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Paul Gridley

  	
   

  
	
   

  	
  Name:

  	
  Paul Gridley

  
	
   

  	
  Title:

  	
  Chairman and
  Chief Executive Officer

  
					

 

S-3

 

AGENTS AND LENDERS:

 

CANADIAN IMPERIAL BANK 

OF COMMERCE, as Administrative Agent and 

Letter of Credit Issuer

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

KEYBANK NATIONAL ASSOCIATION, as

Collateral Agent and Lender

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ,

  
	
  as Lender

  
				

 

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

S-4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00089-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00089-of-00352.parquet"}]]