Exhibit 10.1


 


 


INTERNATIONAL SEAWAYS, INC.


MANAGEMENT INCENTIVE COMPENSATION PLAN


(Effective as of November 18, 2016)


 


1.            Purpose
of the Plan


 


This Plan is intended
to promote the interests of the Company and its shareholders by providing certain employees of the Company, who are largely responsible
for the management, growth and protection of the business of the Company, with incentives and rewards to encourage them to continue
in the service of the Company.


 


2.            Definitions


 


As used in the Plan
or in any instrument governing the terms of any Incentive Award, the following definitions apply to the terms indicated below:


 


(a)          “Affiliate”
means, with respect to a specified Person, a Person that directly, or indirectly through one or more intermediaries, controls or
is controlled by, or is under common control with, the specified Person.


 


(b)          “Award
Agreement” means a written agreement, in a form determined by the Committee from time to time, entered into by each Participant
and the Company, evidencing the grant of an Incentive Award under the Plan.


 


(c)          “Board
of Directors” means the Board of Directors of INSW.


 


(d)          “Cash
Incentive Award” means an award granted to a Participant pursuant to Section 8 of the Plan.


 


(e)          “Change
in Control” means (i) any one Person, or more than one Person acting as a group (as defined under Treasury Regulation §
1.409A-3(i)(5)(v)(B)), other than INSW or any employee benefit plan sponsored by INSW, acquires ownership of stock of INSW that,
together with stock held by such Person or group, constitutes more than 50 percent of the total fair market value or total Voting
Power of the stock of INSW; or (ii) any one Person, or more than one Person acting as a group (as defined under Treasury Regulation
§ 1.409A-3(i)(5)(v)(B)) other than INSW or any employee benefit plan sponsored by INSW acquires (or has acquired during the
12-month period ending on the date of the most recent acquisition by such Person or Persons) ownership of stock of INSW possessing
30 percent or more of the total Voting Power of the stock of INSW; or (iii) a majority of members of the Board of Directors is
replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of
the Board of Directors before the date of each appointment or election; or (iv) any one Person, or more than one Person acting
as a group (as defined in Treasury Regulation § 1.409A-3(i)(5)(v)(B)) acquires (or has acquired during the 12-month period
ending on the date of the most recent acquisition by such Person or Persons) assets from the Company that have a total gross fair
market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company immediately
before such acquisition or acquisitions. For purposes of subsection (iv), gross fair market value means the value of the assets
of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such
assets. The foregoing subsections (i) through (iv) shall be interpreted in a manner that is consistent with the Treasury Regulations
promulgated pursuant to Section 409A of the Code so that all, and only, such transactions or events that could qualify as a “change
in control event” within the meaning of Treasury Regulation §1.409A-3(i)(5)(i) will be deemed to be a Change in Control
for purposes of this Plan.


 






     


     


    

 


(f)          “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and all regulations, interpretations and administrative
guidance issued thereunder.


 


(g)          “Committee”
means the Compensation Committee of the Board of Directors or such other committee as the Board of Directors shall appoint from
time to time to administer the Plan and to otherwise exercise and perform the authority and functions assigned to the Committee
under the terms of the Plan.


 


(h)          “Common
Stock” means INSW’s common stock, no par value, or any other security into which the common stock shall be changed
pursuant to the adjustment provisions of Section 9 of the Plan.


 


(i)          “Company”
means INSW and all of its Subsidiaries, collectively.


 


(j)          
“Deferred Compensation Plan” means any plan, agreement or arrangement maintained by the Company from time to time that
provides opportunities for deferral of compensation.


 


(k)          “Effective
Date” means the date the Plan is adopted.


 


(l)          “Employment”
means the period during which an individual is classified or treated by the Company as an employee of the Company.


 


(m)        “Exchange
Act” means the Securities Exchange Act of 1934, as amended.


 


(n)         “Fair
Market Value” means, with respect to a share of Common Stock, as of the applicable date of determination or if the exchange
is not open for trading on such date, the immediately preceding day on which the exchange is open for trading, the closing price
as reported on the date of determination on the principal securities exchange on which shares of Common Stock are then listed or
admitted to trading (the “Securities Exchange”). In the event that the price of a share of Common Stock shall not be
so reported, the Fair Market Value of a share of Common Stock shall be determined by the Committee in its sole discretion taking
into account the requirements of Section 409A of the Code.


 


(o)         “Incentive
Award” means one or more Stock Incentive Awards and/or Cash Incentive Awards, collectively.


 


(p)         “INSW”
means International Seaways, Inc., a Marshall Islands corporation (and any successor thereto).


 


(q)         “Option”
means a stock option to purchase shares of Common Stock granted to a Participant pursuant to Section 6.


 


(r)         
“Other Stock-Based Award” means an award granted to a Participant pursuant to Section 7.


 


(s)         “Participant”
means an employee of the Company who is eligible to participate in the Plan and to whom one or more Incentive Awards have been
granted pursuant to the Plan and have not been fully settled or cancelled and, following the death of any such Person, his successors,
heirs, executors and administrators, as the case may be.


 


(t)         
“Person” means a “person” as such term is used in Section 13(d) and 14(d) of the Exchange Act, including
any “group” within the meaning of Section 13(d)(3) under the Exchange Act.


 


(u)         “Plan”
means the International Seaways, Inc. Management Incentive Compensation Plan, as it may be amended from time to time.


 


(v)         “Securities
Act” means the Securities Act of 1933, as amended.


 


(w)       
“Stock Incentive Award” means an Option or Other Stock-Based Award granted pursuant to the terms of the Plan.


 






     


     


    

 


(x)         “Subsidiary”
means any “subsidiary” within the meaning of Rule 405 under the Securities Act.


 


(y)        
“Voting Power” means the number of votes available to be cast (determined by reference to the maximum number of votes
entitled to be cast by the holders of Voting Securities upon any matter submitted to shareholders where the holders of all Voting
Securities vote together as a single class) by the holders of Voting Securities.


 


(z)          “Voting
Securities” means any securities or other ownership interests of an entity entitled, or which may be entitled, to vote on
the election of directors, or securities or other ownership interests which are convertible into, or exercisable in exchange for,
such Voting Securities, whether or not subject to the passage of time or any contingency.


  


3.            Stock
Subject to the Plan and Limitations on Cash Incentive Awards


 


(a)          Stock
Subject to the Plan


 


The maximum number
of shares of Common Stock that may be covered by Incentive Awards granted under the Plan shall not exceed 2,000,000 shares of Common
Stock in the aggregate. Out of such aggregate, the maximum number of shares of Common Stock that may be covered by Options that
are designated as “incentive stock options” within the meaning of Section 422 of the Code shall not exceed 200,000
shares of Common Stock. The maximum number of shares referred to in the preceding sentences of this Section 3(a) shall in each
case be subject to adjustment as provided in Section 9 and the following provisions of this Section 3. Of the shares described,
100% may be delivered in connection with “full-value Awards,” meaning Incentive Awards other than Options or stock
appreciation rights; provided, however, that any shares granted under Options or stock appreciation rights shall be counted against
the share limit on a one-for-one basis and any shares granted as full-value Incentive Awards shall be counted against the share
limit as two (2) shares for every one (1) share subject to such Incentive Award. Shares of Common Stock issued under the Plan may
be either authorized and unissued shares, treasury shares, shares purchased by the Company in the open market, or any combination
of the preceding categories as the Committee determines in its sole discretion.


 


For purposes of the
preceding paragraph, shares of Common Stock covered by Incentive Awards shall only be counted as used to the extent they are actually
issued and delivered to a Participant (or such Participant’s permitted transferees as described in the Plan) pursuant to
the Plan; provided, however, that if an Incentive Award is settled for cash or if shares of Common Stock are withheld to pay the
exercise price of an Option or to satisfy any tax withholding requirement in connection with an Incentive Award, both the shares
issued (if any), and the shares withheld, will be deemed delivered for purposes of determining the number of shares of Common Stock
that are available for delivery under the Plan. In addition, if shares of Common Stock are issued subject to conditions which may
result in the forfeiture, cancellation or return of such shares to the Company, any portion of the shares forfeited, cancelled
or returned shall be treated as not issued pursuant to the Plan. In addition, if shares of Common Stock owned by a Participant
(or such Participant’s permitted transferees as described in the Plan) are tendered (either actually or through attestation)
to the Company in payment of any obligation in connection with an Incentive Award, the number of shares tendered shall be added
to the number of shares of Common Stock that are available for delivery under the Plan. Shares of Common Stock covered by Incentive
Awards granted pursuant to the Plan in connection with the assumption, replacement, conversion or adjustment of outstanding equity-based
awards in the context of a corporate acquisition or merger (within the meaning of Section 303A.08 of the New York Stock Exchange
Listed Company Manual) shall not count as used under the Plan for purposes of this Section 3.


 


(b)          Individual
Award Limits


 


Subject to adjustment
as provided in Section 9, the maximum number of shares of Common Stock that may be covered by an Incentive Award granted under
the Plan shall not exceed 2,000,000 shares. For this purpose, the number of shares “covered by” an Incentive Award
shall be the maximum number of shares that may be required to be delivered in settlement of that Incentive Award. The amount payable
to any employee with respect to any calendar year for all Cash Incentive Awards shall not exceed $7,500,000. For purposes of the
preceding sentences, the phrase “amount payable with respect to any calendar year” means the amount of cash, or value
of other property, required to be paid based on the achievement of applicable performance measures during the applicable performance
period that ends in such calendar year, disregarding any deferral pursuant to the terms of a Deferred Compensation Plan.


 






     


     


    

 


4.            Administration
of the Plan


 


The Plan shall be administered
by a Committee of the Board of Directors consisting of two or more Persons, each of whom qualifies as a “non-employee director”
(within the meaning of Rule 16b-3 promulgated under Section 16 of the Exchange Act), and as “independent” as required
by NYSE or any security exchange on which the Common Stock is listed, in each case if and to the extent required by applicable
law or necessary to meet the requirements of such Rule, Section or listing requirement at the time of determination. From time
to time, the Board may increase or decrease the size of the Committee, add additional members to, remove members (with or without
cause) from, appoint new members in substitution therefor, and fill vacancies, however caused, in the Committee. The Committee
shall, consistent with the terms of the Plan, from time to time designate those individuals who shall be granted Incentive Awards
under the Plan and the amount, type and other terms and conditions of such Incentive Awards. All of the powers and responsibilities
of the Committee under the Plan may be delegated by the Committee, in writing, to any subcommittee thereof, in which case the acts
of such subcommittee shall be deemed to be acts of the Committee hereunder. The Committee may also from time to time authorize
a subcommittee consisting of one or more members of the Board of Directors (including members who are employees of the Company)
or employees of the Company to grant Incentive Awards to Persons who are not “executive officers” of the Company (within
the meaning of Rule 16a-1 under the Exchange Act), subject to such restrictions and limitations as the Committee may specify and
to the requirements of applicable law.


 


The Committee shall
have full discretionary authority to administer the Plan, including discretionary authority to interpret and construe any and all
provisions of the Plan and any Award Agreement thereunder, and to adopt, amend and rescind from time to time such rules and regulations
for the administration of the Plan, including rules and regulations related to sub-plans established for the purpose of satisfying
applicable foreign laws and/or qualifying for preferred tax treatment under applicable foreign tax laws, as the Committee may deem
necessary or appropriate. Decisions of the Committee shall be final, binding and conclusive on all parties. For the avoidance of
doubt, the Committee may exercise all discretion granted to it under the Plan in a non-uniform manner among Participants.


 


The Committee may delegate
the administration of the Plan to one or more officers or employees of the Company, and such administrator(s) may have the authority
to execute and distribute Award Agreements, to maintain records relating to Incentive Awards, to process or oversee the issuance
of Common Stock under Incentive Awards, to interpret and administer the terms of Incentive Awards, and to take such other actions
as may be necessary or appropriate for the administration of the Plan and of Incentive Awards under the Plan, provided that in
no case shall any such administrator be authorized (i) to grant Incentive Awards under the Plan (except in connection with
any delegation made by the Committee pursuant to the first paragraph of this Section 4), (ii)  to take any action inconsistent
with Section 409A of the Code or (iii) to take any action inconsistent with applicable law. Any action by any such administrator
within the scope of its delegation shall be deemed for all purposes to have been taken by the Committee and, except as otherwise
specifically provided, references in this Plan to the Committee shall include any such administrator. The Committee and, to the
extent it so provides, any subcommittee, shall have sole authority to determine whether to review any actions and/or interpretations
of any such administrator, and if the Committee shall decide to conduct such a review, any such actions and/or interpretations
of any such administrator shall be subject to approval, disapproval, or modification by the Committee.


 


On or after the date
of grant of an Incentive Award under the Plan, the Committee may (i) accelerate the date on which any such Incentive Award becomes
vested, exercisable or transferable, as the case may be, (ii) extend the term of any such Incentive Award, including, without limitation,
extending the period following a termination of a Participant’s Employment during which any such Incentive Award may remain
outstanding, (iii) waive any conditions to the vesting, exercisability or transferability, as the case may be, of any such Incentive
Award or (iv) provide for the payment of dividends or dividend equivalents with respect to any such Incentive Award; provided,
that the Committee shall not have any such authority to the extent that the grant of such authority would cause any tax to become
due under Section 409A of the Code. Notwithstanding anything herein to the contrary, the Company shall not reprice any stock option
(within the meaning of Section 303A.08 of the New York Stock Exchange Listed Company Manual and any other formal or informal guidance
issued by the New York Stock Exchange) without the approval of the shareholders of INSW.


 






     


     


    

 


The Company shall pay
any amount payable with respect to an Incentive Award in accordance with the terms of such Incentive Award, provided that the Committee
may, in its discretion, defer, or give a Participant the election to defer, the payment of amounts payable with respect to an Incentive
Award subject to and in accordance with the terms of a Deferred Compensation Plan.


 


No member of the Committee
shall be liable for any action, omission, or determination relating to the Plan, and INSW shall indemnify and hold harmless each
member of the Committee and each other director or employee of the Company to whom any duty or power relating to the administration
or interpretation of the Plan has been delegated, against any cost or expense (including counsel fees) or liability (including
any sum paid in settlement of a claim with the approval of the Committee) arising out of any action, omission or determination
relating to the Plan, unless, in either case, such action, omission or determination was taken or made by such member, director
or employee in bad faith and without reasonable belief that it was in the best interests of the Company.


 


5.           Eligibility


 


The Persons who shall
be eligible to receive Incentive Awards pursuant to the Plan shall be those employees of the Company whom the Committee shall select
from time to time, including officers of INSW, whether or not they are directors. Each Incentive Award granted under the Plan shall
be evidenced by an Award Agreement.


 


6.           Options


 


The Committee may from
time to time grant Options on such terms as it shall determine, subject to the terms and conditions set forth in the Plan. The
Award Agreement shall clearly identify such Option as either an “incentive stock option” within the meaning of Section
422 of the Code or as not an incentive stock option.


 


(a)          Exercise
Price


 


The exercise price
per share of Common Stock covered by any Option shall be not less than 100% of the Fair Market Value of a share of Common Stock
on the date on which such Option is granted.


 


(b)          Term
and Exercise of Options


 


(1)         Each
Option shall become vested and exercisable on such date or dates, during such period and for such number of shares of Common Stock
as shall be determined by the Committee on or after the date such Option is granted; provided, however that no Option
shall be exercisable after the expiration of ten years from the date such Option is granted; and, provided, further,
that each Option shall be subject to earlier termination, expiration or cancellation as provided in the Plan or the Award Agreement.


 


(2)         Each
Option shall be exercisable in whole or in part; provided, however that no partial exercise of an Option shall be
for an aggregate exercise price of less than $1,000. The partial exercise of an Option shall not cause the expiration, termination
or cancellation of the remaining portion thereof.


 


(3)         An
Option shall be exercised by such methods and procedures as the Committee determines from time to time, including without limitation
through net physical settlement or other method of cashless exercise.


 






     


     


    

 


(c)          Special
Rules for Incentive Stock Options


 


(1)         The
aggregate Fair Market Value of shares of Common Stock with respect to which “incentive stock options” (within the meaning
of Section 422 of the Code) are exercisable for the first time by a Participant during any calendar year under the Plan and any
other stock option plan of INSW or any of its “subsidiaries” (within the meaning of Section 424 of the Code) shall
not exceed $100,000. Such Fair Market Value shall be determined as of the date on which each such incentive stock option is granted.
In the event that the aggregate Fair Market Value of shares of Common Stock with respect to such incentive stock options exceeds
$100,000, then incentive stock options granted hereunder to such Participant shall, to the extent and in the order required by
regulations promulgated under the Code (or any other authority having the force of regulations), automatically be deemed to be
non-qualified stock options, but all other terms and provisions of such incentive stock options shall remain unchanged. In the
absence of such regulations (and authority), or in the event such regulations (or authority) require or permit a designation of
the Options which shall cease to constitute incentive stock options, incentive stock options granted hereunder shall, to the extent
of such excess and in the order in which they were granted, automatically be deemed to be non-qualified stock options, but all
other terms and provisions of such incentive stock options shall remain unchanged.


 


(2)        Incentive
stock options may only be granted to individuals who are employees of the Company. No incentive stock option may be granted to
an individual if, at the time of the proposed grant, such individual owns stock possessing more than ten percent of the total combined
“voting power” (within the meaning of Section 422 of the Code) of all classes of stock of INSW or any of its “subsidiaries”
(within the meaning of Section 424 of the Code), unless (i) the exercise price of such incentive stock option is at least 110%
of the Fair Market Value of a share of Common Stock at the time such incentive stock option is granted and (ii) such incentive
stock option is not exercisable after the expiration of five years from the date such incentive stock option is granted.


 


7.           Other
Stock-Based Awards


 


The Committee may from
time to time grant equity-based or equity-related awards not otherwise described herein in such amounts and on such terms as it
shall determine, subject to the terms and conditions set forth in the Plan. Without limiting the generality of the preceding sentence,
each such Other Stock-Based Award may (i) involve the transfer of actual shares of Common Stock to Participants, either at the
time of grant or thereafter, or payment in cash or otherwise of amounts based on the value of shares of Common Stock, (ii) be subject
to performance-based and/or service-based conditions, (iii) be in the form of stock appreciation rights, phantom stock, restricted
stock, restricted stock units, performance shares, deferred share units or share-denominated performance units, and (iv) be designed
to comply with applicable laws of jurisdictions other than the United States ; provided, that each Other Stock-Based Award
shall be denominated in, or shall have a value determined by reference to, a number of shares of Common Stock that is specified
at the time of the grant of such Incentive Award.


 


8.           Cash
Incentive Awards


 


The Committee may from
time to time grant Cash Incentive Awards on such terms as it shall determine, subject to the terms and conditions set forth in
the Plan. Cash Incentive Awards may be settled in cash or in other property, including shares of Common Stock, provided that the
term “Cash Incentive Award” shall exclude any Option or Other Stock-Based Award.


 


9.           Adjustment
Upon Certain Changes


 


Subject to any action by the shareholders
of INSW required by law, applicable tax rules or the rules of any exchange on which shares of common stock of INSW are listed for
trading:


 


(a)          
Shares Available for Grants


 


In the event of any
change in the number of shares of Common Stock outstanding by reason of any stock dividend or split, recapitalization, merger,
consolidation, combination or exchange of shares or similar corporate change, the maximum aggregate number of shares of Common
Stock with respect to which the Committee may grant Incentive Awards and the maximum aggregate number of shares of Common Stock
with respect to which the Committee may grant Incentive Awards to any individual Participant in any year shall be appropriately
adjusted or substituted by the Committee. In the event of any change in the number of shares of Common Stock of INSW outstanding
by reason of any other event or transaction, the Committee shall, to the extent deemed appropriate by the Committee, make such
adjustments to the type or number of shares of Common Stock with respect to which Incentive Awards may be granted.


 






     


     


    

 


(b)          Increase
or Decrease in Issued Shares Without Consideration


 


In the event of any
increase or decrease in the number of issued shares of Common Stock resulting from a subdivision or consolidation of shares of
Common Stock or the payment of a stock dividend (but only on the shares of Common Stock), or any other increase or decrease in
the number of such shares effected without receipt or payment of consideration by the Company, the Committee shall, to the extent
deemed appropriate by the Committee, adjust the type or number of shares of Common Stock subject to each outstanding Incentive
Award and the exercise price per share of Common Stock of each such Incentive Award.


 


(c)          Certain
Mergers and Other Transactions


 


In the event of any
merger, consolidation or similar transaction as a result of which the holders of shares of Common Stock receive consideration consisting
exclusively of securities of the surviving corporation in such transaction, the Committee shall, to the extent deemed appropriate
by the Committee, adjust each Incentive Award outstanding on the date of such merger or consolidation so that it pertains and applies
to the securities which a holder of the number of shares of Common Stock subject to such Incentive Award would have received in
such merger or consolidation.


 


In the event of (i)
a dissolution or liquidation of INSW, (ii) a sale of all or substantially all of the Company’s assets (on a consolidated
basis), (iii) a merger, consolidation or similar transaction involving INSW in which the holders of shares of Common Stock receive
securities and/or other property, including cash, other than shares of the surviving corporation in such transaction, the Committee
shall, to the extent deemed appropriate by the Committee, have the power to:


 


(i) cancel,
effective immediately prior to the occurrence of such event, each Incentive Award (whether or not then exercisable or vested),
and, in full consideration of such cancellation, pay to the Participant to whom such Incentive Award was granted an amount in cash,
for each share of Common Stock subject to such Incentive Award, equal to the value, as determined by the Committee, of such Incentive
Award, provided that with respect to any outstanding Option such value shall be equal to the excess of (A) the value, as determined
by the Committee, of the property (including cash) received by the holder of a share of Common Stock as a result of such event
over (B) the exercise price of such Option; or


 


(ii) provide
for the exchange of each Incentive Award (whether or not then exercisable or vested) for an Incentive Award with respect to (A)
some or all of the property which a holder of the number of shares of Common Stock subject to such Incentive Award would have received
in such transaction or (B) securities of the acquiror or surviving entity and, incident thereto, make an equitable adjustment as
determined by the Committee in the exercise price of the Incentive Award, or the number of shares or amount of property subject
to the Incentive Award or provide for a payment (in cash or other property) to the Participant to whom such Incentive Award was
granted in partial consideration for the exchange of the Incentive Award.


 


(e)          Other
Changes


 


In the event of any
change in the capitalization of INSW or corporate change other than those specifically referred to in Sections 9(b), (c) or (d),
the Committee shall, to the extent deemed appropriate by the Committee, make such adjustments in the number and class of shares
subject to Incentive Awards outstanding on the date on which such change occurs and in such other terms of such Incentive Awards
as the Committee may consider appropriate.


  




     


     


    

 


(f)          Cash
Incentive Awards


 


In the event of any
transaction or event described in this Section 9, including without limitation any corporate change referred to in paragraph (e)
hereof, the Committee shall, to the extent deemed appropriate by the Committee, make such adjustments in the terms and conditions
of any Cash Incentive Award.


  


(g)          No
Other Rights


 


Except as expressly
provided in the Plan or any Award Agreement, no Participant shall have any rights by reason of any subdivision or consolidation
of shares of stock of any class, the payment of any dividends or dividend equivalents, any increase or decrease in the number of
shares of stock of any class or any dissolution, liquidation, merger or consolidation of INSW or any other corporation. Except
as expressly provided in the Plan, no issuance by INSW of shares of stock of any class, or securities convertible into shares of
stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares or amount
of other property subject to, or the terms related to, any Incentive Award.


 


(h)          Savings
Clause


 


No provision of this
Section 9 shall be given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code.


 


No provision of this
Section 9 shall be given effect to the extent such provision would result in short-swing profits liability under Section 16 of
the Exchange Act or violate the exemptive conditions of Rule 16b-3 of the Exchange Act.


 


10.          Change
in Control; Termination of Employment


 


(a)          Change
in Control


 


The consequences of
a Change in Control, if any, will be set forth in the Award Agreement in addition to what is provided in this Section 10.


 


(b)          Termination
of Employment 


 


(1)         Except
as to any awards constituting stock rights subject to Section 409A of the Code, termination of Employment shall mean a separation
from service within the meaning of Section 409A of the Code, unless the Participant is retained as a consultant pursuant to a written
agreement and such agreement provides otherwise. The Employment of a Participant with the Company shall be deemed to have terminated
for all purposes of the Plan if such Person is employed by or provides services to a Person that is a Subsidiary of the Company
and such Person ceases to be a Subsidiary of the Company, unless the Committee determines otherwise. A Participant who ceases to
be an employee of the Company but continues, or simultaneously commences, services as a director of the Company shall be deemed
to have had a termination of Employment for purposes of the Plan. Without limiting the generality of the foregoing, the Committee
shall determine whether an authorized leave of absence, or absence in military or government service, shall constitute termination
of Employment, provided that a Participant who is an employee will not be deemed to cease employment in the case of any leave of
absence approved by the Company. Furthermore, no payment shall be made with respect to any Incentive Awards under the Plan that
are subject to Section 409A of the Code as a result of any such authorized leave of absence or absence in military or government
service unless such authorized leave or absence constitutes a separation from service for purposes of Section 409A of the Code.


 


(2)         The
Award Agreement shall specify the consequences with respect to such Option of the termination of Employment of the Participant
holding the Option.


 




     


     


    

 


11.          Rights
Under the Plan


 


No Person shall have
any rights as a shareholder with respect to any shares of Common Stock covered by or relating to any Incentive Award until the
date of the issuance of such shares on the books and records of INSW. Except as otherwise expressly provided in Section 9 hereof,
no adjustment of any Incentive Award shall be made for dividends or other rights for which the record date occurs prior to the
date of such issuance. Nothing in this Section 11 is intended, or should be construed, to limit authority of the Committee to cause
the Company to make payments based on the dividends that would be payable with respect to any share of Common Stock if it were
issued or outstanding, or from granting rights related to such dividends.


 


The Company shall not
have any obligation to establish any separate fund or trust or other segregation of assets to provide for payments under the Plan.
To the extent any Person acquires any rights to receive payments hereunder from the Company, such rights shall be no greater than
those of an unsecured creditor.


 


12.          No
Special Employment Rights; No Right to Incentive Award


 


(a)          Nothing
contained in the Plan or any Award Agreement shall confer upon any Participant any right with respect to the continuation of his
or her Employment by the Company or interfere in any way with the right of the Company at any time to terminate such Employment
or to increase or decrease the compensation of the Participant from the rate in existence at the time of the grant of an Incentive
Award.


 


(b)         No
Person shall have any claim or right to receive an Incentive Award hereunder. The Committee’s granting of an Incentive Award
to a Participant at any time shall neither require the Committee to grant an Incentive Award to such Participant or any other Participant
or other Person at any time nor preclude the Committee from making subsequent grants to such Participant or any other Participant
or other Person.


 


13.          Securities
Matters


 


(a)          INSW
shall be under no obligation to effect the registration pursuant to the Securities Act of any shares of Common Stock to be issued
hereunder or to effect similar compliance under any state or local laws. Notwithstanding anything herein to the contrary, INSW
shall not be obligated to cause to be issued shares of Common Stock pursuant to the Plan unless and until INSW is advised by its
counsel that the issuance is in compliance with all applicable laws, regulations of governmental authority and the requirements
of any securities exchange on which shares of Common Stock are traded. The Committee may require, as a condition to the issuance
of shares of Common Stock pursuant to the terms hereof, that the recipient of such shares make such covenants, agreements and representations,
and that any related certificates representing such shares bear such legends, as the Committee, in its sole discretion, deems necessary
or desirable.


 


(b)          The
exercise or settlement of any Incentive Award (including, without limitation, any Option) granted hereunder shall only be effective
at such time as counsel to INSW shall have determined that the issuance and delivery of shares of Common Stock pursuant to such
exercise is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities
exchange on which shares of Common Stock are traded. INSW may, in its sole discretion, defer the effectiveness of any exercise
or settlement of an Incentive Award granted hereunder in order to allow the issuance of shares pursuant thereto to be made pursuant
to registration or an exemption from registration or other methods for compliance available under federal or state or local securities
laws. INSW shall inform the Participant in writing of its decision to defer the effectiveness of the exercise or settlement of
an Incentive Award granted hereunder. During the period that the effectiveness of the exercise of an Incentive Award has been deferred,
the Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto.


  


14.          Withholding
Taxes


 


(a)          Cash
Remittance


 


Whenever withholding
tax obligations are incurred in connection with any Incentive Award, INSW shall have the right to require the Participant to remit
to INSW in cash an amount sufficient to satisfy federal, state and local withholding tax requirements, if any, attributable to
such event. In addition, upon the exercise or settlement of any Incentive Award in cash, or the making of any other payment with
respect to any Incentive Award (other than in shares of Common Stock), INSW shall have the right to withhold from any payment required
to be made pursuant thereto an amount sufficient to satisfy the federal, state and local withholding tax requirements, if any,
attributable to such exercise, settlement or payment.


 






     


     


    

  


(b)          Stock
Remittance


 


At the election of
the Participant, subject to the approval of the Committee, whenever withholding tax obligations are incurred in connection with
any Incentive Award, the Participant may tender to INSW a number of shares of Common Stock that have been owned by the Participant
for at least six months (or such other period as the Committee may determine) having a Fair Market Value at the tender date determined
by the Committee to be sufficient to satisfy the minimum federal, state and local withholding tax requirements, if any, attributable
to such event. Such election shall satisfy the Participant’s obligations under Section 14(a) hereof, if any.


 


(c)          Stock
Withholding


 


At the election of
the Participant, subject to the approval of the Committee, whenever withholding tax obligations are incurred in connection with
any Incentive Award, INSW shall withhold a number of such shares having a Fair Market Value determined by the Committee to be sufficient
to satisfy the minimum federal, state and local withholding tax requirements, if any, attributable to such event. Such election
shall satisfy the Participant’s obligations under Section 14(a) hereof, if any.


 


15.          Amendment
or Termination of the Plan


 


The Board of Directors
may at any time suspend or discontinue the Plan or revise or amend it in any respect whatsoever; provided, however,
that to the extent that any applicable law, tax requirement, or rule of a stock exchange requires shareholder approval in order
for any such revision or amendment to be effective, such revision or amendment shall not be effective without such approval. The
preceding sentence shall not restrict the Committee’s ability to exercise its discretionary authority hereunder pursuant
to Section 4 hereof, which discretion may be exercised without amendment to the Plan. No provision of this Section 15 shall be
given effect to the extent that such provision would cause any tax to become due under Section 409A of the Code. Except as expressly
provided in the Plan, no action hereunder may, without the consent of a Participant, adversely affect the Participant’s rights
under any previously granted and outstanding Incentive Award. Nothing in the Plan shall limit the right of the Company to pay compensation
of any kind outside the terms of the Plan.


 


16.          Recoupment


 


Notwithstanding anything
in the Plan or in any Award Agreement to the contrary, the Company will be entitled to the extent permitted or required by applicable
law (including, without limitation, the Dodd-Frank Wall Street Reform and Consumer Protection Act), Company policy and/or the requirements
of an exchange on which the Company’s shares are listed for trading, in each case, as in effect from time to time to recoup
compensation of whatever kind paid by the Company at any time to a Participant under this Plan.


 


17.          No
Obligation to Exercise


 


The grant to a Participant
of an Incentive Award shall impose no obligation upon such Participant to exercise such Incentive Award.


 


18.         Transfers


 


Incentive Awards may
not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent
or distribution and may be exercised, during the lifetime of a Participant, only by the Participant; provided, however
that the Committee may permit Options that are not incentive stock options to be sold, pledged, assigned, hypothecated, transferred,
or disposed of, on a general or specific basis, subject to such conditions and limitations as the Committee may determine. Upon
the death of a Participant, outstanding Incentive Awards granted to such Participant may be exercised only by the executors or
administrators of the Participant’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. No transfer by will or the laws of descent and distribution of any Incentive Award,
or the right to exercise any Incentive Award, shall be effective to bind INSW unless the Committee shall have been furnished with
(a) written notice thereof and with a copy of the will and/or such evidence as the Committee may deem necessary to establish the
validity of the transfer and (b) an agreement by the transferee to comply with all the terms and conditions of the Incentive Award
that are or would have been applicable to the Participant and to be bound by the acknowledgements made by the Participant in connection
with the grant of the Incentive Award.


 






     


     


    

 


19.          Expenses
and Receipts


 


The expenses of the
Plan shall be paid by INSW. Any proceeds received by INSW in connection with any Incentive Award will be used for general corporate
purposes.


 


20.          Failure
to Comply


 


In addition to the
remedies of the Company elsewhere provided for herein, failure by a Participant to comply with any of the terms and conditions
of the Plan or any Award Agreement, unless such failure is remedied by such Participant within ten days after having been notified
of such failure by the Committee, shall be grounds for the cancellation and forfeiture of such Incentive Award, in whole or in
part, as the Committee, in its absolute discretion, may determine.


 


21.          Relationship
to Other Benefits


 


No payment with respect
to any Incentive Awards under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit
sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan.


 


22.          Governing
Law


 


The Plan and the rights
of all Persons under the Plan shall be construed and administered in accordance with the laws of the State of New York without
regard to its conflict of law principles.


 


23.          Severability


 


If all or any part
of this Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall
not serve to invalidate any portion of this Plan not declared to be unlawful or invalid. Any Section or part of a Section so declared
to be unlawful or invalid shall, if possible, be construed in a manner that will give effect to the terms of such Section or part
of a Section to the fullest extent possible while remaining lawful and valid.


 


24.          Effective
Date and Term of Plan


 


The Effective Date
of the Plan is November 18, 2016. No grants of Incentive Awards may be made under the Plan after November 7, 2026, the tenth anniversary
of the date upon which the Plan was approved.