Document:

Indemnification Agreement

    Exhibit
      10.11.1

     

     

    EXECUTION
      COPY

     

     

    
 

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

     

    

     

    WHEREAS
      the Covered Person is employed by Tankers Services AS, a wholly-owned subsidiary
      of the Corporation incorporated under the laws of the Kingdom of Norway,
      hereinafter the “Subsidiary”;

     

    WHEREAS
      the Subsidiary pursuant to a Service Agreement dated January 31 2006 renders
      services to the Corporation in the area of financial planning, financial
      management and control, and

     

    WHEREAS,
      the Corporation acknowledge and agrees that employees in its wholly owned
      subsidiaries shall be covered by the same indemnities from the Corporation
      as
      employees of the Corporation.

     

    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 the Subsidiary or, while
      a
      director or officer of the Corporation or the Subsidiary, is or was serving
      at
      the request of the Corporation or the Subsidiary 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 the
      Subsidiary or, while a director or officer of the Corporation or the Subsidiary,
      is or was serving at the request of the Corporation or the Subsidiary 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 or the Subsidiary’s 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 or the Subsidiary, 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 January
      31,
      2006.

     

     

     

    
      	 	 	 
	 	DOUBLE
              HULL
              TANKERS, INC.,
	 
 	 
 	 
 
	 	By:  	/s/ Erik
              Lind
	 	
              Erik
                Lind, on behalf of the Board of Directors of Double Hull Tankers,
                Inc.

            
	 	 

    

     

     

     

    

    

    
      	
               

               

              /s/
                Eirik Ubøe

            
	
              EIRIK
                UBØEExhibit 10.1

    Exhibit
      10.1

    

     

    AMENDMENT
      NO. 1 TO CREDIT AGREEMENT

     

    AMENDMENT
      NO. 1, dated as of May 15, 2006, to the Credit Agreement (as defined
      below), between XL CAPITAL LTD, a Cayman Islands exempted limited company,
      X.L.
      AMERICA, INC., a Delaware corporation, XL INSURANCE (BERMUDA) LTD, a Bermuda
      limited liability company, and XL RE LTD, a Bermuda limited liability company,
      and DEUTSCHE BANK AG NEW YORK BRANCH, as the Lender.

     

    The
      Obligors and the Lender are parties to a 364-day Credit Agreement dated as
      of
      December 23, 2005 (the “Credit
      Agreement”),
      providing, subject to the terms and conditions thereof, for extensions of credit
      to be made by or on behalf of the Lender to the Account Parties in an aggregate
      principal or face amount not exceeding $100,000,000. The Obligors and the Lender
      wish to amend the Credit Agreement in certain respects and, accordingly, the
      parties hereto hereby agree as follows:

     

    Section
      1.
      Definitions.
      Except
      as otherwise defined in this Amendment No. 1, terms defined in the Credit
      Agreement are used herein as defined therein.

     

    Section
      2.
      Amendments.
      Effective as of the date hereof as provided in Section 5 of this Amendment
      No. 1, the Credit Agreement is hereby amended as follows:

     

    2.01.
      References in the Credit Agreement to “this Agreement” (and indirect references
      such as “hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be
      references to the Credit Agreement as amended hereby.

     

    2.02.
      Section 1.01 of the Credit Agreement is hereby amended by inserting the
      following definitions (or, in the case of any of the following defined terms
      that are already defined in the Credit Agreement, by amending and restating
      in
      its entirety each such term to read as set forth below) in their proper
      respective alphabetical locations:

     

    “SCA”
means
      Security Capital Assurance Ltd, a Bermuda limited liability
      company.

     

    “SCA
      IPO”
means
      the issuance or sale of common shares of SCA to the public pursuant to an
      effective registration statement filed under the Securities Act of 1933, as
      amended, in connection with an underwritten offering.

     

    “Significant
      Subsidiary”
means,
      at any time, each Subsidiary of XL Capital that, as of such time, meets the
      definition of a “significant subsidiary” under Regulation S-X of the SEC;
provided,
      however,
      that
      for purposes of this Agreement, from and after the consummation of the SCA
      IPO,
      neither SCA nor any of its Subsidiaries shall be a “Significant Subsidiary” of
      XL Capital.

     

    “Subsidiary”
means,
      with respect to any Person (the “parent”),
      at
      any date, any corporation (or similar entity) of which a majority of the shares
      of outstanding capital stock normally entitled to vote for the election of
      directors (regardless of any contingency which does or may suspend or dilute
      the
      voting rights of such capital stock) is at such time owned directly or
      indirectly by the parent or one or more subsidiaries of the parent;
      provided,
      however,
      that
      for purposes of this Agreement, from and after the consummation 

     

    
      
         

      

      
         

        
          

        

      

      
        -2-

      

    

    of
      the
      SCA IPO, neither SCA nor any of its Subsidiaries shall be a “Subsidiary” of any
      Account Party.
      Unless
      otherwise specified, “Subsidiary” means a Subsidiary of an Account
      Party.

     

    “XL
      Capital Group”
means
      XL Capital Group as determined from time to time by A.M. Best & Co. (or its
      successor).

     

    2.03.
      Section 6.09 of the Credit Agreement is hereby amended by inserting a new
      sentence at the end thereof to read as follows:

     

    “Notwithstanding
      anything in this Section to the contrary, from and after the SCA IPO, no Account
      Party will issue any Letter of Credit, or renew or permit to renew any Letter
      of
      Credit existing as of the SCA IPO, or use the proceeds of any Loan, to support
      the obligations of, or otherwise primarily for the general corporate purposes
      of, SCA and its Subsidiaries”.

     

    2.04.
      Section 7.07 and 7.08 of the Credit Agreement entitled “Financial Strength
      Ratings” and “Private Act”, respectively, are hereby amended by re-numbering
      such sections as Sections 7.08 and 7.09, respectively.

     

    2.05
      Section 7.08 of the Credit Agreement is hereby amended by inserting the
      word “Group” immediately after the reference in the first line thereof to “XL
      Capital”.

     

    Section
      3.
      Waiver.
      Effective as of the date hereof as provided in Section 5 of this Amendment
      No. 1, the Lender hereby agrees that, notwithstanding anything in
      Section 7.02 of the Credit Agreement to the contrary, the issuance or sale
      of shares of SCA pursuant to the SCA IPO shall be permitted and shall not reduce
      the basket under Section 7.02(b) of the Credit Agreement available to the
      Account Parties and their respective Subsidiaries for the calendar year ending
      December 31, 2006.

     

    Section
      4.
      Representations
      and Warranties.
      Each
      Account Party hereby represents and warrants to the Lender that (i) the
      representations and warranties of such Account Party set forth in
      Article IV of the Credit Agreement are, on the date hereof, true and
      complete as if made on the date hereof (and after giving effect to this
      Amendment No. 1) and as if each reference in said Article IV to “this Agreement”
includes reference to this Amendment No. 1 and (ii) both immediately before
      and after giving effect to the amendments under Section 2 hereof, no Default
      has
      occurred and is continuing.

     

    Section
      5.
      Conditions
      Precedent.
      The
      amendments to the Credit Agreement set forth in Section 2 of this Amendment
      No. 1 and the waiver under Section 3 of this Amendment No. 1 shall become
      effective, as of the date hereof, upon receipt by the Lender of one or more
      counterparts of this Amendment No. 1 duly executed and delivered by each of
      the
      Obligors and the Lender.

     

    Section
      6.
      Miscellaneous.
      Except
      as herein provided, the Credit Agreement shall remain unchanged and in full
      force and effect. This Amendment No. 1 may be executed in any number of
      counterparts, all of which taken together shall constitute one and the same
      agreement and any of the parties hereto may execute this Amendment No. 1 by
      signing any such 

     

    
      
         

      

      
         

        
          

        

      

      
        -3-

      

    

    counterpart.
      This Amendment No. 1 shall be governed by, and construed in accordance
      with, the laws of the State of New York.

     

    
      
         

      

      
         

        
          

        

      

      
        -4-

      

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Amendment No. 1 to be
      duly
      executed and delivered as of the day and year first above written.

     

    XL
      CAPITAL LTD,

     

    as
      an
      Account Party and a Guarantor

     

    By:  /s/
      Brian O’Hara            

           
Name: 
      Brian
      O’Hara

            Title:   
      President
      and Chief Executive

                         Officer

     

    X.L.
      AMERICA, INC.,

    as
      an
      Account Party and a Guarantor

     

    By: 
      /s/
      Gabriel Carino            

            Name: 
      Gabriel
      Carino

           
Title:   
      Senior
      Vice President &

                         Treasurer
      (XLGS)

     

    XL
      INSURANCE (BERMUDA) LTD,

    as
      an
      Account Party and a Guarantor

     

    By: 
      /s/
      Brian O’Hara            

           
Name: 
      Brian
      O’Hara

            Title:   
      Director 

     

    XL
      RE
      LTD,

    as
      an
      Account Party and a Guarantor

     

    By: 
      /s/
      Brian O’Hara            

           
Name: 
      Brian
      O’Hara

           
Title:   
      Director

    
      
         

      

      
         

        
          

        

      

      
        -5-

      

    

    DEUTSCHE
      BANK AG NEW YORK BRANCH

     

    

    By: 
      /s/
      Richard Herder            

            Name: 
      Richard Herder

           
      Title:    Managing Director

    

    

    By: 
      /s/
      Ruth Leung              

           
      Name:  Ruth Leung

           
      Title:    Director

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