Document:

Exhibit

Exhibit 10.1
CONFIDENTIAL SEPARATION AGREEMENT AND RELEASE OF ALL CLAIMS
This Confidential Separation Agreement and Release of All Claims (hereafter, “Agreement”) is entered into by and between CYRUSONE LLC, a Delaware limited liability company (hereafter, “Employer”), and GREGORY R. ANDREWS (hereafter, “Employee”) based on the following facts:
WHEREAS, Employee has been employed by Employer as its Chief Financial Officer pursuant to that certain Employment Agreement by and between Employer and Employee dated as of October 19, 2015 (the “Employment Agreement”); and
WHEREAS, Employer has decided to terminate Employee’s employment; 
WHEREAS, Employee has decided to resign his position on the Board of Directors of any affiliate of Employer on which Employee serves, as applicable (the “Board”); and
WHEREAS, the parties wish to enter into an agreement providing for the termination of Employee’s employment on a mutually agreeable basis and resolving any potential disputes between Employee and Employer.
NOW THEREFORE, in consideration of the foregoing and the mutual promises set forth below, the parties agree as follows:
		
	1.
	Termination of Employment.  Employer has terminated Employee’s employment effective as of November 30, 2016 (the “Termination Date”) and Employee hereby resigns his position on any Board effective as of the Termination Date.  Employer will pay Employee for all hours worked through the Termination Date and for all accrued but unused paid time off as of the Termination Date in accordance with Employer’s regular payroll procedures and schedule; Employee acknowledges that these amounts are all of the amounts owed to him by Employer through the Termination Date.  As of the Termination Date, Employee’s status as an employee of Employer and member of any Board shall cease in its entirety.  To the extent there is any requirement that Employer give written or advance notice to Employee of the termination of Employee’s employment, Employee waives such notice requirement.  As of the Termination Date, Employee is not to hold himself out as an employee, Board member, agent, or authorized representative of Employer, negotiate or enter into any agreements on behalf of Employer, or otherwise attempt to bind Employer.

		
	2.
	Benefits Termination.  Employee’s coverage under the benefit plans of Employer and its affiliates (collectively, the “CyrusOne Group”) and his participation in and eligibility for any compensation, bonus, or equity plans or practices of CyrusOne Group will cease on the Termination Date.  Employee may elect such insurance continuation or conversion as may be available under the applicable benefit plan terms and applicable law for the period after the Termination Date so long as he makes a valid election for such continuation and makes the payments necessary for continuation or conversion. Employee specifically 

acknowledges and agrees that he is not entitled to any salary, severance, wages, commissions, options or other equity (or accelerated vesting thereof), benefits, insurance, or other compensation from the CyrusOne Group, except as specifically set forth herein.
		
	3.
	Separation Pay and Benefits.  

		
	A.
	In exchange for Employee entering into and not revoking this Agreement and his continued compliance with the terms and conditions of this Agreement and his other obligations to Employer, Employer will pay or provide to Employee the following:

		
	i.
	On the date that is sixty (60) days after the Termination Date, Employer shall pay Employee severance of $850,000.00, which is the sum of (a) Employee’s annual base salary as of the Termination Date and (b) Employee’s annual bonus target in effect as of the Termination Date, in a single lump sum cash payment.

		
	ii.
	Employee will remain eligible to receive a Bonus (as defined in the Employment Agreement) in respect of the 2016 calendar year to the same extent as if Employee’s employment had not been terminated as of the Termination Date.  Such Bonus, if any, will be paid to Employee in a manner consistent with other executives with respect to company performance and individual performance at target. 

		
	iii.
	On October 26, 2015, Executive was granted 27,473 restricted shares pursuant to the Executive Time-Based Restricted Stock Award (the “2015 LTI Award”), under the CyrusOne 2012 Long Term Incentive Plan (the “Plan”).  On October 26, 2016, 9,158 of shares subject to the 2105 LTI Aware vested.  All 18,315 remaining restricted shares subject to the 2015 LTI Award will be fully vested as of the Termination Date.

		
	iv.
	Of the 4,383 restricted shares granted to Employee on February 1, 2016, pursuant to the Executive Time-Based Restricted Stock Award under the Plan, 2,672 restricted shares will become vested as of the Termination Date, and the remaining restricted shares thereunder shall be immediately forfeited on that date.

		
	v.
	Of the 30,401 options granted to Employee on February 1, 2016, pursuant to the Executive Non-Statutory Stock Option Award under the Plan, at an exercise price of $36.99, 18,530 options will become vested as of the Termination Date, the remaining unvested options to acquire shares will be immediately forfeited on that date, and Employee may exercise such vested options in accordance with the award agreement within one year after the Termination Date.  The vested options will terminate, if not exercised, at the expiration of this one-year period.

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	vi.
	Provided Employee makes a timely election for and remains eligible for COBRA continuation coverage under CyrusOne Group’s group health benefit plan, Employer will pay or reimburse the portion of the COBRA premium that exceeds the active employee rate for up to twelve months after the Termination Date. Employer will cease payment or reimbursement if Employee becomes eligible for another employer’s group health plan.  The portion of the COBRA premium that Employer pays will be additional taxable income to Employee.

		
	vii.
	On the date that is sixty (60) days after the Termination Date, Employer shall pay Employee the amount of $2,124.00 in a single lump sum cash payment to pay for converted group term life insurance coverage.

		
	B.
	The amounts in this Section 3 will be collectively referred to as the Separation Pay and Benefits, which are amounts to which the Employee is not otherwise entitled.  Employee acknowledges that, in the absence of his execution of this Agreement, the Separation Pay and Benefits would not otherwise be due to him.

		
	C.
	The Separation Pay and Benefits will be processed in accordance with the normal payroll practices of Employer, and are subject to deductions for payroll taxes, income tax withholding and other deductions required by law or authorized by Employee.

		
	D.
	If any equity award is deemed vested as of the Termination Date, but Employee revokes his agreement to those provisions of this Agreement releasing and waiving Employee’s rights and claims under the ADEA, such equity acceleration will be immediately rescinded and revoked and the underlying shares forfeited.

		
	E.
	For the avoidance of doubt, Employee acknowledges and agrees that all restricted shares granted to Employee on February 1, 2016, pursuant to the Executive Performance Restricted Stock Award (12,917 target shares; 25,834 maximum shares) under the Plan shall be immediately forfeited as of the Termination Date.

		
	4.
	General Release.

		
	A.
	Employee unconditionally, irrevocably and absolutely releases and discharges Employer, and any and all parent and subsidiary corporations, divisions and affiliated corporations, partnerships or other affiliated entities of Employer, past and present, as well as Employer’s past and present employees, officers, directors, partners, members, insurers, employee benefit plans and fiduciaries, attorneys, agents, successors and assigns (collectively, “Released Parties”), from all claims related in any way to the transactions or occurrences between them to date, to the fullest extent permitted by law, including, but not limited to, Employee’s employment with Employer, the termination of Employee’s employment, and all other losses, liabilities, claims, charges, demands and causes of action, known or unknown, suspected or unsuspected, arising directly or indirectly out of or in any way connected with Employee’s employment with Employer that may be released under applicable 

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law (the “Released Claims”).  This release is intended to have the broadest possible application and includes, but is not limited to, any tort, contract, common law, constitutional or other statutory claims, including, but not limited to alleged violations of federal, state or local law (including, without limitation, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Age Discrimination in Employment Act of 1967, the Family and Medical Leave, the Civil Rights Act of 1866, the Employee Retirement Income Security Act (with respect to unvested benefits), and Chapter 21 of the Texas Labor Code, all as amended), and all claims for attorneys’ fees, costs and expenses.
		
	B.
	Notwithstanding the broad scope of the release set forth in this Section 4, this Agreement is not intended to bar, and the defined term “Released Claims” does not include, any claims that, as a matter of law, whether by statute or otherwise, may not be waived, such as claims for workers’ compensation benefits or unemployment insurance benefits or Employee’s right to provide information to, participate in a proceeding before, or pursue relief from the National Labor Relations Board, the Equal Employment Opportunity Commission (the “EEOC”), or the Securities and Exchange Commission (“SEC”), and other similar federal, state, or local government agencies (collectively, “Government Agencies”).  Provided, however, that if Employee does pursue an administrative claim that may not be waived as a matter of law, or such a claim is pursued on Employee’s behalf, Employee expressly waives Employee’s individual right to recovery of any type, including monetary damages or reinstatement, for any such claim, except that this limitation on monetary recovery will not apply to claims for workers’ compensation, unemployment insurance benefits, or proceedings before the SEC.

		
	C.
	Employee acknowledges that Employee may discover facts or law different from, or in addition to, the facts or law that Employee knows or believes to be true with respect to the Released Claims and agrees, nonetheless, that this Agreement and the release contained in it shall be and remain effective in all respects notwithstanding such different or additional facts or the discovery of them.

		
	D.
	Employee declares and represents that Employee intends this Agreement to be complete and not subject to any claim of mistake, and that the release herein expresses a full and complete release of the Released Claims and Employee intends the release herein to be final and complete.  Employee executes this Agreement with the full knowledge that the release herein covers all Released Claims against the Released Parties, to the fullest extent permitted by law.

		
	E.
	By execution of this Agreement, Employee represents that (a) Employee has been paid or otherwise received all wages, vacation, bonuses, or other amounts owed to Employee by Employer, other than those specifically addressed in this Agreement, and (b) Employee has not been denied any request for leave or accommodation to which Employee believes Employee was legally entitled, and Employee was not 

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otherwise deprived of any of Employee’s rights under the Family and Medical Leave Act, the Americans with Disabilities Act, or any similar state or local statute.
		
	5.
	Covenant Not to Sue.  Except as otherwise provided in this Agreement, Employee agrees that Employee is precluded from and is waiving all rights to sue based on the Released Claims or to obtain equitable, remedial or punitive relief from any or all of the Released Parties of any kind whatsoever based on the Released Claims, including, without limitation, reinstatement, back pay, front pay, attorneys’ fees and any form of injunctive relief.  Employee represents that, as of the date of Employee’s signing this Agreement, Employee has not filed any lawsuits, charges, complaints, petitions, claims or other accusatory pleadings against the Employer or any of the other Released Parties in any court or with any governmental agency and, to the best of Employee’s knowledge, no person or entity has filed any such lawsuits, charges, complaints, petitions, claims or other accusatory pleadings against the Employer or any of the other Released Parties on Employee’s behalf.  Employee further represents that Employee has not assigned, or purported to assign, Employee’s right to file any such lawsuits, charges, complaints, petitions, claims or other accusatory pleadings against the Employer or any of the other Released Parties to any other person or entity.

		
	6.
	Older Workers’ Benefit Protection Act.  This Agreement is intended to satisfy the requirements of the Older Workers’ Benefit Protection Act, 29 U.S.C. sec. 626(f).  Employee is advised to consult with an attorney before executing this Agreement.

		
	A.
	ADEA Release and Waiver.  By entering into this Agreement, Employee is giving up important rights, including, but not limited to, any rights and claims that may exist under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”).

		
	B.
	Acknowledgments.  Employee acknowledges and agrees that (a) Employee has read and understands the terms of this Agreement; (b) Employee has been advised in writing, by this Agreement, to consult with an attorney before executing this Agreement; (c) Employee has obtained and considered such legal counsel as Employee deems necessary; and (d) by signing this Agreement, Employee acknowledges that Employee does so freely, knowingly, and voluntarily.

		
	C.
	Time to Consider.  Employee has 21 days to consider whether or not to enter into this Agreement and return a signed copy to Employer (although Employee may elect not to use the full 21 day period at Employee’s option).  Any change(s) made to this Agreement by the parties during the 21-day consideration period will not restart the running of the 21-day consideration period.  Employer’s offer will expire at the end of the 21-day consideration period

		
	D.
	Revocation Right.  For a period of seven (7) calendar days following Employee’s execution of this Agreement, Employee may revoke Employee’s agreement to those provisions of this Agreement releasing and waiving Employee’s rights and claims under the ADEA.  Employee’s revocation must be in writing and received by Kellie 

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Teal-Guess, EVP, Chief People Officer at 1649 W. Frankford Road, Carrollton, TX 75007, by 5:00 p.m. Central Time on the seventh day in order to be effective.  Because of Employee’s right to revoke Employee’s agreement to those provisions of this Agreement releasing and waiving Employee’s rights and claims under the ADEA, those provisions shall not become effective or enforceable until the revocation period has expired without Employee exercising the right to revoke.
		
	E.
	Effect of Revocation.  If Employee exercises Employee’s right to revoke Employee’s agreement to those provisions of this Agreement releasing and waiving Employee’s rights and claims under the ADEA, the Separation Pay and Benefits shall be reduced to $1,000 in total and Employee shall not be entitled to the balance of the Separation Pay and Benefits as detailed above.  Employee acknowledges and agrees that the reduced Separation Pay and Benefits will constitute full and adequate consideration for Employee’s release of any and all non-ADEA claims in this Agreement as detailed in Section 4 above.

		
	F.
	Effective Date.  With the exception of the provisions of this Agreement releasing and waiving Employee’s rights and claims under the ADEA, all other terms and conditions of this Agreement shall be binding and enforceable immediately upon Employee’s execution of this Agreement, and shall remain effective regardless of whether Employee revokes Employee’s agreement to those provisions of this Agreement releasing and waiving Employee’s rights and claims under the ADEA.

		
	G.
	Preserved Rights of Employee.  This Agreement does not waive or release any rights or claims that Employee may have under the ADEA that arise after the execution of this Agreement.  In addition, this Agreement does not prohibit Employee from challenging the validity of this Agreement’s waiver and release of claims under the ADEA.

		
	H.
	Nondisclosure.  Before CyrusOne’s public disclosure of this Agreement, Employee will not disclose the terms of this Agreement to any non-party, except that Employee may disclose the terms of this Agreement to any government agency or as necessary to secure advice from his counsel, accountants or tax advisors.  Before CyrusOne’s public disclosure of this Agreement, Employee will take appropriate steps to ensure that his counsel, accountants and tax advisors are aware of and comply with this confidentiality provision, and Employee assumes the risk of and shall be accountable for any breach of this confidentiality provision occasioned by any act or omission of any person to whom the agreement is disclosed. 

		
	I.
	Transition Assistance.  Employee agrees provide reasonable assistance to the Employer in transitioning his responsibilities during the Severance Period (as defined in the Employment Agreement) as requested by the Employer’s Chief Executive Officer or his designee, without any additional compensation.  It is understood this obligation may consist of occasional and brief meetings, telephone calls, or e-mails.  If Employee fails to provide such transition assistance during the Severance Period, then he will not be entitled to the compensation and benefits detailed above.  

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Employee agrees the Separation Pay and Benefits provided in this Agreement will be the only payments he will receive from Employer, and Employee agrees that he is not entitled to, and will not seek, any further or additional payments, remuneration, or compensation of any kind from the Employer except as a shareholder.
		
	7.
	Return of Property.  Employee agrees and represents that Employee has returned to Employer, or will return before the Termination Date, and retained no copies of, any and all CyrusOne Group property, including but not limited to files, manuals, business records, customer records, correspondence, software and related program passwords, computer printouts and disks, electronically stored information (“ESI”) that resides on any of Employee’s personal electronic devices, keys, equipment, and any and all other documents or property which Employee had possession of, access to, or control over during the course of Employee’s employment with CyrusOne Group or subsequent thereto, including but not limited to any and all documents of CyrusOne Group and any documents removed from or copied from other documents contained in CyrusOne Group’s files.  Employee further acknowledges and agrees that all of the documents or other tangible things to which Employee has had possession of, access to, or control over during the course of or subsequent to Employee’s employment with CyrusOne Group, including but not limited to all documents or other tangible things, pertaining to any specific business transactions in which CyrusOne Group was involved, or to any customers and suppliers of CyrusOne Group, or to the business operations of CyrusOne Group are considered confidential and have been returned to CyrusOne Group.  In the event Employee is in possession of ESI that resides on any of Employee’s personal electronic devices (including but not limited to a personal computer, iPhone and iPad) upon returning CyrusOne Group’s ESI to CyrusOne Group, Employee agrees and represents that all CyrusOne Group ESI has been deleted from all personal electronic devices and is inaccessible to Employee or any other party having access to those devices.  Employee represents that CyrusOne Group property including CyrusOne Group ESI has not been copied and/or distributed to anyone who is not an authorized representative of CyrusOne Group.  Employee will provide, upon Employer’s request, access to his personal computer, iPhone and iPad to Employer so that Employer can retrieve, delete and/or confirm deletion of the CyrusOne Group’s ESI from such devices.  Notwithstanding the foregoing, Employer will not consider a breach of this provision any inadvertent immaterial failure of Employee to return all property and ESI to CyrusOne Group if Employee diligently seeks to return all such property as soon as possible after discovery and maintains the confidentiality of such property and ESI.

		
	8.
	Restrictive Covenants.  This Agreement does not supersede any prior agreement or promise between Employee and any of the Released Parties regarding confidentiality, non-competition, non-disclosure or non-solicitation, and any and all such agreements and promises shall remain in full force and effect, and Employee acknowledges and reaffirms his post-employment obligations and other restrictive covenants that are set forth in the Employment Agreement (Sections 7, 8, 9, 10, 11, and 12), the Plan and the awards issued to him thereunder; provided, however, that notwithstanding any provision contained in the Employment Agreement, the Plan or the awards issued to Employee thereunder, Employee is not restricted in any way from communicating with Government Agencies or otherwise 

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participating in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to Employer.  If Employee breaches any of such covenants, Employee must repay to Employer the amounts described in Section 3 of this Agreement, including the value of any equity awards that become vested and gain upon exercise of any options that become vested, within 10 days after demand by Employer, and Employer shall be entitled, upon application to a court of competent jurisdiction, to obtain injunctive or other relief to enforce such promises and covenants.
		
	9.
	Nondisparagement.  Employee agrees that he will not, directly or indirectly, make to third parties any oral, written, or electronic statement which directly or indirectly impugns the quality or integrity of the CyrusOne Group, or any other disparaging or derogatory remarks about the CyrusOne Group; provided, however, that this obligation shall not preclude Employee from (i) providing information to government agencies, (ii) responding to inquiries by any person or entity through a subpoena or other legal process, (iii) testifying under oath in a legal proceeding or (iv) making other disclosures as required by applicable law.

		
	10.
	Passwords.  Upon request, Employee agrees to provide all User IDs and Passwords used by Employee, and of any other party of which he is aware, to access CyrusOne Group ESI on CyrusOne Group computers, electronic devices, and software.

		
	11.
	Dispute Resolution.  Except as otherwise provided in Section 8 of this Agreement, Employer and Employee agree that all disputes, controversies or claims between them arising out of or relating to this Agreement shall be submitted to arbitration pursuant to the terms and conditions set forth in the Employment Agreement.

		
	12.
	No Admissions.  By entering into this Agreement, the Released Parties make no admission that they have engaged, or are now engaging, in any unlawful conduct.  The parties understand and acknowledge that this Agreement is not an admission of liability and shall not be used or construed as such in any legal or administrative proceeding.

		
	13.
	Full Defense.  This Agreement may be pled as a full and complete defense to, and may be used as a basis for an injunction against, any action, suit or other proceeding that may be prosecuted, instituted or attempted by Employee in breach hereof.

		
	14.
	No Waiver.  Any failure or forbearance by Employer or Employee to exercise any right or remedy with respect to enforcement of this Agreement shall not be construed as a waiver of Employer’s or Employee’s rights or remedies, nor shall such failure or forbearance operate to modify this Agreement or such instruments in the absence of a writing.  No waiver of any of the terms of this Agreement shall be valid unless in writing and signed by both parties to this Agreement.  The waiver by Employer or Employee of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach, nor shall any waiver operate or be construed as a rescission of this Agreement.

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	15.
	Successors.  The provisions of this Agreement shall inure to the benefit of Employer, its successors and assigns, and shall be binding upon Employee and his heirs, administrators and assigns.

		
	16.
	Acknowledgement.  The parties represent that they have read this Agreement, that they understand all of its terms, and that in executing this Agreement they do not rely and have not relied upon any representations or statements made by the other with regard to the subject matter, basis, or effect of the Agreement.

		
	17.
	Severability; Modification.  Employee and Employer further agree that if any provision of this Agreement is held to be unenforceable, such provision shall be considered to be separate, distinct, and severable from the other remaining provisions of this Agreement, and shall not affect the validity or enforceability of such other remaining provisions.  If this Agreement is held to be unenforceable as written, but may be made enforceable by limitation, then such provision shall be enforceable to the maximum extent permitted by applicable law.

		
	18.
	Entire Agreement.  Employee and Employer finally agree that, except for the provisions of any other agreement referred to herein as surviving this Agreement, this Agreement: (i) contains and constitutes the entire understanding and agreement between them with respect to its subject matter; (ii) supersedes and cancels any previous negotiations, agreements, commitments, and writings with respect to that subject matter; (iii) may not be released, discharged, abandoned, supplemented, changed or modified in any manner except by a writing of concurrent or subsequent date signed by both parties; and (iv) shall be construed and enforced in accordance with the laws of the State of Texas, without regard to its conflicts of laws provisions.  

THE PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED THEREIN. THE PARTIES HAVE OBTAINED AND CONSIDERED SUCH LEGAL COUNSEL AS EACH DEEMS NECESSARY TO ENTER INTO THIS AGREEMENT.  WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES SHOWN BELOW.

EMPLOYEE

/s/ Gregory R. Andrews            
Dated: November 30, 2016            

CYRUSONE LLC

By: /s/ Gary J. Wojtaszek            
Its: President & Chief Executive Officer    
Dated: December 1, 2016            

9Exhibit 4.1

 

 

 

 

REGISTRATION RIGHTS AGREEMENT

 

BY AND BETWEEN

 

INTERNATIONAL SEAWAYS, INC.

 

AND

 

EACH OF THE HOLDERS PARTY HERETO

 

Dated as of November 30, 2016

 

 

 

 

     

     

    

 

REGISTRATION
RIGHTS AGREEMENT

 

This REGISTRATION RIGHTS
AGREEMENT (this “Agreement”) is made as of November 30, 2016, by and between International Seaways, Inc., a
Marshall Islands corporation (the “Company”), and each of the parties identified as a “Holder”
on the signature page hereto and any parties identified on the signature page of any joinder agreements executed and delivered
pursuant to Section ‎11 hereof (each, a “Holder” and, collectively,
the “Holders”). Capitalized terms used but not otherwise defined herein are defined in Section ‎1
hereof.

 

RECITALS:

 

WHEREAS, the board
of directors of Overseas Shipholding Group, Inc. (“OSG”) has declared a dividend that will result in the distribution
of all of OSG’s shares of INSW Common Stock (defined below) to holders of OSG’s Class A Stock and Class A Warrants;

 

WHEREAS pursuant to
the Registration Rights Agreement, dated May 2, 2014, as amended, (the “OSG Registration Rights Agreement”),
by and between OSG and each of the other parties named therein, OSG has agreed to cause the Company to offer registration rights
to certain holders of the Company’s INSW Common Stock in connection with the Distribution (as defined herein) on the terms
and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the promises and the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company agrees for the benefit of the Holders, as follows

 

1.                 
Definitions.

 

“Affiliate”
of any particular Person means any other Person directly or indirectly controlling, controlled by or under common control with
such Person.

 

“Agreement”
has the meaning specified in the first paragraph hereof.

 

“Automatic
Shelf Registration Statement” means an “automatic shelf registration statement” as defined in Rule 405 promulgated
under the Securities Act.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks in New York City are authorized
or required by applicable law or executive order to close.

 

“Certification”
has the meaning specified in Section ‎13(p).

 

“Commission”
means the United States Securities and Exchange Commission or any successor governmental agency.

 

“Commission
Guidance” means (i) any publicly-available written guidance, or rule of general applicability of the Commission
staff, or (ii) written comments, requirements or requests of the Commission staff to the Company in connection with the review
of a Registration Statement.

 

    	 	2	 

     

    

 

“Company”
has the meaning specified in the first paragraph hereof.

 

“Company Notice”
has the meaning specified in Section ‎2(d).

 

“control”
(including the terms “controlling,” “controlled by” and “under common control with”) means,
unless otherwise noted, the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting shares, by contract, or otherwise.

 

“Counsel to
the Holders” means, with respect to any Underwritten Offering, the counsel selected by the holders of a majority of the
Registrable Securities requested to be included in such Underwritten Offering, consisting of no more than one firm of attorneys
selected by such holders.

 

“Demand Notice”
has the meaning specified in Section ‎2(d).

 

“Determination
Date” has the meaning specified in Section ‎2(h).

 

“Disclosure
Package” means, with respect to any offering of securities, (i) the preliminary prospectus, (ii) each Free
Writing Prospectus and (iii) all other information, in each case, that is deemed, under Rule 159 promulgated under the Securities
Act, to have been conveyed to purchasers of securities at the time of sale of such securities (including a contract of sale).

 

“Distribution”
means that distribution on a pro rata basis of all of the outstanding INSW Common Stock to (a) holders of OSG Class A Common Stock
and to (b) holders of OSG Warrants, treating the OSG Warrants on an as-exercised basis without deduction for the exercise price
of the OSG Warrants, as of the record date for the distribution.

 

“Distribution
Date” means 5:00 p.m., New York time, on November 30, 2016.

 

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

 

“Filing Date”
means, with respect to the Initial Shelf, as soon as practicable after the date hereof (but in no event more than thirty (30) days
following the Closing Date) and, with respect to any additional Registration Statements required to be filed hereunder pursuant
to Section 2(a) or otherwise, one hundred eighty (180) days after any preceding Registration Statement is declared
effective by the SEC or the earliest practicable date thereafter on which the Company is permitted by SEC Guidance to file such
additional Registration Statement related to the Registrable Securities.

 

“FINRA”
means The Financial Industry Regulatory Authority, Inc.

 

“Follow-On
Registration Notice” has the meaning specified in Section ‎2(i)(i).

 

“Follow-On
Shelf” has the meaning specified in Section ‎2(i)(i).

 

    	 	3	 

     

    

 

“Form S-1
Shelf” means a Registration Statement for Shelf Registration on Form S-1 covering the resale of 100%, or such portion
as permitted by Commission Guidance (provided that the Company shall use commercially reasonable efforts to advocate with the Commission
for the registration of all or the maximum number of the Registrable Securities as permitted by Commission Guidance), of the Registrable
Securities not then registered, on a continuous basis.

 

“Form S-3
Shelf” means a Registration Statement for Shelf Registration on Form S-3 covering the resale of 100%, or such portion
as permitted by Commission Guidance (provided that the Company shall use commercially reasonable efforts to advocate with the Commission
for the registration of all or the maximum number of the Registrable Securities as permitted by Commission Guidance), of the Registrable
Securities not then registered, on a delayed or continuous basis.

 

“Free Writing
Prospectus” means any “free writing prospectus” as defined in Rule 405 promulgated under the Securities Act.

 

“Hedging Counterparty”
means a broker-dealer registered under Section 15(b) of the Exchange Act or an Affiliate thereof.

 

“Hedging Transaction”
means any transaction involving a security linked to the Registrable Securities or any security that would be deemed to be a “derivative
security” (as defined in Rule 16a-1(c) promulgated under the Exchange Act) with respect to the Registrable Securities or
any transaction (even if not a security) which would (were it a security) be considered such a derivative security, or which transfers
some or all of the economic risk of ownership of the Registrable Securities, including any forward contract, equity swap, put or
call, put or call equivalent position, collar, non-recourse loan, sale of an exchangeable security or similar transaction. For
the avoidance of doubt, the following transactions shall be deemed to be Hedging Transactions:

 

(i)                
transactions by a Holder in which a Hedging Counterparty engages in short sales of Registrable Securities pursuant to a
prospectus and may use Registrable Securities to close out its short position;

 

(ii)              
transactions pursuant to which a Holder sells short Registrable Securities pursuant to a prospectus and delivers Registrable
Securities to close out its short position;

 

(iii)            
transactions by a Holder in which the Holder delivers, in a transaction exempt from registration under the Securities Act,
Registrable Securities to the Hedging Counterparty who will then publicly resell or otherwise transfer such Registrable Securities
pursuant to a prospectus or an exemption from registration under the Securities Act; and

 

(iv)            
a loan or pledge of Registrable Securities to a Hedging Counterparty who may then become a selling stockholder and sell
the loaned shares or, in an event of default in the case of a pledge, sell the pledged shares, in each case, in a public transaction
pursuant to a prospectus.

 

    	 	4	 

     

    

 

“Holder”
and “Holders” have the meanings given to those terms in the first paragraph hereof.

 

“Holder Free
Writing Prospectus” means each Free Writing Prospectus prepared by or on behalf of the relevant Holder or used or referred
to by such Holder in connection with the offering of Registrable Securities.

 

“Initial Shelf”
means the initial Registration Statement filed pursuant to this Agreement.

 

“INSW Common
Stock” means the shares of common stock, without par value, of the Company distributed as part of the Distribution and
any additional shares of such common stock paid, issued or distributed in respect of any such shares by way of a stock dividend,
stock split or distribution, or in connection with a combination of shares, and any security into which such INSW Common Stock
shall have been converted or exchanged in connection with a recapitalization, reorganization, reclassification, merger, consolidation,
exchange, distribution or otherwise.

 

“Lock-Up Period”
has the meaning specified in Section ‎4(a).

 

“Losses”
has the meaning specified in Section ‎8(d).

 

“Nasdaq”
means either the NASDAQ Global Select Market or the NASDAQ Global Market, as applicable.

 

“Other Holders”
has the meaning specified in Section ‎3(c).

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust,
a joint venture, an unincorporated organization, a governmental entity or any department, agency or political subdivision thereof
or any other entity.

 

“Piggyback
Offering” has the meaning specified in Section ‎3(a).

 

“Prospectus”
means the prospectus used in connection with a Registration Statement.

 

“Registrable
Securities” means at any time the INSW Common Stock (i) issued to a Holder as part of the Distribution, or (ii) held
or “beneficially owned” (as such term is used in Rule 13d-3 and Rule 13d-5 promulgated under the Exchange Act, except
that in calculating the beneficial ownership of any Holder, such Holder shall be deemed to have beneficial ownership of all securities
that such Holder has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence
of a subsequent condition) by any Holder, including, without limitation, any INSW Common Stock issued upon exercise of any warrants,
rights or options that are “restricted securities” within the meaning of Rule 144 upon issuance; provided, however,
that as to any Registrable Securities, such securities shall cease to constitute Registrable Securities upon the earliest to occur
of: (w) the date on which such securities are disposed of pursuant to an effective registration statement under the Securities
Act; (x) the date on which such securities are permitted to be disposed of by such Holder pursuant to Rule 144; (y) with
respect to the Registrable Securities of any Holder, the first date on which such Holder 

 

    	 	5	 

     

    

 

no longer holds or “beneficially
owns” (as defined above) at least 1% of the outstanding INSW Common Stock; and (z) the date on which such securities cease
to be outstanding.

 

“Registration
Expenses” means all expenses (other than underwriting discounts and commissions) arising from or incident to the registration
under the Securities Act of Registrable Securities in compliance with this Agreement, including, without limitation, (i) Commission,
stock exchange, FINRA and other registration and filing fees, (ii) all reasonable fees and expenses incurred in connection
with complying with any securities or blue sky laws (including, without limitation, reasonable fees, charges and disbursements
of counsel in connection with blue sky qualifications of the Registrable Securities), (iii) all printing, messenger and delivery
expenses, (iv) the fees, charges and disbursements of counsel to the Company and of its independent public accountants and
any other accounting and legal fees, charges and expenses incurred by the Company (including, without limitation, any expenses
arising from any special audits or “comfort letters” required in connection with or incident to any registration),
(v) the fees and expenses incurred in connection with the listing of the Registrable Securities on The New York Stock Exchange
(or any other U.S. national securities exchange or Nasdaq), (vi) the fees and expenses incurred in connection with each road show
for each Underwritten Offering, which offering is reasonably expected by the managing underwriters for such offering to result
in gross proceeds in excess of $75 million (provided that the Company shall be responsible for no more than 50% of travel-related
expenses for any such road show) and (vii) reasonable fees, reasonable charges and disbursements of Counsel to the Holders, including,
for the avoidance of doubt, any expenses of Counsel to the Holders in connection with the filing or amendment of any Registration
Statement, Prospectus or Free Writing Prospectus hereunder. For the avoidance of doubt, in the case of any Underwritten Offering,
the underwriters shall be responsible for their own expenses incurred, including in respect of any expense relating to counsel
to the underwriters (other than as explicitly set forth in the preceding sentence).

 

“Registration
Notice” has the meaning specified in Section ‎2(a).

 

“Registration
Statement” means any registration statement filed with the Commission pursuant hereto or in connection with a Piggyback
Offering.

 

“Rule 144”
means Rule 144 promulgated under the Securities Act (or any successor provision).

 

“Securities
Act” means the Securities Act of 1933, as amended from time to time.

 

“Selling Expenses”
means the underwriting fees, discounts, selling commissions and stock transfer taxes applicable to all Registrable Securities registered
by the Holders and legal expenses not included within the definition of Registration Expenses.

 

“Shelf”
means, as applicable, a Form S-1 Shelf or a Form S-3 Shelf, in each case together with any Follow-On Shelf.

 

“Shelf Registration”
means a registration of securities pursuant to a registration statement filed with the Commission in accordance with and pursuant
to Rule 415 promulgated under the Securities Act (or any successor provision then in effect).

 

    	 	6	 

     

    

 

“Suspension
Period” has the meaning specified in Section ‎2(b).

 

“Underwritten
Offering” means either an Underwritten Shelf Takedown or a Piggyback Offering.

 

“Underwritten
Shelf Takedown” has the meaning specified in Section ‎2(c).

 

“Well-Known
Seasoned Issuer” means a “well-known seasoned issuer” as defined in Rule 405 promulgated under the Securities
Act and which (i) is a “well-known seasoned issuer” under paragraph (1)(i)(A) of such definition or (ii) is
a “well-known seasoned issuer” under paragraph (1)(i)(B) of such definition and is also eligible to register a primary
offering of its securities relying on General Instruction I.B.1 of Form S-3 or Form F-3.

 

2.                 
Shelf Registrations.

 

(a)               
Filing. On each Filing Date until all of the Registrable Securities are registered for resale by the Holders as selling
stockholders thereunder, the Company shall use its commercially reasonable efforts to file with the Commission either (i) if
the Company is then eligible to use Form S-3 for such purpose, a Form S-3 Shelf or (ii) if the Company is not then eligible
to use Form S-3 for such purpose, a Form S-1 Shelf. The Company shall use commercially reasonable efforts to cause the Initial
Shelf to become effective as soon as practicable after the Distribution Date, and, in the event the Company is notified by the
Commission that the Initial Shelf will not be reviewed or is no longer subject to further review and comments, no later than the
tenth Business Day following the date on which the Company is so notified (unless such tenth Business Day is prior to the Distribution
Date). The Company shall give to all Holders written notice of the filing of each Shelf at least fifteen (15) days prior to
filing such Shelf (the “Registration Notice”). The Company shall maintain each Shelf in accordance with the
terms hereof. If the Company files a Form S-1 Shelf, then the Company shall cause the substance of each of its current and periodic
reports filed with the Commission subsequently to the effective time of such Form S-1 Shelf and prior to such time that such Form
S-1 Shelf is no longer effective, to be filed pursuant to Rule 424(b) promulgated under the Securities Act as a supplement to the
Prospectus contained in such Form S-1 Shelf. The Company shall use its commercially reasonable efforts to convert any Form S-1
Shelf (and any Follow-On Shelf on Form S-1) to a Form S-3 Shelf as soon as practicable after the Company is eligible to use Form S-3.

 

(b)              
Suspension. Upon written notice to the Holders, the Company shall be entitled to suspend, for a period of time (each,
a “Suspension Period”), the use of any Registration Statement or related Prospectus and shall not be required
to amend or supplement the Registration Statement, any related Prospectus or any document incorporated therein by reference if
the Company determines in its reasonable good faith judgment, after consultation with counsel, that (1) the Registration Statement
or any related Prospectus may contain an untrue statement of a material fact or omits any fact necessary to make the statements
in the Registration Statement or Prospectus not misleading, or (2) proceeding with or using the Registration Statement or related
Prospectus could reasonably be expected to have a material adverse effect on any proposal or plan of the Company to effect a merger,
acquisition, disposition, financing, reorganization, recapitalization or similar transaction, or would require 

 

    	 	7	 

     

    

 

premature disclosure
of material information that the Company has a bona fide business purpose for preserving as confidential, or render the Company
unable to comply with requirements under the Securities Act or Exchange Act; but in no event shall (A) the Company avail itself
of more than four Suspension Periods in any 12-month period, (B) the duration of all Suspension Periods exceed one hundred twenty
(120) days in the aggregate in any 12-month period, or (C) the Company fail to use its good faith efforts to amend the Registration
Statement and/or Prospectus to correct such untrue statement or omission as soon as reasonably practicable unless such amendment
would reasonably be expected to have a material adverse effect on any proposal or plan of the Company to effect a merger, acquisition,
disposition, financing, reorganization, recapitalization or similar transaction, or would require premature disclosure of material
information that the Company has a bona fide business purpose for preserving as confidential, in each case that is material to
the Company.

 

(c)               
Requests for Underwritten Shelf Takedowns. At any time and from time to time after a Shelf has been declared effective
by the Commission, any one or more Holders of Registrable Securities registered thereon may request to sell all or any portion
of such Registrable Securities in an underwritten offering that is registered pursuant to such Shelf (each, an “Underwritten
Shelf Takedown”); provided that such Holder or Holders will be entitled to make such demand only if the total
offering price of the shares to be offered in such offering (including all Registrable Securities, if any, to be included in such
offering pursuant to Section ‎2(d)
hereof) is, based on the price range set forth in the applicable Demand Notice, reasonably expected to exceed, in the aggregate,
(x) in the case of a demand by at least one Holder that is an “affiliate” (within the meaning of Rule 405 under the
Securities Act), $25 million or (y) in all other cases, $75 million.

 

(d)              
Demand Notices. All requests for Underwritten Shelf Takedowns shall be made by giving written notice to the Company
(the “Demand Notice”). Each Demand Notice shall specify the approximate number of Registrable Securities to
be offered in the Underwritten Shelf Takedown and the expected price range (net of underwriting discounts and commissions) of such
Underwritten Shelf Takedown. Within five (5) Business Days after receipt of any Demand Notice, the Company shall give written notice
of such requested Underwritten Shelf Takedown to all other holders of Registrable Securities then registered pursuant to Section ‎2(a)
or Section ‎2(h) (the “Company
Notice”) and, subject to the provisions of Section ‎2(e)
below, shall include in such Underwritten Shelf Takedown all such Registrable Securities with respect to which the Company has
received written requests for inclusion therein within twenty (20) days after sending the Company Notice.

 

(e)               
Allocation on Underwritten Shelf Takedowns. The Company shall not include in any Underwritten Shelf Takedown any
securities that are not Registrable Securities. If any managing underwriters for such Underwritten Shelf Takedown advise the Company
in writing that in their opinion the number of Registrable Securities to be included in such Underwritten Shelf Takedown exceeds
the number of Registrable Securities and other securities, if any, which can be sold in an orderly manner in such offering within
a price range acceptable to the Holders of a majority of the Registrable Securities requested to be included in the Underwritten
Shelf Takedown, the Company shall include in such Underwritten Shelf Takedown the maximum number of Registrable Securities which
in the opinion of such managing underwriters can be so 

 

    	 	8	 

     

    

 

sold, allocated pro rata among the respective holders of such Registrable
Securities on the basis of the number of Registrable Securities requested to be included therein by each such Holder.

 

(f)               
Restrictions on Underwritten Shelf Takedowns. The Company shall not be obligated to effect more than three Underwritten
Shelf Takedowns during any period of 12 consecutive months and shall not be obligated to launch an Underwritten Shelf Takedown
within one hundred (100) days after the pricing of a previous Underwritten Shelf Takedown or Piggyback Offering.

 

(g)              
Selection of Underwriters. The holders of a majority of the Registrable Securities requested to be included in an
Underwritten Shelf Takedown shall have the right to select the investment banker(s) and manager(s) to administer the offering (which
shall consist of one or more reputable nationally recognized investment banks), subject to the Company’s approval which shall
not be unreasonably withheld, conditioned or delayed.

 

(h)              
Automatic Shelf Registration. Upon the Company becoming a Well-Known Seasoned Issuer, the Company shall (i) as promptly
as practicable but in no event later than twenty (20) Business Days thereafter, give written notice thereof to all of the Holders,
which notice shall describe, in reasonable detail, the basis on which the Company has become a Well-Known Seasoned Issuer, and
(ii) as promptly as practicable in its commercially reasonable efforts but in no event later than thirty (30) Business Days thereafter,
file an Automatic Shelf Registration Statement covering the resale of 100% of the Registrable Securities then registered pursuant
to Section ‎2(a), in accordance
with the terms of this Agreement, and to cause such Automatic Shelf Registration Statement to remain effective thereafter until
the earlier of (i) the date as of which there are no longer any Registrable Securities or (ii) the date as of which the
rights of all Holders, or this Agreement, shall have been terminated pursuant to Section ‎13(s) hereof. The Company
shall give written notice of filing such Automatic Shelf Registration Statement to all of the Holders as promptly as practicable
thereafter. If, at any time after the Company files an Automatic Shelf Registration Statement, the Company is no longer a Well-Known
Seasoned Issuer (the “Determination Date”), then the Company shall, within twenty (20) days after such
Determination Date (A) give written notice thereof to all of the Holders and (B) file a Registration Statement on an appropriate
form (or a post-effective amendment converting the Automatic Shelf Registration Statement to an appropriate form) covering the
resale of 100% of the Registrable Securities then registered pursuant to Section ‎2(a) or Section ‎2(h),
and use commercially reasonable efforts to cause such Registration Statement to be declared effective as promptly as practicable
after the last date the Holders may permissibly use the Automatic Shelf Registration Statement to sell their Registrable Securities.

 

(i)                
Additional Selling Stockholders and Additional Registrable Securities.

 

(i)                
If the Company is not a Well-Known Seasoned Issuer and a Form S-1 Shelf is effective, or if the Company is not a Well-Known
Seasoned Issuer and a Form S-3 Shelf is effective but the filings contemplated by Section ‎2(i)(iii) are
not permitted under the rules and regulations promulgated by the Commission, then within thirty (30) days after a written
request by one or more Holders to register for resale any additional Registrable Securities owned by such Holders that have not
been registered for resale on a Shelf or pursuant to Section ‎3,
the Company shall file a Registration

 

    	 	9	 

     

    

 

Statement substantially similar to the Shelf then effective (each, a “Follow-On
Shelf”), to register for resale 100%, or such portion as permitted by Commission Guidance (provided that the Company
shall use commercially reasonable efforts to advocate with the Commission for the registration of all or the maximum number of
the Registrable Securities as permitted by Commission Guidance), of such additional Registrable Securities. The Company shall give
written notice of the filing of the Follow-On Shelf at least twenty-five (25) days prior to filing the Follow-On Shelf to
all Holders (the “Follow-On Registration Notice”) and shall include in such Follow-On Shelf all such additional
Registrable Securities with respect to which the Company has received written requests for inclusion therein within twenty (20) days
after sending the Follow-On Registration Notice. Notwithstanding the foregoing, the Company shall not be required to file a Follow-On
Shelf (1) if it has filed a Follow-On Shelf within the prior one hundred eighty (180) days, or (2) if the aggregate amount
of INSW Common Stock comprising the additional Registrable Securities requested to be registered on such Follow-On Shelf represent
both less than 1% of the then outstanding INSW Common Stock. The Company shall use commercially reasonable efforts to cause such
Follow-On Shelf to be declared effective as promptly as practicable after filing such Follow-On Shelf.

 

(ii)              
If the Company is a Well-Known Seasoned Issuer and an Automatic Shelf Registration Statement is effective, then within twenty
(20) Business Days after a written request by one or more Holders to register for resale any additional Registrable Securities
owned by such Holders that have not been registered for resale on a Shelf or pursuant to Section ‎3,
the Company shall make all filings necessary to cause such Automatic Shelf Registration Statement to cover 100%, or such portion
as permitted by Commission Guidance (provided that the Company shall use commercially reasonable efforts to advocate with the Commission
for the registration of all or the maximum number of the Registrable Securities as permitted by Commission Guidance), of such additional
Registrable Securities.

 

(iii)            
If a Form S-3 Shelf or Automatic Shelf Registration Statement registering all or a portion of a Holder’s Registrable
Securities pursuant to Section ‎2(a)
or Section ‎2(h) is effective,
then within five (5) Business Days after written request therefor by such Holder, the Company shall, to the extent permitted under
the rules and regulations promulgated by the Commission, make all filings necessary to cause such Form S-3 Shelf or Automatic Shelf
Registration Statement to cover sales by such Holder as a selling stockholder.

 

(j)                
Other Registration Rights. The Company represents and warrants that it is not a party to, or otherwise subject to,
any other agreement granting registration rights to any other Person with respect to any securities of the Company.

 

(k)              
Cutbacks. Notwithstanding any other provision of this Agreement, if any Commission Guidance sets forth a limitation
of the number of Registrable Securities to be registered on a particular Shelf (notwithstanding the Company’s commercially
reasonable efforts to advocate with the Commission for the registration of all or a greater number of Registrable Securities),
which limitation limits the number that may be registered to a number that is lower 

 

    	 	10	 

     

    

 

than the number of Registrable Securities not
then registered, then, except to the extent that a Holder waives its right to have its Registrable Securities registered on such
Shelf, the amount of Registrable Securities to be registered on such Shelf will be correspondingly reduced pro rata among the Holders
based on the total number of unregistered Registrable Securities held by such Holders.

 

(l)                
Limitations on Demand and Piggyback Rights. Any demand for an Underwritten Shelf Takedown will be subject to the
constraints of any applicable lockup arrangements (whether relating to an offering demanded by Holders or initiated by the Company),
and such demand must be deferred until such lockup arrangements no longer apply; provided that, other than any lockup arrangements
in connection with this Agreement or Underwritten Shelf Takedowns or Piggyback Offerings pursuant hereto, the Company shall not
enter into any lockup arrangements more than two times in any 12-month period, neither of which may have a duration of greater
than sixty (60) days. If a demand has been made for an Underwritten Shelf Takedown (or if the Company is pursuing a Piggyback
Offering), no further demands may be made so long as such offering is still being pursued.

 

3.                 
Piggyback Takedowns.

 

(a)               
Right to Piggyback. Whenever the Company proposes to register any of its securities, or proposes to offer any INSW
Common Stock in an underwritten offering registered under the Securities Act other than pursuant to Section ‎2(c)
(a “Piggyback Offering”), the Company shall give prompt written notice to all Holders of its intention to effect
such Piggyback Offering. In the case of a Piggyback Offering that is an underwritten offering under a shelf registration statement,
such notice shall be given not less than five (5) Business Days prior to the expected date of commencement of marketing efforts
for such Piggyback Offering. In the case of a Piggyback Offering that is an underwritten offering under a registration statement
that is not a shelf registration statement, such notice shall be given not less than five (5) Business Days prior to the date of
filing of such registration statement. The Company shall, subject to the provisions of Sections ‎3(b) and ‎(c)
below, include in such Piggyback Offering 100%, or such portion as permitted by Commission Guidance (provided that the Company
shall use commercially reasonable efforts to advocate with the Commission for the registration of all or the maximum number of
the Registrable Securities as permitted by Commission Guidance), of the Registrable Securities with respect to which the Company
has received written requests for inclusion therein within five (5) days after sending the Company’s notice. Notwithstanding
anything to the contrary contained herein, the Company may determine not to proceed with any Piggyback Offering, provided
that the Company must provide prompt written notice of such determination to the Holders requesting to include their Registrable
Securities in such Piggyback Offering.

 

(b)              
Priority on Primary Piggyback Offerings. If a Piggyback Offering is an underwritten primary registration on behalf
of the Company, and the managing underwriters for such Piggyback Offering advise the Company in writing that in their reasonable
opinion the number of securities requested to be included in such Piggyback Offering exceeds the number which can be sold in an
orderly manner in such offering within a price range acceptable to the Company, the Company shall include in such Piggyback Offering
the maximum number of such securities which in the opinion of such managing underwriters can be so sold in the following

 

    	 	11	 

     

    

 

order
of priority: (i) first, the securities the Company proposes to sell, (ii) second, the Registrable Securities
requested to be included in such Piggyback Offering (pro rata among the Holders on the basis of the number of Registrable Securities
requested to be included therein by each such Holder), and (iii) third, other securities requested to be included in
such Piggyback Offering.

 

(c)               
Priority on Secondary Piggyback Offerings. If a Piggyback Offering is an underwritten secondary registration on behalf
of holders of the Company’s securities (“Other Holders”), and the managing underwriters for such Piggyback
Offering advise the Company in writing that in their reasonable opinion the number of securities requested to be included in such
Piggyback Offering exceeds the number which can be sold in an orderly manner in such offering within a price range acceptable to
the Other Holders, the Company shall include in such Piggyback Offering the maximum number of such securities which in the opinion
of such managing underwriters can be so sold in the following order of priority: (i) first, the securities requested
to be included therein by the Other Holders requesting such registration and the Registrable Securities requested to be included
in such registration, pro rata among the holders of any such securities and Registrable Securities on the basis of the number of
securities and Registrable Securities so requested to be included therein by each such holder or Holder, and (ii) second,
other securities requested to be included in such registration.

 

(d)              
Selection of Underwriters. The Company will have the sole right to select the investment banker(s) and manager(s)
for each Piggyback Offering.

 

(e)               
Cutbacks. Notwithstanding any other provision of this Agreement, if any Commission Guidance sets forth a limitation
of the number of Registrable Securities to be included in a particular Piggyback Offering (notwithstanding the Company’s
commercially reasonable efforts to advocate with the Commission for the registration of all or a greater number of Registrable
Securities), which limitation limits the number that may be included to a number that is lower than the number of Registrable Securities
requested by Holders to be included therein pursuant to Section ‎3(a), then, except to the extent that such a Holder
waives its right to have such Registrable Securities included in such Piggyback Offering, the amount of Registrable Securities
included in such Piggyback Offering will be correspondingly reduced pro rata among the Holders requesting such inclusion based
on the number of Registrable Securities requested by each such Holder to be so included.

 

4.                 
Holdback Agreements.

 

(a)               
Holders of Registrable Securities. Each Holder who “beneficially owns” (as such term is defined under
and determined pursuant to Rule 13d-3 promulgated under the Exchange Act) five percent (5%) or more of the outstanding INSW Common
Stock or who is an Affiliate of the Company agrees with the Company that such Holder shall not effect any public sale or distribution
(including sales pursuant to Rule 144) of equity securities of the Company, or any securities convertible into or exchangeable
or exercisable for such securities during the seven (7) days prior to and the ninety (90) day period beginning on the date
of pricing of each Underwritten Offering or other underwritten public offering of equity securities of the Company (the “Lock-Up
Period”), except as part of such Underwritten Offering or other underwritten public offering of equity securities of
the Company unless (i) the Company otherwise agrees by written consent, (ii) the underwriters managing such Underwritten
Offering or other underwritten public 

 

    	 	12	 

     

    

 

offering of equity securities of the Company otherwise agree by written consent and (iii) such
Lock-Up Period is applicable on substantially similar terms to the Company and the executive officers and directors of the Company;
provided that notwithstanding the foregoing any such Holder that is a partnership or corporation may make distributions
of Registrable Securities to the partners or stockholders thereof or transfers of Registrable Securities to Affiliates that are
otherwise in compliance with applicable securities laws, so long as such distributees or transferees agree to be bound by the restrictions
set forth in this Section ‎4(a).
Each such Holder agrees with the Company to execute a lock-up agreement in favor of the Company’s underwriters managing such
Underwritten Offering or other underwritten public offering of equity securities of the Company to such effect and that such underwriters
shall be third party beneficiaries of this Section ‎4(a).
The provisions of this Section ‎4(a)
will no longer apply to a Holder once such Holder ceases to hold Registrable Securities.

 

(b)              
The Company. The Company shall not effect any public sale or distribution of its equity securities, or any securities
convertible into or exchangeable or exercisable for such securities (except pursuant to registration statements on Form S-8 or
Form S-4 under the Securities Act, pursuant to the exercise of a conversion of outstanding securities or pursuant to other customary
lock-up exemptions), during the seven (7) days prior to and the ninety (90) day period beginning on the date of pricing of each
Underwritten Offering.

 

5.                 
Company Undertakings.

 

(a)               
Whenever Registrable Securities are registered pursuant to this Agreement, the Company shall use its commercially reasonable
efforts to effect the registration and any sale of such Registrable Securities as soon as reasonably practicable in accordance
with the intended method of disposition thereof, and the Company shall as expeditiously as possible:

 

(i)                
before filing a Registration Statement or Prospectus or any amendments or supplements thereto, at the Company’s expense,
furnish to the Holders whose securities are covered by the Registration Statement copies of all such documents (excluding, with
respect to any such Holders who are not affiliates of the Company, exhibits to which such Holders are not a party), other than
documents that are incorporated by reference, proposed to be filed and such other documents reasonably requested by such Holders,
which documents shall be subject to the review and comment of the counsel to such Holders;

 

(ii)              
notify each Holder of the effectiveness of each Registration Statement and prepare and file with the Commission such amendments
and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such
Registration Statement effective for a period ending on the date on which all Registrable Securities have been sold under such
Registration Statement or have otherwise ceased to be Registrable Securities, and comply with the provisions of the Securities
Act with respect to the disposition of all securities covered by such Registration Statement during such period in accordance with
the intended methods of disposition by the sellers thereof set forth in such Registration Statement;

 

    	 	13	 

     

    

 

(iii)            
furnish to each seller of Registrable Securities, and any managing underwriters, without charge, such number of copies of
the applicable Registration Statement, each amendment and supplement thereto, the Prospectus included in such Registration Statement
(including each preliminary Prospectus, final Prospectus, and any other Prospectus (including any Prospectus filed under Rule 424,
Rule 430A or Rule 430B promulgated under the Securities Act and any “issuer free writing prospectus” as such term is
defined under Rule 433 promulgated under the Securities Act)), all exhibits and other documents filed therewith and such other
documents as such seller or such managing underwriters may reasonably request including in order to facilitate the disposition
of the Registrable Securities owned by such seller, and upon request, a copy of any and all transmittal letters or other correspondence
to or received from, the Commission or any other governmental authority relating to such offer;

 

(iv)            
use its commercially reasonable efforts (1) to register or qualify such Registrable Securities under such other securities
or blue sky laws of such jurisdictions as any seller reasonably requests, (2) to keep such registration or qualification in effect
for so long as such Registration Statement remains in effect, and (3) to do any and all other acts and things which may be reasonably
necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities
owned by such seller (provided that the Company shall not be required (a) to qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this subsection, (b) to subject itself to taxation in any such jurisdiction
or (c) to consent to general service of process in any such jurisdiction);

 

(v)              
notify each seller of such Registrable Securities, Counsel to the Holders and any managing underwriters (1) at any
time when a Prospectus relating to the applicable Registration Statement is required to be delivered under the Securities Act,
(A) upon discovery that, or upon the happening of any event as a result of which, such Registration Statement, or the Prospectus
or Free Writing Prospectus relating to such Registration Statement, or any document incorporated or deemed to be incorporated therein
by reference contains an untrue statement of a material fact or omits any fact necessary to make the statements in the Registration
Statement or the Prospectus or Free Writing Prospectus relating thereto not misleading or otherwise requires the making of any
changes in such Registration Statement, Prospectus, Free Writing Prospectus or document, and, at the request of any such seller
and subject to Section ‎2(b) hereof,
the Company shall promptly prepare a supplement or amendment to such Prospectus or Free Writing Prospectus, furnish a reasonable
number of copies of such supplement or amendment to each seller of such Registrable Securities, Counsel to the Holders and any
managing underwriters and file such supplement or amendment with the Commission so that, as thereafter delivered to the purchasers
of such Registrable Securities, such Prospectus or Free Writing Prospectus as so amended or supplemented shall not contain an untrue
statement of a material fact or omit to state any fact necessary to make the statements therein not misleading, (B) as soon as
the Company becomes aware of any request by the Commission or any Federal or state governmental authority for amendments or supplements
to a Registration Statement or related Prospectus or Free Writing Prospectus covering Registrable Securities or for additional
information relating thereto, (C) as soon as the Company becomes aware of the issuance or threatened 

 

    	 	14	 

     

    

 

issuance by the Commission
of any stop order suspending or threatening to suspend the effectiveness of a Registration Statement covering the Registrable Securities
or (D) upon the receipt by the Company of any notification with respect to the suspension of the qualification or exemption from
qualification of any Registrable Security for sale in any jurisdiction, or the initiation or threatening of any proceeding for
such purpose; and (2) when each Registration Statement or any amendment thereto has been filed with the Commission and when
each Registration Statement or the related Prospectus or Free Writing Prospectus or any Prospectus supplement or any post-effective
amendment thereto has become effective;

 

(vi)            
use its commercially reasonable efforts to cause all such Registrable Securities (1) if any of the INSW Common Stock is
then listed on a U.S. national securities exchange or on Nasdaq, to continue to be so listed or included, (2) if any of the INSW
Common Stock is not then listed on a U.S. national securities exchange or Nasdaq, to cause such Securities to be listed on The
New York Stock Exchange or another national securities exchange or Nasdaq, and (3) to be registered with or approved by such other
governmental agencies or authorities as may be necessary to enable the sellers thereof to consummate the disposition of the Registrable
Securities;

 

(vii)          
provide and cause to be maintained a transfer agent and registrar for all such Registrable Securities from and after the
effective date of the applicable Registration Statement;

 

(viii)        
enter into and perform under such customary agreements (including underwriting agreements in customary form, including customary
representations and warranties and provisions with respect to indemnification and contribution) and take all such other actions
as the holders of a majority of the Registrable Securities included in an Underwritten Offering or the underwriters, if any, reasonably
request in order to expedite or facilitate the disposition of such Registrable Securities (including effecting a stock split, a
combination of shares, or other recapitalization) and provide reasonable cooperation, including causing appropriate officers to
attend and participate in “road shows” and other information meetings organized by the underwriters, if any; provided,
that the Company shall have no obligation to participate in “road shows” in connection with any Underwritten Shelf
Takedown in which the total offering price of the Registrable Securities to be offered therein is less than (x) in the case of
an Underwritten Shelf Takedown pursuant to a demand by at least one Holder that is an “affiliate” (within the meaning
of Rule 405 under the Securities Act), $25 million or (y) in all other cases, $75 million; provided, further,
that the Company shall have no obligation to participate in more than three “road shows” in any 12-month period;

 

(ix)            
for a reasonable period prior to the filing of any Registration Statement or the commencement of marketing efforts for
an Underwritten Offering, as applicable, pursuant to this Agreement, make available for inspection and copying by any Holder,
Counsel to the Holders, any underwriter participating in any disposition pursuant to such Registration Statement or Underwritten
Offering, as applicable, and any other attorney, accountant or other agent retained by any such Holder or underwriter, all financial
and other records and pertinent corporate documents of the Company, and cause the

 

    	 	15	 

     

    

 

Company’s officers, directors, employees and
independent accountants to supply all information and participate in any due diligence sessions reasonably requested by any such
Holder, underwriter, attorney, accountant or agent in connection with such Registration Statement or Underwritten Offering, as
applicable, provided that recipients of such financial and other records and pertinent corporate documents agree in writing
to keep the confidentiality thereof pursuant to a written agreement reasonably acceptable to the Company and the applicable underwriter
(which may contain customary exceptions thereto);

 

(x)              
permit any Holder, Counsel to the Holders, any underwriter participating in any disposition pursuant to a Registration Statement,
and any other attorney, accountant or other agent retained by such Holder or underwriter, to participate (including, but not limited
to, reviewing, commenting on and attending all meetings in the preparation of) such Registration Statement and any Prospectus supplements
relating to an Underwritten Offering, if applicable;

 

(xi)            
in the event of the issuance or threatened issuance of any stop order suspending the effectiveness of a Registration Statement,
or of any order suspending or preventing the use of any related Prospectus or suspending the qualification of any INSW Common Stock
included in such Registration Statement for sale in any jurisdiction, the Company shall use its commercially reasonable efforts
promptly to (1) prevent the issuance of any such stop order, and in the event of such issuance, to obtain the withdrawal of such
order and (2) obtain the withdrawal of any order suspending or preventing the use of any related Prospectus or Free Writing Prospectus
or suspending qualification of any Registrable Securities included in such Registration Statement for sale in any jurisdiction
at the earliest practicable date;

 

(xii)          
in connection with any Underwritten Offering, obtain and furnish to each such Holder including Registrable Securities in
such Underwritten Offering a signed counterpart of (1) a cold comfort letter from the Company’s independent public accountants
and (2) a legal opinion of counsel to the Company addressed to the relevant underwriters and/or such Holders, in each case in customary
form and covering such matters of the type customarily covered by such letters as any managing underwriters and/or holders of a
majority of the Registrable Securities included in such Underwritten Offering reasonably request;

 

(xiii)        
with respect to each Free Writing Prospectus or other materials to be included in the Disclosure Package, ensure that no
Registrable Securities be sold “by means of” (as defined in Rule 159A(b) promulgated under the Securities Act) such
Free Writing Prospectus or other materials without the prior written consent of a majority of the holders of the Registrable Securities
that are being sold pursuant to such Free Writing Prospectus, which Free Writing Prospectuses or other materials shall be subject
to the review of Counsel to the Holders; provided, however, the Company shall not be responsible or liable for any
breach by a Holder of Section ‎13(r);

 

(xiv)        
provide a CUSIP number for the Registrable Securities prior to the effective date of the first Registration Statement including
Registrable Securities;

 

    	 	16	 

     

    

 

(xv)          
promptly notify in writing the Holders, the sales or placement agent, if any, therefor and any managing underwriters of
the securities being sold, (1) when such Registration Statement or related Prospectus or Free Writing Prospectus or any Prospectus
amendment or supplement or post-effective amendment has been filed, and, with respect to any such Registration Statement or any
post-effective amendment, when the same has become effective and (2) of any written comments by the Commission and by the blue
sky or securities commissioner or regulator of any state with respect thereto;

 

(xvi)        
(1) prepare and file with the Commission such amendments and supplements to each Registration Statement as may be necessary
to comply with the provisions of the Securities Act, including post-effective amendments to each Registration Statement as may
be necessary to keep such Registration Statement continuously effective for the applicable time period required hereunder and if
applicable, file any Registration Statements pursuant to Rule 462(b) promulgated under the Securities Act; (2) cause the related
Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 (or
any similar provisions then in force) promulgated under the Securities Act; (3) comply with the provisions of the Securities Act
and the Exchange Act and any applicable U.S. national securities exchange or Nasdaq, as applicable, or other U.S. recognized
trading market with respect to the disposition of all securities covered by such Registration Statement during such period in accordance
with the intended methods of disposition by the sellers thereof set forth in such Registration Statement as so amended or in such
Prospectus as so supplemented; and (4) provide additional information related to each Registration Statement as requested by, and
obtain any required approval necessary from, the Commission or any Federal or state governmental authority;

 

(xvii)      
cooperate with each Holder and each underwriter participating in the disposition of such Registrable Securities and any
underwriters’ counsel in connection with any filings required to be made with FINRA;

 

(xviii)    
within the deadlines specified by the Securities Act, make all required filing fee payments in respect of any Registration
Statement or Prospectus filed pursuant to this Agreement (and any offering covered thereby);

 

(xix)        
if requested by any participating Holder or any managing underwriters, promptly include in a Prospectus supplement or amendment
such information as the Holder or managing underwriters may reasonably request, including in order to permit the intended method
of distribution of such securities, and make all required filings of such Prospectus supplement or such amendment as soon as reasonably
practicable after the Company has received such request;

 

(xx)          
in the case of any certificated Registrable Securities: (1) cooperate with the participating Holders and any managing underwriters
to facilitate the timely preparation and delivery of certificates (not bearing any legends) representing Registrable Securities
to be offered, upon receipt by the Company of a written representation from each participating Holder that the Registrable Securities
represented by the certificates so delivered will be transferred by such Holder in accordance with the Registration 

 

    	 	17	 

     

    

 

Statement and
(2) cause such Registrable Securities to be in such denominations and registered in such names as the Holders or managing underwriters
may reasonably request at least two (2) Business Days prior to any sale of Registrable Securities; and

 

(xxi)        
use its commercially reasonable efforts to take all other actions necessary to effect the registration and sale of the Registrable
Securities contemplated hereby.

 

(b)              
Anything in this Agreement to the contrary notwithstanding, the Company shall use its commercially reasonable efforts to
cause all eligible INSW Common Stock to be listed on a U.S. national securities exchange or Nasdaq reasonably promptly following
the Distribution Date.

 

6.                 
Registration Expenses.

 

(a)               
All Registration Expenses shall be borne by the Company. All Selling Expenses relating to each offering of Registrable Securities
shall be borne by the Holders of such offered Registrable Securities pro rata on the basis of the relative number of Registrable
Securities sold by each such Holder in such offering.

 

(b)              
In connection with each Underwritten Shelf Takedown and each Piggyback Registration, the Company shall reimburse the holders
of Registrable Securities included in such Underwritten Shelf Takedown or Piggyback Registration for the reasonable fees and disbursements
of no more than one legal counsel chosen by the Holders of a majority of the Registrable Securities so included.

 

7.                 
Hedging Transactions.

 

(a)               
The Company agrees that, in connection with any proposed Hedging Transaction, if, in the reasonable judgment of Counsel
to the Holders, it is necessary or desirable to have a Registration Statement under the Securities Act cover such Hedging Transaction
or sales or transfers (whether short or long) of Registrable Securities in connection therewith, then the Company shall use its
commercially reasonable efforts to take such actions (which may include the filing of a prospectus supplement to include additional
or changed information that is material or is otherwise required to be disclosed, including a description of such Hedging Transaction,
the name of the Hedging Counterparty, identification of the Hedging Counterparty or its Affiliates as underwriters or potential
underwriters, if applicable, or any change to the plan of distribution, but shall not include the filing of a post-effective amendment
to a Registration Statement) as may reasonably be required to have such Hedging Transaction or sales or transfers of Registrable
Securities in connection therewith covered by a Registration Statement under the Securities Act in a manner consistent with the
rights and obligations of the Company hereunder. Any request to file such a Registration Statement shall be considered a “Demand
Notice” for purposes of Section ‎2(d)
and any such request shall be subject to the provisions of Section ‎2(f),
if made independently of any other Registration Statement filing.

 

(b)              
All Registration Statements in which Holders may include Registrable Securities under this Agreement shall be subject to
the provisions of this Section ‎7.
The selection of any Hedging Counterparty shall not be subject to Section ‎2(g),
but the Hedging Counterparty shall be 

 

    	 	18	 

     

    

 

selected by the holders of a majority of the Registrable Securities subject to the Hedging
Transaction that is proposed to be effected.

 

(c)               
If in connection with a Hedging Transaction, a Hedging Counterparty or any Affiliate thereof is (or may be considered) an
underwriter or selling stockholder, then it shall be required to provide customary indemnities to the Company regarding the plan
of distribution and like matters.

 

(d)              
The Company further agrees to include, under the caption “Plan of Distribution” (or the equivalent caption),
in each Registration Statement, and any related Prospectus (to the extent such inclusion is permitted under applicable Commission
regulations and is consistent with comments received from the Commission during any Commission review of such Registration Statement),
language substantially in the form of Schedule I hereto and to include in each prospectus supplement filed in connection
with any proposed Hedging Transaction language mutually agreed upon by the Company, the relevant Holders and the Hedging Counterparty
describing such Hedging Transaction.

 

(e)               
In connection with a Hedging Transaction, each Hedging Counterparty shall be treated in the same manner as a managing underwriter
for purposes of Section ‎5 of
this Agreement and subject to the limitations set forth in Section 2(i) hereof.

 

8.                 
Indemnification; Contribution.

 

(a)               
The Company agrees to indemnify and hold harmless each Holder, the Affiliates, directors, officers, employees, members,
managers and agents of each such Holder and each Person who controls any such Holder within the meaning of either the Securities
Act or the Exchange Act, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages,
liabilities and expenses to which they or any of them may become subject insofar as such losses, claims, damages, liabilities and
expenses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material
fact contained in a Registration Statement as originally filed or in any amendment thereof, or the Disclosure Package, or any preliminary,
final or summary Prospectus or Free Writing Prospectus included in any such Registration Statement, or in any amendment thereof
or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading, and agrees to reimburse each such indemnified
party, as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any
such loss, claim, damage, liability or action (whether or not the indemnified party is a party to any proceeding); provided,
however, that the Company will not be liable in any case to the extent that any such loss, claim, damage, liability or expense
arises (i) out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made
therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of any such Holder
specifically for inclusion therein including, without limitation, any notice or questionnaire, or (ii) out of sales of Registrable
Securities made during a Suspension Period after notice is given pursuant to Section ‎2(b).
This indemnity agreement will be in addition to any liability which the Company may otherwise have.

 

    	 	19	 

     

    

 

(b)              
Each Holder severally (and not jointly) agrees to indemnify and hold harmless the Company and each of its Affiliates, directors,
employees, members, managers and agents and each Person who controls the Company within the meaning of either the Securities Act
or the Exchange Act, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages or
liabilities to which they or any of them may become subject insofar as such losses, claims, damages or liabilities arise out of
or are based upon any untrue statement or alleged untrue statement of a material fact contained in a Registration Statement as
originally filed or in any amendment thereof, or in the Disclosure Package or any Holder Free Writing Prospectus, preliminary,
final or summary Prospectus included in any such Registration Statement, or in any amendment thereof or supplement thereto, or
arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, to the extent, but only to the extent, that any such untrue statement
or alleged untrue statement or omission or alleged omission is contained in any written information relating to such Holder furnished
to the Company by or on behalf of such Holder specifically for inclusion therein; provided, however, that the total
amount to be indemnified by such Holder pursuant to this Section ‎8(b)
shall be limited to the gross proceeds (before deducting underwriters’ discounts and commissions) received by such Holder
in the offering to which such Registration Statement or Prospectus relates. This indemnity agreement will be in addition to any
liability which any such Holder may otherwise have.

 

(c)               
Promptly after receipt by an indemnified party under this Section ‎8
of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against
the indemnifying party under this Section ‎8,
notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will
not relieve it from liability under paragraph (a) or (b) above unless and to the extent such action and such failure results in
material prejudice to the indemnifying party and forfeiture by the indemnifying party of substantial rights and defenses; and
(ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the
indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to participate therein
and, to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof,
with counsel satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel
to the indemnifying party), and, except as provided in the next sentence, after notice from the indemnifying party to such indemnified
party of its election to so assume the defense thereof, the indemnifying party shall not be liable to such indemnified party for
any legal expenses of other counsel or any other expenses subsequently incurred by such indemnified party in connection with the
defense thereof other than reasonable costs of investigation. Notwithstanding the indemnifying party’s rights in the prior
sentence, the indemnified parties shall collectively have the right to employ their own counsel (and one local counsel), and the
indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel if (i) the use of counsel
chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest; (ii) the
actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party
and the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified
parties which are different from or additional to those available to the indemnifying party; (iii) the indemnifying party
shall not have employed counsel satisfactory to the indemnified party to represent the indemnified party within a reasonable time
after notice of the

 

    	 	20	 

     

    

 

institution
of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense
of the indemnifying party. No indemnifying party shall, in connection with any one action or separate but substantially similar
or related actions in the same jurisdiction arising out of the same general circumstances or allegations, be liable for the fees
and expenses of more than one separate firm of attorneys (in addition to any local counsel) for all indemnified parties. An indemnifying
party shall not be liable under this Section ‎8 to any indemnified party regarding any settlement or compromise
or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect
of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential
parties to such claim or action) unless such settlement, compromise or consent is consented to by such indemnifying party. No indemnifying
party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry
of any judgment or enter into any settlement or compromise that does not include as an unconditional term thereof the giving by
the claimant or plaintiff therein, to such indemnified party, of a full and final release from all liability in respect to such
claim or litigation.

 

(d)              
In the event that the indemnity provided in Section ‎8(a)
or Section ‎8(b) is unavailable
to or insufficient to hold harmless an indemnified party for any reason, then each applicable indemnifying party agrees to contribute
to the aggregate losses, claims, damages and liabilities (including, without limitation, legal or other expenses reasonably incurred
in connection with investigating or defending same) (collectively, “Losses”) to which such indemnifying party
may be subject in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party on the
one hand and by the indemnified party on the other from the offering of the INSW Common Stock. If, however, the allocation provided
by the immediately preceding sentence is not permitted by applicable law, then each indemnifying party shall contribute to such
amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative benefits
but also the relative fault of the indemnifying party on the one hand and the indemnified party on the other in connection with
the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as
well as any other relevant equitable considerations. The relative fault shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by the indemnifying party on the one hand or the indemnified party on the other and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties
agree that it would not be just and equitable if contribution pursuant to this Section ‎8(d) were determined by
pro rata allocation (even if the Holders or any agents or underwriters or all of them were treated as one entity for such purpose)
or by any other method of allocation which does not take account of the equitable considerations referred to above in this Section ‎8(d).
The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities (or actions in respect
thereof) referred to above in this Section ‎8(d) shall be deemed to include any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this Section ‎8(d), no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.
For purposes of this Section ‎8, each Person who controls any Holder, agent or underwriter within the meaning
of either the Securities Act or the Exchange Act

 

    	 	21	 

     

    

 

and each director, officer, employee and agent of any such Holder, agent or underwriter
shall have the same rights to contribution as such Holder, agent or underwriter, and each Person who controls the Company within
the meaning of either the Securities Act or the Exchange Act and each officer and director of the Company shall have the same rights
to contribution as the Company, subject in each case to the applicable terms and conditions of this Section ‎8(d).

 

(e)               
The provisions of this Section ‎8
will remain in full force and effect, regardless of any investigation made by or on behalf of any Holder or the Company or any
of the officers, directors or controlling Persons referred to in this Section ‎8
hereof, and will survive the transfer of Registrable Securities.

 

(f)               
To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees
to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section ‎8
to the fullest extent permitted by law; provided, however, that: (i) no Person involved in the sale of Registrable
Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act)
in connection with such sale shall be entitled to contribution from any Person involved in such sale of Registrable Securities
who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be
limited in amount to the net amount of proceeds received by such seller from the sale of such Registrable Securities.

 

9.                 
Participation in Underwritten Offering/Sale of Registrable Securities.

 

(a)               
No Person may participate in any Underwritten Offering hereunder unless such Person (i) agrees to sell such Person’s
securities on the basis provided in any underwriting arrangements in customary form entered into pursuant to this Agreement and
(ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents
reasonably required under the terms of such underwriting arrangements; provided that no Holder proposed to be included in
any Underwritten Offering shall be required to make any representations or warranties to the Company or the underwriters (other
than representations and warranties regarding (1) such Holder’s ownership of its Registrable Securities to be sold or
transferred, (2) such Holder’s power and authority to effect such transfer and (3) such matters pertaining to compliance
with securities laws as may be reasonably requested, including as to possessing no non-public information about the Company that
is the basis upon which such sale is being made) or to undertake any indemnification obligations to the Company with respect thereto,
except as otherwise provided in Section ‎8(b)
hereof, or to the underwriters with respect thereto, except to the extent of the indemnification being given to the Company and
its controlling persons in Section ‎8(b)
hereof.

 

(b)              
Each Person that has securities registered on a Registration Statement filed hereunder agrees that, upon receipt of any
notice contemplated in Section ‎2(b),
such Person will forthwith discontinue the disposition of its Registrable Securities pursuant to the applicable Registration Statement.

 

10.             
Rule 144 and Rule 144A; Other Exemptions. The Company covenants that it will (i) at all times make and keep available
adequate current public information with respect to 

 

    	 	22	 

     

    

 

the Company as those terms are understood and defined for purposes of Rule
144(c) under the Securities Act; (ii) file with the Commission in a timely manner all reports and other documents required
of the Company under the Securities Act and the Exchange Act at any time after it has become subject to the reporting requirements
under the Securities Act and the Exchange Act, respectively, and the rules and regulations adopted thereunder; (iii) submit
electronically and post on its corporate Web site, if any, every interactive data file required to be submitted and posted pursuant
to Rule 405 of Regulation S-T under the Exchange Act; (iv) so long as a Holder owns any Registrable Securities, furnish to
such Holder, upon request, a written statement by the Company as to its compliance with the reporting requirements of Rule 144,
the Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of the Company, and such other reports
and documents so filed as such Holder may reasonably request in availing itself of any rule or regulation of the Commission allowing
the Holder to sell any such Registrable Securities without registration and (v) make available information otherwise necessary
to comply with Rule 144 and Rule 144A promulgated under the Securities Act, as such rules may be amended from time to time, if
available with respect to resales of the Registrable Securities, at all times, to the extent required from time to time to enable
such Holders to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions
provided by (x) Rule 144 and Rule 144A promulgated under the Securities Act (if available with respect to resales of the Registrable
Securities), as such rules may be amended from time to time or (y) any other rules or regulations now existing or hereafter
adopted by the Commission. Upon the reasonable request of any Holder, the Company will deliver to such Holder a written statement
as to whether it has complied with such information requirements.

 

11.             
Transfer of Registration Rights; Additional Holders.

 

(a)               
The rights of a Holder hereunder may be transferred, assigned, or otherwise conveyed on a pro rata basis in connection with
any transfer, assignment, or other conveyance of Registrable Securities that are “restricted securities” to any transferee
or assignee of such Registrable Securities if: (i) such transfer or assignment is effected in accordance with applicable securities
laws; (ii) such transferee or assignee agrees in writing to become subject to the terms of this Agreement; and (iii) the
Company is given written notice by such Holder of such transfer or assignment, stating the name and address of the transferee or
assignee and identifying the Registrable Securities with respect to which such rights are being transferred or assigned.

 

(b)              
Each of the parties hereto agrees that any holder of INSW Common Stock that, immediately after the Distribution Date holds
a number of INSW Common Stock equal to more than five percent (5%) of the total number of INSW Common Stock shall be entitled to
become a Holder hereunder by signing a joinder agreement hereto, agreeing to become subject to the terms of this Agreement.

 

12.             
Amendment, Modification and Waivers; Further Assurances.

 

(a)               
Amendment. This Agreement may be amended with the consent of the Company and the Company may take any action herein
prohibited, or omit to perform any act herein required to be performed by it, only if the Company shall have obtained the written
consent of the holders of at least a majority of the Registrable Securities then outstanding to such action or omission to act;
provided that no such amendment, action or omission that adversely affects, 

 

    	 	23	 

     

    

 

alters or changes the interests of any Holder
shall be effective against such Holder without the prior written consent of such Holder.

 

(b)              
Effect of Waiver. No waiver of any term or condition of this Agreement shall operate as a waiver of any other term
or condition, nor shall any failure to enforce any provision hereof operate as a waiver of such provision or of any other provision
hereof. No written waiver hereunder, unless it by its own terms explicitly provides to the contrary, shall be construed to effect
a continuing waiver of the provisions being waived and no such waiver in any instance shall constitute a waiver in any other instance
or for any other purpose or impair the right of the party against whom such waiver is claimed in all other instances or for all
other purposes to require full compliance with such provision. The failure of any party to enforce any provision of this Agreement
shall not be construed as a waiver of such provision and shall not affect the right of such party thereafter to enforce each provision
of this Agreement in accordance with its terms.

 

(c)               
Further Assurances. Each of the parties hereto shall execute all such further instruments and documents and take
all such further action as any other party hereto may reasonably require in order to effectuate the terms and purposes of this
Agreement.

 

13.             
Miscellaneous.

 

(a)               
No Inconsistent Agreements. The Company shall not hereafter enter into any agreement with respect to its securities
which is inconsistent with, or violates the rights granted to the Holders in, this Agreement.

 

(b)              
Adjustments Affecting Registrable Securities. The Company shall not take any action, or permit any change to occur,
with respect to its securities which would materially and adversely affect the ability of the Holders to include such Registrable
Securities in a registration under the Securities Act undertaken pursuant to this Agreement or which would materially and adversely
affect the marketability of such Registrable Securities in any such registration (including effecting a stock split or a combination
of shares).

 

(c)               
Remedies; Specific Performance. Any Person having rights under any provision of this Agreement shall be entitled
to enforce such rights specifically, to recover damages caused by reason of any breach of any provision of this Agreement and to
exercise all other rights existing in such Person’s favor. The parties hereto agree and acknowledge that money damages would
not be an adequate remedy for any breach of the provisions of this Agreement and that any party may in its sole discretion apply
to any court of law or equity of competent jurisdiction for specific performance and/or injunctive relief (without posting any
bond or other security) in order to enforce or prevent violation of the provisions of this Agreement and shall not be required
to prove irreparable injury to such party or that such party does not have an adequate remedy at law with respect to any breach
of this Agreement (each of which elements the parties admit). The parties hereto further agree and acknowledge that each and every
obligation applicable to each such party contained in this Agreement shall be specifically enforceable against such party and hereby
waives and agrees not to assert any defenses against an action for specific performance of their respective obligations hereunder.
All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies available
under this Agreement or otherwise.

 

    	 	24	 

     

    

 

(d)              
Successors and Assigns. All covenants and agreements in this Agreement by or on behalf of any of the parties hereto
shall bind and inure to the benefit of the respective successors and assigns of the parties hereto (including any trustee in bankruptcy)
whether so expressed or not. In addition, whether or not any express assignment has been made, the provisions of this Agreement
which are for the benefit of purchasers or Holders are also for the benefit of, and enforceable by, any subsequent Holder. No assignment
or delegation of this Agreement by the Company, or any of the Company’s rights, interests or obligations hereunder, shall
be effective against any Holder without the prior written consent of such Holder.

 

(e)               
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.

 

(f)               
Counterparts. This Agreement may be executed in two or more counterparts, any one of which need not contain the signatures
of more than one party, and all such counterparts taken together shall constitute one and the same Agreement.

 

(g)              
Descriptive Headings; Interpretation; No Strict Construction. The descriptive headings of this Agreement are inserted
for convenience only and do not constitute a substantive part of this Agreement. Whenever required by the context, any pronoun
used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns, pronouns,
and verbs shall include the plural and vice versa. Reference to any agreement, document, or instrument means such agreement, document,
or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and, if applicable, hereof.
The words “include”, “includes” or “including” in this Agreement shall be deemed to be followed
by “without limitation”. The use of the words “or,” “either” or “any” shall not
be exclusive. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or
question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and
no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions
of this Agreement. All references to laws, rules, regulations and forms in this Agreement shall be deemed to be references to such
laws, rules, regulations and forms, as amended from time to time or, to the extent replaced, the comparable successor thereto in
effect at the time. All references to agencies, self-regulatory organizations or governmental entities in this Agreement shall
be deemed to be references to the comparable successors thereto from time to time.

 

(h)              
Governing Law. This Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance
with, the laws of the State of New York, without giving effect to any choice of law or conflict of law rules or provisions (whether
of the State of New York or any other jurisdiction) to the extent such rules or provisions would cause the application of the laws
of any jurisdiction other than the State of New York.

 

(i)                
Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions
of this Agreement shall be in writing and shall be deemed to have been given (a) when delivered personally to the recipient, (b)
when telecopied or sent by 

 

    	 	25	 

     

    

 

facsimile to the recipient, or (c) one (1) Business Day after being sent to the recipient by reputable
overnight courier service (charges prepaid). Such notices, demands and other communications shall be sent to the Company at the
address set forth below and to any Holder at the address set forth on the signature page hereto, or at such address or to the attention
of such other Person as the recipient party has specified by prior written notice to the sending party. The Company’s address
is:

 

	International Seaways, Inc.
	600 Third Avenue, 39th Floor
	New York, New York 10016
	Facsimile:  (212) 251-1170
	Attention:  General Counsel
	with copies to:
	Cleary Gottlieb Steen & Hamilton LLP
	One Liberty Plaza
	New York, New York 10006
	Facsimile:  (212) 225-3999
	Attention:  Jeffrey D. Karpf
	Notices to the Holders shall be sent to:
	Gibson, Dunn & Crutcher LLP
	200 Park Avenue
	New York, New York 10166
	Facsimile:  (212) 351-6320
	Attention:  John T. Gaffney and J. Alan Bannister

 

If any time period
for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday or legal holiday in the State of New
York or the jurisdiction in which the Company’s principal office is located, the time period shall automatically be extended
to the Business Day immediately following such Saturday, Sunday or legal holiday.

 

(j)                
Delivery by Facsimile. This Agreement, the agreements referred to herein, and each other agreement or instrument
entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the
extent signed and delivered by means of a facsimile machine or other electronic means, shall be treated in all manner and respects
as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original
signed version thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other
party hereto or thereto shall reexecute original forms thereof and deliver them to all other parties. No party hereto or to any
such agreement or instrument shall raise the use of a facsimile machine or other electronic means to deliver a signature or the
fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or other
electronic 

 

    	 	26	 

     

    

 

means as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.

 

(k)              
Waiver of Jury Trial. Each of the parties to this Agreement hereby waives its right to a jury trial of any claim
or cause of action based upon or arising out of this Agreement. The scope of this waiver is intended to be all-encompassing of
any and all disputes that may be filed in any court and that relate to the subject matter of this Agreement, including contract
claims, tort claims and all other common law and statutory claims. Each party hereto acknowledges that this waiver is a material
inducement to enter into this Agreement, that each has already relied on this waiver in entering into this Agreement, and that
each will continue to rely on this waiver in their related future dealings. Each party hereto further warrants and represents that
it has reviewed this waiver with its legal counsel and that it knowingly and voluntarily waives its jury trial rights following
consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER
THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION ‎13(k)
AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS TO THIS AGREEMENT. In the event of litigation, this Agreement may be filed as a written consent to a trial by the
court.

 

(l)                
Arm’s Length Agreement. Each of the parties to this Agreement agrees and acknowledges that this Agreement has
been negotiated in good faith, at arm’s length, and not by any means prohibited by law.

 

(m)            
Sophisticated Parties; Advice of Counsel. Each of the parties to this Agreement specifically acknowledges that (a)
it is a knowledgeable, informed, sophisticated Person capable of understanding and evaluating the provisions set forth in this
Agreement and (b) it has been fully advised and represented by legal counsel of its own independent selection and has relied wholly
upon its independent judgment and the advice of such counsel in negotiating and entering into this Agreement.

 

(n)              
Entire Agreement. This Agreement, together with Schedule I attached hereto, and any certificates, documents,
instruments and writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the parties
in respect of the subject matter hereof and supersedes all prior understandings, agreements or representations by or among the
parties, written or oral, to the extent they relate in any way to the subject matter hereof.

 

(o)              
Attorneys’ Fees. In the event of litigation or other proceedings in connection with or related to this Agreement,
the prevailing party in such litigation or proceeding shall be entitled to reimbursement from the opposing party of all reasonable
expenses, including, without limitation, reasonable attorneys’ fees and expenses of investigation in connection with such
litigation or proceeding.

 

(p)              
Certification. Within fifteen (15) Business Days following receipt of written request from the Company by any
Holder (which request shall not be made more than twice in any calendar year), such Holder shall certify to the Company that such
Holder continues to hold Registrable Securities (the “Certification”). If a Holder fails to provide the Certification
within 

 

    	 	27	 

     

    

 

the fifteen (15) Business Day period referred to in the immediately preceding sentence, the Company reserves the right,
in its sole discretion, to remove such Holder’s Registrable Securities from a Registration Statement within fifteen (15) Business
Days after receipt by such Holder of a second written notice specifying that the Holder may be removed from such Registration Statement
unless such Holder provides the Certification within such subsequent fifteen (15) Business Day period.

 

(q)              
Notification of Status. Each Holder shall provide written notice to the Company within ten (10) Business Days
from the first day on which the Holder no longer holds Registrable Securities.

 

(r)                
FWP Consent. No Holder shall use a Holder Free Writing Prospectus without the prior written consent of the Company.

 

(s)               
Termination. The obligations of the Company and of any Holder, other than those obligations contained in Section ‎8,
shall terminate with respect to the Company and such Holder as soon as both (i) such Holder no longer holds any Registrable Securities
and (ii) such Holder is no longer an Affiliate of the Company or otherwise subject to the volume limitations set forth in Rule
144(e) promulgated under the Securities Act or any successor provision. In addition, notwithstanding anything to the contrary in
this Agreement, this Agreement shall terminate and be of no further effect in any respect, if OSG abandons the Distribution, in
its sole and absolute discretion, without approval or consent of any other person, including the Company, or if for any other reason
the Distribution does not proceed, with such termination deemed to occur simultaneously with such abandonment.

 

* * * * *

 

    	 	28	 

     

    

 

IN WITNESS WHEREIN,
the parties hereto have executed this Registration Rights Agreement as of the date first written above.

 

	 	INTERNATIONAL SEAWAYS, INC.
	 	 	 
	 	By:	/s/ Lois K. Zabrocky
	 	Its:	President and Chief Executive Officer

  

 

[Registration Rights Agreement]

 

     

     

    

 

HOLDER

 

	 	Cyrus Capital Partners, L.P. , in its capacity as investment manager to certain managed funds and entities
	 	 	 
	 	By:   	/s/ Thomas Stamatelos
	 	Name: 	Thomas Stamatelos
	 	Title:  	Authorized Signatory
	 	 	 
	 	Address:
	 	399 Park Avenue, 39th Floor
	 	New York, NY 10022
	 	Facsimile:

  

 

[Registration Rights Agreement]

 

     

     

    

 

HOLDER

 

	 	Paulson & Co. Inc.
	 	 	 
	 	By:	/s/ Stuart Merzer
	 	Its:	Authorized Signatory
	 	 	 
	 	Address:
	 	1251 Avenue of the Americas
	 	New York, NY 10020
	 	Facsimile:

  

 

[Registration Rights Agreement]

 

     

     

    

 

SCHEDULE
I

 

Plan of Distribution

 

A selling stockholder
may also enter into hedging and/or monetization transactions. For example, a selling stockholder may:

 

		(a)	enter into transactions with a broker-dealer or affiliate of a broker-dealer or other third party
in connection with which that other party will become a selling stockholder and engage in short sales of the common stock under
this prospectus, in which case the other party may use shares of common stock received from the selling stockholder to close out
any short positions;

 

		(b)	itself sell short common stock under this prospectus and use shares of common stock held by it
to close out any short position;

 

		(c)	enter into options, forwards or other transactions that require the selling stockholder to deliver,
in a transaction exempt from registration under the Securities Act, common stock to a broker-dealer or an affiliate of a broker-dealer
or other third party who may then become a selling stockholder and publicly resell or otherwise transfer that common stock under
this prospectus; or

 

		(d)	loan or pledge common stock to a broker-dealer or affiliate of a broker-dealer or other third party
who may then become a selling stockholder and sell the loaned shares or, in an event of default in the case of a pledge, become
a selling stockholder and sell the pledged shares, under this prospectus.

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