Exhibit 10(iii)(v)
CODIFICATION OF CONTRACT OF
EMPLOYMENT
In Vouliagmeni, Greece this day the
20 th of January 2005,
BETWEEN
The corporation styled “OSG
SHIP MANAGEMENT (GR) LTD” of Ajeltake Island, Majuro,
Marshall Islands having offices, at 2A, Areos Street, 166 71
Vouliagmeni, Athens, Greece, hereinafter called “the
Employer” or “the Company” formerly
named “STELMAR TANKERS (MANAGEMENT) LTD
(“Stelmar”) , lawfully represented by Olga
Lambrianidou
AND
(Name) George Dienis son of
Alexander of 26 Aristofanous Street, Alimos 17456, Athens, Greece,
Identity Card No 041842/28-6-79, hereinafter called “the
Employee”
The Company and the Employee are
hereinafter jointly referred to as “the
Parties”.
1.
START-DURATION
1.1
The Employee was hired on 20
February 1993 (“Initial Employment Date”) by
“Stelmar” under a contract of employment for an
indefinite period of time contract, which contract was restated on
August 12, 2004 (hereinafter “the Contract”). On
20 January 2005 Stelmar’s beneficial ownership changed
and consequently the Company has taken upon it the rights and
obligations of the employer
The Parties do hereby codify the terms set forth
in the Contract as follows:
2.
CAPACITY-POSITION-PLACE OF
EMPLOYMENT-OBJECTIVES
2.1
The Employee was hired and continues
to work as Chief Operating Officer.
2.2
The Employee, as a high-ranking
officer of the Company (Manager, Supervisor, Officer, etc.) has
been assigned by the Company to hold and exercise managing,
supervising and confidential authorities and duties or significant
part of its matters or personnel supervision, etc.). As such
high-ranking officer, he belongs to the category of employees on
whom standard working hours provisions (from time to time in force)
do not apply, as, according to art. 2 of Law 2269/1920, standard
working hours provisions do not apply to employees engaged in
duties of management or significant trust.
2.3
The Employee’s position and
capacity is clearly described in the relevant job description and
supplemented by OSG’s corporate policies, programs and
procedures. The Employee must comply with his job description,
responsibilities, duties policies and procedures in observance of
these requirements and in support of OSG’s corporate
policies
and procedures. . The parties agree that
OSG’s policies and procedures are an integral part hereof.
The Employee herein declares that he is fully aware of his job
description, responsibilities and duties as well as of OSG’s
corporate policies and procedures.
2.4
The Company manages and operates
ocean-going vessels on a worldwide basis. The Employee shall offer
his services in the Company’s headquarters in Vouliagmeni,
Greece (or at any other place of business in the greater area of
Attica in case the Company changes its address) or at any other
location in Greece or at any other place in the world where its
vessels may sail or the Company may conduct its business, according
to the needs of the Company at its absolute discretion. In case the
Employee is engaged in the Company’s business in any other
place than the offices of the Company, such employment may not be
deemed as detrimental alteration of the employment terms and shall
not vest the Employee with the right for a salary raise or for any
other benefit over and above those mentioned in this contract In
case of permanent change of the place of employment, the terms and
conditions thereof shall be mutually agreed upon between the
Parties.
2.5
Due to the Company’s
engagement in the international trade, all operational procedures
are held in English. Therefore, the Employee is obliged to have a
good command of English. His knowledge thereof is fully evidenced
by signing this contract. A translation into Greek is hereto
attached.
3.
WORKING
HOURS
3.1
The Company’s normal daily
working hours are from 09.00 h. to 17.00 h. from Monday to Friday
(with a compulsory 20-minute break between 13.00 h. and 13.20 h.)
i.e. the normal working hours are 8 hours per day and totally 40
hours per week.
3.2
The Employee as a high-ranking
officer holding a position of supervision, management and trust, as
provided by art. 2 of Law 2269/1920, belongs to the category of
employees on who the standard working hours provisions from time to
time in force do not apply, and, therefore, shall not be entitled
to any extra-pay or remuneration whatsoever for any overtime work
or engagement i.e. in excess of the normal working hours (as
described hereinabove) or work during Saturdays, Sundays, Public or
National Holidays and for work during the night or any extra
payment or remuneration for work or overtime work or temporary
engagement away from home in Greece or abroad.
4.
LEAVE
4.1
Annual leave, sick leave, maternity
leave and any other kind of leave are given, according to the Greek
Labour Laws from time to time in force. Due to the nature of the
Company’s activities it is hereby agreed that the Employee
cannot take as a whole the total number of days of annual leave of
each calendar year. Therefore, the Company has developed the
following policy:
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4.2
From the 1 st of
May until the 30 th of September of each year
the Employee shall have to take at least 50% of the annual leave he
is entitled to (according to the National Employment Legislation).
If the Company’s needs so dictate the Employee cannot take
more than 10 continuing working days each time, except for very
serious or extraordinary reasons.
4.3
The total number of days of annual
leave must be taken until 31 st of December of each
calendar year. Holiday entitlement may only be taken in subsequent
calendar years with the Company’s prior written approval,
which may be granted only in exceptional circumstances. If the
Employee has not taken all the days of annual leave he is entitled
to within the corresponding calendar year, the days of leave my not
be transferred to the next calendar year.
5.
SALARY
5.1
It is hereby agreed that the
Employee’s total monthly salary shall be calculated pursuant
to the provisions of the Collective Labour Agreement of Employment
for the personnel of the Shipping Companies and the Shipping
Agencies in Greece from time to time in force. In case the above
Collective Labour Agreement does not cover the capacity of the
Employee, the Employee’s total monthly salary shall be
calculated pursuant to the provisions of the National General
Collective Labour Agreement of Employment.
5.2
The salary shall be deposited in the
National Bank of Greece (Ethniki Trapeza tis Hellados) at
the end of each calendar month after the deduction of any advance
payments that the Employee has received against the monthly salary
as well as the legal withholdings and percentages of contributions
to the social security funds that burden the Employee.
5.3
The total monthly salary of the
Employee is agreed to Euro 3,000.00. It is hereby agreed that in
this salary are included and computed any and all Employee’s
claims for allowances, or increment or remuneration or for other
extra benefits, augmentations, prim, bonuses payable either as a
percentage of the basic salary or as a lump sum, annually or
periodically, which is provided for by law, collective labour
agreement, regulations of the Employer etc. (for the sake of
clarity bonuses, benefits and/or other amounts provided for in
Clauses 5.4, 6.1, 7.1 and 8.1 are not included in the above
salary). Therefore in case any subsequent Collective Labour
Agreement provides for an increase of the salaries, wages,
allowances etc., the Employee shall not be entitled to such
increase, provided that his above mentioned salary (allowances,
benefits, etc.) is considerably higher than the one provided by the
Collective Labour Agreements from time to time in force. Therefore,
all future increases provided by the Collective Labour Agreements
from time to time in force shall be counterbalanced ipso
jure with the higher wages hereby agreed. Any other relevant
claim (i.e. arising from the increases of the Collective Labour
Agreements from time to time in force) shall be also
counterbalanced with the higher salary hereby agreed.
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5.4
The Company
