Document:

EXHIBIT 10.1.1

 

NON-EMPLOYEE DIRECTOR

RESTRICTED STOCK AWARD AGREEMENT

 

THIS AWARD AGREEMENT (the “Agreement”),
made as of this __th day of __________, between International Seaways, Inc. (the “Company”), a Marshall Islands
corporation, and ____________ (the “Participant”).

 

WHEREAS, the Company has adopted the International
Seaways, Inc. Non-Employee Director Incentive Compensation Plan (the “Plan”) to promote the interests of the
Company and its shareholders by providing certain non-employee directors of the Company, who are largely responsible for the management,
growth and protection of the business of the Company, with incentives and rewards to encourage them to continue in the service
of the Company; and

 

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

 

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

 

1.       Award
of Restricted Stock. Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby
awards to the Participant [____] shares of Common Stock of the Company (the “Restricted Stock”), which may not
be transferred, pledged, assigned or otherwise encumbered until vested (the “Transfer Restrictions”).

 

2.       Grant
Date. The Grant Date of the Restricted Stock hereby awarded is ___________, _____.

 

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

 

4.       Vesting
Date. The Restricted Stock shall vest only in accordance with the provisions of this Agreement. Subject to Participant having
continuously served on the Board of Directors through such date, all of the shares of Restricted Stock shall become vested on [_______]
(the “Vesting Date”).

 

5.       Forfeiture.

 

(a) In the event that the Participant’s
service on the Board of Directors of the Company terminates prior to the Vesting Date, all of the shares of Restricted Stock shall
be forfeited on the date of such termination without payment of any consideration therefor.

 

(b) Additionally, in the event that the Participant
attempts to transfer, pledge, assign or otherwise encumber shares of Restricted Stock prior to the Vesting Date in violation of
the Transfer Restrictions, such transfer, pledge, assignment or encumbrance shall be null and void and the Participant’s
shares of Restricted Stock shall be forfeited without payment of any consideration therefor.

 

6.       Share
Certificates. The shares representing the Restricted Stock will be held in the Participant’s name in book-entry format
by the Company’s transfer agent, Computershare Trust Company, N.A. Upon vesting of the shares of Restricted Stock on the
Vesting Date, the Participant shall have the right to choose to have a certificate issued in the Participant’s name, to have
the shares transferred to a brokerage account of the Participant’s choice or to continue to hold the shares in book-entry
format with the transfer agent.

 

7.       Shareholder’s
Rights. Subject to the terms of this Agreement, prior to the Vesting Date the Participant shall have, with respect to any of
the shares of Restricted Stock, all rights of a shareholder of the Company, including the right to vote such shares and the right
to receive all dividends paid with respect to such shares of Restricted Stock at the same time as Shareholders generally; provided,
that the right to vote and receive dividends shall terminate immediately with respect to any shares of Restricted Stock upon forfeiture
of those shares pursuant to Section 5 hereof.

 

8.       Non-Assignability.
Except as expressly provided herein, the shares of Restricted Stock and any rights with respect thereto shall not be assigned,
transferred, pledged or encumbered, and any purported assignment, transfer, pledge or encumbrance shall be null and void; provided,
that the shares of Restricted Stock may be transferred by will or by the laws of descent and distribution subject to the Committee’s
receipt of such documents as may be requested by the Committee from time.

 

     

     

    

 

9.       Modification
and Waiver. Neither this Agreement nor any provision hereof can be changed, modified, amended, discharged, terminated or waived
orally or by any course of dealing or purported course of dealing, but only by an agreement in writing signed by the Participant
and the Company. No such agreement shall extend to or affect any provision of this Agreement not expressly changed, modified, amended,
discharged, terminated or waived or impair any right consequent on such a provision. The waiver of or failure to enforce any breach
of this Agreement shall not be deemed to be a waiver or acquiescence in any other breach thereof.

 

10.       83
(b) Election. If the Participant intends to make an election under Section 83 of the Internal Revenue Code of 1986, as amended
(the “Code”), the Participant must contact the Chief Financial Officer of the Company (who is Jeffrey D. Pribor
as of the date of this Agreement) within 30 calendar days of the date of this Agreement and must timely provide to the Company
a copy of any such election. A form of such election is attached hereto as Exhibit A. The Participant acknowledges that such notification
and provision of a copy to the Company does not constitute a valid Section 83(b) election, and that it is the Participant’s
sole responsibility, and not that of the Company, to file timely the election in accordance with the requirements of Section 83
of the Code, even if the Participant requests that the Company or its representatives make the filing on the Participant’s
behalf. The Participant acknowledges and agrees that the Company shall have no liability to the Participant or otherwise as a result
of the Participant making, or failing to make, a proper Section 83(b) election.

 

11.       Governing
Law. This Agreement and all rights under this Agreement shall be construed and enforced in accordance with the laws of the
State of Delaware without regard to the provisions governing conflict of laws.

 

12.       Participant
Acknowledgment. The Participant hereby acknowledges that all decisions, determinations and interpretations of the Committee
or the Company in respect of this Agreement shall be final, conclusive and binding.

 

13.       Entire
Agreement. This Agreement, together with the Plan, represents the final, complete and total agreement of the parties hereto
respecting the shares of Restricted Stock and the matters discussed herein and this Agreement supersedes any and all previous agreements
and understandings, whether written, oral or otherwise, relating to the shares of Restricted Stock and such matters.

 

IN WITNESS WHEREOF, International Seaways,
Inc. has caused this Agreement to be duly executed by its duly authorized officer and said Participant has hereunto signed this
Agreement on his own behalf, THEREBY REPRESENTING THAT HE OR SHE HAS CAREFULLY READ AND UNDERSTANDS THIS AGREEMENT AND THE PLAN,
as of the day and year first above written.

 

 

	 	INTERNATIONAL SEAWAYS, INC.
	 	 
	 	 
	 	By:	 
	 	
        Name:

        Title:
	 

 

     

     

    

 

 

Exhibit A

 

Internal Revenue Service Center at

___________________________

___________________________

___________________________

 

Election to Include the Value of Restricted
Property in Income in the Year of Transfer Pursuant to Code Sec. 83(b)

 

Name: _________________________

Address: _______________________

 _______________________________

 

Social Security Number: ____________________

Tax Year End: [____]

 

Pursuant to Code Sec. 83(b), I hereby elect
to include the value of the restricted property identified below in my taxable income for the tax year ending [____], the year
of the transfer.

In accordance with Treasury Regulation §1.83-2(e), the following information is provided for the property that is subject
to this election:

 

		1.	Property Transferred: [____] shares of Common Stock of International Seaways, Inc. (the “Company”).

 

		2.	Date on which property was transferred: [____], [____].

 

		3.	Fair market value of property at time of transfer (determined without regard to any restrictions
other than nonlapse restrictions): $[____] per share of Common Stock.

 

		4.	Total amount paid for the property: $[____] per share of Common Stock.

 

		5.	Nature of Restriction: Unvested shares may not be transferred, pledged, assigned or otherwise encumbered
and are subject to forfeiture in the event of termination of services for any reason. All shares vest fully on [______] (the “Vesting
Date”).

 

A copy of this election statement has been
furnished to International Seaways, Inc., the entity for which I perform services.

 

 

	     	 	    Date: 	 
	Name:EXHIBIT
10.2.1

 

 

 

INTERNATIONAL
SEAWAYS, INC.

MANAGEMENT INCENTIVE COMPENSATION PLAN

FORM OF STOCK OPTION GRANT AGREEMENT

 

THIS AGREEMENT, made as of
[__________], [____] (the “Agreement”), by and between International Seaways, Inc. (the “Company”), and
[__________] (the “Grantee”).

 

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

 

WHEREAS, Section 6 of the Plan
provides for the grant of Options to Participants in the Plan.

 

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

 

1. Grant of Option. Pursuant
to, and subject to, the terms and conditions set forth herein and in the Plan, as of the Grant Date, the Company grants to the
Optionee an Option to purchase [_____] shares of Common Stock (the “Option Shares”). The Option is intended
to be a non-statutory stock option.

 

2. Grant Date; Vesting Commencement
Date. The “Grant Date” of Option hereby granted is [__________], [____]. The “Vesting Commencement
Date” of the Option hereby granted is [__________], [____].

 

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

 

4. Exercise Price.
The exercise price for the purchase of Option Shares upon the exercise of all or any portion of the Option will be $[_____] per
Option Share.

 

5. Vesting Schedule; Expiration.

 

(a)       Vesting
Schedule. The Option shall become vested and exercisable as follows, provided that the Optionee remains continuously
employed by the Company through each applicable vesting date:

 

a. One-third (1/3) of the
Option shall vest and become exercisable on the first anniversary of the Vesting Commencement Date

 

b. One-third (1/3) of the
Option shall vest and become exercisable on the second anniversary of the Vesting Commencement Date

 

c. One-third (1/3) of the
Option shall vest and become exercisable on the third anniversary of the Vesting Commencement Date

 

(b)       Expiration.
Subject to earlier expiration as provided in Section 6 below, the Option will expire at the close of business on the Business Day
immediately preceding the tenth (10th) anniversary of the Grant Date (the “Expiration Date”).

 

6. Termination of Employment. The
consequences of a termination of Optionee’s Employment shall be as follows:

 

(a)       Termination
for Reasons Other Than Cause. If the Optionee’s Employment with the Company terminates for any reason other than Cause
(as defined in Section 21 herein), the Optionee may exercise the vested portion of the Option, but only within such period of time
ending on the earlier to occur of (i) the ninetieth (90th) day after the date the Optionee’s Employment terminates and (ii)
the Expiration Date; provided that, if the Optionee’s Employment with the Company terminates for death or Disability
(as defined in Section 21 herein), the Optionee’s or the Optionee’s beneficiary may exercise the vested portion of
the Option, but only within such period of time ending on the earlier to occur of (i) the first (1st) anniversary of the date the
Optionee’s Employment terminates and (ii) the Expiration Date.

 

     

     

    

 

(b) Termination
for Cause. If the Optionee’s Employment is terminated for Cause, the Option (whether then vested or exercisable or not)
shall immediately lapse and cease to be exercisable.

 

7.       Forfeiture.
Options which have not become vested as of the date the Optionee’s Employment terminates shall immediately be forfeited on
such date, and the Optionee shall have no further rights with respect thereto.

 

8.       Transferability.
Subject to any exceptions set forth in this Agreement or the Plan, the Option is exercisable during the Optionee’s lifetime
only by the Optionee and may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of. No purported sale,
assignment, transfer, pledge, hypothecation or other disposal of the Option, or the rights represented thereby, whether voluntary
or involuntary, by operation of law or otherwise will vest in the assignee or transferee any interest or right herein whatsoever,
but immediately upon such purported sale, assignment, transfer, pledge, hypothecation or other disposal of the Option will be forfeited
by the Optionee and all of the Optionee’s rights to such Option shall immediately terminate without any payment or consideration
from the Company. Upon the death of the Optionee, the Option may be exercised only by the executors or administrators of the Optionee’s
estate or by any person or persons who shall have acquired such right to exercise by will or by the laws of descent and distribution.

 

9.       Manner
of Exercise.

 

(a)       Election
to Exercise. The Option is exercisable by delivery of an electronic or physical exercise notice, in the form attached hereto
as Exhibit A or such other form as permitted by the Committee from time to time and communicated to the Optionee (the “Exercise
Notice”), which shall state the election to exercise the Option, the number of Option Shares in respect of which the
Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be
required by the Committee pursuant to the provisions of the Plan.

 

(b)       Payment
of Exercise Price. The entire Exercise Price of the Option shall be payable in full at the time of exercise in the manner designated
by the Committee.

 

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

 

(a)       Except
to the extent (1) expressly authorized in writing by the Company or (2) required by law or any legal process, the Optionee shall
not at any time during the Optionee’s Employment with the Company or any of its Affiliates or following the date the Optionee’s
Employment terminates use, disseminate, disclose or divulge to any person or to any firm, corporation, association or other business
entity, Confidential Information (as defined in Section 21 herein) or proprietary Trade Secrets (as defined in Section 21 herein)
of the Company or any of its Affiliates;

 

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

 

(c)       During
the Restricted Period (as defined in Section 21 herein), the Optionee shall not become employed in any capacity by, or become an
officer, employee, director, agent, consultant, shareholder or partner of, or perform any services for, or otherwise hold an interest
(other than the ownership of less than 5% of the stock or other equity interests of a publicly traded firm or corporation) in,
any Competitor (as defined in Section 21 herein) of the Company or any of its Affiliates;

 

(d)       During
the Restricted Period, the Optionee shall not directly or indirectly, on his or her own behalf or on behalf of any other person
or entity, solicit or hire, attempt to solicit or hire, or assist any other person in soliciting or hiring any employee, agent
or contractor of the Company or any of its Affiliates or induce any employee, agent or contractor of the Company or any of its
Affiliates to terminate his or her or her Employment or cease doing business with the Company or any of its Affiliates for any
reason whatsoever; and

 

(e)       During
the Restricted Period, the Optionee shall not directly or indirectly, on his or her own behalf or on behalf of any other person
or entity, including any Competitor of the Company or any of its Affiliates, (1) engage in any business transaction or relationship
or perform any services in any material way competitive with the Company or any of its Affiliates with or for a client or prospective
client of the Company or any of its Affiliates or (2) interfere with any business relationship between the Company or any of its
Affiliates and any client or prospective client of the Company or any of its Affiliates or induce any client or prospective client
to discontinue any business relationship with the Company or any of its Affiliates or to refrain from entering into a business
relationship or transaction with the Company or any of its Affiliates.

 

     

     

    

 

The Restrictive Covenants are
in addition to and do not supersede any rights the Company or any of its Affiliates may have in law or at equity or under any other
agreement.

 

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

 

If at any time (including after
a notice of exercise has been delivered) the Committee reasonably believes that the Optionee has breached any of the Restrictive
Covenants described in Sections 10(a) through 10(e), the Committee may suspend the Optionee’s right to exercise any Option
pending a good faith determination by the Committee of whether any such Restrictive Covenant has been breached. If the Committee
determines in good faith that the Optionee has breached any such Restricted Covenants, the Optionee shall immediately forfeit any
outstanding unvested Options and any vested but unexercised Options and shall repay to the Company, upon demand, any Exercised
Shares. The Optionee shall also be required to repay to the Company, in cash and upon demand, any proceeds resulting from the sale
or other disposition (including to the Company) of Exercised Shares.

 

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

 

11.       Taxes.

 

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

 

(b)       Payment
of Withholding Taxes. Notwithstanding any contrary provision of this Agreement, no Exercised Shares shall be issued, and no
sales proceeds shall be delivered, unless and until satisfactory arrangements (as determined by the Committee) have been made by
the Optionee with respect to the payment of any taxes which the Company determines must be withheld with respect to such Exercised
Shares or such sales proceeds.

 

12.       Modification;
Entire Agreement; Waiver. No change, modification or waiver of any provision of this Agreement which reduces the Optionee’s
rights hereunder will be valid unless the same is agreed to in writing by the parties hereto. This Agreement, together with the
Plan and the Exercise Notice, represent the entire agreement between the parties with respect to the Option. The failure of the
Company to enforce at any time any provision of this Agreement will in no way be construed to be a waiver of such provision or
of any other provision hereof. The Company reserves the right, however, to the extent that the Company deems necessary or advisable
in its sole discretion, to unilaterally alter or modify the terms of the Option set forth in this Agreement in order to ensure
that the Option qualifies for exemption from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended,
and the regulations promulgated thereunder (“Section 409A”); provided, however that the Company
makes no representations that the Option will be exempt from the requirements of Section 409A.

 

13.       Policy
Against Insider Trading. By accepting the Option, the Optionee acknowledges that the Optionee is bound by and shall comply
with all the terms and conditions of the Company’s insider trading policy as may be in effect from time to time.

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(A)	“Cause”, means, unless otherwise provided in any effective written individual
contract entered into between the Company and the Optionee, (i) the Optionee’s willful misconduct or gross negligence in
the performance of his or her duties for the Company; (ii) a willful or grossly negligent breach by the Optionee of the Optionee’s
fiduciary duty or duty of loyalty to the Company; (iii) the commission by the Optionee of any felony or other serious crime involving
moral turpitude; (iv) a material breach of the Optionee’s obligations under any agreement entered into between the Optionee
and the Company, which, if such breach is reasonably susceptible to cure, has continued after the Company has provided notice of
such breach and the Optionee has not cured such failure within thirty (30) days of the date of such notice; or (v) a material breach
of the Company’s policies or procedures that have been communicated to the Optionee, which, if such breach is reasonably
susceptible to cure, has continued after the Company has provided written notice of such breach and the Optionee has not cured
such failure within thirty (30) days of the date of such written notice.

 

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

 

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

 

     

     

    

 

		(D)	“Disability” means, unless otherwise provided in any effective written individual
contract entered into between the Company and the Optionee, (i) for any Optionee covered by a disability plan or policy sponsored
or maintained by the Company, the definition of "disability" that would entitle the Optionee to benefits under the terms
of such disability plan or policy and (ii) for any Optionee not covered by any such disability plan or policy, (a) the inability
of the Optionee to engage in any substantial gainful activity or (b) the receipt by the Optionee of income replacement benefits
for a period of not less than three (3) months under an accident and health plan covering employees of the Company, in each case
by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected
to last for a continuous period of not less than twelve (12) months.

 

		(E)	“Restricted Period” shall mean the period commencing on the date the Optionee’s
Employment terminates and ending on the eighteen (18) month anniversary thereof (or such shorter period governing relevant activities
as may be explicitly set forth in any employment agreement between the Company and the Optionee).

 

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

 

*       *       *       *       *

 

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

 

	 	INTERNATIONAL SEAWAYS, INC.
	 	 
	 	 
	 	 
	 	By:  	[_________]
	 	Title: 	[_________]
	 	 	 
	 	 	 
	 	Acknowledged and Accepted:
	 	 
	 	 
	 	 
	 	[__________]

  

     

     

    

 

 

EXHIBIT A TO FORM OF STOCK
OPTION GRANT

 

INTERNATIONAL SEAWAYS,
INC.

MANAGEMENT INCENTIVE COMPENSATION PLAN

EXERCISE NOTICE

 

International
Seaways, Inc.

[insert current address]

 

Attention:
[_insert _]

 

		1.	Exercise of Option. Effective as of today _______________, ______, the undersigned (“Purchaser”)
hereby elects to purchase ________________ shares of Common Stock (the“Shares”) under and pursuant to the stock
option granted to Purchaser (the “Option”) pursuant to the International Seaways, Inc. Management Incentive
Compensation Plan (the “Plan”) and the Stock Option Grant Agreement dated ______________, ______ (including
any subsequent amendments, the “Agreement”). The purchase price for the Shares shall be $___________, as required
by the Agreement.

  

		2.	Delivery of Payment. Purchaser herewith delivers to International Seaways, Inc. (the “Company”) the
full purchase price for the Shares in cash.

 

		3.	Representations of Purchaser. Purchaser acknowledges that Purchaser has received, read and understood the Plan and the
Agreement and agrees to abide by and be bound by their terms and conditions.

 

		4.	Rights as Shareholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or its
transfer agents or registrars) of the Shares, the Purchaser shall not have any rights as a shareholder with respect to the Shares
subject to the Option, notwithstanding the exercise of the Option. The Shares acquired upon exercise of the Option shall be issued
to the Purchaser as soon as practicable after exercise of the Option.

 

		5.	Tax Consultation. Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser's
purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems
advisable in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any
tax advice.

 

 

	
        Submitted by:

        PURCHASER
	 	
        Accepted by:

        INTERNATIONAL SEAWAYS, INC.

	 	 	 	 
	 	 	 	 
	 	 	By:	 
	Signature	 	
        

        Name:

        Title:
	 

 

 

	Print Name: 	Date Received:	 
	 	 	 
	Address:

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