Document:

EX-10.1

 Exhibit 10.1 

EXECUTIVE 
 AGREEMENT

 WITH 
 STEIN
MART, INC. 
 This Agreement (this “Agreement”) entered into in the City of Jacksonville and State of Florida
between Stein Mart, Inc., a Florida corporation and its divisions, subsidiaries and affiliates (the “Company”), and James Brown (“Executive”), is made as of December 17, 2018 (the
“Effective Date”). 
 In consideration of the promises and mutual covenants contained herein, the parties, intending
to be legally bound, agree as follows: 
 SECTION 1.    TERM OF EMPLOYMENT 

(a)    At Will Term.  The Company agrees to employ Executive, and Executive agrees to be employed by the
Company, at will. Accordingly, either the Company or the Executive may terminate Executive’s employment hereunder at any time, for any reason or for no reason, upon giving not less than thirty (30) days prior written notice. 

SECTION 2.    DEFINITIONS 

“Board of Directors”  means the Board of Directors of Stein Mart, Inc. and any of its divisions, affiliates or
subsidiaries. 
 “Change of Control”  Change of Control
means the occurrence of any of the following: (a) the Board approves the sale of all or substantially all of the assets of the Company in a single transaction or series of related transactions; (b) the Company sells and/or one or more
shareholders sells a sufficient amount of its capital stock (whether by tender offer, original issuance, or a single or series of related stock purchase and sale agreements and/or transactions) sufficient to confer on the purchaser or purchasers
thereof (whether individually or a group acting in concert) beneficial ownership of at least 35% of the combined voting power of the voting securities of the Company; (c) the Company is party to a merger, consolidation or combination, other
than any merger, consolidation or combination that would result in the holders of the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting
securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the Company (or such surviving entity) outstanding immediately after such merger, consolidation or 

 

 
combination; or (d) a majority of the board of directors consists of individuals who are not Continuing Directors (for this purpose, a Continuing Director is an individual who (i) was a
director of the Company on June 24, 2014 or (ii) whose election or nomination as a director of the Company is approved by a vote of at least a majority of the directors then comprising the Continuing Directors). Notwithstanding the
foregoing, a “Change of Control” does not include any event under which a lender acquires ownership and/or control of management of the Company pursuant to a default by the Company under the lending agreement(s) and events occur
subsequently that would otherwise constitute a Change of Control. 
 “Compensation Committee”  means the
Company’s Compensation Committee or, if no such committee exists, the term Compensation Committee shall mean the Company’s Board of Directors. 

“Earned Bonus”  means the bonus paid in cash for the current year pursuant to the Company’s incentive
compensation plans in effect from time to time. Earned Bonus shall be prorated based on the ratio of the number of days during such year that Executive was employed to 365. Earned Bonus shall not include any options or restricted shares earned
pursuant to any long term incentive plan of the Company in effect from time to time. 
 “Termination
Date”  means the last day Executive actively provides services to Company or written notice by the Board of Directors or Chief Executive Officer of the last date Executive is to be employed, whichever is earlier. 

SECTION 3.     TITLE, POWERS AND RESPONSIBILITIES 

(a)    Title.  Executive shall be the Executive Vice President, Chief Financial Officer of the Company or
such other title as designated by the Chief Executive Officer or the Company’s Board of Directors. 

  
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 (b)    Powers and Responsibilities. 

 

	 	(i)	 Executive shall use Executive’s best efforts to faithfully perform the duties of his/her employment and
shall perform such duties as are usually performed by a person serving in Executive’s position with a business similar in size and scope as the Company and such other additional duties as may be prescribed from time to time by the Company which
are reasonable and consistent with the Company’s operations, taking into account officer’s expertise and job responsibilities. Executive agrees to devote Executive’s full business time and attention to the business and affairs of the
Company. Executive shall serve on such boards and in such offices of the Company or its subsidiaries as the Company’s Board of Directors reasonably requests. 

 

	 	(ii)	 Executive, as a condition to his/her employment under this Agreement, represents and warrants that he/she can
assume and fulfill responsibilities described in Section 3(b)(i) without any risk of violating any non-compete or other restrictive covenant or other agreement to which he/she is a party. During the
Employment Term Executive shall not enter into any agreement that would preclude, hinder or impair his/her ability to fulfill responsibilities described in Section 3(b)(i) specifically or this Agreement generally. 

SECTION 4.    COMPENSATION AND BENEFITS 

(a)    Annual Base Salary.  Executive’s base salary and any right to a bonus shall be that
established from time to time by the Company. 
 (b)    Employee Benefit Plans.  Executive shall be
entitled to receive the benefits as determine by the Company from time to time in its sole discretion. 

(c)    Vacation, Holidays and Salary Continuation.  Executive shall receive a total of 20 days of paid
vacation, or holidays on a pro rata basis during any 365 day period of the Term pro rata. The amount may be adjusted in accordance with the Company’s standard policy or as directed by the Company’s Board of
Directors. Any leave time not used during any 365 day period of the Term will not carry forward to the next 365 day period and will be forfeited. The executive will also participate in the Management Salary Continuation Plan published by the
Company. The Company reserves the right to alter, modify, revise or eliminate the Management Salary Continuation Plan provided that any such change to the terms will apply to Executive and similarly situated participants. 

  
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 (d)    Expense Reimbursements.  Executive shall have
the right to expense reimbursements in accordance with the Company’s standard policy on expense reimbursements as in effect from time to time. 

SECTION 5.    TERMINATION OF EMPLOYMENT 

(a)    General.  The Company shall have the right to terminate Executive’s employment under this
Agreement at any time for any reason or for no reason, and Executive shall have the right to terminate his/her employment at any time for any reason or for no reason, in each case subject to the notice requirement provided in §1(a) above;
provided that obligations under this Section 5, Section 6 and Section 7 shall survive termination of the Agreement. 

(b)    Termination by the Company or by the Executive.  Upon termination of the Executive’s
employment hereunder by either the Company or the Executive, the Company’s only obligation to Executive under this Agreement shall be to pay Executive his/her earned but unpaid salary and any Earned Bonus, if any, up to the Termination Date.
The Company shall only be obligated to make such payments and provide such benefits under any employee benefit plan, program or policy in which Executive was a participant as are explicitly required to be paid to Executive by the terms of any such
benefit plan, program or policy following the Termination Date. 
 (c)    Termination Following a Change in
Control.  Notwithstanding anything herein to the contrary, if the Executive’s Termination Date occurs within two years following a Change in Control (i) on account of termination by the Company, or (ii) on account of
termination by the Executive if the Company materially diminishes Executives position or authority, then in any such case the Executive shall receive from the Company a lump sum payment equal to 100% of the higher of (x) the annual base
salary the Executive is then receiving, or (y) the annual base salary the Executive was receiving immediately prior to the Change of Control, in either case plus an amount equal to 100% of the Earned Bonus in the year of the Termination
Date, regardless of whether the Company met its Earned Bonus goals. For purposes of this subsection, Earned Bonus shall not be prorated and shall be an amount equal to “Target” bonus as defined in the Company’s incentive compensation
plan in effect from time to time. 
 (d)    Benefit Continuation.  Provided Executive is eligible for
COBRA coverage, and Executive’s Termination Date occurs within two years following a Change in Control and termination occurs on account of the reasons set forth in 5(c)(i) or 5(c)(ii), then the Company shall pay the Executive’s COBRA
premiums for a period of eighteen months from the Termination Date in order to continue Executive’s health insurance coverage and maintain such coverage in effect. 

  
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 (e)     Relinquishment of Corporate
Positions.  Executive shall automatically cease to be an officer and/or director of the Company and its affiliates as of his/her Termination Date. 

SECTION 6.    COVENANTS BY EXECUTIVE 

(a)    Company Property.  Upon the termination of Executive’s employment for any reason, Executive
shall promptly return all Company Property which had been entrusted or made available to Executive by the Company. “Property” means all records, files, memoranda, communication, reports, price lists, plans for current or
prospective business operations, customer lists, drawings, plans, sketches, keys, codes, computer hardware and software and other property of any kind or description prepared, used or possessed by Executive during Executive’s employment by the
Company (and any duplicates of any such Property) together with any and all information, ideas, concepts, discoveries, processes, intellectual property, inventions and the like conceived, made, developed or acquired at any time by Executive
individually or with others during Executive’s employment which relate to the Company or its products or services or operations. Concurrent with this Agreement Executive agrees to execute an agreement governing and protecting the Company’s
intellectual property, a copy of which is attached as Exhibit B. 
 (b)    Trade Secrets.  Executive
agrees that Executive shall hold in a fiduciary capacity for the benefit of the Company and shall not directly or indirectly use or disclose any Trade Secret that Executive may have acquired during the term of Executive’s employment by the
Company for so long as such information remains a Trade Secret. “Trade Secret” means information, including, but not limited to, technical or non-technical data, a formula, a pattern, a
compilation, a program, a device, a method, a technique, a drawing or a process that (1) derives economic value, actual or potential, from not being generally known to, and not being generally readily ascertainable by proper means by, other
persons who can obtain economic value from its disclosure or use and (2) is the subject of reasonable efforts by the Company to maintain its secrecy. This Section 6(b) is intended to provide rights to the Company which are in addition to,
not in lieu of, those rights the Company has under the common law or applicable statutes for the protection of trade secrets. 

(c)    Confidential Information.  During the Employment Term and continuing thereafter indefinitely,
Executive shall hold in a fiduciary capacity for the benefit of the Company, and shall not directly or indirectly use or disclose, any Confidential Information that Executive may have acquired (whether or not developed or compiled by Executive and
whether or not Executive is authorized to have access to such information) during the term of, and in the course of, or as a result of Executive’s employment by the Company without the prior written consent of the Board of Directors unless and
except to the extent that such disclosure is (i) made in the ordinary course of Executive’s performance of his/her duties under this Agreement or (ii) required by any subpoena or other legal process (in which event Executive will give

  
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the Company prompt notice of such subpoena or other legal process in order to permit the Company to seek appropriate protective orders). “Confidential Information” means
any secret, confidential or proprietary information possessed by the Company or any of its subsidiaries or affiliates, including, without limitation, trade secrets, customer or supplier lists, details of client or consultant contracts, current and
anticipated customer requirements, pricing policies, price lists, market studies, business plans, operational methods, marketing plans or strategies, advertising campaigns, information regarding customers or suppliers, computer software programs
(including object code and source code), data and documentation data, base technologies, systems, structures and architectures, inventions and ideas, past current and planned research and development, compilations, devices, methods, techniques,
processes, financial information and data, business acquisition plans and new personnel acquisition plans and the terms and conditions of this Agreement that has not become generally available to the public. 

(d)    Non-Solicitation.  During the Employment Term and for a
period of two years hereafter (such period is referred to as the “No Recruit Period”), the Executive will not solicit, either directly or indirectly, any person that he/she knows or should reasonably know to be an employee of the Company,
whether any such employees are now or hereafter through the No Recruit Period so employed or engaged to terminate their employment with the Company. The foregoing is not intended to limit any legal rights or remedies that any employee of the Company
may have under common law with regard to any interference by Executive at any time with the contractual relationship the Company may have with any of its employees. 

(e)    Reasonable and Continuing Obligations.  Executive agrees that Executive’s obligations under
this Section 6 are obligations which will continue beyond the date Executive’s employment terminates and that such obligations are reasonable, fair and equitable in scope. The terms and duration are necessary to protect the Company’s
legitimate business interests and are a material inducement to the Company to enter into this Agreement. Executive further acknowledges that the consideration for this Section 6 is his/her employment or continued employment. Executive will not
be paid any additional compensation during this Restricted Period for application or enforcement of the restrictive covenants contained in this Section 6. 

(f)    Work Product.  The term “Work Product” includes any and all information, programs,
concepts, processes, discoveries, improvements, formulas, know-how and inventions, in any form whatsoever, relating to the business or activities of the Company, or resulting from or suggested by any work
developed by the Executive in connection with the Company, or by the Executive at the Company’s request. Executive acknowledges that all Work Product developed during the Term is property of the Company and accordingly, Executive does hereby
irrevocably assign all Work Product developed by the Executive to the Business Manager and agrees: (a) to assign to the Business Manager, free from any obligation of the Company, all of the Executive’s right, title and interest in and to
Work Product conceived, discovered, 

  
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researched, or developed by the Executive either solely or jointly with others during the term of this Agreement and for three (3) months after the termination or nonrenewal of this
Agreement; and (b) to disclose to the Company promptly and in writing such Work Product upon the Executive’s acquisition thereof. 
 SECTION
7.    MISCELLANEOUS 
 (a)    Notices.  Notices and all other communications
shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by United States registered or certified mail. Notices to the Company shall be sent to: 

STEIN MART, INC 
 Attention:
Hunt Hawkins 
 1200 Riverplace Boulevard, 10th Floor 

Jacksonville, FL 32207 

Facsimile: (904) 346-1297 

Notices and communications to Executive shall be sent to the address Executive most recently provided to the Company. 

(b)    No Waiver.  No failure by either the Company or Executive at any time to give notice of any breach
by the other of, or to require compliance with, any condition or provision of this Agreement shall be deemed a waiver of any provisions or conditions of this Agreement. 

(c)    Governing Law.  This Agreement shall be governed by Florida law without reference to the choice of
law principles thereof. Any litigation that may be brought by either the Company or Executive involving the enforcement of this Agreement or any rights, duties, or obligations under this Agreement, shall be brought exclusively before a court of
competent jurisdiction in and for Duval County, Florida. 
 (d)    Assignment.  This Agreement shall be
binding upon and inure to the benefit of the Company and any successor in interest to the Company or any segment of such business. The Company may assign this Agreement to any affiliate or successor that acquires all or substantially all of the
assets and business of the Company or a majority of the voting interests of the Company. The Company will require any successor (whether direct or indirect, by operation of law, by purchase, merger, consolidation or otherwise to all or substantially
all of the business and/or assets of Company) to expressly assume and agree to perform this Agreement in the same manner and to the same extent that Company would be required to perform it if no such succession had taken place. As used in this
Agreement, “Company” shall mean Company as defined above and, unless the context otherwise requires, any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or
otherwise. Executive’s rights and obligations under this Agreement are personal and shall not be assigned or transferred. 

  
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 (e)    Other Agreements.  This Agreement replaces and
merges any and all previous agreements and understandings regarding all the terms and conditions of Executive’s employment relationship with the Company, and this Agreement constitutes the entire agreement between the Company and Executive with
respect to such terms and conditions. 
 (f)    Amendment.  No amendment to this Agreement shall be
effective unless it is in writing and signed by the Company and by Executive. 
 (g)    Invalidity and
Severability.  If any part of this Agreement is held by a court of competent jurisdiction to be invalid or otherwise unenforceable, the remaining part shall be unaffected and shall continue in full force and effect, and the invalid or
otherwise unenforceable part shall be deemed not to be part of this Agreement. 

(h)    Litigation.  In the event that either party to this Agreement institutes litigation against the
other party to enforce his or its respective rights under this Agreement, each party shall pay its own costs and expenses incurred in connection with such litigation. As a material part of the consideration for this Agreement, BOTH PARTIES HERETO
WAIVE ANY RIGHT TO A TRIAL BY A JURY in the event of any litigation arising from this Agreement. 

(i)    Counterparts.  This Agreement may be executed in counterparts each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument. 
 [SIGNATURES CONTAINED ON FOLLOWING PAGE] 

  
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 IN WITNESS WHEREOF, the Company and Executive have executed this Agreement effective
as of the Effective Date. 
  

													
	 STEIN MART, INC.
	  		  		  		  		 	James Brown
							
	By:	 	/s/ D. Hunt Hawkins	  		  		  		  		 	/s/ James Brown
	Name: 	 	D. Hunt Hawkins	  		  		  		  		 	
	Title:	 	Chief Executive Officer	  		  		  		  		 	
	Date:	 	December 17, 2018	  		  		  		  		 	Date:  December 17, 2018

  
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 SCHEDULE A 

BENEFITS 
  

	1.	 Retirement Plan/Life Insurance/AD&D 

The Executive shall be entitled to participate in all retirement plans and will be entitled to life insurance and AD&D benefits which other
senior executives of the Company or affiliates of the Company are eligible. 
  

	2.	 Long-Term Disability 

The Executive shall be entitled to participate in all Long-Term and Life Time Disability plans which other senior executives of the Company or
affiliates of the Company are eligible. 
  

	3.	 Medical/Dental Benefits 

The Executive shall be entitled to medical/dental benefits which other senior executives of the Company or affiliates of the Company are
eligible. 

  
 A-1Exhibit

Exhibit 10.1

EMPLOYMENT  AGREEMENT

This Employment Agreement (this “Agreement”) is made as  of  December  15, 2018 (the “Effective Date”), between Overseas Shipholding Group, Inc., a Delaware Corporation (the “Company”), and Samuel H. Norton (the “Executive”).

WHEREAS, the Company and the Executive previously entered into that certain Employment Agreement dated as of July 17, 2016 (the “ Original Agreement”);

WHEREAS, the Company and the Executive mutually desire to terminate the Original Agreement and enter into this Agreement in order to evidence (among other things) the terms and conditions of the Executive’s compensation and benefits for periods on and after the Effective Date;

WHEREAS, except as otherwise described in this Agreement, the  Company and the Executive mutually desire that the Executive shall have no rights to receive any compensation or benefits described in the Original Agreement; and

WHEREAS, the Company and the Executive mutually desire that the Executive continue to serve as an Executive Officer of the Company on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the Original Agreement is hereby terminated and the parties agree as follows:

		
	1.
	Position and Duties

		
	(a)
	Title; Reporting

The Company hereby agrees to employ the Executive as Chief Executive Officer of the Company. The Executive hereby accepts such position and  agrees  to  serve the Company in such capacity during the  Term, as  defined  in  Section 2  hereof. The Executive shall be subject to, and shall act in accordance with, all lawful instructions and directions of the Board of Directors of the  Company  (the “Board”) and all  policies  and rules of the Company applicable to executive officers. The Executive  shall  have  such duties and responsibilities as may be assigned by the Board  from time  to time,  which duties and responsibilities will be attendant to the position of  Chief  Executive Officer of the Company and may vary from those existing at the time of execution of this Agreement.  The Executive shall report directly to the Board.

		
	(b)
	Full-time Commitment; No  Conflict

During the Term, excluding any periods of vacation and  sick  leave  to which the Executive is entitled, the Executive shall devote his full working time, energy  and attention to the performance of his duties and responsibilities hereunder and shall diligently endeavor to promote the business and best interests of the Company. Notwithstanding the foregoing, to the extent that it does not interfere with the performance of the Executive’s duties hereunder, the Executive may (i) with the prior consent of the Board, serve on the boards of directors or equivalent bodies of trade associations  and/or  charitable  organizations;  (ii) engage   in  charitable  activities   and

community affairs; (iii) manage his personal, financial and legal affairs; and (iv) continue  to hold his partnership interests in SeaChange Partners LLC.

		
	(c)
	Service on the Board

During the Term, the Company shall put the Executive up for election to serve as a member of the Board, it being understood that, as of the Effective Date, the Executive is currently serving as a member of the Board. The Executive will receive no additional compensation in respect of his service on the Board.

		
	2.
	Term

The Executive shall serve in the capacity described in Section  1(a)  commencing on the Effective Date and shall continue until terminated (such period, the “ Term”) upon his “Separation from Service” with the Company in connection with any of the events described in Section 4 hereof.

		
	3.
	Compensation

(a)    Base Salary

As compensation for the agreements made by the Executive  herein and the performance by the Executive of his obligations hereunder, the Company  shall pay the Executive a base salary at the rate of (i) $395,000 per annum for the 2018 calendar year and (ii) $425,000 per annum for the 2019 calendar year and each year thereafter during the Term (the “Base Salary”), payable in accordance with the Company’s payroll practice as in effect from time to time and subject to annual review and  possible increase, but not decrease, as determined by the Board in its discretion.

(b)    Annual Bonus. In addition to the Base Salary, the Executive shall  be eligible to earn the 2018 Bonus and Annual Bonus as further described in clauses (i) and (ii) below.

(i)    2018 Bonus. With respect to the 2018 fiscal year, the Executive shall be eligible for a performance-based bonus (the “2018  Bonus”), with a target value of $1,250,000.  The  amount  of  the  actual 2018 Bonus  that may be paid shall be based on the relative achievement of the individual and Company performance objectives established by the Human Resources and Compensation Committee of the Board (the “Compensation Committee”) at the beginning of the 2018 fiscal year, as determined by  the  Compensation Committee, and subject to the Executive’s employment with the  Company  through the applicable payment date for the 2018 Bonus, it being understood that the 2018 Bonus, if earned for the 2018 fiscal year, shall remain payable to the Executive in the event the Executive's Date of Separation from Service occurs for reasons other than a termination of the Executive’s employment by the Company for Cause or voluntarily by the Executive (other than for Good Reason) after December 31, 2018 and prior to the payment of such 2018 Bonus. Following the 2018 fiscal year, fifty percent (50%) of the 2018 Bonus, if earned, shall be    paid in
(x) fully vested non-qualified stock options with an exercise price determined in accordance with the Valuation Standard and with an aggregate grant date Black- Scholes present value equal to fifty percent (50%) of the earned 2018 Bonus;  and

(y)fully vested shares of the Company’s common shares with an aggregate grant date value equal to fifty percent (50%) of the earned 2018 Bonus and determined  in accordance with the Valuation Standard. Any payments made pursuant to the preceding sentence shall, in either case, be granted to the Executive under the Overseas Shipholding Group, Inc. Management Incentive Compensation Plan, dated as of September 23, 2014 and as amended from time  in accordance with  its terms (the “Plan”), it being understood that the cash equivalent of such grants may be made to the Executive under the Plan, only to the extent such cash equivalents are necessary to prevent  violations of any applicable  limits  in the Plan (or otherwise) on granting equity awards to the Executive (such that, the equity awards shall be granted to the Executive to the extent, and for so long as, there is no violation of such limits).

(ii)   Except with respect to the 2019 fiscal year of the Company,   the Executive shall be eligible to earn an annual bonus (the "Annual Bonus") for each full fiscal year of the Company that commences during the Term.  There  shall be no Annual Bonus awarded with respect to the 2019  fiscal  year.  Beginning with the 2020 fiscal year and for each fiscal year thereafter, the Annual Bonus shall have a target value of one hundred percent (100%)  of  the  Executive’s Base Salary. The Annual Bonus threshold, target and maximum payment opportunities shall be established, and be subject to annual review, by  the Compensation Committee in its sole  discretion.  Actual Annual Bonuses will  be based on the achievement of performance criteria established by the Compensation Committee (for the fiscal year to which the Annual Bonus relates) pursuant to the Company's annual incentive plan and subject to  performance factor achievement as set forth therein, subject to the Executive's emplo yment  with the Company through the applicable payment date for any such Annual  Bonus. In addition, except as otherwise provided in Section  6,  it  will  be  a condition precedent to the Executive’s earning and receiving payment of any  Annual Bonus that he will have been actively employed on  the  last day of  the fiscal year to which the Annual Bonus relates and be in good standing.

		
	(c)
	Special Bonus Pool

Prior to the Effective Date, the Executive has been granted a thirty-five (35%) participation interest in the Special Bonus Pool (the "Special Bonus Pool Award") pursuant to and in accordance with the terms established by the Compensation Committee. Except as otherwise provided in  Section  6, a fifty percent (50%) portion of  the Special Bonus Pool Award, if earned, shall be payable to the Executive in the first quarter of calendar year 2019 but in any event prior to March 15,  2019;  provided  that, the Executive remains actively employed with the Company and in good standing until December 31, 2018. In addition, except as otherwise provided in Section  6,  the  remaining fifty percent (50%) portion  of the  Special Bonus  Pool Award,  if earned, shall be payable to the Executive in the first quarter of calendar year 2020 but in any  event  prior to March 15, 2020; provided that, the Executive remains actively employed with the Company and in good standing until December 31, 2019.

		
	(d)
	Equity Grants

(i)    Annual Grant. During the term of employment,  the Executive   may   periodically   be   recommended   to   receive  grants   of equity

awards in the form of non-statutory stock options,  restricted  stock,  restricted stock units, or performance stock units, subject to terms  and  conditions  approved by the Compensation Committee and to NYSE or other rules and regulations related to the timing of grants. The total target  value  of any such equity grant shall be equal to: ( x) for the annual grant relating to the 2019 calendar year, one hundred fifty percent ( 150%) of  the  Executive’s  Base Salary determined in accordance with the Valuation Standard; (y) for the annual grant relating to the 2020 calendar year, two hundred fifty percent (250%) of the Executive’s Base Salary determined in accordance with the Valuation Standard; and (z) for each applicable calendar year thereafter, two hundred fifty percent (250%) of the Executive’s Base Salary (it being understood that the Valuation Standard or other valuation methodology may be used by the Compensation Committee, in its discretion, for purposes of each  such  grant that  is made  after the 2020 calendar year). For the avoidance of doubt, the specific terms and conditions governing all aspects  of any  such  equity awards, including the  form  of any such equity awards and the vesting terms thereof, shall  be determined by the Compensation Committee, in its sole discretion, and set forth in the grant agreements  evidencing  such awards.

(ii)    Legacy Awards. Notwithstanding anything herein to the contrary, the Executive shall retain, continue to vest in, and continue to hold any payments received under, any equity awards granted to the Executive prior to the Effective Date in accordance with the terms and conditions of such awards,  it  being understood that, except as provided herein, any shares of the Company’s common stock that are acquired pursuant to such  awards,  including  awards  made in respect of the 2018 Bonus, if earned (notwithstanding that any such awards in respect of the 2018 Bonus would be granted after the Effective Date), shall be held by the Executive at least until the earliest to occur of (x) a Change in Control, as defined in the Plan; (y) the Date of Separation from  Service  (as  defined below), solely in the event of a termination of the Executive’s employment by the Company without Cause or by the Executive for Good Reason; and (z) the third (3rd) anniversary of the date of such acquisition; provided that, the Executive shall be permitted to elect to use net settlement to satisfy any exercise price or taxes due  thereon.  In addition, notwithstanding anything to the contrary  in this Agreement, in the event the Company experiences a major safety and/or containment incident which results from gross negligence or willful misconduct of management or results from a violation of federal operation,  safety  or construction regulations, or if the responsible party fails to report the incident or to cooperate with relevant authorities in responding to such incident, except as otherwise provided herein, all incentive based compensation that the  Executive was eligible to earn prior to the Effective Date, whether such incentive based compensation is subject to short or long term performance criteria and/or time based vesting, and whether denominated or payable in cash, shares of the Company’s common stock or other property, to the extent unvested at  the  time  the incident occurs may be cancelled at the discretion of the Compensation Committee, and the Executive shall forfeit any rights with respect to such awards without consideration therefor. This Section 3(d)(ii) shall not apply to that certain grant made to the Executive pursuant to the Plan and referred to as the “Initial Equity Award” under the Original Agreement, which grant, for the avoidance of doubt, was  comprised of  non-qualified stock options  and restricted     stock  units

with an aggregate grant date value equal to the  face value  of 208,333  shares of the Company’s common stock on the date of grant.

(iii)    Special One-time Grant. As of the Effective Date, the Company will make a one-time grant to the Executive of such number of the Company’s common shares having a grant-date fair market value of $750,000 determined in accordance with the Valuation Standard (the “Restructuring Grant”), to vest on the Effective Date, it  being  understood  that  such  shares shall be held by the Executive until the earlier to occur of: (x) the third (3rd) anniversary of the date of such acquisition; or (y) the six (6)-month anniversary  of the Executive's Date of Separation from Service due to termination by the Company without Cause or by the Executive for  Good  Reason  in  accordance with Section 6 (the “Holding Requirement”); provided that,  the  Executive  shall  be permitted to elect that net settlement be used to satisfy any taxes  due thereon; provided, further, that, during such period in which the Holding Requirement is in effect, the Executive shall not sell, encumber or otherwise  transfer such common shares. Accordingly, in the event of the Executive’s Separation from Service from the Company due to a termination of the Executive’s employment voluntarily by the Executive other than for Good Reason (including the Executive’s retirement), the Restructuring Grant shall  continue  to  be subject to the full three (3)-year Holding Requirement as set forth in clause (x) above. Additionally, in the event of the  Executive’s  Separation from Service  with the Company due a  termination of employment by the  Company for  Cause prior to the close of the  full three  (3)-year  Holding Requirement as set  forth in   clause
(x) above, the Executive shall forfeit his rights to retain the Restructuring Grant as of the Date of Separation from Service (it being understood that forfeiture of the Restructuring Grant may also occur pursuant to applicable law or clawback policy of the Company), and as necessary, the Executive shall return to the  Company  the number of common shares of the Company subject thereto.

(iv) Valuation Standard. As and when applicable, the Compensation Committee may require, at the time of the granting of any equity award that is to be valued at the time of grant based on a particular dollar  amount, that such value shall be established by taking into account the volume weighted average price (“VWAP”) of a common share of the Company for the twenty (20) trading days preceding the date of  grant  as  calculated  by Bloomberg (or other nationally recognized investment firm if the Bloomberg VWAP  calculation is  unavailable) (the “Valuation Standard”).

		
	(e)
	Reimbursement of Expenses

During the Term, the Company shall reimburse the Executive for all business expenses incurred by the Executive in performing  his  duties  and responsibilities under this Agreement (“Business Expenses”), in accordance and to the extent consistent with the Company’s policies for reimbursement of business expenses incurred by other Company senior executive officers.

		
	(f)
	Other Benefits

During the Term, for so long as the Executive meets the eligibility requirements of the applicable  plan, policy or program: (i) except as specifically   provided

herein, the Executive shall be entitled to participate (or to continue his participation) in all savings and retirement plans, policies and programs of the Company which are made available generally to other executive officers of the Company and (ii) except as specifically provided herein, the Executive shall be entitled to participate (or to continue his participation) in, and shall receive all benefits under, all health, welfare and benefit plans, policies and programs (including the Company’s health insurance and disability plans, vacation and relocation allowances) provided by the Company which are made available to other similarly situated executive officers of the Company (for the avoidance  of doubt, such plans, policies or programs shall not include any plan, policy or program which provides benefits in the nature of severance or continuation pay).

		
	4.
	Separation from Service

		
	(a)
	Death

The Executive shall separate from service with the Company, and the Term shall terminate, upon the Executive’s death.

		
	(b)
	Disability

The Executive shall separate from service with the  Company  if,  as  a result of the Executive’s incapacity due to physical or mental illness or injury, the Executive (i) shall become eligible to receive a benefit under the Company’s long-term disability plan applicable to the Executive, or (ii) has been unable, due to  physical or mental illness or incapacity, to perform the essential duties of his employment with reasonable accommodation for a continuous period of ninety (90) days or an aggregate  of one hundred-eighty (180) days within a one-year period (“Disability”). The termination  of the Executive’s employment for Disability shall not be considered  a  termination  without Cause for purposes of this Agreement.

		
	(c)
	Cause

The Company may, by providing written notice to the Executive, immediately (except as otherwise provided in this Section 4(c)) terminate the Executive’s employment for Cause. The term “Cause” for purposes of this Agreement shall mean:

(i)    the Executive’s indictment or conviction of, or entrance of a plea of guilty or nolo contendere to, a felony or other  serious  crime  involving  moral turpitude under federal law or state law; or

(ii)    fraudulent conduct by the Executive in connection with the business affairs of the Company; or

(iii)    theft, embezzlement, or other criminal misappropriation of funds by the Executive (other than good faith expense account disputes); or

(iv)    the Executive’s refusal to materially perform his executive duties hereunder; or

(v)    the Executive’s willful misconduct, which has, or would  have if generally known, an adverse effect on the business or reputation of the Company; or

(vi)    the Executive’s material breach of any  employment policy  of the Company, including, but not limited to, conduct relating to falsification of business records, confidential information, violation of the Company’s Code of Business Conduct and Ethics, harassment, creation of a hostile work  environment, excessive absenteeism, insubordination, violation of the Company’s policy on drug and alcohol use, or violent acts or threats of violence; or

(vii)    the Executive’s material breach of a covenant, representation, warranty or obligation of the Executive under  this Agreement or any other agreement entered into between the parties;

provided that, in the case of Cause occurring under clause (iv)  above, the  Company  shall give the Executive fifteen (15) days to cure the circumstances to the sole satisfaction of the Company.

		
	(d)
	Without Cause or Voluntarily (Other Than for Good Reason)

The Company may terminate the Executive’s employment without Cause, and the Executive may voluntarily terminate his employment, other than for Good  Reason; provided that, the Executive provides the Company, or  the Company provides  the Executive, with written notice of the  intent  to  terminate  his  employment  at  least sixty (60) days in advance of the Date of Separation from Service (as  defined below). Upon such termination, in each case, the Executive shall separate from service with the Company and the Company in its sole discretion may elect to have the  Executive  removed from the Company’s offices upon such notice of termination.

		
	(e)
	Good Reason

The Executive may terminate his employment and separate  from service with the Company for Good Reason. For purposes of this Agreement, the term “ Good Reason” shall mean, when used in connection with the Executive’s Separation from Service with the Company, unless the Executive shall have consented in writing   thereto,
(i) a material reduction in his duties and responsibilities as set forth in Section 1, which shall not include a change in the person to whom the Executive reports, or (ii) a material reduction in the  total target  value  of  his  compensation  as  provided for  in  Section  3, or
(iii) a material change in the Executive’s principal place of employment, or (iv) any other action or inaction that constitutes a material breach of this Agreement by the Company; provided, in each case, within thirty (30) days following  the  initial occurrence of any of  the events set forth herein, the Executive shall have delivered written notice to the Company of his intention to terminate his employment for Good Reason, which notice specifies in reasonable detail the circumstances claimed to give rise to the Executive’s right to terminate employment for Good Reason, the Company shall not have cured such circumstances within thirty (30) days following the Company’s receipt of such notice, and the Executive’s Separation from Service with the Company shall have occurred within seventy (70) days following the initial occurrence of the applicable event. Upon such termination the Executive shall separate from service with the Company and the Term shall terminate.

		
	5.
	Procedure for Separation from Service

		
	(a)
	Notice  of Separation from Service

Any separation of the Executive from service with the Company (other  than a separation from service on account of the death of the Executive) shall be communicated by written “Notice of Separation from Service” to the other party hereto in accordance with Section 14(a) hereof.

		
	(b)
	Date of Separation from Service

The Date of Separation from Service shall mean:

(i)    if the Separation from Service occurs due to  the  Executive’s death, the date of the Executive’s death;

(ii)    if the  Separation from  Service  occurs  pursuant  to  Section 4(b), the date on which the Executive receives a Notice  of Separation from Service from the Company;

(iii)    if the Separation from Service occurs due to  the  Company’s termination for Cause, the date of the termination in accordance with Section 4(c) hereof;

(iv)    if the Separation from Service occurs due to  the  Executive’s voluntary termination without Good Reason, the date specified in the notice given pursuant to Section 4(d) hereof;

(v)    if the Separation from Service occurs due to  the  Executive’s termination for Good Reason, the date of his termination  in accordance with Section 4(e) hereof; and

(vi)    if the Separation from Service occurs for any other reason, the date on which a Notice of Separation from Service is given or any later date (within sixty (60) days, or any alternative time period agreed upon by the parties, after the giving of such notice) set forth in such Notice of  Separation  from  Service.

		
	(c)
	Resignation from all Boards and Officer Positions

Upon any termination or cessation  of  the  Executive’s  employment  with the Company, for any reason, the Executive agrees immediately to resign, and  any  notice of termination or actual termination or cessation of employment shall act automatically to effect such resignation, from any position on the  Board  and  on  any board of directors of any subsidiary or affiliate of the Company and from any position as an officer of the Company or as an officer of any subsidiary or affiliate of the Company.

		
	6.
	Severance Benefits

		
	(a)
	Without Cause or for Good Reason

In the event of the Executive’s Separation from Service due to termination by the Company without Cause or by the Executive for Good Reason, subject to compliance with the covenants in Section 8 and the execution and timely return by the Executive of the Release, the Company shall pay or provide to the Executive the  amounts or benefits described in paragraphs (i), (ii), (iii) and (iv) below at the times specified below (the “Severance Benefits”), and, except for (x) any vested benefits under any tax-qualified pension plans of the Company and (y) continuation of health insurance benefits on the terms and to the extent required by COBRA or such other analogous legislation as may be applicable to the Executive, the Company shall have no additional obligations under this Agreement.

(i)    Accrued Payments. Within thirty (30) days following the  Date of Separation from Service, (w) Base  Salary earned  by the  Executive but  not paid through the Date of Separation from Service; ( x) the Executive’s accrued but unused vacation pay through the Date of Separation from Service; (y) any Business Expenses not reimbursed as of  the  Date of  Separation  from Service and (z) any equity award or the 2018 Bonus or Annual Bonus, as applicable, that has vested as of the Date of Separation from Service but that has not yet been settled (the amounts described in (w) through (z), together, the “ Accrued Payments”); subject, in the case of (z), to any delay in settlement that may be required under the applicable award agreement, tax or other laws.

(ii)    Salary Continuation. Salary continuation payments paid in accordance with the Company’s standard  payroll  practices at the same rate as  the Executive’s then-current annual Base Salary for a period  of twelve  (12)  months measured from the Date of Separation from Service; provided that, the initial salary continuation payment shall be made on the first payroll date following the expiration of the Release Period (as defined below).

(iii)    Earned Bonus. Except as otherwise provided in  Section 6(e) below, the 2018 Bonus or Annual Bonus, as applicable, to which the Executive may have been entitled with  respect to the fiscal year  in which  the  Date of Separation from Service occurs pursuant to Section 3(b) shall be paid following the end of such fiscal year in accordance with the  terms  thereof (or  if later on the first payroll date following the expiration of the Release  Period);  it being understood that, the 2018 Bonus or Annual Bonus, as applicable, that may become payable shall not be pro rated,  and the full amount  of such 2018  Bonus or Annual Bonus, as applicable, shall be payable, to the extent earned, to the Executive pursuant to the foregoing.

(iv)    Pro-Rata Special Bonus Pool. Except  as  otherwise provided in Section 6(e) below, any compensation to which the  Executive  may have been entitled with respect to the terms of the Special Bonus Pool Award pursuant to Section 3(c) shall be paid following the end  of  the  performance period associated with such Award in accordance with the terms thereof  (or  if  later on the first payroll date following the expiration of the Release Period) , provided that, the  Special Bonus Pool Award  that  may become  payable  shall be

pro rated to reflect the number of days in such fiscal year that have lapsed as of  the Date of Separation from Service.

(v)    Vesting of Equity Awards. Except as otherwise provided in Section 6(e) below, for all awards granted to the Executive under equity incentive compensation plans of the Company, and to the extent such awards have not previously vested:

A.    The awards for which vesting is based solely upon the continued provision of services (and is not based on any performance criteria) (“Open Time-Based Grants”) shall be vested as of the Date of Separation from Service; and

B.    The awards for which vesting is based (in whole or in part) on the achievement of any performance criteria (“ Open Performance-Based Grants”) shall remain eligible for vesting as of  the Date of Separation from Service, and shall vest, if at all, to the extent the performance criteria is achieved for the relevant performance period, it being understood that such Open Performance-Based Grants shall be pro rated to reflect the number of days in such performance period that have lapsed as of such Date of Separation from Service;

provided that, the common shares of the Company or other benefits under any such awards shall be delivered to the Executive on the first payroll date following the expiration of the Release Period, or if later, at the time such awards become vested in accordance with the foregoing.

For the avoidance of doubt, to the extent the foregoing equity awards are comprised of stock options, such options shall vest in accordance with the foregoing and the exercise period under any vested options shall remain in effect until the earlier of the one-year anniversary of the Date of Separation  from  Service or the expiration of the term of such options.

		
	(b)
	Cause or Voluntarily (other than for Good Reason)

In the event of the Executive’s Separation from Service with the Company due to a termination of the Executive’s employment by the Company for Cause or voluntarily by the Executive other than for Good Reason, the Company shall pay the Executive the Accrued Payments within thirty (30) days following the Date of Separation from Service. Except as provided in this Section 6(b), and except  for  any  vested  benefits under any tax qualified pension plans of the Company,  and  continuation  of health insurance benefits on the terms and to the extent  required  by COBRA or any other analogous legislation as may be applicable to the Executive, the Company  shall have no additional obligations under this Agreement. For the avoidance of doubt, the Executive shall forfeit all Open Time-Based Grants  and  Open  Performance-Based  Grants effective as of the Date of Separation from Service due to a termination of the Executive’s employment by the Company for Cause or voluntarily by the Executive other than for Good Reason; provided that, the Executive shall, subject to applicable law or clawback policy of the Company, be entitled to retain the common shares of  the Company and other benefits the Executive previously received upon the vesting and settlement of any  equity awards.   In  addition, the  Executive  shall, subject to   applicable

law or clawback policy of the Company, be entitled to retain stock option  awards  that have vested prior to such Date of Separation from Service, which option awards shall remain exercisable until the earlier of the one-year anniversary of such Date of Separation from Service or the expiration of the term of such option awards. Notwithstanding any provision herein to the contrary, in the event of the Executive’s Separation from Service with the Company due to a termination of the Executive’s employment by the Company for Cause prior to the close of the full  three  (3)-year Holding Requirement as set forth in clause (x) of Section 3(d)(iii), the  Executive  shall forfeit his rights to retain the Restructuring Grant as of the Date of Separation from Service (it being understood that forfeiture of the Restructuring Grant may also occur pursuant to applicable law or clawback policy of the Company), and as necessary, the Executive shall return to the Company the number of common shares of the Company subject thereto. For the avoidance of doubt, in the event of a Separation from Service voluntarily by the Executive other than for Good Reason (including the Executive’s retirement), the Executive shall retain the Restructuring Grant subject to the full three (3)-year Holding Requirement as set forth in clause (x) of Section 3(d)(iii).

		
	(c)
	Disability or Death

In the event of the Executive’s Separation from Service with the Company as a result of the Executive’s death or Disability, subject to the Executive's compliance with the covenants in Section 8 and the Executive's execution and timely return of the Release, (x) the Company shall pay the Executive or the Executive’s estate, as the case may be the Accrued Payments as set forth in Section 6(a)(i), and (y) the Open Time- Based Grants shall become vested (and the common shares of the Company or other benefits thereunder, if any, shall be deliverable the Executive or the Executive’s estate, as the case may be, in accordance with Section 6(a)(iv)). Except for any vested benefits under any tax qualified pension plans of the Company, and continuation of health insurance benefits on the terms and to the extent required by COBRA or any other analogous legislation as may be applicable to the Executive, the Company shall have no additional obligations under this Agreement. For the avoidance of doubt, in the event of  the Executive’s Separation from Service with the Company as a result of the Executive’s death or Disability, the Executive shall be entitled to retain the common shares of the Company and other benefits the Executive previously received upon the vesting and settlement of any equity awards. In addition, the Executive or the Executive’s estate, as the case may be, shall be entitled to retain stock option awards that have vested prior to such Date of Separation from Service, which option  awards  shall  remain  exercisable until the earlier of the one-year anniversary of such Date of  Separation from Service or the expiration of the  term of such option  awards.  Notwithstanding any provision herein  to the contrary, in the event of the Executive’s Separation from Service with  the Company as a result of the Executive’s death or Disability, the Executive shall forfeit all Open Performance-Based Grants effective as of the Date of Separation from Service.

		
	(d)
	Release

Notwithstanding anything to the contrary in this Agreement, the  Severance Benefits, and the benefits described in Section 6(c), shall be paid to the Executive subject to the condition that (i) except in the event of the  Executive's Separation from Service with the Company as a result of the Executive's death, the Executive has delivered to the Company an executed copy of a waiver and general release of claims  (the “Release”)  in a form substantially similar to the form attached

hereto as Exhibit A, and that such Release has become effective, enforceable and irrevocable in accordance with its terms, not later than sixty (60) days after the Date of Separation from Service (the “Release Period”) and (ii) the Executive complies with the covenants set forth in Section 8 of this Agreement and any provisions regarding non- competition, non-solicitation, non-disclosure and non-disparagement that may be contained in the Company’s then-standard Release (collectively, the “Restrictive Covenants”). In the event that the sixtieth (60th) day after the Date of Separation from Service occurs in the calendar year following the year that include s the Date of Separation from Service, no Severance Benefits that constitute deferred compensation subject to Section 409A of the Code shall be paid until the first day of the calendar year following the year that includes the Date of Separation from Service, and any Severance Benefits that would otherwise have been paid prior to such date shall be paid as soon as practical after such date.

		
	(e)
	Change in Control

Notwithstanding anything to the contrary in this  Agreement, in the  event the  Executive’s  Separation  from Service  with  the  Company  occurs,  within twenty-four
(24)months following a Change in Control (as defined below) during the Term, due to a termination of the Executive’s employment by the Company without Cause or by the Executive for Good Reason, then subject to the Executive’s compliance with the covenants set forth in Section 8 and the execution and timely return by  the Executive of the Release, the provisions of this Section 6(e) shall apply. For purposes of this Section 6(e), "409A Change in Control" means the occurrence of any of the following:

(i)    any one Person, or more than one person acting  as  a group (as defined under Treasury Regulation Section 1.409A-3(i)(5)(v)(B)), other than the Company or any employee benefit plan sponsored by the Company, acquires ownership of stock of the Company that, together  with  stock held by  such Person or group, constitutes more than fifty percent (50%) of the total fair market value or total Voting Power of the stock of the Company; or

(ii)    any one Person, or more than one Person acting as  a group (as defined under Treasury Regulation Section 1.409A-3(i)(5)(v)(B)) other than the Company or any employee benefit plan sponsored by the Company acquires (or has acquired during the twelve (12)-month period ending on the date of the most recent acquisition by such Person or Persons) ownership of  stock of  the Company possessing thirty percent (30%) or  more  of  the total Voting  Power of the stock of the Company; or

(iii)    a majority of members of the Board is replaced during any twelve (12)-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board before the date of each appointment or election; or

(iv)    any one Person, or more than one Person acting  as  a group (as defined under Treasury Regulation Section 1.409A-3(i)(5)(v)(B)) acquires (or has acquired during the twelve (12)-month period ending on the date of the most recent acquisition by such Person or Persons) assets from the Company that have a total gross fair market value equal to or more than forty percent  (40%)  of  the  total  gross  fair  market  value  of  all  of  the  assets  of the

Company immediately before such acquisition or acquisitions. For purposes of  this clause (iv), gross fair market value means the value of the assets of the Company, or the value of the assets being disposed  of,  determined  without  regard to any liabilities associated with such assets.

The foregoing clauses (i) through (iv) shall be interpreted in a manner that is consistent with the Treasury Regulations promulgated pursuant to Section 409A of the Code so that all, and only, such transactions or events that could qualify as a "change in control event" within the meaning of Treasury Regulation Section 1.409A-3(i)(5)(i) will be deemed to be a 409A Change in Control for purposes of this Agreement. A "Change in Control" shall mean a 409A Change in Control or the occurrence of any other event or transaction or series of transactions which results in the Company no longer being required to file reports with the Securities and Exchange Commission under  either  Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the  "Exchange Act").  For purposes of the foregoing:

(x)"Person" means "person" as such term is used in Section 13(d) and 14(d) of the Exchange Act.

(y)"Voting Power" means the number of votes available to be cast (determined by reference to the maximum number  of votes entitled  to be cast by the holders of Voting Securities upon any matter submitted to shareholders where the holders of all Voting Securities vote together as a single class) by the holders of Voting Securities.

(z)"Voting Securities" means any securities  or other ownership interests of an entity entitled, or which may be entitled, to vote on the election of directors, or securities or other ownership interests which are convertible into, or exercisable in exchange for, such  Voting  Securities,  whether or not subject to the passage of time or any contingency.

(A)Accrued Payments. The Company shall pay the Executive the Accrued Payments within thirty (30) days following the Date of Separation from Service .

(B)Salary Continuation.  Salary continuation  payments  shall be paid  in accordance with the Company’s standard payroll practices at the same rate as the Executive’s then-current annual Base Salary for a period of twelve (12)  months  measured from the Date of Separation from Service; provided that, the initial salary continuation payment shall be made on the first payroll date  following the expiration of  the Release Period.

		
	(C)
	Vesting of Equity Awards.

(i)    The vesting of all Open Time-Based Equity Grants shall accelerate as of the Date of Separation from Service.

(ii)    The vesting of all Open Performance-Based Grants shall accelerate as of the Date of Separation from Service and  the  performance  criteria thereunder shall be deemed to have been satisfied at the designated maximum level,  it being understood  that  such  Open  Performance-Based Grants

shall be pro rated to reflect the number of days in the performance period that  have lapsed as of the Date of Separation from Service;

provided that, the common shares of the Company or other benefits under any such awards shall be delivered to the Executive on the first payroll date following the expiration of the Release Period, or if later, at the time such awards become vested in accordance with the foregoing.

For the avoidance of doubt, to the extent the foregoing equity awards are comprised of stock options, such options shall vest in accordance with the  foregoing and the exercise period under any vested options shall remain in effect until the earlier of the one-year anniversary of the Date of Separation  from  Service or the expiration of the term of such options.

(D)Target Bonus. The target amount of the 2018 Bonus or  any Annual Bonus, as applicable, to which the Executive may have been  entitled  with  respect to the fiscal year  in  which  the  Date of Separation from Service  occurs pursuant to Section 3(b) shall be paid on the first payroll date following the  expiration  of  the Release Period.

(E)Special Bonus Pool. To the extent not previously paid in full, the target amount of the Executive's Special Bonus Pool Award shall be paid on the  first payroll date following the expiration of the Release Period.

		
	7.
	No Mitigation

Except as expressly provided herein, the Executive shall not be required to seek other employment or otherwise mitigate the amount of any payments to be made by the  Company pursuant to this Agreement.  Except as otherwise  provided  in  Section 6(d), including but not limited to if the Executive violates the restrictive covenants set forth in Section 8(e), the payments provided pursuant to this Agreement shall not be reduced by any  comp ensation earned by the Executive as the result of employment by another employer after the  termination  of the Executive’s employment or otherwise. The Company shall be obligated to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder without set-off, counterclaim, or recoupment; provided that, this shall not limit the Company from making any claim or raising any defense, nor shall it diminish any right or action which the Company may have against the Executive or others for breach of this Agreement or violation of the restrictive covenants in Section 8, which includes but is not limited to recovery of payments  or equity grants made under this Agreement.

		
	8.
	Restrictive Covenants

		
	(a)
	Business Opportunities

The Executive agrees that so long as he is employed by the Company or any of its subsidiaries or  is bound  by  a non-compete  obligation in favor of the Company or any of its subsidiaries, he shall (i) refer to the Company all investment, acquisition, licensing or similar opportunities that involve a Competing  Business (as defined  below)  or otherwise reasonably relate to the actual or anticipated business activities of the Company or its subsidiaries, (ii) use commercially reasonable efforts to allow the Company or one of  its  subsidiaries to pursue any such opportunity  for the  benefit  of the

Company or one of its subsidiaries, and (iii) without the prior written  consent  of  the Board, refrain from pursuing any such opportunity for the benefit of the Executive or any of his affiliates or refer any such opportunity to any other person.

		
	(b)
	Confidential Information

(i)    The Executive shall not disclose either during his period of employment or thereafter, any Confidential Information (as defined below)  of  which the Executive is or becomes aware, whether or not such information is developed by him, except to the extent that such disclosure is directly related to and required by the Executive’s performance in good faith of duties for the Company or its subsidiaries, or use any Confidential Information, directly or indirectly, for his own benefit or for the benefit of any per son or  entity other than the Company and its subsidiaries. Notwithstanding the foregoing, the  Executive may truthfully respond to a lawful and valid subpoena or other legal process, but shall give the Company the earliest possible notice thereof; shall, as much in advance of the return date as possible, make available to the Company and its counsel the documents and other information sought; and shall assist the Company and such counsel in resisting or otherwise responding to such process.

(ii)    The Executive will take all appropriate steps to safeguard Confidential Information in his possession and to protect it against disclosure, misuse, espionage, loss and theft. The Executive shall deliver to the Company at the termination of his employment, or at any time the Company may request, all memoranda, notes, plans, records, reports, computer media and software and other documents and data (and copies thereof) relating to any Confidential Information or Work Product (as hereinafter defined) which  the  Executive may  then possess or have under his control.

(iii)    As used in this Agreement, the term “Confidential Information”  means  information that is not generally known  to  the public and that  is used, developed or obtained by the Company or any of its subsidiaries in connection with their businesses, including, but not limited to, information, observations and data obtained by the Executive while  employed  by  the Company or any of its subsidiaries or any predecessors thereof (including those obtained prior to the date hereof) concerning (i) the business or affairs of the Company or any of its subsidiaries (or such predecessors), (ii) products or services, (iii) fees, costs and pricing structures, (iv) designs, (v) analyses, (vi) drawings, photographs and reports, (vii) computer software, including operating systems, applications and program listings, (viii) flow charts, manuals and documentation, (ix) data bases, (x) accounting and business methods, (xi) inventions, devices, new developments, methods and processes, whether patentable or unpatentable and whether or not reduced to practice,  (xii) customers and clients and customer  or client lists, (xiii) other copyrightable   works,
(xiv) all production methods, processes, technology and trade secrets, (xv) marketing and pricing information, (xvi) supplier lists, and (xvii) all similar and related information in whatever form, all of which are confidential and may be proprietary and are owned or used by the Company or any of its subsidiaries. Confidential Information shall include any and all items enumerated in the preceding sentence that are used, developed or obtained by the Company or any of its subsidiaries in connection with  their businesses and of which the    Executive

is or becomes aware, whether discovered, conceived by, reduced to practice or developed by others or by the Executive alone or with others during his period of employment with the Company or any of its subsidiaries or their respective predecessors. Confidential Information does not include information that the Executive can document has legally and properly entered the public domain through a source other than the Executive and through no fault of the Executive. Confidential Information will not be deemed to have legally and  properly entered the public domain merely because individual portions of the  information  have been separately published, but only if all material features comprising such information have been published in combination.

		
	(c)
	Ownership and Assignment of Work Product

(i)    As used in this Agreement, the term “Work Product” means all inventions, innovations, improvements,  technical  information,  systems, software developments, marketing materials, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, logos and all similar or related information (whether patentable or unpatentable, copyrightable, registerable as a trademark, reduced to writing, or otherwise) which relates to the Company’s or any of its subsidiaries’ actual or anticipated business, research and development or existing or future products or services and which are created, conceived, developed, reduced to practice, contributed to, improved upon  or  made by the Executive (whether or not during usual business hours, whether  or not by the use of the facilities of the Company or any of its subsidiaries, and whether or not alone or in conjunction with any other person) while employed by the Company or any of its subsidiaries or their respective predecessors (including those conceived, developed or made prior to the date hereof) together with  all patent applications, letters patent, trademark, trade name and service mark applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing.

(ii)    All Work Product that the Executive may have discovered, invented or originated during his employment by the Company or any of its subsidiaries or their respective predecessors prior to the date hereof, or that he may discover, invent or originate during his employment or prior to his termination date, shall be the exclusive property of the Company and its subsidiaries, as applicable, and the Executive hereby assigns all of the Executive’s right, title and interest in and to such Work Product to the Company or its  applicable subsidiaries, including all intellectual property rights therein.

(iii)    The Executive shall promptly and fully disclose all Work Product to the Company. The Executive shall take all requested actions and execute at the request of the Company all documents (including, but  not  limited to, any licenses or assignments) that the Company may deem necessary to  protect, validate, perfect, maintain, enforce, record, patent or register  any of  its  (or any of its subsidiaries’, as applicable) rights therein and shall assist the Company, at the Company’s expense, in obtaining, defending and enforcing the Company’s (or any of its subsidiaries’, as applicable) rights therein. If the Company is unable for any reason to secure the Executive’s signature on any document for this purpose, the Executive hereby appoints the Company and its duly authorized officers and  agents as his attorney-in-fact to act for  and  on    the

Executive’s behalf and stead to execute any assignments or other documents deemed necessary by the Company to protect or perfect the Company’s (and any of its subsidiaries’, as applicable) rights to any Work Product and to do all other lawfully permitted acts in connection with the  foregoing.

		
	(d)
	Non-Solicitation

During the Restricted Period, the Executive hereby agrees not  to, directly or indirectly, solicit or hire or assist any other person or entity in soliciting or hiring any employee of the Company or any of its affiliates to perform services for any entity (other than the Company or any of its affiliates), or attempt to induce any such employee  to  leave the employ of the Company or any of its affiliates, or interfere in any manner with any such employee’s relationship with the Company or any of its affiliates, or solicit, hire  or engage on behalf of himself or any other Person (as defined below) any employee of  the Company or any of its affiliates or anyone who  was  employed by the  Company or  any of its affiliates during the six-month period preceding such hiring or engagement. Notwithstanding the foregoing, the provisions of this Section 8(d) shall not be violated    by
(i) the Executive’s good faith performance of duties during the Term or (ii) an individual’s response to a broad and general advertisement or solicitation not specifically targeting or intending to target employees of the Company or any of its affiliates.

		
	(e)
	Restriction on Competition

The Executive acknowledges and agrees that information, including the Confidential Information, the Executive has  acquired  and  will  acquire during the course of the Executive’s employment may enable the Executive to irreparably injure the Company if the Executive should engage in unfair competition. The purpose of the provisions of this Section 8 is to protect the Company from unfair loss of goodwill and to shield employees from pressure to use or disclose Confidential Information  or  to  trade on the goodwill belonging to the Company. Therefore, in consideration  of  the receipt of  the Confidential Information and the other compensation and benefits provided to the Executive and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Executive hereby acknowledges and agrees as follows:

(i)In the course of his employment with  the  Company,  its subsidiaries and/or their predecessors (the “Protected Companies”),  the  Executive has become familiar, or will become familiar, with the Protected Companies’ trade secrets and with other confidential and proprietary information concerning the Protected Companies and that his services have been and will be  of special, unique and extraordinary value to the Protected Companies. The Executive agrees that if the Executive were to become employed by, or substantially involved in, the business of a competitor of the Protected Companies during the Restricted Period, it would be very difficult for the Executive not to rely on or use the Protected Companies’ trade secrets and confidential information. Thus, to avoid the inevitable disclosure of the Protected Companies’ trade secrets and confidential information, and to protect such trade secrets and confidential information and the Protected Companies’ relationships and goodwill with customers, during the Restricted Period, the Executive will not directly or indirectly through any other Person engage in, enter the employ of, render  any  services  to,  have  any  ownership  interest  in,  nor  participate  in the

operation, management or control of any Competing Business; it being understood that the restrictions in this Section 8(e) shall cease to apply in  the event of a sale of all or substantially all of the assets or equity of the Company.

(ii)The phrase “directly or indirectly through any other Person engage in” shall include, without limitation, (x) any direct or indirect ownership or profit participation interest in such enterprise, whether as an owner,  stockholder, member, partner, joint venturer or otherwise (other  than a holder of less than 1%  of the outstanding voting shares of any publicly held company) of any Person competitive with the US Flag Crude and Product tanker/ATB trade, or business of the Company or its affiliates at the Date of Separation from Service (the “Competing Business”), and (y) any direct or indirect participation in such enterprise as an employee, consultant, director, officer or licensor of intellectual property, whether or not for compensation. For purposes of this Section  8, the term "Restricted Period" shall mean  the  Executive’s  period  of employment  with the Protected Companies and a period of twelve (12) months following  the  Date  of Separation from Service. For purposes of this Section 8, the term “Person”  shall mean any individual, partnership, corporation, limited liability company, unincorporated organization, trust, joint venture or similar entity, or  a governmental agency or political subdivision thereof.

		
	(f)
	Non-Solicitation of Customers

During the Restricted Period, the Executive will not directly or indirectly through any other person or entity influence or attempt to influence customers, vendors, suppliers, licensors, lessors, joint venturers, ceding companies, associates, consultants, agents, or partners of the Protected Companies to divert their business away from the Protected Companies, and the Executive will not otherwise interfere with, disrupt or  attempt to disrupt the business relationships, contractual or otherwise, between the Protected Companies, on the one hand, and any of its or their customers, suppliers, vendors, lessors, licensors, joint venturers, associates, officers, employees, consu ltants, managers, partners, members or investors, on the other hand.

		
	(g)
	Return of Company Property

Within one week of the Date of Separation from Service, the Executive shall return to the Company all Company property, including but not limited  to  computers, laptops, and cell phones. The Executive shall search for and delete all Company information (other than the payroll information that the Executive may need to file tax returns or keep for financial records) as of the Date of Separation from Service, including all Confidential Information, that may exist on the Executive’s personal electronic devices such as a smartphone, laptop, tablet, personal computer, flash drive, or any other electronic storage device.

		
	9.
	Injunctive Relief

It is impossible to measure in money the damages that will accrue to  the Company or any of its affiliates in the event that the Executive breaches any of the Restrictive Covenants. In the event that the Executive breaches any such Restrictive Covenant, the Company or any of its affiliates shall be entitled to an injunction restraining the Executive from violating  such  Restrictive  Covenant  (without posting  any bond).   If  the  Company  or  any of its

affiliates shall institute any action or proceeding to enforce any such Restrictive Covenant, the Executive hereby waives the claim or defense that the Company or any of its affiliates has an adequate remedy at law and agrees 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. The foregoing shall not prejudice the Company’s or any of its affiliates’ right to require the Executive to account for and pay over to the Company or any of its affiliates, and the Executive hereby agrees to account for and pay over, the compensation, profits, monies, accruals or other benefits derived  or received by the Executive as a result of any transaction constituting a breach of any of the Restrictive Covenants.

		
	10.
	Dispute Resolution

		
	(a)
	Law Governing

This Agreement shall be governed by and construed in accordance  with  the laws of the State of Florida applicable to contracts made and to be wholly performed   in that state without regard to its conflicts of laws provisions or principles.

		
	(b)
	Jurisdiction

(i)In any suit, action or proceeding seeking to enforce  any provision of  this Agreement or for purposes of resolving any dispute arising out of or related to this Agreement, the Company and the Executive each hereby irrevocably consents to the exclusive jurisdiction of any federal court located in the State of Florida, Hillsborough County, or any of the state courts of the State of Florida located  in  Hillsborough    County;
(ii)the Company and the Executive each hereby waives, to the fullest extent permitted   by applicable law, any objection which it or he may now or hereafter have to the laying of venue of any such suit, action or proceeding in any such court or that any  such  suit, action or proceeding brought in any such court has been brought in an inconvenient forum; (iii) process in any such suit, action or proceeding may be served on either party anywhere in the world, whether within or without the jurisdiction of such  court,  and,  without limiting the foregoing, each of the Company and  the  Executive  irrevocably  agrees that service of process on such party, in the same manner  as  provided  for  notices in Section 14(a), shall be deemed effective service  of process on such party in  any such suit, action or proceeding; (iv) WAIVER OF JURY TRIAL: EACH OF THE COMPANY AND THE EXECUTIVE HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDINGS ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED  BY THIS AGREEMENT; and (v) Limitation on Damages: the parties agree that there will  be  no punitive damages payable as a result of or in connection with any claim, matter or breach under or related to this Agreement or the transactions contemplated by this Agreement, and each of the parties agrees not to request punitive damages. Notwithstanding the  foregoing of this Section 10(b), each of the parties agrees that prior  to commencing any claims for breach of this Agreement (except to pursue injunctive  relief) to submit, for a period of sixty (60) days, to voluntary mediation before a jointly selected neutral third party mediator under the auspices of JAMS, Miami, Florida, Resolutions Center (or any successor location), pursuant to the procedures of JAMS Mediation Rules conducted in the State of Florida (however, such mediation or obligation to mediate shall not suspend or otherwise delay any termination or other action of the Company or affect the Company’s other rights).

		
	(c)
	Cooperation

The Executive agrees to cooperate with  the Company, during  Term and  at any time thereafter (including following the Executive’s termination of employment  for any reason), by making himself reasonably available to testify on behalf of the Company in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, and to assist the Company, in any such action, suit, or proceeding, by providing information and meeting and consulting with the Board or its representatives or  counsel,  or representatives or counsel to the Company, as requested; provided, however, that it does not materially interfere with his then current professional activities. The Company agrees to reimburse the Executive for all reasonable expenses actually incurred in connection with his provision of testimony or assistance.

		
	11.
	Section 409A of the Code

The intent of the parties is that payments and benefits under this Agreement comply with, or are exempt from, Section 409A of the Internal Revenue Code of 1986 as amended (the “Code”) and the regulations and guidance promulgated thereunder (except to the extent exempt as short-term deferrals or otherwise) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in an accordance with such intent. A termination of employment shall not be deemed  to have occurred for purposes of any provision  of this Agreement providing for the payment of any amounts or benefits subject to Section 409A  of the Code upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Section 409A of the Code and, for purposes of any such provision of this Agreement, references to a “termination,” “termination  of  employment,” or like terms shall mean “separation from service.” The determination of  whether and when a separation from service has occurred shall be  made in a manner  consistent with, and based on the presumptions set forth in, US Treasury Regulation Section 1.409A-1(h) or any successor provision thereto. It is intended that each installment, if any, of the payments and benefits provided hereunder shall be treated  as  a  separate  “payment”  for  purposes  of  Section 409A of the Code. Neither the Company nor the Executive shall have the right to accelerate or defer the delivery of any such payments or benefits except to  the  extent specifically permitted or required by Section 409A of the Code. All reimbursements and in-kind benefits provided under this Agreement or otherwise to the Executive shall be made or provided    in accordance with the applicable requirements of Section 409A of the Code to the extent that such reimbursements or in-kind benefits are intended to be subject  to,  or  exempt  from,  Section 409A of the Code. All expenses or other reimbursements paid pursuant herewith and therewith that are taxable income to the Executive shall in no event be paid later than the end of the calendar year next following the calendar year in which the  Executive  incurs such  expense  or pays such related tax. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Section 409A of the Code, the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange  for another benefit, the amount of expenses eligible for reimbursement, or in-kind benefits provided, during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other  taxable  year, provided  that, the foregoing clause  shall not be  violated  with  regard  to  expenses  reimbursed  under  any  arrangement  covered  by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement  is in effect and such payments shall be made on or before the  last day  of the Executive’s taxable year following the taxable year in which the expense occurred. In no event shall the Company be required to pay the Executive any “gross-up” or other payment with respect to  any  taxes  or penalties imposed under  Section 409A of the  Code  with respect to any

benefit paid or promised to the Executive hereunder. In the event that at the  time  of  a  separation from service the Executive is a “specified employee” as defined by Section 409A, no amount payable to the Executive by reason of such separation from service that constitutes deferred compensation subject to Section 409A shall be paid until the  earlier  of the first day of  the seventh (7th) month following the month  that  includes  the  separation  from service, or  the date of the Executive’s death, and any amount that  would  otherwise have been paid prior to  such date shall be paid as soon as practical following such date, in a lump sum without interest.

		
	12.
	Section 280G of the Code

If any payment(s) or benefit(s) the Executive would receive pursuant to this Agreement and/or pursuant to any other agreement, plan, policy or arrangement would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code and the applicable regulations, and (ii) but for this Section 12 would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the Executive shall be entitled to receive either (A) the full amount of the parachute payments, or (B) the maximum amount that may be provided to the Executive without resulting in any portion of such parachute payments being subject to the Excise Tax, whichever of clauses (A) and (B), after taking into account applicable federal, state, and local taxes and the Excise Tax, results in the receipt by the Executive, on an after-tax basis, of the greatest portion of the parachute payments. The  parachute  payments  shall be reduced in a manner that maximizes the Executive’s economic position.  Any reduction  of parachute payments pursuant to the preceding sentence shall be made in a manner  consistent with the requirements of Section 409A of the Code, and where two economically equivalent amounts are subject to reduction but payable  at  different times,  such  amounts shall be reduced on a pro rata basis but not below zero.

		
	13.
	Nondisparagement

Both during the Term and at all times thereafter, regardless of the reason for termination, the Executive shall not disparage the Company or its affiliates, and the Company  shall not, and shall use reasonable efforts to not permit the members of  the  Board  and  the senior executives of the Company to disparage the Executive; provided that, nothing in this Section 13 shall limit the right of any person to respond truthfully to any inquiry arising from any legal proceeding.

		
	14.
	Miscellaneous

(a)    Any notice or other communication required or  permitted under  this Agreement shall be effective only if it is in writing and shall be deemed to be given when delivered personally or four (4) days after it  is mailed  by registered  or  certified mail, postage prepaid, return receipt requested or one day after it is sent by a reputable overnight courier service and, in each case, addressed as follows (or if it is sent through any other method agreed upon by the parties):

If to the Company:

Overseas Shipholding Group, Inc. 302 Knights Run Avenue #1200
Tampa, Florida 33602
Attn:  Chair - Human  Resources and Compensation Committee of the Board of Directors

with a copy to:

General Counsel If to the Executive:
At such address on file with the Company

or to such other address as any party hereto may designate by notice to the others.

(b)    This Agreement shall constitute the entire agreement among the parties hereto with respect to the Executive’s employment hereunder, and supersedes  and is in full substitution for any and all prior understandings or agreements with respect  to the Executive’s employment, including, but not limited to, any understandings or agreements under the Overseas Shipholding Group, Inc. Severance Plan and the Original Agreement.

(c)    This Agreement may be amended only by an instrument in writing signed by the parties hereto, and any provision hereof may be waived only by an instrument in writing signed by the party or parties against  whom or  which enforcement  of such waiver is sought. The failure of any party hereto at any time to require the performance by any other party hereto of any provision hereof shall in no way affect the full right to require such performance at any time thereafter, nor shall the waiver by any party hereto of a breach of any provision hereof be taken or held to be a waiver of any succeeding breach of such provision or a waiver of the provision itself or a waiver of any other provision of this Agreement.

(d)    The parties hereto acknowledge and agree that each party has reviewed and negotiated the terms and provisions of this Agreement and has had the opportunity to contribute to its revision. Accordingly, the rule of construction to the effect that ambiguities are resolved against the drafting party shall not be employed in the interpretation of this Agreement. Rather, the terms of this Agreement shall be construed fairly as to both parties hereto and not in favor or against either party.

(e)    The parties hereto hereby represent that they each have the authority to enter into this Agreement, and the Executive hereby represents to the Company that the execution of, and  performance of duties under,  this  Agreement shall not constitute a breach of or otherwise violate any other agreement to which the  Executive is a party.  The Executive  hereby further  represents to the Company that he  will not utilize or disclose any confidential information obtained by the Executive in connection with any former employment with respect to his duties and responsibilities hereunder.

(f)    This Agreement is binding on and is for the benefit of the parties hereto and their respective successors, assigns, heirs, executors,  administrators  and other legal representatives. Neither this Agreement nor any right or obligation hereunder may be assigned by the Executive.

(g)    The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company    to assume this Agreement in the same manner

and to the same extent that the Company would have been required to perform it if no such succession had taken place. As used  in  this  Agreement,  “the  Company”  shall mean both the Company as defined above and any such successor that assumes this Agreement, by operation of law or otherwise.

(h)    Any provision of this Agreement (or portion thereof) which is deemed invalid, illegal or unenforceable in any jurisdiction  shall, as  to that  jurisdiction  and subject to this Section 14(h), be ineffective to the  extent  of such  invalidity,  illegality  or unenforceability, without affecting in any way the remaining provisions thereof in such jurisdiction or rendering that or any other provisions of this Agreement invalid, ille gal, or unenforceable in any other jurisdiction. If any covenant should be deemed invalid, illegal or unenforceable because its scope is considered excessive, such covenant shall be modified so that the scope of the covenant is reduced only to the minimum extent necessary to render the modified covenant valid, legal and enforceable.  No  waiver  of  any provision or violation of this Agreement by the Company shall be implied by the Company’s forbearance or failure to take action.

(i)    The Company may withhold from any amounts payable to the Executive hereunder all federal, state, city or other taxes that the Company may reasonably determine are required to be withheld pursuant to any applicable law or regulation (it being understood that the Executive shall be responsible for payment of all taxes in respect of the payments and benefits provided herein).

(j)    This Agreement may be executed in several counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. A facsimile of a signature shall be deemed to be and have the effect of an original signature.

(k)    The headings in this Agreement are inserted for convenience of reference only and shall not be a part of or control or affect the meaning of any provis ion hereof.

(l)    Notwithstanding anything herein or in any other agreement with or policy (including without limitation any code of conduct or employee manual) of the Company, nothing herein or therein is intended to or shall: (i) prohibit the Executive fro m making reports of possible violations of federal law or regulation (even if the Executive participated in such violations) to, and cooperating with,  any  governmental  agency or entity in accordance with the provisions of and rules promulgated  under  Sectio n  21F of the Securities Exchange  Act of 1934 or Section  806 of the Sarbanes-Oxley Act of 2002  or  of any other  whistleblower  protection  provisions of state or  federal law or regulation;
(ii) require notification to or prior approval by the Company of any su ch reporting or cooperation; or (iii) result in a waiver or other limitation of the Executive’s rights and remedies as a whistleblower, including to a monetary award. Notwithstanding the foregoing, the Executive is not authorized (and the above should not be read as  permitting the Executive) to disclose communications with counsel that  were  made  for the purpose of receiving legal advice or that contain legal advice or that are protected by the attorney work product or similar privilege.  Furthermore,  the  Executive  will  not be held criminally or civilly liable under any federal or state trade secret law  for  the disclosure of a trade secret that is made (1) in confidence to a federal, state or local government official, either directly or indirectly, or to an    attorney, in each case, solely for

the purpose of reporting or investigating a suspected violation of law or (2) in a complaint or other document filed in a lawsuit or proceeding, if such filings are made under seal.

[Signature Page to Follow]

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

Executive

___   _     _    _    _   _   _     _   _   _      Samuel H. Norton

Overseas Shipholding Group, Inc.

Name:  Douglas D. Wheat
Title: Chairman of the Board of Directors

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