Document:

Exhibit 10.2

 

Amendment No. 3 to Lois K. Zabrocky’s
Employment Agreement

 

This Amendment No. 3
(the “Amendment”), dated as of November 7, 2016 (the “Effective Date”), is between Overseas
Shipholding Group, Inc. (the “Company”) and Lois K. Zabrocky (the “Executive”) and approved
by International Seaways, Inc. (“INSW”).

 

WHEREAS, the Company
and the Executive have entered into an employment agreement, dated September 29, 2014 and as amended as of March 30, 2016 and August
3, 2016 (the “Employment Agreement”).

 

WHEREAS, the Company
and the Executive wish to amend the Employment Agreement in accordance with Section 13(c) thereof.

 

WHEREAS, in connection
with and immediately following the consummation of the transactions (the “Closing”) contemplated by the Separation
and Distribution Agreement between the Company and INSW, expected to be entered into in connection with the separation of INSW
from OSG on terms and conditions agreed to by INSW and OSG, the Employment Agreement will be assigned to INSW (the “Assignment”).

 

WHEREAS, pursuant
to Section 13(g) of the Employment Agreement, following the Assignment, references to “the Company” in the Employment
Agreement shall be a reference to INSW.

 

NOW, THEREFORE,
in consideration of the premises and mutual covenants herein and for other good and valuable consideration, conditioned and effective
upon the occurrence of the Closing and the Assignment, the parties agree as follows:

 

		1.	The first “Whereas” clause in the Employment Agreement is hereby deleted in its entirety and replaced with the
following:

 

WHEREAS, the Company and the Executive
mutually desire that the Executive serve as President and Chief Executive Officer (“CEO”) of the Company on
the terms and conditions set forth herein.

 

		2.	Section 1(a) is hereby amended by replacing “Senior Vice President of the Company and President of the International
Flag SBU” with “President and CEO of the Company”

 

		3.	Section 2 is hereby deleted in its entirety and replaced with the following:

 

2.The Executive shall serve pursuant
to the terms of the Agreement, as such may be in effect from time to time, commencing on September 29, 2014 (the “Effective
Date”) and shall continue until terminated (such period, the “Term”) upon her “Separation
from Service” with the Company in connection with any of the events described in Section 4 hereof.

 

     

     

    

 

		4.	Notwithstanding anything to the contrary herein or in the Employment Agreement, for any transition period during which the
Executive remains employed by INSW between the Closing and the date upon which INSW implements or makes available (i) a health
and welfare plan for the benefit of its employees, the Executive agrees to make a timely election under COBRA to continue participation
in the Company’s health and welfare plan and INSW will reimburse the Executive for the employer portion of the applicable
premium (based upon the portion of the premiums paid by the Company on behalf of its employees who participate in the plan); and
(ii) life and disability insurance benefits, the Company shall provide the Executive with substantially equivalent life and disability
insurance benefits, at no greater out of pocket cost to the Executive, to those to which the Executive was entitled as of immediately
prior to the Closing.

 

		5.	Except as provided herein, the terms and conditions of the Employment Agreement shall remain in full force and effect and shall
be binding on INSW in the same manner and to the same extent as on the Company if no assignment to INSW had taken place.

 

		6.	This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original,
but all of which shall constitute one and the same instrument.

 

[Signature Page Follows]

 

    2 

     

    

 

IN WITNESS WHEREOF,
the parties have executed this Amendment to the Employment Agreement as of the date first written above.

 

	
        

         
	Lois K. Zabrocky
	 	 
	 	/s/ Lois K. Zabrocky	 
	 	 
	 	Overseas Shipholding Group, Inc.
	 	 
	 	/s/ Douglas D. Wheat	 
	 	Name: Douglas D. Wheat
	 	Title: Chairman of the Board
	 	 
	 	International Seaways, Inc.
	 	 
	 	/s/ Ian T. Blackley	 
	 	Name: Ian T. Blackley
	 	Title: Senior Vice President, Director and Authorized Officer

 

    3Exhibit 10.3

 

November 7, 2016

 

Ian Blackley

c/o Overseas Shipholding Group, Inc.

302 Knights Run Avenue #1200

Tampa, Florida 33602

 

Dear Ian:

 

This letter agreement (the “Letter
Agreement”) memorializes our conversations regarding your continued employment with Overseas Shipholding Group, Inc.
(the “Company”) following the closing (the “Closing”) of the transactions contemplated by
the Separation and Distribution Agreement between the Company and International Seaways, Inc. (“INSW”), expected
to be entered into in connection with the separation of INSW from OSG on terms and conditions agreed to by INSW and OSG (such agreement,
the “Separation and Distribution Agreement”).

 

Following and conditioned upon the occurrence
of the Closing, you shall remain employed by the Company through December 29, 2016 (the “Transition Date” and
the period between the Closing and the Transition Date, the “Post-Spin Period”).

 

Upon the Transition Date, you will cease to
be employed by the Company or any of its affiliates, and you will be deemed to have resigned from any and all positions, titles,
duties, authorities and responsibilities at or with, the Company. Upon such Transition Date, assuming you remain employed by the
Company as of such date, your employment will terminate and you will be entitled to receive all payments and benefits for which
you are eligible (the “Termination Benefits”) upon a “Separation from Service due to termination by the
Company without Cause” under the Employment Agreement dated as of January 20, 2015 between you and the Company, as amended
on March 30, 2016 and August 3, 2016 (the “Employment Agreement”), subject to the terms thereof. For all purposes,
this Letter Agreement constitutes and is in full satisfaction of any required notice from the Company.

 

For purposes of this Letter Agreement, during
the Post-Spin Period, you hereby agree that you shall not have nor shall you claim to have Good Reason to resign under the Good
Reason definition set forth in the Employment Agreement, any equity compensation award or any other agreement you may have with
the Company or its affiliates as a result of the consummation of the transactions contemplated by the Separation and Distribution
Agreement or otherwise.

 

     

     

    

 

From the date hereof through the Post-Spin
Period, the terms and conditions of the Employment Agreement, as modified by this Letter Agreement, shall continue to apply to
you in all respects and shall remain in full force and effect. The terms of this Letter Agreement are conditioned upon the consummation
of the transactions contemplated by the Separation and Distribution Agreement and prior to the Closing, this Letter Agreement shall
have no force or effect.

 

	 	OVERSEAS SHIPHOLDING GROUP, INC. 
	 	 
	 	/s/ Douglas D. Wheat	 
	 	 Douglas D. Wheat
	 	Chairman of the Board
	 	 
	 	Accepted and agreed: 
	 	 
	 	/s/ Ian Blackley	 
	 	Ian BlackleyExhibit 10.4

 

November 7, 2016

 

Rick Oricchio

c/o Overseas Shipholding Group, Inc.

302 Knights Run Avenue #1200

Tampa, Florida 33602

 

Dear Rick:

 

This letter agreement (the “Letter
Agreement”) memorializes our conversations regarding your continued employment with Overseas Shipholding Group, Inc.
(the “Company”) following the closing (the “Closing”) of the transactions contemplated by
the Separation and Distribution Agreement between the Company and International Seaways, Inc. (“INSW”), expected
to be entered into in connection with the separation of INSW from OSG on terms and conditions agreed to by INSW and OSG (such agreement,
the “Separation and Distribution Agreement”).

 

Following and conditioned upon the occurrence
of the Closing, you shall remain employed by the Company through December 29, 2016 (the “Transition Date” and
the period between the Closing and the Transition Date, the “Post-Spin Period”).

 

Upon the Transition Date, you will cease to
be employed by the Company or any of its affiliates, and you will be deemed to have resigned from any and all positions, titles,
duties, authorities and responsibilities at or with, the Company. Upon such Transition Date, assuming you remain employed by the
Company as of such date, your employment will terminate and you will be entitled to receive all payments and benefits for which
you are eligible (the “Termination Benefits”) upon a “Separation from Service due to termination by the
Company without Cause” under the Employment Agreement dated as of December 19, 2014 between you and the Company, as amended
on March 30, 2016 and August 3, 2016 (the “Employment Agreement”), subject to the terms thereof. For all purposes,
this Letter Agreement constitutes and is in full satisfaction of any required notice from the Company.

 

The parties hereto agree that notwithstanding
anything else in this Letter Agreement or the Employment Agreement, so long as the Executive’s employment has not been terminated
for Cause (as defined in the Employment Agreement) nor has the Executive resigned his employment prior to the Transiton Date, the
Executive shall be eligible to receive his annual bonus in respect of fiscal year 2016 determined based upon actual performance,
which shall be paid at the same time as such bonus is paid to other executives of the Company.

 

     

     

    

  

For purposes of this Letter Agreement, during
the Post-Spin Period, you hereby agree that you shall not have nor shall you claim to have Good Reason to resign under the Good
Reason definition set forth in the Employment Agreement, any equity compensation award or any other agreement you may have with
the Company or its affiliates as a result of the consummation of the transactions contemplated by the Separation and Distribution
Agreement or otherwise.

 

From the date hereof through the Post-Spin
Period, the terms and conditions of the Employment Agreement, as modified by this Letter Agreement, shall continue to apply to
you in all respects and shall remain in full force and effect. The terms of this Letter Agreement are conditioned upon the consummation
of the transactions contemplated by the Separation and Distribution Agreement and prior to the Closing, this Letter Agreement shall
have no force or effect.

 

	 	OVERSEAS SHIPHOLDING GROUP, INC. 
	 	 
	 	/s/ Douglas D. Wheat	 
	 	 Douglas D. Wheat
	 	Chairman of the Board
	 	 
	 	Accepted and agreed: 
	 	 
	 	/s/ Rick Oricchio 	 
	 	Rick Oricchio

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