Exhibit 10

 

AMENDMENT NO. 1

 

TO

 

OVERSEAS SHIPHOLDING GROUP, INC.

 

1999 NON-EMPLOYEE DIRECTOR STOCK OPTION PLAN

 

Effective as of May 31, 2004, the Overseas Shipholding Group, Inc. 1999
Non-Employee Director Stock Option Plan (the “Plan”) is amended as follows:

 

1.             Article VII, Section 7.1(c) of the Plan is amended by adding the
following at the end of such Section:

 

“; provided further, however, that upon a Participant’s Termination of
Directorship by reason of Retirement where the Retirement occurs as of the date
of an annual meeting of stockholders of the Company, notwithstanding anything to
the contrary set forth in the Plan, including Section 6.3(b) of the Plan, any
unvested Annual Options held by such Participant shall vest and become fully
exercisable on the date of such annual meeting.”

 

2.             Except as provided in this Amendment No. 1, the Plan remains in
full force and effect.

 

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