Exhibit 10.4


 


OVERSEAS SHIPHOLDING GROUP, INC.


MANAGEMENT INCENTIVE COMPENSATION PLAN


STOCK OPTION GRANT AGREEMENT


FORM StOp 2017


  


THIS AGREEMENT, made
as of this ____ day of _______ (the “Agreement”), by and between Overseas Shipholding Group, Inc. (the “Company”),
and ___________________ (the “Optionee”).


 


WHEREAS, the Company
has adopted the Overseas Shipholding Group, Inc. Management Incentive Compensation Plan (the “Plan”) to promote
the interests of the Company and its shareholders by providing the employees and consultants of the Company with incentives and
rewards to encourage them to continue in the service of the Company and with a proprietary interest in pursuing the long-term growth,
profitability and financial success of the Company; and


 


WHEREAS, Section 6
of the Plan provides for the grant of Options to Participants in the Plan.


 


NOW, THEREFORE, in
consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as follows:


 


1.       Grant
of Option. Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants
to the Optionee an Option to purchase shares of Common Stock (the “Option Shares”). The Option is intended to
be a non-statutory stock option.


 


2.       Grant
Date. The “Grant Date” of the Option hereby granted is _____________.


 


3.       Incorporation
of the Plan. All terms, conditions and restrictions of the Plan are incorporated herein and made part hereof as if stated herein.
If there is any conflict between the terms and conditions of the Plan and this Agreement, the terms and conditions of the Plan
shall govern. Unless otherwise indicated herein, all capitalized terms used herein shall have the meanings given to such terms
in the Plan.


 


4.       Exercise
Price. The exercise price for the purchase of Option Shares upon the exercise of all or any portion of the Option will be $_____
per Option Share.


 


5.       Vesting
Schedule; Expiration.


 


(a)       Vesting
Schedule. Subject to Section 6 below, the Option shall become vested and exercisable as follows, provided that the Optionee
remains continuously employed by the Company through each such applicable vesting date:


 


a.       One-third
(1/3) of the Option Shares shall vest and become exercisable on the first anniversary of the Grant Date


 


b.       One-third
(1/3) of the Option Shares shall vest and become exercisable on the second anniversary of the Grant Date


 


c.      One-third (1/3)
of the Option Shares shall vest and become exercisable on the third anniversary of the Grant Date


 





(b)       Expiration.
Subject to earlier expiration as provided in Section 6 below, the Option will expire at the close of business on the business day
immediately preceding the tenth (10th) anniversary of the Grant Date (the “Expiration Date”).


 






    	 	 	 



     


    

 


6.       Termination
of Employment. The consequences of a termination of Optionee’s Employment shall be as follows, unless Optionee has a
valid and enforceable employment agreement with the Company containing provisions that conflict with the following, in which case
the terms of such employment agreement shall prevail:


 


(a)       Termination
of Employment for Reasons Other Than Cause; Termination of Employment due to the Optionee’s death or Disability. If the Optionee’s
Employment with the Company is terminated by the Company for a reason other than Cause (as defined in Section 22 herein), or if
the Optionee’s Employment terminates due to the Optionee’s death or Disability, the Option shall vest and become exercisable in
full as of the date the Optionee’s Employment terminates.


 


(b)       Termination
of Employment for Cause. If the Optionee’s Employment is terminated by the Company for Cause, the Option (whether then
vested or exercisable or not) shall immediately lapse and cease to be exercisable.


 


(c)       Exercise
Period Following Termination of Employment. On or after the date the Optionee’s Employment terminates, the vested portion of
the Option may be exercised, but only within such period of time ending on the earlier to occur of (i) the 90th day after the date
the Optionee’s Employment terminates and (ii) the Expiration Date; provided if the Optionee’s Employment with the Company
terminates for death or Disability (as defined in Section 22 herein), the vested portion of the Option may be exercised within
such period of time ending on the earlier to occur of (i) the first anniversary of the date the Optionee’s Employment terminates
and (ii) the Expiration Date.


 


7.       Forfeiture.
Options which have not become vested, or which do not vest, as of the date the Optionee’s Employment terminates shall immediately
be forfeited on such date, and the Optionee shall have no further rights with respect thereto, unless the Optionee has a valid
and enforceable employment agreement with the Company containing provisions that conflict with the foregoing, in which case the
terms of such employment agreement shall prevail.


 


8.       Transferability.
The Option is exercisable during the Optionee’s lifetime only by the Optionee and may not be sold, assigned, transferred,
pledged, hypothecated or otherwise disposed of. No purported sale, assignment, transfer, pledge, hypothecation or other disposal
of the Option, or the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise will vest
in the assignee or transferee any interest or right herein whatsoever, but immediately upon such purported sale, assignment, transfer,
pledge, hypothecation or other disposal of the Option will be forfeited by the Optionee and all of the Optionee’s rights
to such Option shall immediately terminate without any payment or consideration from the Company. Upon the death of the Optionee,
the Option may be exercised only by the executors or administrators of the Optionee’s estate or by any person or persons
who shall have acquired such right to exercise by will or by the laws of descent and distribution.


 


9.       Manner
of Exercise.


 


(a)       Election
to Exercise. The Option is exercisable by delivery of an electronic or physical exercise notice, in the form attached hereto
as Exhibit A or such other form as permitted by the Committee from time to time and communicated to the Optionee (the “Exercise
Notice”), which shall state the election to exercise the Option, the number of Option Shares in respect of which the
Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be
required by the Committee pursuant to the provisions of the Plan.


 


(b)       Payment
of Exercise Price. The entire Exercise Price of the Option shall be payable in full at the time of exercise in the manner designated
by the Committee.


 


10.       Restrictive
Covenants. Unless otherwise determined by the Committee in its sole discretion, by accepting the Option, the Optionee acknowledges
that the Optionee is bound by the following restrictive covenants (the “Restrictive Covenants”):


 






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(a)       Except
to the extent (1) expressly authorized in writing by the Company or (2) required by law or any legal process, the Optionee shall
not at any time during the Optionee’s Employment with the Company or any of its Affiliates or following the date the Optionee’s
Employment terminates use, disseminate, disclose or divulge to any person or to any firm, corporation, association or other business
entity, Confidential Information (as defined in Section 22 herein) or proprietary Trade Secrets (as defined in Section 22 herein)
of the Company or any of its Affiliates; or


 


(b)       The
Optionee shall not at any time during the Optionee’s Employment with the Company or any of its Affiliates or following the
date the Optionee’s Employment terminates make any derogatory, disparaging or critical negative statements, orally, written
or otherwise, against the Company or any of its Affiliates or any of their respective directors, officers and employees.


 


Notwithstanding clause (a) above, pursuant
to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), the Optionee shall not be held criminally or civilly liable under
any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly
to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation
of law. The Optionee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure
of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal.
If the Optionee files a lawsuit or other action alleging retaliation by the Company for reporting a suspected violation of law,
the Optionee may disclose the trade secret to the Optionee’s attorney and use the trade secret in the court proceeding or
other action, if the Optionee files any document containing the trade secret under seal and does not disclose the trade secret,
except pursuant to court order. This paragraph shall govern to the extent it may conflict with any other provision of this Agreement.


 


The Restrictive Covenants are in addition
to and do not supersede any rights the Company may have in law or at equity or under any other agreement. Notwithstanding the foregoing,
in the event the Optionee has a valid and enforceable employment agreement with the Company that contains similar restrictive covenants
to those set forth herein, to the extent there is a conflict between the Restrictive Covenants and such employment agreement, the
terms of such employment agreement shall prevail.


 


By accepting the Option, the Optionee shall
further agree that it is impossible to measure in money the damages which will accrue to the Company or any of its Affiliates in
the event the Optionee breaches the Restrictive Covenants. Therefore, if the Company or any of its Affiliates shall institute any
action or proceeding to enforce the provisions hereof, the Optionee shall agree to waive the claim or defense that the Company
or any of its Affiliates has an adequate remedy at law and the Optionee shall agree not to assert in any such action or proceeding
the claim or defense that the Company or any of its Affiliates has an adequate remedy at law.


 


If at any time (including after a notice
of exercise has been delivered) the Committee reasonably believes that the Optionee has breached any of the Restrictive Covenants
described in clauses (a) and (b) above, or in any other agreement including any employment agreement, the Committee may suspend
the Optionee’s right to exercise any Option pending a good faith determination by the Committee of whether any such Restrictive
Covenant has been breached. If the Committee determines in good faith that the Optionee has breached any such Restrictive Covenant,
the Optionee shall immediately forfeit any outstanding unvested Options and any vested but unexercised Options and shall repay
to the Company, upon demand, any Exercised Shares. The Optionee shall also be required to repay to the Company, in cash and upon
demand, any proceeds resulting from the sale or other disposition (including to the Company) of Exercised Shares.


 


The foregoing shall not prejudice the Company’s
right to require the Optionee to account for and pay over to the Company on a pre-tax basis any profit obtained by the Optionee
as a result of any transaction constituting a breach of the Restrictive Covenants.


 


11.       Taxes.


 


(a)       Liability
for Tax-Related Items. Except to the extent prohibited by law, the Optionee acknowledges that the Optionee is ultimately liable
and responsible for any and all income taxes (including federal, state, local and other income taxes), social insurance, payroll
taxes and other tax-related withholding (the “Tax-Related Items”) arising in connection with the Option, regardless
of any action the Company takes with respect to such Tax-Related Items. The Optionee further acknowledges that the Company (i)
does not make any representation or undertaking regarding the treatment of any Tax-Related Item in connection with any aspect of
the Option, including the grant, vesting, and exercise of the Option, or the subsequent sale of the Exercised Shares and (ii) does
not commit, and is under no obligation, to structure the terms of the Option or any aspect of the Option to reduce or eliminate
the Optionee’s liability for Tax-Related Items or achieve any particular tax result.


 






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(b)       Payment
of Withholding Taxes. Notwithstanding any contrary provision of this Agreement, no Exercised Shares shall be issued, and no
sales proceeds shall be delivered, unless and until satisfactory arrangements (as determined by the Committee) have been made by
the Optionee with respect to the payment of any taxes which the Company determines must be withheld with respect to such Exercised
Shares or such sales proceeds. If the Optionee is subject to Section 16 of the Exchange Act pursuant to Rule 16a-2 promulgated
thereunder, the Company will withhold from shares of Common Stock upon the relevant tax withholding event, unless the use of such
withholding method is prevented by applicable law or has materially adverse accounting or tax consequences, in which case, the
withholding obligation may be satisfied by one or a combination of the methods set forth in the Plan. If the Optionee is not subject
to Section 16 of the Exchange Act pursuant to Rule 16a-2 promulgated thereunder, the Optionee may elect to have the Company withhold
from shares of Common Stock upon the relevant tax withholding event and such election shall satisfy the Optionee’s obligations
under this Section 11.


 


12.       Modification;
Entire Agreement; Waiver. No change, modification or waiver of any provision of this Agreement which reduces the Optionee’s
rights hereunder will be valid unless the same is agreed to in writing by the parties hereto. This Agreement, together with the
Plan and the Exercise Notice, represent the entire agreement between the parties with respect to the Option. The failure of the
Company to enforce at any time any provision of this Agreement will in no way be construed to be a waiver of such provision or
of any other provision hereof. The Company reserves the right, however, to the extent that the Company deems necessary or advisable
in its sole discretion, to unilaterally alter or modify the terms of the Option set forth in this Agreement in order to ensure
that the Option qualifies for exemption from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended,
and the regulations promulgated thereunder (“Section 409A”); provided, however that the Company makes no representations
that the Option will be exempt from the requirements of Section 409A.


 


13.       Policy
Against Insider Trading; Recoupment. By accepting the Option, the Optionee acknowledges that the Optionee is bound by all the
terms and conditions of the Company’s insider trading policy as may be in effect from time to time. The Optionee further
acknowledges and agrees that Exercised Shares, and any proceeds thereof, are subject to any recoupment or “clawback”
policy of the Company as may be in effect from time to time and applied with prospective or retroactive effect.


 


14.       Data
Privacy Consent. The Optionee hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic
or other form, of the Optionee’s personal data as described in this Agreement and any other Option grant materials by the
Company for the exclusive purpose of implementing, administering and managing the Optionee’s participation in the Plan. The
Optionee understands that the Company may hold certain personal information about the Optionee, including, but not limited to,
the Optionee’s name, home address and telephone number, work location and phone number, date of birth, social insurance number
or other identification number, salary, nationality, job title, hire date, any shares of Common Stock or directorships held in
the Company or any of its Affiliates, details of all awards or any other entitlement to shares awarded, cancelled, exercised, vested,
unvested or outstanding in the Optionee’s favor, for the purpose of implementing, administering and managing the Plan (“Personal
Data”). The Optionee understands that Personal Data may be transferred to any third parties assisting in the implementation,
administration and management of the Plan, now or in the future, that these recipients may be located in the Optionee’s country
or elsewhere, and that the recipient’s country may have different data privacy laws and protections than the Optionee’s
country. The Optionee authorizes the recipients to receive, possess, use, retain and transfer the Personal Data, in electronic
or other form, for the purposes of implementing, administering and managing the Optionee’s participation in the Plan. The
Optionee understands that Personal Data will be held only as long as is necessary or appropriate to implement, administer and manage
the Optionee’s participation in the Plan. Further, the Optionee understands that the Optionee is providing the consents herein
on a purely voluntary basis.


 


15.       Successors
and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon and inure to
the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement
will be binding upon the Optionee and the Optionee’s beneficiary, if applicable.


 


16.       Captions.
Captions provided herein are for convenience only and shall not affect the scope, meaning, intent or interpretation of the provisions
of this Agreement.


 






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17.       Severability.
The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity or enforceability
of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall be severable and
enforceable to the extent permitted by law.


 


18.       Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which together will constitute
one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic
mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic and pictorial
appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature.


 


19.       Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, without
regard to the provisions governing conflict of laws.


 


20.       Acceptance.
The Optionee hereby acknowledges receipt of a copy of the Plan and this Agreement. The Optionee has read and understands the terms
and provisions thereof, and accepts the Option subject to all of the terms and conditions of the Plan and this Agreement. The Optionee
hereby acknowledges that all decisions, determinations and interpretations of the Board of Directors, or a Committee thereof, in
respect of the Plan, this Agreement and the Option shall be final and conclusive. The Optionee acknowledges that there may be adverse
tax consequences upon exercise of the Option or disposition of the Exercise Shares and that the Optionee should consult a tax advisor
prior to such exercise or disposition.


 


21.       Section
409A. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed
and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under Section 409A
of the Code. Notwithstanding the foregoing, the Company makes no representations that the payment and benefits provided under this
Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of any taxes,
penalties, interest or other expenses that may be incurred by the Optionee on account of non-compliance with Section 409A of the
Code. Notwithstanding any provision of this Agreement to the contrary, any compensation or benefit payable hereunder that constitutes
a deferral of compensation under Code Section 409A shall be subject to the following:


 


(a)       no
amount or benefit that is payable upon a termination of employment or services from the Company shall be payable unless such termination
also meets the requirements of a “separation from service” under Treasury Regulation Section 1.409A-1(h), and references
in the Agreement to “termination”, “termination of employment” or like terms shall mean a “separation
from service;”


 


(b)       in
the event that any payment to the Optionee or any benefit hereunder is made upon, or as a result of the Optionee’s termination
of employment, and the Optionee is a “specified employee” (as that term is defined under Section 409A of the Code) at
the time the Optionee becomes entitled to any such payment or benefit, and provided further that such payment or benefit does not
otherwise qualify for an applicable exemption from Section 409A of the Code, then no such payment or benefit will be paid or commenced
to be paid to the Optionee under this Agreement until the date that is the earlier to occur of (i) the Optionee’s death or
(ii) six months and one day following the Optionee’s termination of employment (the “Delay Period”). Any
payments which the Optionee would otherwise have received during the Delay Period will be payable to the Optionee in a lump sum
on the date that is six months and one day following the effective date of the termination, and any remaining compensation and
benefits due under the Agreement shall be paid or provided as otherwise set forth herein;


 


(c)       whenever
a payment under this Agreement specifies a payment period, the actual date of payment within such specified period shall be within
the sole discretion of the Company, and the Optionee shall have no right (directly or indirectly) to determine the year in which
such payment is made.  In the event a payment period straddles two consecutive calendar years, the payment shall be made in
the later of such calendar years;


 


(d)       each
separately identified amount and each installment payment to which the Optionee is entitled to payment shall be deemed to be a
separate payment for purposes of Section 409A of the Code; and


 


(e)       the
payment of any compensation or benefit may not be accelerated except to the extent permitted by Section 409A of the Code.


 






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22.       Definitions.
For purposes of this Agreement, the following terms shall have the meanings set forth below:


 


(a)       
“Cause” means (i) the Optionee’s failure to attempt in good faith to perform his or her lawful duties (other
than as a result of Disability); (ii) the Optionee’s willful misconduct or gross negligence of a material nature in connection
with the performance of his or her duties as an employee, which is or could reasonably be expected to be materially injurious to
the Company, or any of its Affiliates (whether financially, reputationally or otherwise) (“Injurious”); (iii)
a breach by the Optionee of the Optionee’s fiduciary duty or duty of loyalty to the Company or its Affiliates which is or could
reasonably be expected to be Injurious; (iv) the Optionee’s intentional and unauthorized removal, use or disclosure of the Company’s
or any Affiliate’s document (in any medium or form) relating to the Company or an Affiliate, or the customers of the Company or
an Affiliate thereof and which is not pursuant to his or her lawful duties and may be Injurious to the Company, its customers or
their respective Affiliates; (v) the willful performance by the Optionee of any act or acts of dishonesty in connection with or
relating to the Company’s or its Affiliates’ business which is or could reasonably be expected to be Injurious, or the willful
misappropriation (or willful attempted misappropriation) of any of the Company’s or any of its Affiliates’ funds or property; (vi)
the indictment of the Optionee for, or a plea of guilty or nolo contendere by the Optionee to, any felony or other serious crime
involving moral turpitude; (vii) a material breach of any of the Optionee’s obligations under any agreement entered into between
the Optionee and the Company or any of its Affiliates that is material to either (A) the employment relationship between the Company
or any of its Affiliates and the Optionee or (B) the relationship between the Company and the Optionee as investor or prospective
investor in the Company; or (viii) a material breach of the Company’s policies or procedures, which breach causes or could reasonably
be expected to cause material harm to the Company or its business reputation; provided that, with respect to the events in clauses
(i), (ii), (iv), or (vii) herein, the Company shall have delivered written notice to the Optionee of its intention to terminate
the Optionee’s employment for Cause, which notice specifies in reasonable detail the circumstances claimed to give rise to the
Company’s right to terminate the Optionee’s employment for Cause and the Optionee shall not have cured such circumstances, to the
extent such circumstances are reasonably susceptible to cure as determined by the Board of Directors in good faith, within 30 days
following the Company’s delivery of such notice.


 


(b)       “Competitor”
shall mean any individual, corporation, partnership or other entity that engages in (or that owns a significant interest in any
corporation, partnership or other entity that engages in) any business conducted by the Company or any of its Affiliates.


 


(c)       
“Confidential Information” shall mean all information regarding the Company or any of its Affiliates, any Company
activity or the activity of any of its Affiliates, Company business or the business of any of its Affiliates, or Company customers
or the customers of any of its Affiliates that is not generally known to persons not employed or retained (as employees or as independent
contractors or agents) by the Company or any of its Affiliates, that is not generally disclosed by Company practice or authority
to persons not employed by the Company or any of its Affiliates that does not rise to the level of a Trade Secret and that is the
subject of reasonable efforts to keep it confidential, and shall include, to the extent such information is not a Trade Secret
and to the extent material, but not be limited to product code, product concepts, production techniques, technical information
regarding the Company’s or any of its Affiliates’ products or services, production processes and product/service development,
operations techniques, product/service formulas, information concerning Company or any of its Affiliates’ techniques for
use and integration of its website and other products/services, current and future development and expansion or contraction plans
of the Company or any of its Affiliates, sale/acquisition plans and contacts, marketing plans and contacts, information concerning
the legal affairs of the Company or any of its Affiliates and certain information concerning the strategy, tactics and financial
affairs of the Company or any of its Affiliates; provided that Confidential Information shall not include information that has
become generally available to the public, other than through a breach by such Optionee; and provided further that this definition
shall not limit any definition of “confidential information” or any equivalent term under the Uniform Trade Secrets
Act or any other state, local or federal law.


 


(d)       “Disability”
means, as a result of the Optionee’s incapacity due to physical or mental illness or injury, the Optionee (i) becomes eligible
to receive a benefit under the Company’s long-term disability plan applicable to the Optionee, or (ii) has been unable, due to
physical or mental illness or incapacity, to perform the essential duties of his or her employment with reasonable accommodation
for a continuous period of 90 days or an aggregate of 180 days within a one-year period.


 






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(e)       “Trade
Secrets” shall mean all secret, proprietary or confidential information regarding the Company (which shall mean and include
all of the Company’s subsidiaries and all Affiliates and joint ventures connected by ownership to the Company at any time)
or any Company activity that fits within the definition of “trade secrets” under the Uniform Trade Secrets Act or other
applicable law, and shall include, but not be limited to, all source codes and object codes for the Company’s software and
all website design information to the extent that such information fits within the Uniform Trade Secrets Act; provided that Trade
Secrets shall not include information that has become generally available to the public, other than through a breach by such Optionee;
and provided further that this definition shall not limit any definition of “trade secrets” or any equivalent term
under the Uniform Trade Secrets Act or any other state, local or federal law.


 


IN WITNESS WHEREOF, the Company has caused
this Agreement to be duly executed by its duly authorized officer and said Optionee has hereunto signed this Agreement on the Optionee’s
own behalf, thereby representing that the Optionee has carefully read and understands this Agreement and the Plan as of the day
and year first written above.


 





	 	OVERSEAS SHIPHOLDING GROUP, INC.
		 
	 	 
	 	 
	 	By: Samuel H. Norton
	 	Title: President and CEO
	 	 
	 	 
	 	Acknowledged and Accepted:
	 	 
	 	 
	 	 
	 	Executive Officer Name







 






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EXHIBIT A


 


OVERSEAS SHIPHOLDING GROUP, INC.


MANAGEMENT INCENTIVE COMPENSATION PLAN


EXERCISE NOTICE


 


Overseas Shipholding Group, Inc.


Attention: Head of Human Resources


 


1.       Exercise
of Option. Effective as of today, ________________, _____, the undersigned (“Purchaser”) hereby elects to
purchase ______________ shares of Common Stock (the “Shares”) under and pursuant to the stock option granted
to Purchaser (the “Option”) pursuant to the Overseas Shipholding Group, Inc. Management Incentive Compensation
Plan (the “Plan”) and the Stock Option Grant Agreement dated ______________ (the “Agreement”).
The purchase price for the Shares shall be $______ per Share, as required by the Agreement.


 


2.       Delivery
of Payment. Purchaser herewith delivers to Overseas Shipholding Group, Inc. (the “Company”) the full purchase
price for the Shares in cash or through net physical settlement or other method of cashless exercise designated by the Committee.


 


3.       Representations
of Purchaser. Purchaser acknowledges that Purchaser has received, read and understood the Plan and the Agreement and agrees
to abide by and be bound by their terms and conditions.


 


4.       Rights
as Shareholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or its transfer agents
or registrars) of the Shares, the Purchaser shall not have any rights as a shareholder with respect to the Shares subject to the
Option, notwithstanding the exercise of the Option. The Shares acquired upon exercise of the Option shall be issued to the Purchaser
as soon as practicable after exercise of the Option.


 


5.       Tax
Consultation. Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase
or disposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable
in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.


 


	
        Submitted by:

        PURCHASER

         

         

        

        __________________________________

        Signature

         

        __________________________________

        Print Name

         
	
        Accepted by:

        OVERSEAS SHIPHOLDING GROUP, INC.

         

         

        By: ____________________________________

         

        Title: ___________________________________

         

        Date Received: ___________________________



 


 








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