Document:

Exhibit 10.1 

 

Execution Version

 

VOTING AND SUPPORT AGREEMENT

 

This VOTING AND SUPPORT AGREEMENT,
dated as of March 30, 2021 (this “Agreement”), is made and entered into by and among International Seaways, Inc.,
a corporation duly organized and existing under the laws of the Republic of the Marshall Islands (“INSW”) (together
with its successors and permitted assigns, “INSW”) and each of the parties listed on Schedule A hereto
(each, a “Securityholder” and, collectively, the “Securityholders”).

 

RECITALS

 

WHEREAS,
concurrently with the execution and delivery of this Agreement, INSW is entering into that certain Agreement and Plan of Merger (the
 “Merger Agreement”), by and among Diamond S Shipping Inc., a corporation duly organized and existing under the laws
of the Republic of the Marshall Islands (together with its successors and permitted assigns, “DSSI”), INSW and
Dispatch Transaction Sub, Inc., a corporation duly organized and existing under the laws of the Republic of the Marshall Islands
and a wholly owned subsidiary of INSW (“Merger Sub”), pursuant to which, among other things, at the closing of the
transactions contemplated thereby and upon the terms and subject to the conditions set forth therein, Merger Sub will be merged with and
into DSSI, with the result that DSSI will survive as a wholly owned subsidiary of INSW (the “Merger”);

 

WHEREAS, concurrently with
the execution and delivery of this Agreement, DSSI, Capital Maritime & Trading Corp., a Marshall Islands corporation (“Capital”)
and certain Affiliates of Capital are entering into a Termination of Director Designation Agreement and Resale and Registration Rights
Agreement (the “DDA Termination Agreement”), pursuant to which Capital and its Affiliates agree to terminate that certain
(i) Director Designation Agreement, dated as of March 27, 2019 (the “DDA”), by and among DSSI and certain
Affiliates of Capital in accordance with Section 1 of the DDA Termination Agreement and (ii) Resale and Registration Rights
Agreement, dated as of March 27, 2019, by and among DSSI and certain Affiliates of Capital in accordance with Section 2 of the
DDA Termination Agreement (the “DDA Termination”), in each case as of the Closing;

 

WHEREAS, concurrently with
the execution and delivery of this Agreement, DSSI, Capital and certain Affiliates of Capital, are entering into a Termination Agreement
(the “Commercial Termination Agreement”, together with the DDA Termination Agreement, the “Termination Agreements”),
pursuant to which Capital and its Affiliates agree to terminate that certain (i) Commercial Management Agreement, dated as of March 27,
2019, by and among DSSI and certain Affiliates of Capital, (ii) Management and Services Agreement, dated as of March 27, 2019,
by and among DSSI and certain Affiliates of Capital and (iii) Technical Management Agreement, dated as of March 27, 2019, by
and among DSSI and certain Affiliates of Capital (collectively, the “Commercial Terminations”, together with the DDA
Termination, the “Terminations”);

 

WHEREAS, each Securityholder
is the beneficial or record owner of, and has either sole or shared voting power and dispositive power over, such number of DSSI Shares
(the “Existing Shares”) as is indicated opposite such Securityholder’s name on Schedule A attached
hereto;

 

WHEREAS, INSW and Merger
Sub desire that the Securityholders agree, and each Securityholder is willing to agree, subject to the limitations herein, not to Transfer
(as defined below) any of its Subject Securities (as defined below) in a manner prohibited by this Agreement, and to vote all of the Subject
Securities with respect to which the Securityholder has voting rights in a manner so as to facilitate consummation of the Merger; and

 

     

     

    

 

WHEREAS, as a condition and
an inducement to INSW’s and Merger Sub’s willingness to enter into the Merger Agreement, each Securityholder has agreed to
enter into this Agreement with respect to all Subject Securities that such Securityholder owns beneficially or of record as of the date
hereof, and any additional Subject Securities that such Securityholder may acquire beneficial or record ownership of after the date hereof.

 

NOW, THEREFORE, in consideration
of the foregoing and the respective representations, warranties, covenants and agreements set forth below and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby
agree as follows:

 

1.             Definitions.
Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement.
When used in this Agreement, the following terms shall have the meanings assigned to them in this Section 1 or as otherwise
defined elsewhere in this Agreement.

 

“beneficial
owner” shall be interpreted in accordance with the term “beneficial owner” as defined in Rule 13d-3 adopted
by the SEC under the Exchange Act, and a Person’s beneficial ownership of securities shall be calculated in accordance with the
provisions of such Rule (in each case, irrespective of whether or not such Rule is actually applicable in such circumstance);
provided that, notwithstanding the generality of the foregoing, for purposes of determining beneficial ownership, a Person shall
be deemed to be the beneficial owner of any securities which such Person has, at any time during the term of this Agreement, the right
to acquire pursuant to any agreement, arrangement or understanding or upon the exercise of conversion rights, exchange rights, redemption
rights, warrants or options, or otherwise (irrespective of whether the right to acquire such securities is exercisable immediately or
only after the passage of time (including the passage of time in excess of sixty (60) days), the satisfaction of any conditions, the occurrence
of any event or any combination of the foregoing). The terms “beneficial ownership,” “beneficially own,” “beneficially
owned” and “own beneficially” shall have correlative meanings.

 

“DSSI Shares”
shall mean common shares of DSSI, $0.001 par value per share.

 

“Expiration
Time” shall mean the earliest to occur of (a) the Effective Time (as defined in the Merger Agreement), (b) such date
and time as the Merger Agreement shall be terminated pursuant to and in accordance with its terms, (c) the termination of this Agreement
by mutual written consent of the parties hereto, or (d) the extension of the Outside Date (as defined in the Merger Agreement) without
the prior written consent of the Securityholder.

 

“Permitted
Transfer” shall mean, in each case, with respect to each Securityholder, so long as (a) such Transfer is in accordance
with applicable Law and (b) such Securityholder is in compliance with this Agreement, any Transfer of Subject Securities by the Securityholder
to an Affiliate of such transferring Securityholder, so long as such Affiliate, if not already a party to this Agreement, in connection
with such Transfer, executes a joinder to this Agreement pursuant to which such Affiliate agrees to become a party to this Agreement and
be subject to the restrictions applicable to such Securityholder and otherwise become a party for all purposes of this Agreement, including
delivering the irrevocable proxy set forth in Section 5 hereof; provided that no such Transfer shall relieve the
transferring Securityholder from its obligations under this Agreement, other than with respect to the Subject Securities transferred in
accordance with the foregoing provision; provided further, such transferring Securityholder delivers notice of such Transfer pursuant
to Section 10, if applicable.

 

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“Subject
Securities” shall mean, collectively, with respect to each Securityholder, such Securityholder’s Existing Shares and
any New Shares.

 

“Transfer”
shall mean (i) any direct or indirect offer, sale, assignment, conveyance, exchange, encumbrance, pledge, hypothecation, disposition,
loan or other transfer (whether by merger of the applicable Securityholder, by tendering into any tender or exchange offer, by testamentary
disposition, by operation of law or otherwise), either voluntary or involuntary, (ii) entry into any Contract, option or other understanding
with respect to any offer, sale, assignment, conveyance, exchange, encumbrance, pledge, hypothecation, disposition, loan or other transfer
(whether by merger of the applicable Securityholder, by tendering into any tender or exchange offer, by testamentary disposition, by operation
of law or otherwise), of any Subject Securities (or any security convertible or exchangeable into Subject Securities) or beneficial or
record ownership or other interest in any Subject Securities, (iii) to otherwise grant, permit or suffer the creation of any Liens
on any Subject Securities (other than those created by this Agreement or under applicable securities laws) or (iv) to commit or agree,
directly or indirectly, to take any of the foregoing actions.

 

2.             Agreement
to Retain Subject Securities.

 

2.1            Transfer
and Encumbrance of Subject Securities. Until the Expiration Time, each Securityholder (severally as to itself and not jointly)
agrees (and agrees to cause each of its Affiliates to agree), with respect to any Subject Securities owned beneficially or of record by
such Securityholder, not to (a) Transfer any such Subject Securities except pursuant to a Permitted Transfer or (b) deposit
any such Subject Securities into a voting trust or enter into any agreement, arrangement or understanding with any Person to vote or give
instructions inconsistent with this Section 2, including any rights to acquire, any granting of, options, rights of first
offer or refusal, or any voting agreement or arrangement with respect to such Securityholder’s Subject Securities, grant any proxy
(except as otherwise provided herein) or power of attorney with respect thereto or commit or agree, directly or indirectly, to take any
of the foregoing actions. Such Securityholder further agrees (and agrees to cause each of its Affiliates to agree) to authorize and request
DSSI to notify DSSI’s transfer agent that there is a stop transfer order with respect to all of the Subject Securities and that
this Agreement places limits on the voting of the Subject Securities; provided, however, that any such stop transfer order
shall terminate upon the Expiration Time.

 

2.2            Acquisition
of Additional Securities. Each Securityholder (severally as to itself and not jointly) agrees that any DSSI Shares and other capital
shares of DSSI that such Securityholder purchases or otherwise acquires beneficial or record ownership of, or with respect to which such
Securityholder otherwise acquires sole or shared voting power, following the execution of this Agreement and prior to the Expiration Time
(the “New Shares”), shall constitute Subject Securities and be subject to the terms and conditions of this Agreement.

 

2.3            Unpermitted
Transfers. Any Transfer or attempted or purported Transfer of any Subject Securities in violation of Section 2.1 shall
be null and void ab initio.

 

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3.             Agreement
to Vote and Approve. Until the Expiration Time, at every meeting of the stockholders of DSSI (whether annual or special) called
with respect to any of the following matters, and at every adjournment or postponement thereof, and on every action or approval by written
consent of the stockholders of DSSI with respect to any of the following matters, each Securityholder shall (and agrees to cause each
of its Affiliates to), or shall cause (and agrees to cause each of its Affiliates to cause) the holder of record on any applicable record
date to (including via proxy), vote the Subject Securities owned beneficially or of record by such Securityholder and/or Affiliate (or
cause the holder of record on any applicable record date to vote (including via proxy) the Subject Securities owned beneficially or of
record by such Securityholder and/or Affiliate): (a) in favor of (i) the adoption of the Merger Agreement and the approval
of the transactions contemplated thereby, including the Merger, (ii) to the extent required by the vote of the stockholders of DSSI,
the Terminations and (iii) to the extent required by the vote of the stockholders of DSSI, the Termination Agreements, (b) in
favor of any proposal to adjourn or postpone such meeting of the stockholders of DSSI to a later date if there are not sufficient votes
to adopt the Merger Agreement (and to the extent required, the Termination Agreements) and/or if there are not sufficient shares present
in person or by proxy at such meeting of the stockholders of DSSI to constitute a quorum and (c) against (i) any merger agreement,
merger, tender offer, exchange offer, sale of all or substantially all assets, recapitalization, reorganization, consolidation, share
exchange, business combination, liquidation, dissolution or similar transaction or series of transactions involving DSSI, any Subsidiary
of DSSI, and any other Person or Delaware Superior Proposal (as defined in the Merger Agreement) (other than the Merger Agreement and
the Merger), (ii) any action, proposal, transaction or agreement that would reasonably be
expected to result in a breach of any covenant, representation or warranty or any other obligation or agreement of DSSI under the Merger
Agreement or Termination Agreements or of such Securityholder under this Agreement, (iii) any action, proposal, transaction
or agreement that would reasonably be expected to hinder, delay, postpone, inhibit, discourage, interfere with or adversely affect the
timely consummation of the Merger and/or the Terminations and the other transactions contemplated by the Merger Agreement and/or the
Termination Agreements, or that would reasonably be expected to result in any condition to the consummation of the Merger as set forth
in Article VII of the Merger Agreement not being satisfied, (iv) any amendment to DSSI’s articles of incorporation or
by-laws and (v) any change in a majority of the board of directors of DSSI (clauses (a) through (c), the “Required
Votes”). Any such vote shall be cast, or consent shall be given, for purposes of this Section 3, in accordance
with such procedures relating thereto as shall ensure that it is duly counted for purposes of determining that a quorum is present and
for purposes of recording in accordance herewith the results of such vote or consent. 

 

4.             Agreement
Not to Solicit. Until the Expiration Time, each Securityholder (severally as to itself and not jointly and solely in the Securityholder’s
capacity as such) shall not, and shall not authorize or permit any Representative or Affiliate to act on such Securityholder’s behalf
in order to, directly or indirectly, engage in any conduct in which DSSI is not permitted to engage by Section 5.3(a) of the
Merger Agreement; provided, however, that nothing herein shall prevent such Securityholder from acting in such Securityholder’s
capacity as an employee, officer or director of DSSI or any Subsidiary of DSSI, or taking any action in such capacity (including at the
direction of the board of directors of DSSI), but only in either such case as and to the extent permitted by Section 5.3 of the Merger
Agreement.

 

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5.             Irrevocable
Proxy. By execution of this Agreement, each Securityholder and its Affiliates (if applicable) do hereby irrevocably and unconditionally
appoint and constitute INSW or any designee thereof, until the Expiration Time (immediately after which time this proxy shall automatically
be revoked), with full power of substitution and resubstitution, as such Securityholder’s or Affiliates’ (if applicable)
true and lawful attorney-in-fact and irrevocable proxy, to the fullest extent of such Securityholder’s or Affiliates’ (if
applicable) rights with respect to the Subject Securities owned beneficially or of record by such Securityholder or its respective Affiliates
(if applicable), to vote (or consent pursuant to a written consent) and exercise all voting and related rights, sign or execute forms
of proxy and/or such other deeds or documents (including, without limitation, the power to execute and deliver written consents) with
respect to such Subject Securities owned or held by the Shareholder regarding the matters referred to in such Subject Securities as set
forth in Section 3. Each Securityholder and its Affiliates (if applicable) intend this proxy to be irrevocable and coupled
with an interest until the Expiration Time (at which time this proxy shall automatically be revoked) for all purposes and hereby represents
that any proxies heretofore given with respect to its Subject Securities, if any, are revocable and hereby revokes any proxy previously
granted by each Securityholder and its Affiliates (if applicable) with respect to its Subject Securities. This proxy is granted in consideration
of INSW entering into the Merger Agreement. Each Securityholder and its Affiliates (if applicable) hereby ratifies and confirms all actions
that the proxies appointed hereunder may lawfully do or cause to be done in accordance with this Section 5. At any meeting
of the Securityholders of DSSI (whether annual or special) to which Section 3 is applicable, each Securityholder shall (and
shall cause its Affiliates to), or shall direct (and shall cause its Affiliates to direct) the holder(s) of record of all of the
Subject Securities of such Securityholder or Affiliate (if applicable) on any applicable record date to, appear, in person or by proxy,
at each meeting or otherwise cause all of the Subject Securities of such Securityholder or Affiliate (if applicable) to be counted as
present thereat for purposes of establishing a quorum. If for any reason any proxy granted herein is not irrevocable after it becomes
effective, then the Securityholder granting such proxy agrees, until the Expiration Time, to vote the Subject Securities of such Securityholder
in accordance with the Required Votes. The parties hereto agree that the foregoing is a voting agreement. This proxy shall be binding
upon the heirs, estate, executors, personal representatives, successors and assigns of the Securityholder (including any transferee of
any of the Subject Securities). Each Securityholder undertakes and agrees: (i) to indemnify the Attorney and against all actions,
claims, demands, proceedings, costs, charges, expenses and other liabilities whatsoever which may be made against the Attorney or for
which the Attorney may become liable by reason of acting in good faith pursuant to and in accordance with this power of attorney; and
(ii) that the Attorney shall not be liable to the Securityholder for any loss or damage occurring as a result of any act or omission
made by the Attorney by reason of acting in good faith pursuant to and in accordance with this power of attorney. 

 

6.             Representations
and Warranties of the Securityholders. Each Securityholder (severally as to itself and not jointly) hereby represents and warrants
to INSW and Merger Sub as follows:

 

6.1            Due
Authority; Organization. Such Securityholder has all necessary corporate or similar power and authority to execute and deliver
this Agreement and to perform such Securityholder’s obligations hereunder. If such Securityholder is an entity, the execution, delivery
and performance of this Agreement by such Securityholder has been duly and validly authorized by all necessary action on the part of such
Securityholder, and no other corporate proceedings on the part of such Securityholder are necessary to approve this Agreement or to consummate
the transaction contemplated hereby, and such Securityholder is duly organized, validly existing and in good standing under the laws of
its jurisdiction of organization. This Agreement has been duly and validly executed and delivered by such Securityholder and, assuming
the due authorization, execution and delivery of this Agreement by INSW and Merger Sub, constitutes a legal, valid and binding obligation
of such Securityholder, enforceable against such Securityholder in accordance with its terms (except to the extent that enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating
to or affecting the enforcement of creditors’ rights generally).

 

6.2            Ownership
of the Existing Shares. As of the date hereof, such Securityholder (a) is the beneficial and record owner of DSSI Shares
as indicated on Schedule A hereto opposite such Securityholder’s name, free and clear of any proxy, voting restriction,
adverse claim or other Lien, other than those created by the DDA and this Agreement, the Merger Agreement or under applicable securities
Laws, and (b) has sole voting power over all of the Existing Shares owned beneficially or of record by such Securityholder and sole
power of disposition with respect to all of the Existing Shares, and, except as disclosed in Schedule 13D/A filed by Capital and its Affiliates
on March 10, 2020, no person other than such Securityholder has any right to direct or approve the voting or disposition of any of
the Existing Shares. As of the date hereof, such Securityholder does not own, beneficially or of record, any capital stock or other securities
of DSSI or any Subsidiary of DSSI other than the DSSI Shares set forth on Schedule A opposite such Securityholder’s
name. As of the date hereof, such Securityholder does not own, beneficially or of record, any rights to purchase or acquire any shares
of capital stock or other equity interests of DSSI or any Subsidiary of DSSI except as set forth on Schedule A opposite such
Securityholder’s name. Except for the DDA, none of the Subject Securities are subject to any voting trust agreement or other Contract
to which such Securityholder is a party restricting or otherwise relating to the voting or Transfer of any of the Subject Securities.
Such Securityholder has not appointed or granted any proxy or power of attorney that is still in effect with respect to any Subject Securities,
except as provided in Section 5.

 

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6.3           No
Conflict: Consents.

 

(a)            The
execution and delivery of this Agreement by such Securityholder does not, and the performance by such Securityholder of its obligations
under this Agreement will not, (i) conflict with or violate any Law applicable to such Securityholder or by which any of such Securityholder’s
assets is bound, (ii) result in any breach or violation of, or constitute a default (or an event which with notice or lapse of time
or both would become a default), or result in the loss of a benefit under, or terminate or give rise to any right of termination, vesting,
cancellation, amendment, notification, purchase or sale (including any purchase option, option to sell, right of first refusal, right
of first offer, right of first negotiation or similar option or right) under, or acceleration of, or result in the creation of a Lien
on any of the Subject Securities owned beneficially by such Securityholder pursuant to, any Contract to which such Securityholder is a
party or by which any of such Securityholder’s assets is bound (iii) conflict with or violate any provision of the organizational
documents of such Securityholder, as applicable.

 

(b)            Except
for any required filings by such Securityholder with the SEC, the execution and delivery of this Agreement by such Securityholder does
not, and the performance by such Securityholder of its obligations under this Agreement will not, require any consent, approval, authorization
or permit of, action by, filing with or notification to, any Person.

 

6.4           Absence
of Litigation. As of the date of this Agreement, there is no Action or Order pending or, to the knowledge of such Securityholder,
threatened against or affecting, such Securityholder or any of its Affiliates that would reasonably be expected to impair or adversely
affect the ability of such Securityholder to perform such Securityholder’s obligations hereunder or to consummate the transactions
contemplated hereby.

 

6.5           Brokers.
No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or commission in connection with the
transactions contemplated by this Agreement based upon arrangements made by or on behalf of such Securityholder.

 

Except where expressly stated
to be given as of the date hereof only, the representations and warranties of the Securityholders contained in this Agreement shall be
made as of the date hereof and as of each date from the date hereof through and including the Expiration Time.

 

7.            Representations
and Warranties of INSW and Merger Sub. INSW and Merger Sub hereby represent and warrant to each Securityholder as follows:

 

7.1           Due
Authority. Each of INSW and Merger Sub has all necessary corporate or similar power and authority to execute and deliver this
Agreement and to perform its obligations hereunder. The execution, delivery and performance of this Agreement by INSW and Merger Sub have
been duly and validly authorized, and no other corporate proceedings on the part of INSW or Merger Sub are necessary to approve this Agreement.
This Agreement has been duly and validly executed and delivered by INSW and Merger Sub and, assuming the due authorization, execution
and delivery of this Agreement by the Securityholders, constitutes a legal, valid and binding obligation of INSW and Merger Sub, enforceable
against each of them in accordance with its terms (except to the extent that enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’
rights generally).

 

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7.2           No
Conflict: Consents. 

 

(a)            The
execution and delivery of this Agreement by INSW and Merger Sub does not, and the performance by INSW and Merger Sub of their respective
obligations under this Agreement will not, conflict with or violate any Law applicable to INSW or Merger Sub.

 

(b)            The
execution and delivery of this Agreement by INSW and Merger Sub does not, and the performance by INSW and Merger Sub of their respective
obligations under this Agreement will not, require any consent, approval, authorization or permit of, action by, filing with or notification
to, any Person.

 

8.             No
Legal Action. The Securityholders shall (and agrees to cause each of its Affiliates to agree to) not bring, commence, institute,
maintain, voluntarily aid, finance, encourage or prosecute any claim, appeal, litigation, arbitration or proceeding which, and the Securityholders
hereby waive any claim, appeal, litigation, arbitration or proceeding that, (a) challenges the validity of or seeks to enjoin the
operation of any provision of this Agreement, (b) alleges that the execution and delivery of this Agreement by the Securityholders
or its Affiliates (or the Securityholders’ (or its Affiliates’, if applicable) performance hereunder) breaches any fiduciary
duty of INSW’s board of directors (or any member or committee thereof) or any duty that the Securityholders have (or may be alleged
to have) to INSW or to the other holders of the Subject Securities or (c) alleges the breach of any fiduciary duty of any Person
(including the board of directors of DSSI or any member or committee thereof) in connection with the negotiation and entry into the Merger
Agreement or the transactions contemplated thereby. In addition to the above, in the case of a class action, each Securityholder agrees
not to bring, commence, institute, maintain, voluntarily aid, finance, encourage, prosecute or participate in, and to take all actions
necessary to opt out of, any class in any class action with respect to (a), (b) and (c) above.

 

9.             Termination.
This Agreement shall terminate and shall have no further force or effect immediately as of and following the Expiration Time. Upon termination
of this Agreement, no party shall have any further obligations or liabilities under this Agreement; provided, however,
that (a) nothing set forth in this Section 9 shall relieve any party from liability for any breach of this Agreement
occurring prior to the termination hereof; and (b) the provisions of this Section 9, and Section 11 shall
survive any termination of this Agreement.

 

10.           Notice
of Certain Events. Until the Expiration Time, each Securityholder shall notify INSW promptly of (i)  any fact, event or circumstance
that would cause, or reasonably be expected to cause or constitute, a breach of the representations and warranties or covenants of such
Securityholder or its Affiliates under this Agreement, (ii) the receipt by such Securityholder of any notice or other communication
from any Person alleging that the consent of such Person is or may be required in connection with this Agreement (iii) any acquisition
of DSSI Shares by the Securityholder and (iv) any Permitted Transfer; provided, however, that the delivery of
any notice pursuant to this Section 10 shall not limit or otherwise affect the remedies available to any party.

 

11.           Miscellaneous

 

11.1          Reliance
by INSW and Merger Sub. Each Securityholder understands and acknowledges that INSW and Merger Sub are entering into the Merger
Agreement (and the other documents related thereto) and DSSI is entering into the Termination Agreements (and the other documents related
thereto) in reliance upon such Securityholder’s execution, delivery and performance of this Agreement and upon the representations
and warranties, covenants and other agreements of such Securityholder contained in this Agreement.

 

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11.2          Further
Assurances. From time to time, at the request of INSW and
without further consideration, each Securityholder and its Affiliates (if applicable) shall take such further action as may reasonably
be deemed to be necessary or desirable to effect the transactions contemplated by this Agreement. 

 

11.3          No
Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in INSW any direct or indirect ownership or incidence
of ownership of or with respect to the Subject Securities. All rights, ownership and economic benefits of and relating to the Subject
Securities shall remain vested in and belong to the Securityholder, and INSW shall have no authority to direct the Securityholder in the
voting or disposition of any of the Subject Securities, except as otherwise provided herein. Nothing in this Agreement shall be interpreted
as creating or forming a “group” with any other Person, including INSW, for purposes of Rule 13d-5(b)(1) of the
Exchange Act or any other similar provision of applicable Law.

 

11.4          Certain
Adjustments. In the event of a change in the number of DSSI Shares by reason of any reclassification, recapitalization, split
(including a reverse split), subdivision, combination, exchange or readjustment, or any stock or unit dividend or stock or unit distribution
or other similar transaction, the terms “DSSI Shares” and “Subject Securities” shall be deemed to refer to and
include such shares or units as well as all such stock or unit dividends and distributions and any securities into which or for which
any or all of such shares or units may be changed or exchanged or which are received in such transaction.

 

11.5          Severability.
Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable Law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable
in any respect under any applicable Law or rule in any jurisdiction, (a) the parties shall negotiate, in good faith, a suitable
and equitable provision that shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and
purpose of such invalid or unenforceable provision and (b) such invalidity, illegality or unenforceability shall not affect any other
provision or portion of any provision in such jurisdiction.

 

11.6          Binding
Effect and Assignment. This Agreement is not intended to, and shall not, confer upon any other Person other than the parties and
their respective successors and permitted assigns any rights or remedies hereunder. Except for the power of substitution and resubstitution
granted in Section 5, neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned
or delegated, in whole or in part, by operation of law or otherwise, by any party without the prior written consent of the other parties.
Any purported assignment of this Agreement in violation of the foregoing shall be null and void ab initio. Subject to the preceding
sentence, this Agreement will be binding upon, inure to the benefit of, and be enforceable by, the parties and their respective successors
and assigns. Nothing in this Agreement is intended to confer on any Person (other than INSW, Merger Sub and their respective successors
and permitted assigns) any rights or remedies of any nature.

 

11.7          Amendments
and Modifications, Waivers, etc. No provision of this Agreement may be modified, amended, altered, supplemented or waived
prior to the Effective Time except upon the execution and delivery of a written agreement, amendment or waiver executed, in the case of
an amendment, by the parties hereto or, in the case of a waiver, by each party against whom the waiver is to be effective. No failure
or delay of any party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude
any other or further exercise thereof or the exercise of any other right or power. The rights and remedies herein provided shall be cumulative
and not exclusive of any rights or remedies provided by Law.

 

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11.8          Specific
Performance; Injunctive Relief. The parties hereto agree that irreparable damage for which monetary damages, even if available,
would not be an adequate remedy would occur in the event any provision of this Agreement was not performed in accordance with the terms
hereof or was otherwise breached. It is accordingly agreed that the parties shall be entitled, in addition to any other remedy to which
they are entitled at law or in equity to specific relief hereunder, including an injunction or injunctions, specific performance and
other equitable relief to prevent and enjoin breaches (or threatened breaches) of the provisions of this Agreement and to enforce specifically
the terms and provisions hereof in any court identified in Section 11.10 of this Agreement. Each of the parties hereby further
waives (a) any defense in any action for specific performance that a remedy at law would be adequate and (b) any requirement
for the posting of any bond or security as a prerequisite to obtaining equitable relief. 

 

11.9          Notices.
All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if
delivered personally, or if by facsimile or e-mail, upon confirmation of receipt generated by the sender’s machine, or (b) on
the first (1st) Business Day following the date of dispatch if delivered utilizing a next-day service by a recognized next-day courier.
All notices hereunder shall be delivered to the addresses set forth below, or pursuant to such other instructions as may be designated
in writing by the party to receive such notice:

 

If to INSW or Merger Sub:

 

International Seaways, Inc.

600 Third Avenue, 39th Floor, New York,
NY 10016

Attention: Legal Department

Facsimile: 212-251-1180

Email: LegalDepartment@intlseas.com

 

with a copy (which shall not constitute
notice) to:

 

Cleary Gottlieb Steen & Hamilton LLP

One Liberty Plaza

New York, New York 10006

		Attention:	Benet J. O’Reilly; Kimberly R. Spoerri
	 	Facsimile:	(212) 225-3999
	 	Email:	boreilly@cgsh.com; kspoerri@cgsh.com

 

If to a Securityholder, to the address
set forth for such Securityholder on Schedule A.

 

11.10       Governing
Law; Jurisdiction and Venue.

 

(a)            This
Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to conflicts
of laws principles that would result in the application of the Law of any other jurisdiction.

 

    9 

     

    

 

(b)            Each
of the parties hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Court
of Chancery of the State of Delaware or, if (and only if) such court finds it lacks subject matter jurisdiction, the Superior Court of
the State of Delaware (Complex Commercial Division) or, if subject matter jurisdiction over the matter that is the subject of the action
or proceeding is vested exclusively in the federal courts of the United States of America, the federal court of the United States of
America sitting in the District of Delaware, and any appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement or for recognition or enforcement of any judgment relating thereto, and each of the parties hereby irrevocably
and unconditionally (i) agrees not to commence any such action or proceeding except in the Court of Chancery of the State of Delaware,
or, if (and only if) such court finds it lacks subject matter jurisdiction, the Superior Court of the State of Delaware (Complex Commercial
Division) or, if subject matter jurisdiction over the matter that is the subject of the action or proceeding is vested exclusively in
the federal courts of the United States of America, the federal court of the United States of America sitting in the District of Delaware,
as applicable, and any appellate court from any thereof, (ii) agrees that any claim in respect of any such action or proceeding
may be heard and determined in the Court of Chancery of the State of Delaware, or, if (and only if) such court finds it lacks subject
matter jurisdiction, the Superior Court of the State of Delaware (Complex Commercial Division) or, if subject matter jurisdiction over
the matter that is the subject of the action or proceeding is vested exclusively in the federal courts of the United States of America,
the federal court of the United States of America sitting in the District of Delaware, as applicable, and any appellate court from any
thereof, (iii) waives, to the fullest extent it may legally and effectively do so, any objection that it may now or hereafter have
to the jurisdiction or laying of venue of any such action or proceeding in such courts and (iv) waives, to the fullest extent permitted
by Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in such courts. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit
on the judgment or in any other manner provided by Law. Each party to this Agreement irrevocably consents to service of process inside
or outside the territorial jurisdiction of the courts referred to in this Section 11.10(b) in the manner provided for
notices in Section 11.9. Nothing in this Agreement will affect the right of any party to this Agreement to serve process
in any other manner permitted by Law. 

 

11.11       WAIVER
OF JURY TRIAL. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT AND ANY OF THE AGREEMENTS DELIVERED IN CONNECTION
HEREWITH OR THE MERGER . EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE EITHER OF SUCH
WAIVERS, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVERS, (C) IT MAKES SUCH WAIVERS VOLUNTARILY, AND
(D) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.11.

 

11.12        Entire
Agreement. This Agreement constitutes the entire agreement, and supersedes all prior written agreements, arrangements, communications
and understandings and all prior and contemporaneous oral agreements, arrangements, communications and understandings among the parties
with respect to the subject matter hereof. Nothing herein shall be deemed or constitute an amendment, waiver or other variation of the
Termination Agreements.

 

11.13        Counterparts.
This Agreement may be executed in two or more counterparts, all of which shall be considered one and the same instrument and shall become
effective when one or more counterparts have been signed by each of the parties and delivered to the other party. This Agreement may be
executed by .pdf signature and a .pdf signature shall constitute an original for all purposes.

 

    10 

     

    

 

11.14        Interpretation.
Each of the parties hereto acknowledges that each party to this Agreement has been represented by counsel in connection with this Agreement
and the transactions contemplated by this Agreement and has participated jointly in negotiating and drafting this Agreement. Accordingly,
any rule of law or any legal decision that would require interpretation of any claimed ambiguities in this Agreement against the
drafting party has no application and is expressly waived. The section headings herein are for convenience of reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement. When a reference is made in this Agreement to a Section or
Schedule such reference shall be to a Section or Schedule of this Agreement unless otherwise indicated. The word “including”
and words of similar import when used in this Agreement will mean “including, without limitation,” unless otherwise specified.
The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision in this Agreement. The term “or” is not exclusive.
References to a party or to the parties to this Agreement refer to INSW, Merger Sub and the Securityholders, individually or collectively,
as the case may be. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. The
term “or” is not exclusive. The word “will” shall be construed to have the same meaning and effect as the word
 “shall.” References to days mean calendar days unless otherwise specified. 

 

11.15        Expenses.
All fees and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring
such fees or expenses, whether or not the Merger are consummated.

 

11.16        Documentation
and Information. Each Securityholder consents to and authorizes the publication and disclosure by INSW and DSSI and their respective
Affiliates of the Securityholders’ identity and holdings of DSSI Shares, and the nature of such Securityholder’s commitments,
arrangements and understandings under this Agreement, in any press release or any other disclosure document required in connection with
the Merger or any other transaction contemplated by the Merger Agreement. As promptly as reasonably practicable, each Securityholder shall
notify INSW and DSSI, as applicable, of any required corrections with respect to any written information supplied by the such Securityholder
specifically for use in any such disclosure document, if and to the extent such Securityholder becomes aware that any have become false
or misleading in any material respect.

 

11.17        Obligation
to Update Schedule A. Each Securityholder agrees that in connection with any acquisitions or Transfers (to the extent permitted)
of Subject Securities by such Securityholder, such Securityholder will, as promptly as practicable following the completion thereof, notify
each of DSSI and INSW in writing of such acquisition or Transfer and the parties will update Schedule A to reflect the effect of such
acquisition or Transfer.

 

[Signature Page Follows]

 

    11 

     

    

  

IN WITNESS WHEREOF, the parties
have caused this Agreement to be duly executed on the date and year first above written.

 

	 	International
                                            Seaways, Inc.

 

 

		By:	/s/ Lois Zabrocky

		Name:	Lois Zabrocky
	 	Title:	Chief Executive Officer

 

	 	DISPATCH MERGER SUB, INC.

 

 

		By:	/s/ James D. Small III

		Name:	James D. Small III
	 	Title:	Senior Vice President, Secretary and Director

 

[Signature Page to Voting and Support Agreement]

 

     

     

    

 

	 	SECURITYHOLDERS:
	 	 
	 	Capital Maritime & Trading Corp.

 

 

		By:	/s/ Gerasimos (Jerry) Kalogiratos

		Name:	Gerasimos (Jerry) Kalogiratos
	 	Title:	Director

 

 

	 	Crude
                                            Carriers Investments Corp.

 

 

		By:	/s/ Maria Dimitrou

		Name:	Maria Dimitrou
	 	Title:	Director

 

	 	Capital
                                            Gp L.L.C.

 

 

		By:	/s/ Gerasimos (Jerry) Kalogiratos

		Name:	Gerasimos (Jerry) Kalogiratos
	 	Title:	Chief Executive Officer

 

[Signature Page to Voting and Support Agreement]

 

     

     

    

 

Schedule A

SECURITYHOLDERS

 

	Name	Address	Existing Shares
	Capital Maritime & Trading Corp.	
    3 Iassonos Street

    Piraeus, 18537

    Greece
	2,236,080
	Crude Carriers Investments Corp.	
    3 Iassonos Street

    Piraeus, 18537

    Greece
	322,250
	Capital GP L.L.C.	
    3 Iassonos Street

    Piraeus, 18537

    Greece
	239,414Document

EXHIBIT 10.26
FOSSIL GROUP, INC.
2021 DEFERRED PLAN FOR DIRECTOR FEES

This Fossil Group, Inc. 2021 Deferred Plan for Director Fees (the “Plan”), adopted as of December 28, 2020 (the “Effective Date”) by Fossil Group, Inc., a Delaware corporation (the “Company”), is being established primarily for the purpose of providing to members of the Board of Directors of the Company (the “Board”) the ability to defer receipt of all or part of their compensation as a Director.  

1.Purpose. The purpose of the Plan is to provide members of the Board who are not employees of the Company or its subsidiaries with the opportunity to elect to defer all or a portion of (i) the cash fees otherwise payable to them by the Company and (ii) the restricted stock units granted to them by the Company.

1.Definitions. For purposes of the Plan:
a.“Account” means the separate account maintained on the books of the Company for each Participant pursuant to Section 7.
b.“Adjustment Date” means the last day of each calendar quarter and such other dates as the Committee in its discretion may prescribe. 
c.“Annual Fee” means the retainer and meeting fees paid to a Director for services rendered as a member of the Board, including fees for services on a committee, during a calendar year. 
d.“Board” means the Board of Directors of the Company.
e.“Claims” means any claim, liability or obligation of any nature, arising out of or relating to this Plan or an alleged breach of this Plan, or any Election Agreement.
f.“Committee” means the Compensation Committee of the Board.

a.“Common Stock” means the common stock, par value $0.01 per share, which the Company is currently authorized to issue or may in the future be authorized to issue, or any securities into which or for which the common stock of the Company may be converted or exchanged, as the case may be.

a.“Deferred Stock Units” means deferred stock units credited to a Participant’s Account pursuant to an election by the Participant under Sections 5 and 6.

a.“Director” means any member of the Board who is not an employee of the Company or any of its subsidiaries.

a.“Effective Date” means December 28, 2020.

a.“Election Agreement” shall have the meaning set forth in Section 4 below. 

a.“Fair Market Value” shall have the meaning set forth in the LTIP.

a.“LTIP” means the Fossil Group, Inc. 2016 Long-Term Incentive Plan, as amended from time to time, and any other stockholder-approved equity plan of the Company that is in effect from time to time.

a.“Participant” means a Director who makes a deferral election under Section 5 or Section 6 of the Plan.

a.“Plan” means the Fossil Group, Inc. 2021 Deferred Plan for Director Fees as set forth herein and as amended from time to time. The Plan is a sub-plan under the LTIP.

a.“Restricted Stock Units” means restricted stock units granted to the Participant under the LTIP.

a.“Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended.

a.“Termination of Service” shall have the meaning set forth in the LTIP.

1.Administration. The Plan shall be administered by the Committee. The Committee shall, subject to the terms of this Plan, interpret this Plan and the application thereof and establish, amend and revoke rules and regulations as it deems necessary or desirable for the administration of the Plan. All such interpretations, rules, regulations and conditions shall be final, binding and conclusive upon the Participants and all other persons having or claiming any right or interest in the Plan, any portion of any Account or the Deferred Stock Units.

A majority of the Committee shall constitute a quorum. The Committee shall take action either by (i) a majority of the members of the Committee present at any meeting at which a quorum is present or (ii) written approval by all of the members of the Committee without a meeting. The Committee may authorize any one or more of their number or any officer of the Company to execute and deliver documents on behalf of the Committee.

No member of the Board or the Committee, and no officer of the Company to whom the Committee delegates any of its power and authority hereunder, shall be liable for any act, omission, interpretation, construction or determination made in connection with this Plan in good faith; and the members of the Board, the Committee and such officers shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including attorneys’ fees) arising therefrom to the full extent permitted by law.

1.Eligibility. Each Director shall be eligible to participate in the Plan and to make the elections provided under Sections 5 and 6 by completing a written election agreement, in the form provided by the Company (the “Election Agreement”).  

1.Deferral of Cash Portion of the Annual Fee.  

        (a)   Annual Election to Defer Cash Portion of Annual Fee.  Each year beginning with the calendar year beginning January 1, 2021, prior to the beginning of the calendar year, a Director may elect, in accordance with this Section 5, to defer receipt of all or a specified part of his or her cash portion of his or her Annual Fee.  The Company will maintain an Account for each Participant into which the deferred portion of his or her cash portion of his or her Annual Fee will be credited on the date the Director would otherwise be entitled to receive such amount.  For each calendar year during which such amounts are deferred under the Plan, sums credited to the Account will accrue an interest equivalent from 

the date they are credited at a rate equal to the annual LIBOR rate plus 50 bps or such other annual rate as determined by the Committee prior to the beginning of each calendar year; provided that any such determination of the Committee shall be limited by, and made in accordance with, Section 409A and any guidance issued thereunder.  The accrued interest equivalent shall be credited to the Account on each Adjustment Date, and shall thereafter be subject to subsequent accruals of an interest equivalent.

                  (b)   Annual Election to Convert Cash Retainer into Deferred Stock Units. Each year beginning with the calendar year beginning January 1, 2021, prior to the beginning of the calendar year, a Participant may elect to have the deferred cash portion of his or her Annual Fee for such calendar year treated as if invested in units of Common Stock of the Company (“Deferred Stock Units”), in lieu of having the Account credited with an interest equivalent as provided in Section 5(a).  In the event of such an election, Deferred Stock Units will be deemed to be acquired on the last day of each quarter for the deferred portion of the Annual Fee credited to the Account for that quarter.  At each Adjustment Date, a Participant’s Account that has been credited with Deferred Stock Units shall be valued on the basis of shares of the Company’s Common Stock at that date, taking into account any increase or decrease in the Fair Market Value of the Company’s Common Stock.  Prior to the beginning of a calendar year, a Participant must affirmatively elect to have the deferred portion of his or her Annual Fee for such calendar year treated as if invested in Deferred Stock Units.  Such an election must be made prior to the first day of the applicable calendar year and shall apply to the deferred cash portion of the Annual Fee for the entire calendar year.  After such an election is made, the Participant may, for any subsequent calendar year, change his or her election to have the deferred cash portion of the Annual Fee for future calendar years credited with an interest equivalent.  Any amounts previously treated as invested in Deferred Stock Units will continue to be so treated as invested in Deferred Stock Units, except that at any time following a Participant’s Termination of Service, if he or she has not elected to be paid a lump sum, then he or she may elect, by written notice to the Company, to have the Deferred Stock Units in his or her Account converted into a dollar value as of the next Adjustment Date to thereafter accrue an interest equivalent on the value of the Account.

                  (c)   Initial Participant Elections. An individual who becomes an Director for the first time after a calendar year has commenced may make a deferral election, not later than the 30th day following the date the individual becomes a Director, with respect to all or a portion of the Director’s annual cash portion of his or her Annual Fee that is earned for calendar quarters that begin after the date of such election and have such fees credited to the Director’s Account under Section 7.  Any election made pursuant to this Section 5(c) shall be in a manner consistent with Sections 5(a) and 5(b).  

                  (d)   Duration of Elections. Any election made pursuant to this Section 5 shall remain in effect for future calendar years unless and until the Participant makes a new election in accordance with this Section 5. In order to change the amount of a deferral for any subsequent calendar year (or to cease deferrals), a Participant must make a new election prior to the calendar year for which the new election is to be effective.

                  (e)  Valuation of Account.  The amount payable from a Participant’s Account relating to the deferral of the cash portion of the Annual Fee shall be determined on the basis of the value of the Account as of the Adjustment Date last preceding the date of payment plus any deferrals credited to and less any distributions made from such Account since such Adjustment Date.  The amount of each payment made with respect to an Account shall be deducted from the balance of such Account at the time of payment.

1.Deferral of Restricted Stock Units.

(a)  Annual Elections. Prior to the first day of each calendar year beginning on or after January 1, 2021, each Director may elect, in accordance with rules and procedures established by the Committee, to defer payment of all or a portion of the Restricted Stock Units granted to the Director in such calendar year and have the payment credited to the Director’s Account under Section 7. Any election made under this paragraph shall become irrevocable as of December 31st of the year prior to the year in which the Restricted Stock Units relating to the election are granted.  For purposes of this Plan, any deferred Restricted Stock Units shall be refered to hereunder also as Deferred Stock Units.

(b)  Initial Participant Elections. An individual who becomes a Director for the first time after a calendar year has commenced may make a deferral election, not later than the day prior to the grant of Restricted Stock Units in such calendar year to the Director, with respect to all or a portion of the Restricted Stock Units granted to the Director in such calendar year and have the payment credited to the Director’s Account under Section 7.     

(c)  Duration of Elections. Any election made pursuant to this Section 6 shall remain in effect for future calendar years unless and until the Participant makes a new election in accordance with Section 6(a). In order to change the number of Restricted Stock Units deferred for any subsequent calendar year (or to cease deferrals), a Participant must make a new election prior to the calendar year for which the new election is to be effective.

(d)  Valuation of Account.  The amount payable from a Participant’s Account relating to the deferral of Restricted Stock Units shall be determined on the basis of the value of the Account as of the Adjustment Date last preceding the date of payment plus any deferrals credited to and less any distributions made from such Account since such Adjustment Date.  The amount of each payment made with respect to an Account shall be deducted from the balance of such Account at the time of payment.

1.Account.

a.Cash Retainers. The crediting of cash and/or Deferred Stock Units to the Director’s Account with respect to the deferral of cash portion of the Annual Fees pursuant to Section 5 shall be made as of the dates the fees earned by the Director during the applicable calendar year would otherwise have been payable to the Director. To the extent the Director elects to receive Deferred Stock Units, the number of Deferred Stock Units to be credited shall be equal to the result of dividing the amount deferred as of each such date by the Fair Market Value of one share of Common Stock on such date.
b.Restricted Stock Units. The crediting of Deferred Stock Units to the Director’s Account with respect to the deferral of Restricted Stock Units pursuant to Section 6 shall be made as of the dates the Restricted Stock Units granted to the Director during the applicable calendar year would otherwise have been payable to the Director. The number of Deferred Stock Units to be credited shall be equal to the number of Restricted Stock Units that are deferred by the Director as of such date.
c.Cash Dividends. Whenever any cash dividends are declared on the Common Stock, the Company will credit the Account of each Participant on the date such dividend is paid with a number of additional Deferred Stock Units equal to the result of dividing (i) the product of (x) the total number of Deferred Stock Units credited to the Participant’s Account on the record date for such dividend and (y) the per share amount of such dividend by (ii) the Fair Market Value of one 

share of Common Stock on the date such dividend is paid by the Company to the holders of Common Stock.
d.Capitalization Adjustments. In the event of any merger, reorganization, consolidation, recapitalization, stock dividend, special cash dividend, stock split, reverse stock split, spin-off or similar transaction or other change in corporate structure affecting the Common Stock as described in Article 12 of the LTIP, the provisions of such Article shall apply to the Deferred Stock Units credited to the Participant’s Account.

1.Distribution of Account.  The Participant’s Account will be distributed to the Participant, in accordance with the Participant’s election in his or her Election Agreement to receive payment either (i) in annual installments not exceeding ten years or (ii) in a lump sum; such installments shall begin, or lump sum payment shall be made, as soon as practicable following the Participant’s Termination of Service; provided however, that with respect to any Participant who is treated as a “specified employee” (as defined in Section 409A) for the year in which the Termination of Service occurs, to the extent required by Section 409A, such lump sum distribution or the first annual installment (as the case may be) shall be delayed until the date which is six (6) months after the Termination of Service (or, if earlier, the date of the Participant’s death); provided, however, payment of any deferral of Restricted Stock Units that were payable in Common Stock may only be paid in a lump sum in shares of Common Stock.  Any distribution election must be made in advance of the performance of services during the calendar year for which an election to participate in the Plan is or has been made and shall be irrevocable; provided however, a change in the form of the payment may be made if the change is (i) made at least 12 months before the first payment is scheduled to commence, and (ii) such change results in each payment being made no earlier than five years after such payment was scheduled to begin under the prior election.  However, no such change may result in the acceleration of any payment in violation of Section 409A.

Upon a Participant’s Termination of Service, the Participant’s distribution shall be made in accordance with the distribution election made on the Election Agreement for the calendar year or periods for which the election applies.  If the Participant fails to make an election, the Participant’s Account will be paid in annual installments over a ten-year period.  If the Participant is paid in installments, the interest equivalent sum will continue to accrue on the undisbursed balance of the Account and the Deferred Stock Units will continue to be credited with dividend equivalents on the Deferred Stock Units remaining in the Account.  All distributions will be deemed to be made pro rata from the interest equivalent balance and from the value of Deferred Stock Units, with the portion of the distribution from Deferred Stock Units being treated as if an equivalent number of Deferred Stock Units had been sold (without commission or other expense) as of the last Adjustment Date in order to make the distribution.  The preceding provisions of this paragraph to the contrary notwithstanding, the Participant may change his or her distribution election subsequent to the initial election with the new election to be effective only in the event that the new election is made (i) made at least 12 months before the first payment is scheduled to commence, and (ii) such change results in each payment being made no earlier than five years after such payment was scheduled to begin under the prior election.  However, no such change may result in the acceleration of any payment in violation of Section 409A.  Provided further that, with respect to any Participant who is treated as a “specified employee” (as defined in Section 409A) for the year in which the Termination of Service occurs, to the extent required by Section 409A, such lump sum distribution or the first annual installment (as the case may be) shall be delayed until the date which is six months after the Termination of Service (or, if earlier, the date of the Participant’s death).

Upon the death of a Participant prior to the receipt of any or all of the installments of his or her Account, such installments as are then unpaid shall be paid in full as soon as practicable following the date of his or her death, to the beneficiary or beneficiaries designated in writing on a form provided by the Company and filed with the Secretary of the Company by the Participant during his lifetime or, upon failure to make such designation or if such designee or designees shall have predeceased Participant, then to the Participant’s estate.  The Participant shall have the right to change the beneficiary designation from time to time by instrument in writing delivered to the Secretary of the Company.

1.Change in Control. In the event of a Change in Control (as defined in the LTIP) the Account of each Participant shall be paid to the Participant in a lump sum in cash on or within five business days after the date of the Change in Control, in an amount equal to the result of multiplying (i) the number of Deferred Stock Units credited to the Participant’s Account on the Change in Control date by (ii) the Fair Market Value of one share of Common Stock on the Change in Control date. Notwithstanding the foregoing, if the Change in Control involves the disposition of all of the Common Stock of the Company for cash or securities the price per share received by the holders of Common Stock shall be substituted for the Fair Market Value on the Change in Control date; if the price is paid other than solely in cash or securities with a readily determinable market value, the Board will have the sole discretion to determine the valuation of any such portion of the price per share.

1.Beneficiary Designation. Each Participant shall have the right, at any time, to designate any person or persons as his beneficiary or beneficiaries to whom payment under the Plan shall be paid in the event of his or her death prior to payment to the Participant of his or her Account. Any beneficiary designation may be made or changed by a Participant by a written instrument, in such form prescribed by the Committee, which is filed with the Company prior to the Participant’s death. If a Participant fails to designate a beneficiary, or if all designated beneficiaries predecease the Participant, the Account shall be paid to the Participant’s estate.

1.Amendment and Termination. The Board may amend or terminate the Plan at any time in whole or in part; provided, however, that no amendment or termination shall reduce the Deferred Stock Units credited to a Participant’s Account or adversely affect the rights of a Participant to such Deferred Stock Units, without the consent of the Participant (or the Participant’s beneficiary in the event of the Participant’s death). Notwithstanding the foregoing, the Plan may be amended at any time, without the consent of any Participant (or beneficiary) if necessary or desirable to comply with the requirements, or avoid the application, of Section 409A.

1.General Provisions

a.Unfunded Plan. The Company’s obligation to make payment under the Plan shall be contractual only and all payments hereunder shall be made by the Company from its general assets at the time and in the manner provided for in the Plan. No funds, securities or other property of any nature shall be segregated or earmarked for any current or former Participant, beneficiary or other person and their sole right is as a general creditor of the Company with an unsecured claim against its general assets.

a.Non-Alienation of Benefits. Neither a Participant nor any other person shall have any rights to sell, assign, transfer, pledge, anticipate, or otherwise encumber, the amounts, if any, payable under the Plan to the Participant or any other person. Any attempted sale, assignment, transfer or pledge shall be null and void and without any legal effect. No part of the amounts payable under 

the Plan shall be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, nor be transferable by operation of law in the event of a Participant’s or any other person’s bankruptcy or insolvency.

a.Section 409A. Notwithstanding any provision in the Plan to the contrary, the Plan will be construed, administered or deemed amended as necessary to comply with the requirements of Section 409A to avoid taxation under section 409A to the extent Section 409A applies to the Plan. The Committee, in its sole discretion shall determine the requirements of Section 409A that are applicable to the Plan and shall interpret the terms of the Plan in a manner consistent therewith. Under no circumstances, however, shall the Company or any affiliate or any of its or their employees, officers, directors, service providers or agents have any liability to any person for any taxes, penalties or interest due on amounts paid or payable under the Plan, including any taxes, penalties or interest imposed under Section 409A.

a.No Stockholder Rights. Neither the Participant nor any other person shall have any rights as a stockholder of the Company with respect to the Deferred Stock Units credited to the Participant’s Account until the shares of Common Stock are issued to the Participant (or the beneficiary of the Participant).

a.Severability. If any provision of the Plan shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of the Plan, and the Plan shall be enforced as if the invalid provisions had never been set forth therein.
b.Successors in Interest.  The obligation of the Company under the Plan shall be binding upon any successor or successors of the Company, whether by merger, consolidation, sale of assets or otherwise, and for this purpose reference herein to the Company shall be deemed to include any such successor or successors.
c.Governing Law.  The Plan shall be governed by, construed, and enforced in accordance with the laws of the State of Delaware (excluding any conflict of laws, rule or principle of Delaware law that might refer the governance, construction, or interpretation of this Plan to the laws of another state).  A Director’s sole remedy for any Claim shall be against the Company, and no Director shall have any claim or right of any nature against any Subsidiary of the Company or any stockholder or existing or former director, officer or employee of the Company or any Subsidiary of the Company.  The individuals and entities described above in this Section 12(g) (other than the Company) shall be third-party beneficiaries of this Plan for purposes of enforcing the terms of this Section 12(g).

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