Document:

Exhibit 10.18

 

Description of Compensation Arrangement – G. Les Austin

 

Effective April 1, 2008, G. Les Austin became the senior vice president, chief financial officer, treasurer and secretary of RAM Energy Resources, Inc. (“RAM”).  Pursuant to a compensation arrangement, RAM will pay Mr. Austin a base salary in 2008 of $250,000 per annum and Mr. Austin will be considered for a bonus in 2008 of not less than $125,000. Effective April 1, 2008, RAM granted Mr. Austin a restricted stock award of 100,000 shares of its common stock, which shall vest over four annual periods commencing on January 1, 2009. RAM will also provide Mr. Austin (i) a term life insurance policy providing a death benefit of $700,000 during the term of his employment, and (ii) substantially the same perquisites provided to RAM’s other senior vice presidents.

If, during the first three years of Mr. Austin’s employment with RAM, a change of control occurs, and upon such change of control or within six months thereafter, either (i) his employment is terminated without cause, or (ii) he is removed from the position of being RAM’s chief financial officer (and as a result of which Mr. Austin terminates his employment with RAM), collectively known as a “termination event,” then RAM must pay to Mr. Austin as a severance benefit an amount equal to the sum of: 

 

	
             
 	
            •
 	
             
 	
            his then current base salary; plus 
 

 

	
             
 	
            •
 	
             
 	
            a “bonus payment” equal to the average of his three then most recent annual cash bonuses. 
 

In the event a termination event occurs before Mr. Austin has received his first annual cash bonus, the “bonus payment” will be deemed to be $125,000. If, on or before December 31, 2008, Mr. Austin either suffers a termination event or his employment is terminated other than for cause, RAM will pay to Mr. Austin an additional cash severance payment in the amount of $200,000. 

The term “change of control” means any change in the composition of RAM’s Board of Directors such that the incumbent directors comprise less than one-half of the membership of the Board. The term “incumbent directors” means those persons currently serving as RAM’s directors, any person selected by the current directors to replace a director who dies, resigns or is removed as a director (and any such person shall thereafter be deemed to be a current director), or any person nominated by the current directors, or whose nomination is supported by the current directors, and who thereafter is elected by the stockholders as a director (and any such person shall thereafter be deemed to be a current director). The term “cause” means (i) conviction of a felony, (ii) an act or acts of dishonesty intended to result in personal enrichment at RAM’s
expense, or (iii) failure to follow a reasonable and lawful order from RAM’s chief executive officer or its Board of Directors, within the reasonable scope of Mr. Austin’s duties and responsibilities, which failure is not cured within ten days after notice.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 878602d881678_ex4-5.htm

    Exhibit
4.5

    

    NORDIC
AMERICAN TANKER SHIPPING LIMITED

    AMENDMENT

    TO

    2004
STOCK INCENTIVE PLAN

    

    

    1.)  Section
1.4

    

    The first
sentence of Section 1.4 is hereby deleted in its entirety and replaced with the
following text:

    

    Awards
may be made under the Plan in the form of (a) incentive stock options,
(b) non-qualified stock options, (c) stock appreciation rights,
(d) dividend equivalent rights, (e) restricted stock,
(f) unrestricted stock, (g) restricted stock units,
(h) performance shares and (i) phantom stock units.

     

    2.)  Section
1.5(d)

    

    The
proviso at the end of Section 1.5(d) is hereby revised to read as
follows:

    

    “provided
that any dividends paid on such shares are also forfeited pursuant to such
Section 2.7(e); and any shares in respect of which a stock appreciation
right, performance share award or phantom stock unit is settled for
cash.”

    

    Section
2.7(e)

    

    The last
sentence of Section 2.7(e) shall be deleted and replaced in its entirety as
follows:

    

    The
Administrator, in its sole discretion, may require that all dividends paid on
such shares also be forfeited, whether by termination of any escrow arrangement
under which such dividends are held, by the Grantee's repayment of dividends he
received directly, or otherwise.

    

    3.)  Section
2.10.

    

    A new
Section 2.10 is hereby added to the Plan to read as follows:

    

    2.10  Grant
of Phantom Stock Units

     

    (a)  Phantom Stock Unit
Grants.  The Administrator may grant phantom stock units to such key
persons, in such amounts, and subject to such vesting and forfeiture provisions
and other terms and conditions, as the Administrator shall determine in its sole
discretion, subject to the provisions of the Plan.  Each phantom stock
unit shall represent a notional share of Common Stock.  No grantee of
a phantom stock unit shall have any rights of stockholder of the Company with
respect to such award unless and until the award in canceled in exchange for
shares of Common Stock.  Holders of phantom stock units shall not
(i) be entitled to any voting rights with respect to any phantom stock
units and (ii) be entitled, by reason of holding any phantom stock unit, to
any distributions payable to shareholders of Common Stock; provided, however, that the
Administrator, in its sole discretion, may provide that the phantom stock unit
shall be entitled to receive dividend equivalent rights, on such terms and
conditions as the Administrator shall determine in its sole
discretion.  The Administrator may, in its sole discretion, determine
that the phantom stock unit may be canceled on such terms and conditions as set
forth in the applicable Award Agreement, including (1) for no payment,
(2) in exchange for a cash payment or (3) in exchange for shares of
Common Stock.

     

    (b)  Other
Provisions.  Phantom stock units may be made independently of or in
connection with any other award under the Plan.  A grantee of a
phantom stock unit award shall have no rights with respect to such award unless
such grantee accepts the award with such period as the Administrator shall
specify by accepting delivery of a phantom stock unit agreement in such form as
the Administrator shall determine and, in the event the phantom stock unit is
canceled in exchange for shares of Common Stock newly issued by the Company, the
grantee of the phantom stock unit makes payment to the Company or its exchange
agent by certified or official bank check (or the equivalent thereof acceptable
to the Company) in an amount at least equal to the par value of the shares
covered by the award.

     

    (c)  Nontransferability.  Phantom
stock units may not be sold, assigned, transferred, pledged or otherwise
encumbered or disposed of except as otherwise specifically provided in this Plan
or the applicable phantom stock unit agreement.

     

    4.)  Section
3.7(h)

    

    A new
Section 3.7(h) is hereby added to the Plan to read as follows:

     

    (h)  Outstanding Phantom
Stock Units.  The Administrator may equitably adjust (including,
without limitation, by payment of cash) the terms of any outstanding phantom
stock unit (including, without limitation, the number of notional shares of
Common Stock covered by the award and/or the type of notional property covered
by the award), in such manner as it, in its sole discretion, deems appropriate
to preserve the benefits or potential benefits intended to be made available to
the grantee of such outstanding phantom stock unit, for any unusual or
nonrecurring event, including any stock split, reverse stock split, stock
dividend, spin-off, split-up, recapitalization, extraordinary dividend or other
extraordinary distribution, repurchase, exchange or reclassification of shares
or other securities of the Company, reorganization, merger, consolidation,
combination, liquidation, dissolution, sale of substantially all the assets of
the Company, or other similar corporate change.

    

    

    SK 01318 0002
881678

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