Document:

seas-ex106_179.htm

Exhibit 10.6

Execution Version

PATENT SECURITY AGREEMENT

Patent Security Agreement, dated as of August 5, 2020, by SeaWorld Parks & Entertainment, Inc., a Delaware corporation (the “Grantor”), in favor of Wilmington Trust, National Association, in its capacity as collateral agent pursuant to the Indenture (in such capacity, the “Collateral Agent”).

WITNESSETH:

WHEREAS, the Grantor is party to a Second Lien Security Agreement dated as of August 5, 2020 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Grantor is required to execute and deliver this Patent Security Agreement;

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the Indenture, the Grantor hereby agrees with the Collateral Agent as follows:

SECTION 1.Defined Terms.  Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement.

SECTION 2.Grant of Security Interest in Patent Collateral.  The Grantor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the following Article 9 Collateral (excluding any Excluded Assets) of the Grantor:

(a)Patents of the Grantor, including, without limitation, those listed on Schedule I attached hereto (hereinafter, the “Patent Collateral”).

SECTION 3.The Security Agreement.  The security interest granted pursuant to this Patent Security Agreement is granted in conjunction with the security interest granted to the Collateral Agent pursuant to the Security Agreement and the Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the security interest in the Patent Collateral made and granted hereby are more fully set forth in the Security Agreement.  In the event that any provision of this Patent Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine.

SECTION 4.Termination.  Upon the termination of the Security Agreement in accordance with Section 6.12 thereof, the Collateral Agent shall, at the expense of the Grantor, execute, acknowledge, and deliver to the Grantor an instrument in writing in recordable form releasing the lien on and security interest in the Patent Collateral under this Patent Security Agreement and any other documents required to evidence the termination of the Collateral Agent’s interest in the Patent Collateral.

SECTION 5.Counterparts.  This Patent Security Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Patent Security Agreement by signing and delivering one or more counterparts.

[Signature Pages Follow]

 

 

SEAWORLD PARKS & ENTERTAINMENT, INC.

By:/s/ Harold J. Herman
Name: Harold J. Herman
Title:   Assistant Secretary

 

 

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Collateral Agent

By:/s/ Jane Schweiger
Name: Jane Schweiger
Title:   Vice Presidentseas-ex107_180.htm

Exhibit 10.7

Execution Version

TRADEMARK SECURITY AGREEMENT

Trademark Security Agreement, dated as of August 5, 2020, by SeaWorld Entertainment, Inc., a Delaware corporation, Sea World LLC, a Delaware limited liability company and SeaWorld Parks & Entertainment LLC, a Delaware limited liability company (each, a “Grantor” and collectively, the “Grantors”), in favor of Wilmington Trust, National Association, in its capacity as collateral agent pursuant to the Indenture (in such capacity, the “Collateral Agent”).

WITNESSETH:

WHEREAS, the Grantors are party to a Second Lien Security Agreement dated as of August 5, 2020 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Security Agreement”) in favor of the Collateral Agent pursuant to which the Grantors are required to execute and deliver this Trademark Security Agreement;

NOW, THEREFORE, in consideration of the premises and to induce the Collateral Agent, for the benefit of the Secured Parties, to enter into the Indenture, each Grantor hereby agrees with the Collateral Agent as follows:

SECTION 1.Defined Terms.  Unless otherwise defined herein, terms defined in the Security Agreement and used herein have the meaning given to them in the Security Agreement.

SECTION 2.Grant of Security Interest in Trademark Collateral.  Each Grantor hereby pledges and grants to the Collateral Agent for the benefit of the Secured Parties a lien on and security interest in and to all of its right, title and interest in, to and under all the following Article 9 Collateral (excluding any Excluded Assets) of such Grantor:

(a)Trademarks of the Grantor, including, without limitation, those listed on Schedule I attached hereto (hereinafter, the “Trademark Collateral”);

provided, however, that the foregoing grant of security interest does not and will not cover any Trademark applications filed in the USPTO on the basis of any Grantor’s “intent-to-use” such Trademark, unless and until acceptable evidence of use of such Trademark has been filed with and accepted by the USPTO pursuant to Section 1(c) or Section 1(d) of the Lanham Act (15 U.S.C. § 1051, et seq.), to the extent that granting a lien in such Trademark application prior to such filing would adversely affect the enforceability, validity, or other rights in such Trademark application. 

SECTION 3.The Security Agreement.  The security interest granted pursuant to this Trademark Security Agreement is granted in conjunction with the security interest granted to the Collateral Agent pursuant to the Security Agreement and each Grantor hereby acknowledges and affirms that the rights and remedies of the Collateral Agent with respect to the security interest in the Trademark Collateral made and granted hereby are more fully set forth in the Security Agreement.  In the event that any provision of this Trademark Security Agreement is deemed to conflict with the Security Agreement, the provisions of the Security Agreement shall control unless the Collateral Agent shall otherwise determine.

SECTION 4.Termination.  Upon the termination of the Security Agreement in accordance with Section 6.12 thereof, the Collateral Agent shall, at the expense of the Grantors, execute, acknowledge, and deliver to the Grantors an instrument in writing in recordable form releasing the lien on and security interest in the Trademark Collateral under this Trademark Security Agreement and any other 

 

 

documents required to evidence the termination of the Collateral Agent’s interest in the Trademark Collateral.

SECTION 5.Counterparts.  This Trademark Security Agreement may be executed in any number of counterparts, all of which shall constitute one and the same instrument, and any party hereto may execute this Trademark Security Agreement by signing and delivering one or more counterparts.

[Signature Pages Follow]

 

 

SEAWORLD ENTERTAINMENT, INC.

SEA WORLD LLC

SEAWORLD PARKS & ENTERTAINMENT LLC

 

By:/s/ Harold J. Herman
Name: Harold J. Herman
Title:   Assistant Secretary

 

 

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Collateral Agent

By:/s/ Jane Schweiger 
Name: Jane Schweiger 
Title:   Vice Presidentxan-ex104_264.htm

Exhibit 10.4

AMENDMENT NO. 1 TO THE EXANTAS CAPITAL CORP.

SECOND AMENDED AND RESTATED OMNIBUS EQUITY COMPENSATION PLAN

 

This Amendment No. 1 (“Amendment”) to the Exantas Capital Corp. Second Amended and Restated Omnibus Equity Compensation Plan (the “Plan”) is made pursuant to Section 19(a) of the Plan. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings ascribed to such terms in the Plan.

 

RECITALS

WHEREAS, the Company wishes to amend the Plan to change the name of the Manager and references to Resource America and C-III. 

NOW, THEREFORE, the Plan is hereby amended as follows:

	
1.
	
All references in the Plan to “C-III” shall be replaced with “ACRES”.

	
2.
	
Section 2 titled “Definitions” is hereby amended as follows:

	
 
	
(a)
	
The following defined term shall be added as new Section 2(a), and the existing sections 2(a) through 2(c) shall be renumbered as 2(b) through 2(d): ““ACRES” means ACRES Capital Corp., a Delaware corporation.”

	
 
	
(b)
	
Existing Section 2(d) is hereby deleted in its entirety.

	
 
	
(c)
	
Section 2(q) is hereby amended and restated as follows: ““Manager” means ACRES Capital, LLC, a New York limited liability company.”

	
 
	
(d)
	
Section 2(cc) is hereby deleted in its entirety, all references in the Plan to “Resource America” shall be deleted and the existing sections 2(dd) through 2(jj) shall be renumbered as 2(cc) through 2(ii).

 

	
3.
	
All other terms and provisions of the Plan shall remain unchanged except as specifically modified herein.

 

		
	
 
	
By Order of the Board of Directors,

	
 
	
 

	
August 9, 2020
	
/s/ Mark Fogel

	
 
	
Chief Executive OfficerExhibit
10.1

 

OVERSEAS
SHIPHOLDING GROUP, INC.

2019
INCENTIVE COMPENSATION PLAN FOR MANAGEMENT

TIME-BASED
RESTRICTED STOCK UNIT GRANT AGREEMENT

Form
TB-Officer

 

THIS
AGREEMENT, made as of this ________________, ____ (the “Agreement”), by and between Overseas Shipholding Group,
Inc. (the “Company”), and __________ (the “Grantee”).

 

WHEREAS,
the Company has adopted the Overseas Shipholding Group, Inc. 2019 Incentive Compensation Plan for Management (the “Plan”)
to promote the interests of the Company and its shareholders by providing the employees and consultants of the Company with incentives
and rewards to encourage them to continue in the service of the Company and with a proprietary interest in pursuing the long-term
growth, profitability and financial success of the Company; and

 

WHEREAS,
Section 7 of the Plan provides for the grant of Other Stock-Based Awards, including restricted stock units, to Participants in
the Plan.

 

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

 

1.
Grant of RSUs. Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby
grants to the Grantee an award of __________ RSUs (collectively, the “RSUs”). Each RSU represents the right
to receive one share of Common Stock subject to Section 4 below.

 

2.
Grant Date. The “Grant Date” of the RSUs hereby granted is ___________________.

 

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

 

4.
Vesting and Settlement.

 

(a)
Subject to Section 4(b) below, the RSUs shall vest as set forth in this Section 4(a), provided that the Grantee remains continuously
employed by the Company through each applicable vesting date:

 

	 	a.	One-third
    (1/3) of the RSUs shall vest and become exercisable on the first anniversary of the Grant Date
	 	 	 
	 	b.	One-third
    (1/3) of the RSUs shall vest and become exercisable on the second anniversary of the Grant Date
	 	 	 
	 	c.	One-third
    (1/3) of the RSUs shall vest and become exercisable on the third anniversary of the Grant Date

 

(b)
If the Grantee’s Employment is terminated by the Company for a reason other than Cause or if the Grantee’s employment
terminates due to the Grantee’s death or Disability, the RSUs shall vest and become exercisable in full as of the last date
of employment, death or Disability.

  

    	 

     

    

 

(c)
Settlement of the vested RSUs may be in either shares of Common Stock or cash, as determined by the Committee in its discretion,
and shall occur as soon as practicable following the vesting date, but in no event later than 60 days after the vesting date (such
date, the “Settlement Date”).

 

5.
Rights as Shareholder.

 

(a)
During the period beginning on the Grant Date and ending on the date that the RSU is settled, the Grantee will accrue dividend
equivalents on the RSUs equal to the cash dividend or distribution that would have been paid on the RSU had the RSU been an issued
and outstanding share of Common Stock on the record date for the dividend or distribution. Such accrued dividend equivalents (i)
will vest and become payable upon the same terms and at the same time of settlement as the RSUs to which they relate, and (ii)
will be denominated and payable solely in cash.

 

(b)
If the RSUs are settled in shares of Common Stock, upon and following the Settlement Date and the entry of such settlement on
the books of the Company or its transfer agents or registrars, the Grantee shall be the record owner of the shares of Common Stock
and shall be entitled to all of the rights of a shareholder of the Company including the right to vote such shares of Common Stock
and receive all dividends or other distributions paid with respect to such shares of Common Stock.

 

6.
Forfeiture. RSUs and any related dividend equivalents which have not become vested, or do not vest, as of the date the
Grantee’s Employment terminates shall immediately be forfeited on such date, and the Grantee shall have no further rights
with respect thereto, unless the Grantee has a valid and enforceable employment agreement with the Company containing provisions
that conflict with the foregoing, in which case the terms of such employment agreement shall prevail. In addition, in the event
the Company experiences a major safety and/or containment incident which results from gross negligence or willful misconduct of
management or results from a violation of federal operation, safety or construction regulations, or if the responsible party fails
to report the incident, or to cooperate with relevant authorities in responding to such incident, in any such case as determined
by the Committee in its sole discretion, all RSUs and any related dividend equivalents which have not become vested as of the
date such incident occurs may be cancelled at the sole discretion of the Committee and the Grantee shall have no further rights
with respect to the forfeited RSUs.

 

7.
Restrictions. Subject to any exceptions set forth in this Agreement or the Plan, until such time as the RSUs are settled
in accordance with Section 4, the RSUs or the rights represented thereby may not be sold, assigned, transferred, pledged, hypothecated
or otherwise disposed of. No purported sale, assignment, transfer, pledge, hypothecation or other disposal of the RSUs, or the
rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise will vest in the assignee or transferee
any interest or right herein whatsoever, but immediately upon such purported sale, assignment, transfer, pledge, hypothecation
or other disposal of the RSUs will be forfeited by the Grantee and all of the Grantee’s rights to such RSUs shall immediately
terminate without any payment or consideration from the Company.

 

8.
Restrictive Covenants. Unless otherwise determined by the Committee in its sole discretion, by accepting the RSUs, the
Grantee acknowledges that the Grantee is bound by the following restrictive covenants (the “Restrictive Covenants”):

 

(a)
Except to the extent (1) expressly authorized in writing by the Company or (2) required by law or any legal process, the Grantee
shall not at any time during the Grantee’s Employment with the Company or any of its Affiliates or following the date the
Grantee’s Employment terminates use, disseminate, disclose or divulge to any person or to any firm, corporation, association
or other business entity, Confidential Information (as defined in Section 20 herein) or proprietary Trade Secrets (as defined
in Section 20 herein) of the Company or any of its Affiliates; or

 

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

 

    	 	2	 

     

    

 

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

 

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

 

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

 

If
at any time the Committee reasonably believes that the Grantee has breached any of the Restrictive Covenants described in clauses
(a) and (b) above or in any other agreement including any employment agreement, the Committee may suspend the vesting of Grantee’s
RSUs pending a good faith determination by the Committee of whether any such Restrictive Covenant has been breached, it being
understood that such suspension shall not cause the settlement to be delayed beyond the last date that settlement may occur pursuant
to Section 4 hereof. If the Committee determines in good faith that the Grantee has breached any such Restrictive Covenant, the
Grantee shall immediately forfeit any outstanding unvested RSUs and any related dividend equivalents and shall repay to the Company,
upon demand, any Common Stock or cash issued upon the settlement of the Grantee’s RSUs (and the payment of any related dividend
equivalents) if the vesting of such RSUs occurred during such breach. The Grantee shall also be required to repay to the Company,
in cash and upon demand, any proceeds resulting from the sale or other disposition (including to the Company) of Common Stock
issued upon settlement of the Grantee’s RSUs if the sale or disposition was effected at any time during such breach.

 

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

 

9.
Taxes.

 

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

 

    	 	3	 

     

    

 

(b)
Payment of Withholding Taxes. Notwithstanding any contrary provision of this Agreement, no shares of Common Stock shall
be issued and no dividend equivalents shall be paid unless and until satisfactory arrangements (as determined by the Committee)
have been made by the Grantee with respect to the payment of any taxes which the Company determines must be withheld with respect
to such shares of Common Stock and payment of dividend equivalents. If the Grantee is subject to Section 16 of the Exchange Act
pursuant to Rule 16a-2 promulgated thereunder, the Company will withhold from shares of Common Stock upon the relevant tax withholding
event, unless the use of such withholding method is prevented by applicable law or has materially adverse accounting or tax consequences,
in which case, the withholding obligation may be satisfied by one or a combination of the methods set forth in the Plan. If the
Grantee is not subject to Section 16 of the Exchange Act pursuant to Rule 16a-2 promulgated thereunder, the Grantee may elect
to have the Company withhold from shares of Common Stock upon the relevant tax withholding event and such election shall satisfy
the Grantee’s obligations under this Section 9.

 

10.
Modification; Entire Agreement; Waiver. No change, modification or waiver of any provision of this Agreement which reduces
the Grantee’s rights hereunder will be valid unless the same is agreed to in writing by the parties hereto. This Agreement,
together with the Plan, represent the entire agreement between the parties with respect to the RSUs. The failure of the Company
to enforce at any time any provision of this Agreement will in no way be construed to be a waiver of such provision or of any
other provision hereof.

 

11.
Policy Against Insider Trading; Recoupment. By accepting the RSUs, the Grantee acknowledges that the Grantee is bound by
and shall comply with all the terms and conditions of the Company’s insider trading policy as may be in effect from time
to time. The Grantee further acknowledges and agrees that shares of Common Stock or cash delivered in settlement of the RSUs or
any dividend equivalents, and any proceeds of such shares of Common Stock, are subject to any recoupment or “clawback”
policy of the Company as may be in effect from time to time and applied with prospective or retroactive effect.

 

12.
Data Privacy Consent. The Grantee hereby explicitly and unambiguously consents to the collection, use and transfer, in
electronic or other form, of the Grantee’s personal data as described in this Agreement and any other RSU grant materials
by the Company for the exclusive purpose of implementing, administering and managing the Grantee’s participation in the
Plan. The Grantee understands that the Company may hold certain personal information about the Grantee, including, but not limited
to, the Grantee’s name, home address and telephone number, work location and phone number, date of birth, social insurance
number or other identification number, salary, nationality, job title, hire date, any shares of Common Stock or directorships
held in the Company or any of its Affiliates, details of all awards or any other entitlement to shares awarded, cancelled, exercised,
vested, unvested or outstanding in the Grantee’s favor, for the purpose of implementing, administering and managing the
Plan (“Personal Data”). The Grantee understands that Personal Data may be transferred to any third parties
assisting in the implementation, administration and management of the Plan, now or in the future, that these recipients may be
located in the Grantee’s country or elsewhere, and that the recipient’s country may have different data privacy laws
and protections than the Grantee’s country. The Grantee authorizes the recipients to receive, possess, use, retain and transfer
the Personal Data, in electronic or other form, for the purposes of implementing, administering and managing the Grantee’s
participation in the Plan. The Grantee understands that Personal Data will be held only as long as is necessary or appropriate
to implement, administer and manage the Grantee’s participation in the Plan. Further, the Grantee understands that the Grantee
is providing the consents herein on a purely voluntary basis.

 

    	 	4	 

     

    

 

13.
Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will be binding upon
and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein,
this Agreement will be binding upon the Grantee and the Grantee’s beneficiary, if applicable.

 

14.
Captions. Captions provided herein are for convenience only and shall not affect the scope, meaning, intent or interpretation
of the provisions of this Agreement.

 

15.
Severability. The invalidity or unenforceability of any provision of the Plan or this Agreement shall not affect the validity
or enforceability of any other provision of the Plan or this Agreement, and each provision of the Plan and this Agreement shall
be severable and enforceable to the extent permitted by law.

 

16.
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which
together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission,
by electronic mail in portable document format (.pdf), or by any other electronic means intended to preserve the original graphic
and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original
signature.

 

17.
Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State
of Delaware, without regard to the provisions governing conflict of laws.

 

18.
Acceptance. The Grantee hereby acknowledges receipt of a copy of the Plan and this Agreement. The Grantee has read and
understands the terms and provisions thereof, and accepts the RSUs subject to all of the terms and conditions of the Plan and
this Agreement. The Grantee hereby acknowledges that all decisions, determinations and interpretations of the Board of Directors,
or a Committee thereof, in respect of the Plan, this Agreement and the RSUs shall be final and conclusive. The Grantee acknowledges
that there may be adverse tax consequences upon disposition of the underlying shares and that the Grantee should consult a tax
advisor prior to such disposition.

 

19.
Section 409A. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be
construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties under
Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payment and benefits provided
under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all or any portion of
any taxes, penalties, interest or other expenses that may be incurred by the Grantee on account of non-compliance with Section
409A of the Code. Notwithstanding any provision of this Agreement to the contrary, any compensation or benefit payable hereunder
that constitutes a deferral of compensation under Code Section 409A shall be subject to the following:

 

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

 

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

 

    	 	5	 

     

    

 

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

 

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

 

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

 

20.
Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below:

 

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

 

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

 

    	 	6	 

     

    

 

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

 

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

 

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

 

*
* * * *

 

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

 

	 	OVERSEAS SHIPHOLDING GROUP, INC.
	 	 	 
	 	 	 
	 	By:
    	Samuel
    H. Norton
	 	Title:
    	President
    and CEO

 

	 	Acknowledged and Accepted:
	 	 
	 	 
	 	Executive
    Officer Name	 

 

    	 	7

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