Document:

EX-10.2

 Exhibit 10.2 
  

	
	
	  
 Director Pay
Program
  

  
 

 
 Bancorp Director

Pay Program 

Fifth Third Bank’s Director Pay Program is reviewed each year. Our compensation philosophy is to position director compensation competitively relative to
our peer group in order to attract and retain highly competent candidates with significant leadership capabilities for Board service. We benchmark the compensation package for Directors to that of our peers – those banks with whom we compete
for talent and customers. 

 

 Director pay at Fifth Third Bank is comprised of two primary components:

  

	•	 	Annual Cash Retainer: Additional annual cash retainer is paid to committee chairpersons. 

  

	•	 	Long-Term Incentive Compensation (LTI): Equity-based awards consisting of restricted stock units (RSU). 

Directors have the choice of deferring all components of pay. Cash retainers can be deferred under the Fifth Third Bancorp Unfunded Deferred Compensation Plan
for Non-Employee Directors, and LTI can be deferred under the Fifth Third Bancorp 2014 Incentive Compensation Plan.

 Bancorp Director Pay Program Highlights 

 

	•	 	RSU Deferral Feature: You are able to choose to defer receipt of your award beyond when you leave the board. The deferral feature is described in more detail below. 

 

	•	 	Dividend Deferral: For dividends payable on RSU awards you can choose between two delivery methods – cash payment or dividend reinvestment. 

 

	•	 	Grant Date: The grant date coincides with the date of the Annual Meeting. 

  

	•	 	Restricted Stock Units: Awards will be made in Restricted Stock Units. 

  

	•	 	Vesting: There is no set vesting schedule for RSUs granted for Board service. Rather, RSUs are paid out in shares when you leave the Board.

 

  

			
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 Director Pay
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 Plan Overview 

 

 Plan Objectives 

 

	•	 	Attract and retain highly competent candidates with significant leadership capabilities for Board service. 

  

	•	 	Tie a substantial portion of compensation to increases in long-term shareholder value. 

  

	•	 	Provide appropriate recognition of the Director’s time and commitment in overseeing governance for Fifth Third Bancorp.

 Eligible Participants 

All non-employee Bancorp Directors are eligible to participate.

 

  

					
	  

Type
  
	  	Payment Amount	  	Payment Timing
	Annual Board Compensation	  	  

Board Chair $200,000
  

Director $85,000
  
	  	
Paid Quarterly (in arrears)
 January,
April, July, October

	 Annual
Committee
 Compensation
	  	  

Audit Committee
 Chair
Retainer $45,000
 Member Retainer $10,000
  

Human Capital &

Compensation Commitee
 Chair
Retainer $25,000
  
 Risk & Compliance
Commitee
 Chair Retainer $45,000

Member Retainer $10,000
  

Finance Commitee
 Chair
Retainer $55,000
  
 Nominating & Corporate

Governance Committee
 Chair
Retainer $20,000
  
	  	
Paid Quarterly (in arrears)
 January,
April, July, October

	Restricted Stock Unit Grant	  	  

Board Chair $150,000
  

Director $125,000
  
	  	Annual Meeting Date
	Dividend Equivalents	  	  

As declared – paid in cash
 or
reinvested as elected.
  
	  	Paid quarterly

 Note: A pro-rated RSU grant will be awarded upon a Director’s election to the Board if the election occurs outside of the
annual shareholders meeting. 
 Directors have a stock ownership guideline in place that requires an ownership level of $300,000 or more of Fifth Third
stock. Directors have 5 years from their election date to meet this requirement. 

  

			
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 Director Pay
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 As a Fifth Third Bancorp Director, there are several ways that you can defer receipt of your compensation for
services as a Director. These are outlined below. 
 Director Cash Retainer Deferral 

Fifth Third has made available to its Directors the option to defer 50 percent or more of the cash compensation payable for services as a Director and/or as a
member of a Committee of the Board of Directors. Percentage elections are made on an annual basis during open enrollment, which typically occurs during November or December. The percentage you elect will be credited to your Deferred Compensation
account instead of being paid to you by check. You choose on the election form when you’d like to receive the cash. For more information, please see the Summary of the Unfunded Deferred Compensation Plan. 

Director LTI Deferral 
 The
vesting on any LTI award will be deferred until your service as a Board of Director ends. This means that when you leave the Board all of your accumulated LTI awards will be distributed to you in one lump sum. If you choose, you may elect to change
the timing of your distributions by deferring receipt until a later date. 
 The deferral election period typically occurs during November or December for
the following years RSU grant. During the deferral election period you can choose one or a combination of the following schedules for any grants you may be given in the future: 

 

	•	 	Lump Sum Distribution: You can choose to defer receipt of your grants from one to 10 years after the date you leave the Board. Units will be distributed in one lump sum on August 1 of the year chosen
following your service end date. Example: Board leave date is February 1, 2016, and five years after term date is elected as the deferral. Units will distribute in one lump sum on August 1, 2021. 

 

	•	 	Installment Distribution: You can also choose to spread receipt of your accumulated units over one to 10 years. Distributions from each outstanding grant will occur in equal annual installments starting on
August 1 following your service end date. All distributions are to be completed by the 10th anniversary of your leave date. Example: Service end date is February 1, 2016, and an annual installment over five years is elected; The distribution
will be made in substantially equal, annual installments to last five years. The first distribution would be made August 1, 2016. 

 The
initial election to tell us how you’d like to receive

 
your distributions is made once. The schedule you choose will apply to any grants you will receive in the future. After your distribution schedule is chosen, you will receive an election form
each fall to let us know whether or not you will be deferring the upcoming year’s RSU grant.
 If you decide one year that you do not wish to defer per
your original deferral instructions, the RSU grant you receive the following year will be distributed on your Board service end date. 
 Dividend Equivalents 
 As described above, Directors have two choices for how dividend equivalents will be paid; in cash or
reinvested. If the cash election is made, you will receive your dividend equivalent payment by check. If the reinvestment election is made, your dividend equivalent amount will be converted to additional Restricted Stock Units. These additional
units will be attached to your outstanding awards and will be distributed to you at the same time you receive the shares from your Restricted Stock Units. The Director LTI deferral election materials will include election information for dividend
equivalents. 
 Designation of a Beneficiary 

You may designate a person or persons to receive any rights to which you would be entitled under the plan in the event of your death. To designate a
beneficiary, log onto your Fidelity brokerage account, go to “update account/features” and click on your profile. Follow the steps provided online to designate beneficiaries for your account. If you decide not to designate a beneficiary,
your estate shall be deemed to be the beneficiary. 

 

  

			
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 Director Pay
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 Questions & Answers 

 

 What if I want to change my payout election? 

After you make your initial election, if you decide you want to change your election, a one-time change will be allowed by submitting a new election form.
Election changes to outstanding grants are allowed provided they are made at least one year before the scheduled payout, and must defer payout for at least five additional years (but cannot defer payment beyond 10 years after your leave date). 

If I choose installments, how will my distribution be calculated? 

For the purposes of calculating an installment schedule, distributions will be made in substantially equal, annual installments to last from 1 -10 years
accordingly. The last distribution can be made no later than the tenth calendar year following the calendar year of your service end date.

 Who do I contact with questions? 

Please contact the following individuals with any questions you might have: 

Chris Minnich 
 Director Total Rewards 

513-534-0341 
 Carmen Arszman 

Executive Compensation Manager 
 513-534-6423

 

  

			
	Confidential	 	4Exhibit 10.1

 

OVERSEAS SHIPHOLDING GROUP, INC.

 

MANAGEMENT INCENTIVE COMPENSATION PLAN

 

PERFORMANCE-BASED RESTRICTED STOCK UNIT
GRANT AGREEMENT

 

THIS AGREEMENT, made as of this [__]th day
of [______], 2016 (the “Agreement”), by and between Overseas Shipholding Group, Inc. (the “Company”),
and [Name of Officer] (the “Grantee”).

 

WHEREAS, the Company has adopted the Overseas
Shipholding Group, Inc. Management Incentive Compensation Plan (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 or “RSUs”, to Participants in the Plan;
and

 

WHEREAS, the Company previously determined
to grant performance-based RSUs to certain officers and employees of the Company, but has as of the date hereof not yet finalized
or documented such grants.

 

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 performance-based RSUs (collectively, the “RSUs”) in a number equal to a target of
[_x_] (the “Target RSUs”) and a maximum of [__1.5x__], with the actual number of RSUs to be determined
based upon achievement of performance criteria as described in Sections 4(a) and 4(c) below. 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 [_____], 2016.

 

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.

 

    	 	 	1

     

    

 

4.     Vesting
and Settlement.

 

(a)          The
RSUs shall vest as set forth below, provided that the Grantee remains continuously employed by the Company through December
31, 2018. Exhibit A sets out in detail the Company’s performance metrics and targets for these RSUs, which are as
follows:

 

		a.	One-third (1⁄3) of the Target RSUs shall vest on December
31, 2018, subject to OSG’s Three-Year Earnings Per Share (“EPS”) performance in the Three-Year EPS Performance
Period relative to a 2.5% compounded annual growth rate (the “EPS Target”), and as certified by the Committee and
subject to increase or decrease as set forth in Section 4(c).

 

		b.	One-third (1⁄3) of the Target RSUs shall vest on December
31, 2018, subject to OSG’s Return On Invested Capital (“ROIC”) performance in a Three-Year ROIC Performance
Period relative to a 9% rate (the “ROIC Target”), and as certified by the Committee on and subject to increase or
decrease as set forth in Section 4(c).

 

		c.	One-third (1⁄3) of the 2016 performance-based RSUs
will be subject to OSG’s Three-Year Total Shareholder Return (“TSR”) performance relative to that of a Performance
Peer Group over a Three-Year TSR Performance Period, and as certified by the Committee and subject to increase or decrease as
set forth in Section 4(c).

 

(b)          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 Committee’s certification of the achievement of the applicable performance measures
and targets and in any event no later than March 15, 2019 (such date, the “Settlement Date”). Each tranche of
RSUs vests separately according to its performance metric.

 

(c)          The
number of Target RSUs shall be subject to an increase or decrease depending on performance against the applicable performance measures
and targets using the performance factor percentage set forth in Exhibit A.

 

5.     Rights
as Shareholder. 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 which have not become vested 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.

 

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”):

 

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(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;

 

(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;

 

(c)          During
the Non-Compete Period (as defined in Section 20 herein), the Grantee shall not (i) become employed in any capacity by, or become
an officer, employee, director, agent, consultant, shareholder or partner of, or perform any services for, or otherwise hold an
interest (other than the ownership of less than 5% of the stock or other equity interests of a publicly traded firm or corporation)
in, any Competitor (as defined in Section 20 herein) of the Company or any of its Affiliates or (ii) directly or indirectly, on
his or her own behalf or on behalf of any other person or entity, including any Competitor of the Company or any of its Affiliates,
engage in any business transaction or relationship or perform any services in any material way competitive with the Company or
any of its Affiliates with or for a client or prospective client of the Company or any of its Affiliates, provided that if the
terms of any effective written individual contract entered into between the Company and the Grantee shall provide for different
terms in respect of non-competition, such contract shall govern Grantee’s permitted activities during the Restricted Period
(or such other period as may be set forth in such contract) rather than this Section 8(c);

 

(d)          During
the Non-Solicit Period, the Grantee shall not directly or indirectly, on his or her own behalf or on behalf of any other person
or entity, (i) solicit or hire, attempt to solicit or hire, or assist any other person in soliciting or hiring any employee, agent
or contractor of the Company or any of its Affiliates or induce any employee, agent or contractor of the Company or any of its
Affiliates to terminate his or her or her Employment or cease doing business with the Company or any of its Affiliates for any
reason whatsoever or (ii) interfere with any business relationship between the Company or any of its Affiliates and any client
or prospective client of the Company or any of its Affiliates or induce any client or prospective client to discontinue any business
relationship with the Company or any of its Affiliates or to refrain from entering into a business relationship or transaction
with the Company or any of its Affiliates, provided that if the terms of any effective written individual contract entered into
between the Company and the Grantee shall provide for different terms in respect of non-solicitation or non-competition, such contract
shall govern Grantee’s permitted activities during the Restricted Period (or such other period as may be set forth in such
contract) rather than this Section 8(d).

 

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.

 

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 Sections 8(a) through 8(d), 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(b) hereof. If the Committee determines in good faith that the Grantee has
breached any such Restrictive Covenants, the Grantee shall immediately forfeit any outstanding unvested RSUs and shall repay to
the Company, upon demand, any Common Stock or cash issued upon the settlement of the Grantee’s RSUs 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.

 

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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.

 

(b)    Payment
of Withholding Taxes. Notwithstanding any contrary provision of this Agreement, no shares of Common Stock shall be issued 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.

(c)          

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. 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.

 

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, 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.

 

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

 

	(A)	“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.

 

	(B)	“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.

 

    	 	 	5

     

    

 

	(C)	“Non-Compete Period” shall mean the
period commencing on the date the Grantee’s Employment terminates and ending on the 18 month anniversary thereof.

 

	(D)	“Non-Solicit Period” shall mean the
period commencing on the date the Grantee’s Employment terminates and ending on the 18 month anniversary thereof.

 

	(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.

 

*            *            *            *            *

 

    	 	 	6

     

    

 

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:  [_____]
	 	 	 
	 	 	Title: [_____]
	 	 	 
	 	 	Acknowledged and Accepted:
	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	[_____]

 

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EXHIBIT
A

 

Summary
of Performance Metrics for Performance RSUs

 

    	 	 	8

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