Document:

ebf-ex102_395.htm

Exhibit 10.2

 

2021 Long-Term Incentive Plan
of Ennis, Inc.

 

(Effective July 15, 2021)

 

1.Plan.  This 2021 Long-Term Incentive Plan of Ennis, Inc. (this “Plan”) was adopted by Ennis, Inc. (the “Company”), effective as of the Effective Date, to attract, retain and reward certain employees and directors of the Company and its Subsidiaries by enabling them to acquire shares of common stock of the Company and/or through the provision of cash payments.

2.Objectives.  This Plan is designed to attract and retain employees of the Company and its Subsidiaries, to attract and retain qualified directors of the Company, to encourage the sense of proprietorship of such employees and directors and to stimulate the active interest of such persons in the development and financial success of the Company and its Subsidiaries.  These objectives are to be accomplished by making Awards under this Plan and thereby providing Participants with a proprietary interest in the growth and performance of the Company and its Subsidiaries.

3.Definitions.  Unless otherwise defined in this Plan, the following terms will have the meanings indicated, unless the context clearly indicates otherwise, with all definitions equally applicable to the singular and plural forms of the terms defined.  

“Affiliate” means a “parent corporation” or a “subsidiary corporation” of the Company, as those terms are defined in Section 424(e) and (f) of the Code.

“Award” means the grant, by the Company pursuant to this Plan, of any Option, SAR, Restricted Stock, Restricted Stock Unit, Performance Award or Cash Award, whether granted singly, in combination or in tandem, to a Participant pursuant to such applicable terms, conditions and limitations as the Committee, or the Board in the case of Awards to Directors, may establish in order to fulfill the objectives of this Plan.

“Award Agreement” means any agreement issued for and on behalf of the Company setting forth, in writing, the terms, conditions and limitations applicable to an Award.

“Board” means the Board of Directors of the Company.

“Cash Award” means an Award, granted by the Company pursuant to this Plan, denominated and paid in cash, and includes Performance Awards paid in cash.

A “Change of Control” shall be deemed to have taken place if one or more of the following occurs:

(A)An entity or person, as that term is used in Section 13(d) and 14(d)(2) of the Exchange Act (other than a qualified benefit plan of the Company 

or an Affiliate), becomes or is discovered to be a beneficial owner (as defined in Rule 13d-3 under the Exchange Act as in effect on the Effective Date) directly or indirectly of securities of the Company representing 30% or more of the combined voting power of the Company’s then outstanding securities (unless such person is already such a beneficial owner on the Effective Date);

(B)Individuals who, as of the Effective Date, constitute the Board cease for any reason to constitute at least a majority of the Board, unless any such change is approved by a unanimous vote of the Board in office immediately prior to such cessation;

(C)The Company or its Affiliates shall (in a single transaction or a series of related transactions) issues shares, sell or purchase assets, engage in a merger or engage in any other transaction immediately after which securities of the Company representing 50% or more of the combined voting power of the then outstanding securities of the Company shall be ultimately owned by person(s) who shall not have owned such securities prior to such transaction or who shall be a party to such transaction;

(D)The Company and its Affiliates shall sell or dispose of (in a single transaction or series of related transactions) business operations which generated a majority of the consolidated revenues (determined on the basis of the Company’s four most recently completed fiscal quarters for which reports have been filed under the Exchange Act) of the Company and its Affiliates immediately prior thereto;

(E)The Board shall approve the distribution to the Company’s shareholders of all or substantially all of the Company’s net assets or shall approve the dissolution of the Company; or

(F)Any other transaction or series of related transactions occur which have substantially the effect of the transactions specified in any of the preceding provisions of this subsection.

The foregoing notwithstanding, no Change of Control shall be deemed to have occurred unless such event constitutes an event specified in Section 409A(a)(2)(A)(v) of the Code and the Treasury regulations promulgated thereunder with respect to an Award that is deferred compensation subject to Section 409A of the Code that will be paid solely based upon the occurrence of Change of Control.

“Code” means the Internal Revenue Code of 1986, as amended, or any successor statute, and the Treasury regulations and other authoritative guidance issued thereunder.

“Committee” means the Compensation Committee of the Board or such other committee of the Board as is designated by the Board to administer this Plan.

“Common Stock” means the Common Stock, par value $2.50 per share, of the Company.

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“Company” means Ennis, Inc., a Texas corporation, or any successor thereto.

“Director” means an individual serving as a member of the Board who is not an Employee.

“Dividend Equivalents” means an amount in cash equal to dividends and other distributions (or the economic equivalent thereof) that are payable to stockholders of record on a like number of shares of Common Stock.

“Effective Date” means July 15, 2021, the date this Plan was approved by the Company’s stockholders at the Company’s 2021 annual meeting of stockholders.

“Employee” means an employee of the Company or any of its Subsidiaries or an individual who has agreed to become an employee of the Company or any of its Subsidiaries and actually becomes such an employee within the six months immediately following the making of an Award to such individual.

“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

“Fair Market Value” means (a) the closing price per share on a given date on the New York Stock Exchange or such other national securities exchange or market on which the Common Stock may be listed or traded on such date, as reported in The Wall Street Journal or such other source as the Committee may select, or if no shares of Common Stock were traded on such date, then on the next preceding date on which shares of Common Stock were traded, or (b) if the Common Stock is not listed or traded on a national securities exchange or market, such price as determined by the Committee in good faith and in accordance with applicable laws and regulations.

“Incentive Option” means an Option that is intended to comply with the requirements set forth in Section 422 of the Code.

“Nonqualified Option” means an Option that is not an Incentive Option.

“Option” means a right, granted by the Company pursuant to this Plan, to purchase a specified number of shares of Common Stock at a specified price.

“Participant” means an Employee or Director to whom an Award has been made under this Plan.

“Performance Award” means a Stock Award or a Cash Award which may be earned in whole or in part upon attainment of performance goals or other vesting criteria as the Committee may determine and which will be paid in cash or shares of Common Stock or a combination of the foregoing.

“Plan” means this 2021 Long-Term Incentive Plan of Ennis, Inc., as amended from time to time.

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“Restricted Stock” means any Common Stock that is restricted or subject to forfeiture provisions.

“Restricted Stock Unit” means a unit that is restricted or subject to forfeiture provisions evidencing the right to receive one share of Common Stock or cash equal to the Fair Market Value of one share of Common Stock.

“Restriction Period” means a period of time beginning as of the date upon which an Award of Restricted Stock or Restricted Stock Units is made pursuant to this Plan and ending as of the date upon which such Award is issued (if not previously issued), no longer restricted or no longer subject to forfeiture provisions.

“SAR” means a right to receive a payment, in cash or shares of Common Stock, equal to the excess of the Fair Market Value of a share of Common Stock on the date the right is exercised over the Fair Market Value of a share of Common Stock on the date of grant.

“Section 409A” means Section 409A of the Code and the Treasury regulations promulgated thereunder.

“Stock Award” means an Award, granted by the Company pursuant to this Plan, in the form of shares of Common Stock or units denominated in shares of Common Stock, and includes Restricted Stock, Restricted Stock Units and Performance Awards that may be settled in shares of Common Stock; Stock Awards shall not include Options or SARs.

“Subsidiary” means (i) in the case of a corporation, any corporation of which the Company directly or indirectly owns shares representing 50% or more of the combined voting power of the shares of all classes or series of capital stock of such corporation which have the right to vote generally on matters submitted to a vote of the stockholders of such corporation, and (ii) in the case of a partnership or other business entity not organized as a corporation, any such business entity of which the Company directly or indirectly owns 50% or more of the voting, capital or profits interests (whether in the form of partnership interests, membership interests or otherwise).

“Voting Securities” means, with respect to any corporation or other business enterprise, those securities which under ordinary circumstances entitle the holder thereof to vote for the election of directors or others charged with comparable duties under applicable law.

4.Eligibility.  All Employees and Directors are eligible for Awards under this Plan. 

5.Common Stock Available for Awards; Plan and Award Limitations.

(a)Common Stock Available Under this Plan.  Subject to the provisions of Section 15 hereof, there shall be an aggregate of 1,033,648 shares of Common Stock available for Awards under this Plan, granted wholly or partly and including rights or Options that may be exercised for, or settled in, shares of Common Stock.  The number of shares of Common Stock that are the subject of Awards under this Plan that are canceled, 

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terminated, forfeited or expire unexercised shall again immediately become available for Awards hereunder as if such shares had never been the subject of an Award.  The number of shares of Common Stock available under this Plan shall not be increased by shares of Common Stock tendered, surrendered or withheld in connection with the exercise or settlement of an Award or the Company’s tax withholding obligations.  (The 2004 Long-Term Incentive Plan of Ennis, Inc., as amended and restated on May 14, 2008 and as further amended on May 25, 2011, expired on June 30, 2021 (the “Prior Plan”) and, therefore, no additional grants may be made pursuant to the Prior Plan after such expiration date.)

(b)Plan Limitations.  All shares of Common Stock available for Awards under this Plan may be granted as Incentive Options or as any other form of Stock Award.

(c)Adjustments.  The limitations set forth in this clause (c) are subject to adjustment in accordance with Section 15 hereof.

(d)Other Actions.  The Committee may from time to time adopt and observe such procedures concerning the counting of shares against this Plan maximum as it may deem appropriate.  The Board, the Committee and the officers of the Company shall from time to time take whatever actions are necessary to file any required documents with governmental authorities, stock exchanges and transaction reporting systems to ensure that shares of Common Stock are available for issuance pursuant to Awards.

6.Administration.

(a)Authority of the Committee.  Except as otherwise provided in this Plan with respect to actions or determinations by the Board, this Plan shall be administered by the Committee.  Subject to the provisions hereof, the Committee shall have full and exclusive power and authority to administer this Plan and to take all actions that are specifically contemplated hereby or are necessary or appropriate in connection with the administration hereof.  The Committee shall also have full and exclusive power to interpret this Plan and to adopt such rules, regulations and guidelines for carrying out this Plan as it may deem necessary or proper, all of which powers shall be exercised in the best interests of the Company and in keeping with the objectives of this Plan.  Subject to Section 6(c) below and Section 18 hereof, the Committee may, in its discretion, provide for the extension of the exercisability of an Award, accelerate the vesting or exercisability of an Award, eliminate or make less restrictive any restrictions contained in an Award, waive any restriction or other provision of this Plan or an Award or otherwise amend or modify an Award in any manner that is (i) not materially adverse to the Participant to whom such Award was granted, (ii) consented to by such Participant or (iii) authorized by Section 16(c) hereof; provided, however, that no such action shall (1) permit the term of any Option or SAR to be greater than ten years from the applicable grant date or (2) permit the extension of the term of any outstanding Option or SAR such that the resulting term is greater than ten years from the applicable grant date.  The Committee may make an Award to an individual who it expects to become an employee of the Company or any of its Subsidiaries within the six months following the date the Award is made, with such Award being subject to the individual actually becoming an employee within such time period, and subject to such other terms and conditions as may be established by the Committee.  

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The Committee may correct any defect or supply any omission or reconcile any inconsistency in this Plan or in any Award in the manner and to the extent the Committee deems necessary or desirable to further the purposes of this Plan.  Any decision of the Committee in the interpretation and administration of this Plan shall lie within its sole and absolute discretion and shall be final, conclusive and binding on all parties concerned.  The Board shall have the same powers as the Committee with respect to Awards to Directors.

(b)Indemnity.  No member of the Board or the Committee or officer of the Company to whom the Committee has delegated authority in accordance with the provisions of Section 7 of this Plan shall be liable for anything done or omitted to be done by him or her, by any member of the Board or the Committee or by any officer of the Company in connection with the performance of any duties under this Plan, except for his or her own willful misconduct or as expressly provided by statute.

(c)Prohibition on Repricing of Options and Stock Appreciation Rights.  Except in connection with a corporate transaction involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares), the terms of outstanding Options and SARs may not be amended to (i) reduce the exercise price of outstanding Options or SARs or (ii) cancel outstanding Options or SARs in exchange for cash, other Awards or Options or SARs with an exercise price that is less than the exercise price of the original Options or SARs without stockholder approval.

7.Delegation.  The Committee may delegate to one or more subcommittees of the Committee, another committee of the Board, the President and Chief Executive Officer of the Company, or to other senior officers of the Company its authority or duties under this Plan pursuant to such conditions or limitations as the Committee may establish; provided, however, the Committee may not delegate to any officer of the Company its authority to make Awards to any officer of the Company.  Any such delegation hereunder shall only be made to the extent permitted by applicable law.

8.Awards.  The Committee shall determine the type or types of Awards to be made under this Plan to Employees and shall designate from time to time the Participants who are to be the recipients of such Awards.  Each Award shall be embodied in an Award Agreement in such form as the Committee determines, which shall contain such terms, conditions and limitations as shall be determined by the Committee in its sole discretion, including any treatment upon a Change of Control, and shall be issued for and on behalf of the Company.  Awards may consist of those listed in this Section 8 and may be granted singly, in combination or in tandem.  Awards may also be made in combination or in tandem with, in replacement of, or as alternatives to, grants or rights under this Plan or any other plan of the Company or any of its Subsidiaries, including this Plan of any acquired entity; provided that, except as contemplated in Section 15 hereof, no Option or SAR may be issued in exchange for the cancellation of an Option or SAR, respectively, with a higher exercise price nor may the exercise price of any Option or SAR be reduced.  All or part of an Award may be subject to conditions established by the Committee, which may include, but are not limited to, continuous service with the Company and its Subsidiaries, achievement of specific business objectives, increases in specified indices, attainment of specified growth rates and other measurements of performance.  Upon the termination of employment by a Participant who is an 

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Employee, any unexercised, deferred, unvested or unpaid Awards shall be treated as set forth in the applicable Award Agreement.

(a)Option.  An Award may be in the form of an Option.  An Option awarded pursuant to this Plan may consist of an Incentive Option or a Nonqualified Option.  The price at which shares of Common Stock may be purchased upon the exercise of an Option shall be not less than the Fair Market Value of the Common Stock on the date of grant.  The term of an Option shall not exceed ten years from the date of grant.  Subject to the foregoing provisions, the terms, conditions and limitations applicable to any Options awarded pursuant to this Plan, including the term of any Options and the date or dates upon which such Options become exercisable, shall be determined by the Committee.

(b)Stock Appreciation Right.  An Award may be in the form of a SAR.  The strike price for a SAR shall not be less than the Fair Market Value of the Common Stock on the date on which the SAR is granted.  The term of a SAR shall not exceed ten years from the date of grant.  Subject to the foregoing limitations, the terms, conditions and limitations applicable to any SARs awarded pursuant to this Plan, including the term of any SARs and the date or dates upon which such SARs become exercisable, shall be determined by the Committee.  As of the date of grant of a SAR, the Committee may specifically designate that the Award will be paid (i) only in cash, (ii) only in Common Stock, or (iii) in such other form or combination of forms as the Committee may elect or permit at the time of exercise.

(c)Stock Award.  An Award may be in the form of a Stock Award.  The terms, conditions and limitations applicable to any Stock Awards granted pursuant to this Plan shall be determined by the Committee, subject to the limitations specified below.

(d)Cash Award.  An Award may be in the form of a Cash Award.  The terms, conditions and limitations applicable to any Cash Awards granted pursuant to this Plan shall be determined by the Committee.

(e)Performance Award.  Without limiting the type or number of Awards that may be made under the other provisions of this Plan, an Award may be in the form of a Performance Award.  The amount of cash or shares of Common Stock payable or issuable or vested pursuant to Performance Awards may be adjusted upward or downward, either on a formula or discretionary basis or any combination, as the Committee determines in its discretion.  Subject to the foregoing provisions, the terms, conditions and limitations applicable to any Performance Awards made pursuant to this Plan shall be determined by the Committee.

(f)Minimum Vesting.  Any Award (other than a Cash Award) shall have a minimum vesting period or Restriction Period, as applicable, of one year from the date of grant, provided that (i) the Committee may provide for earlier vesting or termination of the Restriction Period following a Change of Control or upon termination of a Participant’s employment or service by reason of death, disability or retirement and (ii) Awards with respect to up to 5% of the shares of Common Stock authorized for grant pursuant to this Plan may have a vesting period or Restriction Period, as applicable, of less than one year.

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9.Awards to Directors.  The Board may grant a Director of the Company one or more Awards, other than in the form of Incentive Options, and establish the terms thereof in accordance with Section 8 and consistent with the provisions therein for the granting of Awards to Employees by the Committee.  Any such Award shall be subject to the applicable terms, conditions and limitations set forth in this Plan and the applicable Award Agreement.  Upon the termination of service by a Participant who is a Director, any unexercised, deferred, unvested or unpaid Awards shall be treated as set forth in the applicable Award Agreement.

10.Award Payment; Dividends and Dividend Equivalents.

(a)General.  As specified in the applicable Award Agreements, payment of Awards may be made in the form of cash or Common Stock, or a combination thereof, and may include such restrictions as the Committee shall determine, including, in the case of Common Stock, restrictions on transfer and forfeiture provisions.  If payment of an Award is made in the form of Restricted Stock, the right to receive such shares shall be evidenced by book-entry registration or in such other manner as the Committee may determine from time to time.  Any statement of ownership evidencing such Restricted Stock shall contain appropriate legends and restrictions that describe the terms and conditions of the restrictions applicable thereto.

(b)Dividends, Dividend Equivalents and Interest.  Rights to dividends or Dividend Equivalents may be extended to and made part of any Stock Award, subject to such terms, conditions and restrictions as the Committee may establish.  Unless otherwise provided in the Participant’s Award Agreement, any dividends or Dividend Equivalents payable in connection with any Stock Award (as provided in the applicable Award Agreement) shall be paid at the same time and in the same manner as dividends are paid to stockholders of record.  The Committee may also establish rules and procedures for the crediting of interest on deferred cash payments, dividends or Dividend Equivalents.  Dividends and/or Dividend Equivalents shall not be made part of any Options or SARs.

11.Stock Option Exercise.  The price at which shares of Common Stock may be purchased under an Option shall be paid in full at the time of exercise in cash or, if set forth in the Award Agreement and elected by the Participant, the Participant may purchase such shares by means of the Company withholding shares of Common Stock otherwise deliverable on exercise of the Award or tendering Common Stock or surrendering another Award, including Restricted Stock, valued at Fair Market Value on the date of exercise, or any combination thereof.  The Committee, in its sole discretion, shall determine acceptable methods for Participants to tender Common Stock or other Awards.  The Committee may provide for procedures to permit the exercise or purchase of such Awards by use of the proceeds to be received from the sale of Common Stock issuable pursuant to an Award (including cashless exercise procedures approved by the Committee involving a broker or dealer approved by the Committee).  Unless otherwise provided in the applicable Award Agreement, in the event shares of Restricted Stock are tendered as consideration for the exercise of an Option, a number of the shares issued upon the exercise of the Option, equal to the number of shares of Restricted Stock used as consideration therefore, shall be subject to the same restrictions as the Restricted Stock so submitted as well as any additional restrictions that may be imposed by the Committee.  The Committee may adopt additional rules 

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and procedures regarding the exercise of Options from time to time, provided that such rules and procedures are not inconsistent with the provisions of this Section 11.

12.Taxes.  The Company shall have the right to deduct applicable taxes from any Award payment and withhold an appropriate amount of cash or number of shares of Common Stock or a combination thereof for payment of taxes required by law or to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for withholding of such taxes.  The Committee may also permit withholding to be satisfied by (i) the transfer to the Company of shares of Common Stock theretofore owned by the holder of the Award or (ii) withholding from the shares of Common Stock otherwise deliverable under the Award, in either case with respect to which withholding is required, up to the maximum tax rate applicable to the Participant, as determined by the Committee and subject to applicable law.  If shares of Common Stock are used to satisfy tax withholding, such shares shall be valued based on the Fair Market Value when the tax withholding is required to be made.

13.Amendment, Modification, Suspension or Termination.  The Board may amend, modify, suspend or terminate this Plan (and the Committee may amend or modify an Award Agreement) for the purpose of meeting or addressing any changes in legal requirements or for any other purpose permitted by applicable law, except that (i) no amendment or alteration that would materially adversely affect the rights of any Participant under any Award previously granted to such Participant shall be made without the consent of such Participant and (ii) no amendment or alteration shall be effective prior to its approval by the  stockholders of the Company to the extent stockholder approval is otherwise required by applicable legal requirements or the requirements of the securities exchange on which the Company’s stock is listed, including any amendment that expands the types of Awards available under this Plan, materially increases the number of shares of Common Stock available for Awards under this Plan, materially expands the classes of persons eligible for Awards under this Plan, materially extends the term of this Plan, materially changes the method of determining the Exercise Price of Options or strike price of SARs, deletes or limits any provisions of this Plan that prohibit the repricing of Options or SARs.  Notwithstanding any provision in this Plan to the contrary, this Plan shall not be amended or terminated in such manner that would cause this Plan or any amounts or benefits payable hereunder to fail to comply with or be exempt from Section 409A, and any such amendment or termination that may reasonably be expected to result in such failure shall be of no force or effect.

14.Assignability.  Unless otherwise determined by the Committee (or the Board, in the case of Awards to Directors) and provided in the Award Agreement, no Award may be assigned or otherwise transferred except by will or the laws of descent and distribution or pursuant to a domestic relations order in a form acceptable to the plan administrator.  Any attempted assignment of an Award or any other benefit under this Plan in violation of this Section 14 shall be null and void.

15.Adjustments.

(a)The existence of outstanding Awards shall not affect in any manner the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the capital stock of the Company or its business or any merger or consolidation of the Company, or any issue of bonds, 

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debentures, preferred or prior preference stock (whether or not such issue is prior to, on a parity with or junior to the Common Stock) or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding of any kind, whether or not of a character similar to that of the acts or proceedings enumerated above.

(b)In the event of any subdivision or consolidation of outstanding shares of Common Stock, declaration of a dividend payable in shares of Common Stock or other stock split, then (i) the number of shares of Common Stock reserved under this Plan, (ii) the number of shares of Common Stock available under this Plan for Incentive Options and Stock Awards, (iii) the number of shares of Common Stock covered by outstanding Awards in the form of Common Stock or units denominated in Common Stock, (iv) the exercise or other price in respect of such Awards, and (v) the appropriate Fair Market Value and other price determinations for such Awards shall each be proportionately adjusted by the Committee to reflect such transaction.  In the event of any other recapitalization or capital reorganization of the Company, any consolidation or merger of the Company with another corporation or entity, the adoption by the Company of any plan of exchange affecting the Common Stock or any distribution to holders of Common Stock of securities or property (other than normal cash dividends or dividends payable in Common Stock), the Committee shall make appropriate adjustments to (1) the number of shares of Common Stock covered by Awards in the form of Common Stock or units denominated in Common Stock, (2) the exercise or other price in respect of such Awards, (3) the appropriate Fair Market Value and other price determinations for such Awards, and (4) the number of shares of Common Stock available under this Plan for Incentive Options and Stock Awards; provided that such adjustments shall only be such as are necessary to maintain the proportionate interest of the holders of the Awards and preserve, without exceeding, the value of such Awards.

(c)In the event of a corporate merger, consolidation, acquisition of property or stock, separation, reorganization or liquidation, the Committee may make such adjustments to Awards or other provisions for the disposition of Awards as it deems equitable, and shall be authorized, in its discretion, to (i) provide for the substitution of a new Award or other arrangement (which, if applicable, may be exercisable for such property or stock as the Committee determines) for an Award or the assumption of the Award (and for awards not granted under this Plan), regardless of whether in a transaction to which Section 424(a) of the Code applies, (ii) provide, prior to the transaction, for the acceleration of the vesting and exercisability of, or lapse of restrictions with respect to, the Award and, if the transaction is a cash merger, provide for the termination of any portion of the Award that remains unexercised at the time of such transaction, (iii) provide for the acceleration of the vesting and exercisability of an Award and the cancellation thereof in exchange for such payment as the Committee, in its sole discretion, determines is a reasonable approximation of the value thereof, (iv) cancel any Awards and direct the Company to deliver to the Participants who are the holders of such Awards cash in an amount that the Committee shall determine in its sole discretion is equal to the Fair Market Value of such Awards as of the date of such event, which, in the case of any Option, shall be the amount equal to the excess of the Fair Market Value of a share as of such date over the per-share exercise price for such Option (for the avoidance of doubt, if such Fair Market Value is less than such exercise price, the Option may be canceled for no consideration), or (v) cancel Awards that 

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are Options and give the Participants who are the holders of such Awards notice and opportunity to exercise prior to such cancellation.

(d)No adjustment authorized by this Section 15 shall be made in such manner that would result in this Plan or any amounts or benefits payable hereunder to fail to comply with or be exempt from Section 409A, and any such adjustment that may reasonably be expected to result in such failure shall be of no force or effect.

16.Restrictions.  No Common Stock or other form of payment shall be issued or made with respect to any Award unless the Company shall be satisfied based on the advice of its counsel that such issuance or other payment will be in compliance with all applicable federal and state securities laws.  Certificates evidencing shares of Common Stock delivered under this Plan (to the extent that such shares are so evidenced) may be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any securities exchange or transaction reporting system upon which the Common Stock is then listed or to which it is admitted for quotation and any applicable federal or state securities law.  The Committee may cause a legend or legends to be placed upon such certificates (if any) to make appropriate reference to such restrictions.

17.Unfunded Plan.  This Plan is unfunded.  Although bookkeeping (notional) accounts may be established with respect to Participants who are entitled to cash, Common Stock or rights thereto under this Plan, any such accounts shall be used merely as a bookkeeping convenience.  The Company shall not be required to segregate any assets that may at any time be represented by cash, Common Stock or rights thereto, nor shall this Plan be construed as providing for such segregation, nor shall the Company, the Board or the Committee be deemed to be a trustee of any cash, Common Stock or rights thereto to be granted under this Plan.  Any liability or obligation of the Company to any Participant with respect to an Award of cash, Common Stock or rights thereto under this Plan shall be based solely upon any contractual obligations that may be created by this Plan and any Award Agreement, and no such liability or obligation of the Company shall be deemed to be secured by any pledge or other encumbrance on any property of the Company.  All amounts provided under this Plan shall be paid from the general assets of the Company and no separate fund shall be established to secure payment.  To the extent that a Participant or other person acquires a right to receive payment from the Company under this Plan, such right shall be no greater than the right of any unsecured general creditor of the Company.

18.Section 409A.

(a)The Company intends that this Plan and Awards comply with, or be exempt from, the requirements of Section 409A of the Code and the accompanying regulations and guidance issued by the Internal Revenue Service and shall be operated and interpreted consistent with that intent.  Notwithstanding anything in this Plan to the contrary, if any Plan provision or Award under this Plan would result in the imposition of an additional tax under Section 409A, that Plan provision or Award will be reformed to avoid imposition of the additional tax, including that any Award subject to Section 409A held by a specified employee that is settled upon termination of employment (for reasons other than death) shall be delayed in payment until the expiration of six months, and no action taken to 

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comply with Section 409A shall be deemed to adversely affect the Participant’s rights under an Award.  No payment, benefit or consideration shall be substituted for an Award if such action would result in the imposition of taxes under Section 409A

(b)Unless the Committee provides otherwise in an Award Agreement, each Award of Restricted Stock Units or Cash Award (or portion thereof if the Award is subject to a vesting schedule) shall be settled no later than the 15th day of the third month after the end of the first calendar year in which the Award (or such portion thereof) is no longer subject to a “substantial risk of forfeiture” within the meaning of Section 409A.  If the Committee determines that an Award of Restricted Stock Units or a Cash Award is intended to be subject to Section 409A, the applicable Award Agreement shall include terms that are designed to satisfy the requirements of Section 409A.

(c)If the Participant is identified by the Company as a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code on the date on which the Participant has a “separation from service” (other than due to death) within the meaning of Treasury Regulation §1.409A-1(h), any Award payable or settled on account of a separation from service that is deferred compensation subject to Section 409A shall be paid or settled on the earliest of (1) the first business day following the expiration of six months from the Participant’s separation from service, (2) the date of the Participant’s death, or (3) such earlier date as complies with the requirements of Section 409A.

19.Governing Law.  This Plan and all determinations made and actions taken pursuant hereto, to the extent not otherwise governed by mandatory provisions of the Code or the securities laws of the United States, shall be governed by and construed in accordance with the laws of the State of Texas.

20.Right to Continued Service or Employment.  Nothing in this Plan or an Award Agreement shall interfere with or limit in any way the right of the Company or any of its Subsidiaries to terminate any Participant’s employment or other service relationship with the Company or its Subsidiaries at any time, nor confer upon any Participant any right to continue in the capacity in which he is employed or otherwise serves the Company or its Subsidiaries.

21.Usage.  Words used in this Plan in the singular shall include the plural and vice versa, and words of one gender shall be construed to include the other gender and the neuter, in each case as the context requires.

22.Headings.  The headings in this Plan are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Plan.

23.Effectiveness.  This Plan, as approved by the Board on April 16, 2021, is effective as of the Effective Date.  This Plan shall continue in effect for a term of ten years commencing on the Effective Date, unless earlier terminated by action of the Board, and no further Awards may be granted under this Plan after the tenth anniversary of the Effective Date or, if earlier, termination by action of the Board, except as to Awards then outstanding under this Plan.  Such outstanding Awards shall remain in effect until they have been exercised or terminated, or have expired.  Notwithstanding the foregoing, the adoption of this Plan is expressly conditioned upon the 

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approval by the holders of a majority of shares of Common Stock present, or represented, and entitled to vote at the Company’s 2021 annual meeting of stockholders scheduled to be held on July 15, 2021.  If the stockholders of the Company should fail to so approve this Plan, this Plan shall not be of any force or effect.

13Exhibit 10.1

 

Execution Version

 

AMENDMENT AND RESTATEMENT AGREEMENT

 

AMENDMENT AND RESTATEMENT
AGREEMENT, dated as of May 27, 2021 (this “Restatement Agreement”) by and among Diamond S Shipping Inc., a Marshall
Islands corporation (“DSS Inc.” or the “Borrower”), the Lenders party hereto constituting Required
Lenders under the Original Credit Agreement (as defined below) (the “Consenting Lenders”), NORDEA BANK ABP, NEW YORK
BRANCH, as Administrative Agent (in such capacity, the “Administrative Agent”) and as Collateral Agent under the Security
Documents, and International Seaways, Inc., a Marshall Islands corporation (“INSW” or “Holdings”,
as the context may require).

 

PRELIMINARY STATEMENTS

 

A.               The
Borrower, the Administrative Agent, the Collateral Agent and the Lenders party thereto from time to time are party to that certain Credit
Agreement, dated as of March 27, 2019 (as amended, restated, amended and restated, supplemented and/or otherwise modified from time to
time prior to the date hereof, the “Original Credit Agreement”).

 

B.                 Reference
is made to the Agreement and Plan of Merger, dated March 30, 2021 by and among INSW, Dispatch Transaction Sub, Inc., a Marshall Islands
corporation (“Merger Sub”), and DSS Inc. (the “Merger Agreement”), pursuant to which INSW intends
to acquire, in a “friendly” transaction, DSS Inc. by way of a merger of Merger Sub with and into DSS Inc., with DSS Inc.
continuing as the surviving entity of such merger and as a wholly-owned subsidiary of INSW (the “Merger”). Immediately
following the Merger, INSW will contribute all the shares of DSS Inc. to International Seaways Operating Corporation (“ISOC”).
The Merger, the contribution of DSS Inc. to ISOC, and all transactions related thereto under the Merger Agreement are referred to herein
as the “Merger Transactions”.

 

C.                In
addition, reference is made to that certain amendment request letter dated March 9, 2021 (the “Request Letter”) and
that certain consent letter dated March 30, 2021 (the “Consent Letter”), pursuant to which the Borrower has requested
and the Lenders under the Original Credit Agreement have (i) consented to the Merger Transactions, (ii) provided waivers of certain provisions
of the Original Credit Agreement in connection with the Merger Transactions and certain other matters and (iii) agreed to amend certain
other provisions of the Original Credit Agreement.

 

D.                Pursuant
to the Request Letter, the Borrower has also requested that the Original Credit Agreement be amended and restated on the Restatement
Date (as defined below) to reflect the combined corporate structure as a result of the Merger Transactions and to harmonize certain covenants
with those applicable to INSW under that certain US$390 Million Credit Agreement, dated as of January 23, 2020 by and among ISOC, as
the borrower, INSW, as holdings, the lenders party thereto from time to time, Nordea Bank Abp, New York Branch, as administrative agent,
collateral agent and security trustee, and the other parties thereto (as amended, restated, amended and restated, supplemented and/or
otherwise modified from time to time prior to the date hereof, the “INSW Credit Agreement”). The Merger Transactions,
the consents, waivers and amendments contemplated by the Consent Letter and this Restatement Agreement, and all transactions related
thereto are referred to herein as the “Transactions”.

  

NOW, THEREFORE, in consideration
of the premises and for other good and valuable consideration, the sufficiency and receipt of all of which are hereby acknowledged, the
parties hereto hereby agree as follows:

 

SECTION 1.  Definitions.
Capitalized terms not otherwise defined in this Restatement Agreement have the same meanings as specified in the Amended and Restated
Credit Agreement or, if not defined therein, in the Original Credit Agreement.

 

     

     

    

 

SECTION 2.  Conditions to
the Effective Date. This Restatement Agreement shall become effective on and after the date on which the following conditions shall
have been satisfied (the “Effective Date”):

 

(a)               This
Restatement Agreement shall have been executed and delivered by the Borrower, the Subsidiary Guarantors, the Administrative Agent, the
Collateral Agent, INSW and the Consenting Lenders.

 

(b)               INSW
shall have executed and delivered to the Administrative Agent, a Guaranty substantially the form attached hereto as Annex B hereto
(the “Holdings Guaranty Agreement”), guaranteeing all the obligations of the Borrower and each Subsidiary Guarantor
under the Amended and Restated Credit Agreement and the other Credit Documents and the Other Obligations.

 

(c)                The
Administrative Agent and each of the Lenders shall have received all “know your customer” information required pursuant to
the PATRIOT Act and the Beneficial Ownership Regulation in connection with their respective internal compliance regulations or other
information requested by any Lender or the Administrative Agent to satisfy related checks under all applicable laws and regulations pursuant
to the transactions contemplated hereby, in each case, to the extent requested by any Lender (which shall make such request through the
Administrative Agent) or the Administrative Agent not later than five (5) Business Days prior to the Effective Date.

 

(d)                The
Administrative Agent shall have received an officer’s certificate of the Borrower and each Subsidiary Guarantor in form and substance
reasonably acceptable to the Administrative Agent signed by an Authorized Officer of the Borrower and each such Subsidiary Guarantor,
with appropriate insertions, (i) together with copies of the Organizational Documents of the Borrower and each such Subsidiary Guarantor
(or, in lieu thereof, a certification by each such Authorized Officer that the Organizational Documents attached to the certificates
delivered to the Administrative Agent by the Borrower and each such Subsidiary Guarantor in connection with the Closing Date pursuant
to Section 5.01(c) of the Original Credit Agreement remain in full force and effect on the Effective Date without modification or amendment
since the Closing Date), good standing certificates for the Borrower and each such Subsidiary Guarantor and the resolutions of the Borrower
and each such Subsidiary Guarantor referred to in such certificate authorizing the entry into of this Restatement Agreement and the consummation
of the Transactions and (ii) in the case of the certificate of the Borrower, certifying that the conditions set forth in clauses (f)
and (g) of this Section 2 are satisfied.

 

(e)              The
Administrative Agent shall have received a certificate of INSW in form and substance reasonably acceptable to the Administrative Agent
signed by an Authorized Officer of INSW, with appropriate insertions, together with copies of the Organizational Documents of INSW, a
good standing certificate, and the resolutions of INSW referred to in such certificate authorizing the entry into this Restatement Agreement,
the Holdings Guaranty Agreement and consummation of the Transactions.

 

(f)              On
and as of the Effective Date, all representations and warranties of the Borrower and its Subsidiaries contained in this Restatement Agreement,
the Original Credit Agreement or in any other Credit Document shall be true and correct in all material respects (it being understood
and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct
in all material respects only as of such specified date).

 

(g)               On
and as of the Effective Date, no Default or Event of Default shall have occurred and be continuing.

 

    2

    

    

 

(h)               The
Administrative Agent shall have received, on behalf of itself and the Lenders, the following legal opinions with respect to this Restatement
Agreement and the Holdings Guaranty Agreement:

 

(i)                special
New York counsel to each of the Credit Parties and INSW (which shall be Holland & Knight LLP or another New York law firm reasonably
acceptable to the Administrative Agent), an opinion addressed to the Administrative Agent and each of the Lenders and dated as of the
Effective Date as to matters of New York law and Delaware corporate law, and

 

(ii)               special
Republic of the Marshall Islands counsel to each of the Credit Parties and INSW (which shall be Holland & Knight LLP or another law
firm qualified to render an opinion as to the Republic of the Marshall Islands law reasonably acceptable to the Administrative Agent),
an opinion addressed to the Administrative Agent and each of the Lenders and dated as of the Effective Date.

 

(i)                The
Consent Letter and the waivers and amendments contained therein shall be in full force and effect and shall not have been terminated
in accordance with the terms of the Consent Letter.

 

(j)               Since
March 30, 2021, there shall not have occurred any Diamond Material Adverse Effect (as defined in the Merger Agreement, as in effect on
the date hereof) or Seaways Material Adverse Effect (as defined in the Merger Agreement, as in effect on the date hereof) that is continuing
as of the Effective Date.

 

(k)                On
the Effective Date, the Administrative Agent shall deliver written notice to the Lenders, the Credit Parties and INSW of the occurrence
of the Effective Date.

 

SECTION 3. Amendment and
Restatement. Subject to the occurrence of the Restatement Date (as defined below), the Borrower and the Lenders party hereto agree
to amend and restate the Original Credit Agreement as follows: (i) the Original Credit Agreement will be amended and restated in its entirety
in the form attached as Annex A hereto, (ii) Schedules I through XI to the Original Credit Agreement will be amended and restated
in the form attached hereto as Annex C, (iii) Schedules 1.01(a), 1.01(b), 6.06(a), 6.06(c), 6.18, 7.14, 8.01(b), 8.04(a) and 8.09(d)
to the Amended and Restated Credit Agreement will be set forth on as Exhibit 1 to the Restatement Date Certificate (as defined below)
(the “Disclosure Schedules”), (iv) Exhibit H to the Original Credit Agreement will be amended and restated in its entirety
in the form attached hereto as Annex D hereto, (v) Exhibit K to the Amended and Restated Credit Agreement is attached as Annex
E hereto and (vi) Exhibit L to the Amended and Restated Credit Agreement is attached as Annex F hereto.

 

SECTION 4.   Conditions
to the Restatement Date. The amendment and restatement of the Original Credit Agreement set forth in Section 3 and the Holdings Guaranty
Agreement shall become effective on and after the date when the following conditions shall have been satisfied (the “Restatement
Date”):

 

(a)               The
Effective Date shall have occurred.

 

(b)             The
Intercompany Subordination Agreement (as defined in the Amended and Restated Credit Agreement) shall have been executed and delivered
by INSW, the Borrower, and the Subsidiary Guarantors.

 

(c)             The
Administrative Agent will have received a closing certificate from an Authorized Officer of INSW in the form attached hereto as Annex
G (the “Restatement Date Certificate”), together with all attachments thereto, certifying as to the satisfaction
of the conditions set forth in Sections 4(d), 4(e), 4(g), 4(h), 4(i) and 4(j) of this Restatement Agreement and attaching the Disclosure
Schedules.

 

    3

    

    

 

(d)               The
Merger Transactions will have been consummated concurrently with the Restatement Date substantially in accordance with the Merger Agreement,
without any waiver, amendment or modification thereof, in each case, that is materially adverse to the Lenders unless consented to in
writing by the Administrative Agent (such consent not to be unreasonably withheld or delayed).

 

(e)               The
Consent Letter, and the waivers and amendments contained therein shall be in full force and effect and shall not have been terminated
in accordance with the terms of the Consent Letter.

 

(f)                INSW
shall cause to be delivered to the Administrative Agent a solvency certificate from an Authorized Officer of INSW, substantially in the
form of Exhibit L to the Amended and Restated Credit Agreement, which shall be addressed to the Administrative Agent and dated
as of the Restatement Date, setting forth the conclusion that, after giving effect to the Transactions, each Credit Party individually
(after giving effect to rights of contribution and subrogation) and INSW and its Subsidiaries taken as a whole, are not insolvent, and
will not be left with unreasonably small capital with which to engage in its business and will not have incurred debts beyond its ability
to pay such debts as they become due.

 

(g)               On
the Restatement Date, after giving effect to the consummation of the Transactions and the performance by the Credit Parties of the Credit
Documents, the obligations incurred in connection therewith and the other transactions contemplated hereby, (i) there shall be no conflict
with, or default under the INSW Credit Agreement or any other material agreement to which INSW, the Borrower or any Subsidiary Guarantor
is a party and (ii) INSW and its Subsidiaries shall be in pro forma compliance with all Financial Covenants set forth in the INSW Credit
Agreement.

 

(h)               On
the Restatement Date, after giving effect to the consummation of the Transactions, INSW and its Subsidiaries shall have no outstanding
Financial Indebtedness (as defined in the Amended and Restated Credit Agreement) or Contingent Obligations (as defined in the Amended
and Restated Credit Agreement) except for those expressly permitted under the Credit Documents.

 

(i)                 On
and as of the Restatement Date, all representations and warranties of INSW and its Subsidiaries contained in this Restatement Agreement,
the Amended and Restated Credit Agreement or in any other Credit Document shall be true and correct in all material respects (it being
understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true
and correct in all material respects only as of such specified date).

 

(j)               Since
the Effective Date, there shall not have occurred any Diamond Material Adverse Effect (as defined in the Merger Agreement, as in effect
on the date hereof) or Seaways Material Adverse Effect (as defined in the Merger Agreement, as in effect on the date hereof) that is
continuing as of the Restatement Date.

 

(k)                The
Administrative Agent shall have received, on behalf of itself and the Lenders, the following legal opinions with respect to the Amended
and Restated Credit Agreement, the Holdings Guaranty Agreement and the Intercompany Subordination Agreement and any other Credit Documents
not covered by the opinions delivered in Section 2(g) of this Restatement Agreement:

 

(i)               special
New York counsel to each of the Credit Parties (including INSW) (which shall be Holland & Knight LLP or another New York law firm
reasonably acceptable to the Administrative Agent), an opinion addressed to the Administrative Agent and each of the Lenders and dated
as of the Restatement Date as to matters of New York law and Delaware corporate law, and

 

(ii)               special
Republic of the Marshall Islands counsel to each of the Credit Parties (which shall be Holland & Knight LLP or another law firm
qualified to render an opinion as to the Republic of the Marshall Islands law reasonably acceptable to the Administrative Agent), an
opinion addressed to the Administrative Agent and each of the Lenders and dated as of the Restatement Date.

 

    4

    

    

 

(l)                 INSW
shall have delivered to the Administrative Agent (i) the audited consolidated balance sheets and related consolidated
statements of operations, stockholders’ equity and cash flows of Holdings and its Subsidiaries (other than the DSS Group) as of
the fiscal year ended December 31, 2020, (ii) the unaudited consolidated balance sheets and related consolidated statements of operations,
stockholders’ equity and cash flows of Holdings and its Subsidiaries (other than the DSS Group) for each fiscal quarter ended at
least 45 days prior to the Restatement Date (the financial statements referred to in clauses (i) and (ii), collectively, the “Historical
Financial Statements”) and (iii) pro forma consolidated balance sheet of INSW and its Subsidiaries (including
DSS Inc. and its Subsidiaries) and a pro forma consolidated statement of income of INSW and its Subsidiaries as of and for the twelve-month
period ending on the last day of the most recently completed four fiscal quarter period ended at least 45 days (or 90 days with respect
to any four fiscal quarter period ending on the last day of a fiscal year) before the Restatement Date, prepared after giving effect
to the Transactions as if the Transactions had occurred at the beginning of such period; provided that the requirement to deliver
the pro forma financial statements referred to in this clause (l)(iii) may be satisfied by delivery of a registration statement on Form
S-4 which includes such pro forma financial information and which Form S-4 has been posted on the SEC website accessible through http://www.sec.gov/edgar/searchedgar/webusers.htm
or such successor webpage of the SEC thereto. The Historical Financial Statements have been prepared in accordance
with GAAP consistently applied throughout the applicable period covered, respectively, thereby and present fairly and accurately in all
material respects the financial condition and results of operations and, if applicable, cash flows of INSW and its Subsidiaries as of
the dates and for the periods to which they relate (subject, in the case of interim financial statements, to normal year-end audit adjustments
and the absence of footnotes). Except as set forth in the Historical Financial Statements and the most recent financial statements delivered
by the Borrower pursuant to Sections 7.01(a) and 7.01(b) of the Original Credit Agreement, as of the Restatement Date, there are no liabilities
of Holdings, the Borrower or any of their respective Subsidiaries of any kind, whether accrued, contingent, absolute, determined, determinable
or otherwise, that would reasonably be expected to have (i) with respect to the DSS Group, a Diamond Material Adverse Effect (as
defined in the Merger Agreement, as in effect on the date hereof) or (ii) with respect to INSW and its Subsidiaries, a Seaways Material
Adverse Effect (as defined in the Merger Agreement, as in effect on the date hereof).

 

(m)              INSW
shall have delivered to the Administrative Agent forecasts of financial performance consisting of projected
income statements, balance sheets and cash flows of INSW and its Subsidiaries, for the fiscal years 2021-2024 (the “Projections”)
and the assumptions upon which the Projections are based. The Projections have been prepared in good faith by Holdings based upon assumptions
that are reasonable at the time made and at the time the related Projections are made available to the Lenders (it being understood by
the parties that projections by their nature are inherently uncertain, no assurances are being given that the results reflected in such
Projections will be achieved, that actual results may differ and that such differences may be material).

 

(n)                For
the account of each Consenting Lender, a non-refundable consent fee equal to 0.20% of the aggregate principal amount of Loans and undrawn
Commitments of such Lender as of the date of this Agreement, which fee will be due and payable on the Restatement Date to the Administrative
Agent for further distribution to each such Consenting Lender.

 

(o)               Payment
of all fees and all other reasonable fees and documented out-of-pocket costs and expenses (including, without limitation, the
reasonable legal fees and expenses of White & Case LLP and other local counsel to the Administrative Agent) and other
compensation due and payable on or prior to the Restatement Date, in each case, payable to the Administrative Agent, the Collateral
Agent and the Lenders in respect of the transactions contemplated by this Restatement Agreement to the extent reasonably invoiced at
least two (2) Business Days prior to the Restatement Date.

 

    5

    

    

 

(p)               The
Administrative Agent and each of the Lenders shall have received all “know your customer” information required pursuant to
the PATRIOT Act and the Beneficial Ownership Regulation in connection with their respective internal compliance regulations or other
information requested by any Lender or the Administrative Agent to satisfy related checks under all applicable laws and regulations pursuant
to the transactions contemplated hereby, in each case, to the extent requested by any Lender (which shall make such request through the
Administrative Agent) or the Administrative Agent not later than five (5) Business Days prior to the Restatement Date.

 

(q)               On the Restatement Date, the Administrative Agent shall deliver written notice to the Lenders, the Credit Parties and INSW of the
occurrence of the Restatement Date.

 

SECTION 5.   Effect
of Restatement; Miscellaneous.

 

(a)               On
and after the Restatement Date, the Amended and Restated Credit Agreement shall amend and restate the Original Credit Agreement in its
entirety, with the parties hereby agreeing that there is no novation of the Original Credit Agreement and from and after the effectiveness
of the Amended and Restated Credit Agreement, the rights and obligations of the parties under the Original Credit Agreement shall be
subsumed and governed by the Amended and Restated Credit Agreement. From and after the Restatement Date, (i) each reference in the Amended
and Restatement Credit Agreement and the other Credit Documents to “the Credit Agreement”, “this Agreement”,
 “hereunder”, “hereof”, “herein” or words of like import and each reference to the Credit Agreement
in any other Credit Document shall be deemed a reference to the Amended and Restated Credit Agreement, and (ii) the “Obligations”
and “Secured Obligations” under, and each as defined in, the Original Credit Agreement shall continue as Obligations and
Secured Obligations under the Amended and Restated Credit Agreement.

 

(b)                This
Restatement Agreement may not be amended, modified or waived except in accordance with Section 11.12 of the Original Credit Agreement.

 

(c)               This
Restatement Agreement shall constitute a “Credit Document” for all purposes of the Original Credit Agreement, the Amended
and Restated Credit Agreement and the other Credit Documents.

 

SECTION 6.   Reaffirmation
and Further Consent.

 

(a)                 Each
Credit Party party hereto hereby consents to the terms and conditions of this Restatement Agreement.

 

(b)                Each
Credit Party that is party hereto hereby acknowledges that it has reviewed the terms and provisions of the Amended and Restated Credit
Agreement and consents to the amendment and restatement of the Original Credit Agreement effected pursuant to the Amended and Restated
Credit Agreement. Each Credit Party that is party hereto acknowledges and agrees that any of the Credit Documents to which it is a party
or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable
and shall not be impaired or limited by the execution or effectiveness of this Restatement Agreement.

 

(c)                Each
Credit Party hereby acknowledges and agrees that, after giving effect to the Effective Date and the Restatement Date, as applicable,
all of its respective obligations and liabilities under the Credit Documents to which it is a party, as such obligations and liabilities
have been amended by this Restatement Agreement, are reaffirmed, and remain in full force and effect.

 

    6

    

    

 

(d)               After
giving effect to this Restatement Agreement, each Credit Party reaffirms each Lien granted by it to the Collateral Agent for the benefit
of the Secured Creditors under each of the Security Documents to which it is a party, which Liens shall continue in full force and effect
during the term of the Original Credit Agreement, as amended by this Restatement Agreement, and shall continue to secure the Secured
Obligations (after giving effect to this Restatement Agreement), in each case, on and subject to the terms and conditions set forth in
the Original Credit Agreement, as amended by this Restatement Agreement, and the other Credit Documents.

 

SECTION 7.   Execution
in Counterparts. This Restatement Agreement may be executed by one or more of the parties hereto on any number of separate counterparts
and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart
of a signature page of this Restatement Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format
shall be effective as delivery of a manually executed counterpart of this Restatement Agreement. The words “execution,” “signed,”
 “signature,” and words of like import in this Restatement Agreement shall be deemed to include electronic signatures or the
keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar applicable state laws based on the Uniform Electronic Transactions Act.

 

SECTION 8.   Successors.
This Restatement Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns
of the parties hereto.

 

SECTION 9. GOVERNING LAW;
SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. THIS RESTATEMENT AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HERETO SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. Section 11.09 of the Original Credit Agreement
is incorporated herein by reference, mutatis mutandis.

 

[The remainder of this page is intentionally
left blank]

 

    7

    

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Restatement Agreement to be executed by their respective officers thereunto duly authorized, as of the
date first above written.

 

	 	DIAMOND S SHIPPING INC., as the Borrower

 

	 	By:	/s/ Kevin M. Kilcullen
	 	 	Name:	 Kevin M. Kilcullen
	 	 	Title:	Chief Financial Officer

 

	 	INTERNATIONAL SEAWAYS, INC., as Holdings

 

	 	By:	/s/ James D. Smalls
	 	 	Name:	 James D. Smalls
	 	 	Title:	Chief Administrative Officer, Senior Vice President, Secretary and General Counsel

 

[Signature Page to DSS
360 Amendment and Restatement Agreement]

 

    

    

    

 

	 	NORDEA BANK ABP, NEW YORK BRANCH, individually, as Administrative Agent
  and Collateral Agent

 

	 	By:	/s/ Oddbjørn Warpe
	 	 	Name: Oddbjørn Warpe
	 	 	Title: Executive Director

 

	 	By:	/s/ Martin Lunder
	 	 	Name: Martin Lunder
	 	 	Title: Managing Director

   

	 	NORDEA BANK ABP, NEW YORK BRANCH, as Lender

 

	 	By:	/s/ Oddbjørn Warpe
	 	 	Name: Oddbjørn Warpe
	 	 	Title: Executive Director

 

	 	By:	/s/ Martin Lunder
	 	 	Name: Martin Lunder
	 	 	Title: Managing Director

 

[Signature Page to DSS
360 Amendment and Restatement Agreement]

 

    

    

    

 

	 	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), as Lender

 

 

	 	By:	/s/ Mats Holmström
	 	 	Name: Mats Holmström
	 	 	Title: Bank Official

 

	 	By:	/s/ Henrik Herodes
	 	 	Name: Henrik Herodes
	 	 	Title: Bank Official

 

[Signature Page to DSS
360 Amendment and Restatement Agreement]

 

    

    

    

 

 

	 	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, 

as Lender

 

	 	By:	/s/ Manon Didier
	 	 	Name: Manon Didier
	 	 	Title: Vice President

 

	 	By:	/s/ Georgios Gkanasoulls
	 	 	Name: Georgios Gkanasoulls
	 	 	Title: Director

 

[Signature Page to DSS
360 Amendment and Restatement Agreement]

 

     

     

    

 

	 	NATIONAL AUSTRALIA BANK LIMITED, as Lender

 

	 	By:	/s/ Daniel Carr
	 	 	Name: Daniel Carr
	 	 	Title: Head of Asset Finance & Leasing, North America

 

[Signature Page to DSS
360 Amendment and Restatement Agreement]

 

     

     

    

 

	 	BNP PARIBAS, as Lender

 

	 	By:	/s/ Eric Dulcire
	 	 	Name: Eric Dulcire
	 	 	Title: Managing Director

 

	 	By:	/s/ Marion Fievez
	 	 	Name: Marion Fievez
	 	 	Title: Managing Director

 

[Signature Page to DSS
360 Amendment and Restatement Agreement]

 

     

     

    

 

	 	
    Miltiadis
    M II Carriers Corp.

     

    Asterias
    Crude Carriers S.A.

     

    Navarro
    International S.A.

     

    Sorrel
    Shipmanagement Inc.

     

    Wind
    Dancer Shipping Inc.

     

    Belerion
    Maritime Co.

     

    Iraklitos
    Shipping Company

     

    Canvey
    Shipmanagement Co.

     

    Apollonas
    Shipping Company

     

    Epicurus
    Shipping Company

     

    Splendor
    Shipholding S.A.

     

    Lorenzo
    Shipmanagement Inc.

     

    Laredo
    Maritime Inc.

     

    Shipping
    Rider Co.

     

    Polarwind
    Maritime S.A.

     

    Centurion
    Navigation Limited

     

    Tempest
    Maritime Inc.

     

    Carnation
    Shipping Company

     

    Adrian
    Shipholding Inc., 

     

    Titanas
    Product Carrier S.A.

     

    Isiodos
    Product Carrier S.A.

     

    Iason
    Product Carrier S.A.

     

    Filonikis
    Product Carrier S.A.

     

    each as a Subsidiary Guarantor

 

	 	By:	/s/ Kevin M. Kilcullen
	 	 	Name: Kevin M. Kilcullen
	 	 	Title: Authorized Signatory

 

[Signature Page to DSS
360 Amendment and Restatement Agreement]

 

     

     

    

 

	 	DSS Vessel III LLC

 

	 	Diamond S Shipping III LLC

 

	 	CVI Atlantic Breeze, LLC

 

	 	CVI Citron, LLC

 

	 	DSS Citrus LLC

 

	 	each as a Subsidiary Guarantor

 

	 	By:	/s/ Kevin M. Kilcullen
	 	 	Name: Kevin M. Kilcullen
	 	 	Title: Authorized Signatory

 

[Signature Page to DSS
360 Amendment and Restatement Agreement]

 

     

     

    

  

ANNEX A

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

[SEE ATTACHED]

 

     

     

    

 

ANNEX B

 

HOLDINGS GUARANTY AGREEMENT

 

[SEE ATTACHED]

 

     

     

    

 

ANNEX C

 

AMENDED AND RESTATED SCHEDULES I-XI

 

[SEE ATTACHED]

 

     

     

    

 

ANNEX D

 

FORM OF EXHIBIT H TO THE AMENDED AND RESTATED CREDIT
AGREEMENT

 

[SEE ATTACHED]

 

     

     

    

 

ANNEX E

 

FORM OF EXHIBIT K TO THE AMENDED AND RESTATED CREDIT
AGREEMENT

 

[SEE ATTACHED]

 

     

     

    

 

ANNEX F

 

FORM OF EXHIBIT L TO THE AMENDED AND RESTATED CREDIT
AGREEMENT

 

[SEE ATTACHED]

 

     

     

    

 

ANNEX G

 

FORM OF RESTATEMENT DATE CERTIFICATE

 

[SEE ATTACHED]

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