Document:

Exhibit 10.2

 

Form of Amendment No. 4 to Jeffrey D. Pribor’s
Employment Agreement

 

This Amendment No. 4 (the “Amendment”),
dated as of April 7, 2022 (the “Effective Date”), is between International Seaways, Inc. (the “Company”)
and Jeffrey D. Pribor (the “Executive”).

 

WHEREAS, the Company
and the Executive previously entered into an employment agreement, dated November 9, 2016, as amended as of April 5, 2019, April 2, 2020
and March 16, 2021 (the “Employment Agreement”).

 

WHEREAS, the Company
and the Executive wish to amend the Employment Agreement in accordance with Section 13(c) thereof.

 

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

 

		1.	Section 3(a) is hereby amended by replacing “$530,000” with “$547,000”.

 

		2.	Except as provided herein, the terms and conditions of the Employment Agreement shall remain in full force and effect and shall be
binding on the Company.

 

		3.	This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but
all of which shall constitute one and the same instrument.

 

[Signature Page Follows]

 

     

     

    

 

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

 

	 	Jeffrey D. Pribor
	 	 
	 	 
	 	 
	 	International Seaways, Inc.
	 	 
	 	 
	 	Name:
	 	 
	 	 
	 	Title:Exhibit 10.3

 

Form of Amendment No. 5 to James D. Small’s
Employment Agreement

 

This Amendment No. 5 (the “Amendment”),
dated as of April 7, 2022 (the “Effective Date”), is between International Seaways, Inc. (the “Company”)
and James D. Small (the “Executive”).

 

WHEREAS, Overseas Shipholding
Group, Inc. (“OSG”) and the Executive previously entered into an employment agreement, dated February 13, 2015 and
as amended as of March 30, 2016, August 3, 2016, November 7, 2016 and April 2, 2020, which was assumed by the Company (the “Employment
Agreement”).

 

WHEREAS, the Employment
Agreement was assigned to the Company on November 30, 2016 in connection with the spin-off of the Company from OSG (the “Assignment”).

 

WHEREAS, pursuant to
Section 13(g) of the Employment Agreement, following the Assignment, references to “the Company” in the Employment Agreement
constitute a reference to the Company (rather than to OSG).

 

WHEREAS, the Company
and the Executive wish to amend the Employment Agreement in accordance with Section 13(c) thereof.

 

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

 

		1.	Section 3(a) is hereby amended by replacing “$485,000” with “$500,500”.

 

		2.	Except as provided herein, the terms and conditions of the Employment Agreement shall remain in full force and effect and shall be
binding on the Company in the same manner and to the same extent as on OSG if no assignment to the Company had taken place.

 

		3.	This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but
all of which shall constitute one and the same instrument.

 

[Signature Page Follows]

 

     

     

    

 

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

 

	 	James D. Small III
	 	 
	 	 
	 	 
	 	International Seaways, Inc.
	 	 
	 	 
	 	Name:
	 	 
	 	 
	 	Title:Exhibit10.4

 

Form of Amendment No. 6 to Wale Oshodi’s
Employment Agreement

 

This Amendment No. 4 (the “Amendment”),
dated as of April 7, 2022 (the “Effective Date”), is between International Seaways, Inc. (the “Company”)
and Adewale O. Oshodi (the “Executive”).

 

WHEREAS, Overseas Shipholding
Group, Inc. (“OSG”) and the Executive previously entered into an employment agreement, dated September 29, 2014 and
as amended as of March 2, 2015, which was assumed by the Company and subsequently further amended as of November 7, 2017, April 5, 2019,
April 2, 2020 and March 16, 2021 (the “Employment Agreement”).

 

WHEREAS, the Employment
Agreement was assigned to the Company on November 30, 2016 in connection with the spin-off of the Company from OSG (the “Assignment”).

 

WHEREAS, pursuant to
Section 13(g) of the Employment Agreement, following the Assignment, references to “the Company” in the Employment Agreement
constitute a reference to the Company (rather than to OSG).

 

WHEREAS, the Company
and the Executive wish to amend the Employment Agreement in accordance with Section 13(c) thereof.

 

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

 

		1.	Section 3(a) is hereby amended by replacing “$276,848” with “$285,708”.

 

		2.	Except as provided herein, the terms and conditions of the Employment Agreement shall remain in full force and effect and shall be
binding on the Company in the same manner and to the same extent as on OSG if no assignment to the Company had taken place.

 

		3.	This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but
all of which shall constitute one and the same instrument.

 

[Signature Page Follows]

 

     

     

    

 

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

 

	 	Adewale O. Oshodi
	 	 
	 	 
	 	 
	 	International Seaways, Inc.
	 	 
	 	 
	 	Name:
	 	 
	 	 
	 	Title:ai-ex43_25.htm

Exhibit 4.3

SECOND AMENDMENT TO
RIGHTS AGREEMENT

THIS SECOND AMENDMENT TO RIGHTS AGREEMENT (this “Second Amendment”) is made as of this 11th day of April, 2022 between ARLINGTON ASSET INVESTMENT CORP., Virginia Corporation formerly known as Friedman, Billings, Ramsey Group, Inc. (the “Company”), and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC (the “Rights Agent”).

RECITALS

A.The Company and the Rights Agent are parties to that certain Rights Agreement, dated as of June 5, 2009, as amended by that certain First Amendment to the Rights Agreement, between the Company and the Rights Agent, dated April 13, 2018 (as so amended, the “Rights Agreement”).

B.Pursuant to Section 26 of the Rights Agreement, prior to the Distribution Date, the Company may, in its sole and absolute discretion, and the Rights Agent shall, if the Company so directs, supplement or amend any provision of the Rights Agreement in any respect without the approval of any holders of Rights, with any such supplement or amendment to be evidenced by a writing signed by the Company and the Rights Agent.  The Distribution Date has not yet occurred.

C.The Board of Directors of the Company has determined that it is in the best interest of the Company to amend the Rights Agreement as provided in this Second Amendment.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Rights Agent hereby agree as follows:

1.Definitions.  Except as otherwise set forth in this Second Amendment, each capitalized term used in this Second Amendment shall have the meaning for such term set forth in the Rights Agreement.

2.Definition of “Agreement.”  From and after the date hereof, all references in the Rights Agreement to the “Agreement” shall mean and refer to the Rights Agreement as modified by this Second Amendment.

3.Definition of “Expiration Date.”  Section 1(x) of the Rights Agreement is hereby amended by deleting the reference to “June 4, 2019” and replacing it with a reference to “the final date of the Company’s 2022 annual meeting of shareholders.”

4.Definition of “Final Expiration Date.”  Section 1(y) of the Rights Agreement is hereby amended by deleting the reference to “June 4, 2022” and replacing it with a reference to “June 4, 2025.”

5.Definition of “Purchase Price.”  Section 1(dd) of the Rights Agreement is hereby amended by deleting the reference to “$70.00” and replacing it with a reference to “$21.30.”

6.Form of Rights Certificate.  Exhibit B to the Rights Agreement is hereby amended as follows:

	
 
	
1.
	
By deleting each reference to “June 4, 2022” included in Exhibit B and replacing it with a reference to “June 4, 2025.”

	
 
	
2.
	
By deleting the reference to “$70.00” and replacing it with a reference to “$21.30.”

 

7.Summary of Rights.  Exhibit C to the Rights Agreement is hereby amended as follows:

	
 
	
1.
	
By deleting the reference to “June 4, 2022” and replacing it with a reference to “June 4, 2025.”

	
 
	
2.
	
By deleting the reference to “June 4, 2019” and replacing it with a reference to “June 4, 2022.”

 

 

	
 
		

	
 
	
3.
	
By deleting the reference to “$70.00” and replacing it with a reference to “$21.30.”

8.Ratification of Agreement.  Except as specifically modified by this Second Amendment, the Rights Agreement remains in full force and effect and is hereby ratified, confirmed and reaffirmed for all purposes and in all respects.

9.Counterparts.  This Second Amendment may be executed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute but one original; provided, however, this Second Amendment shall not be effective unless and until signed by the Company and the Rights Agent.

	
 
	
Company:

	
 
	
 
	
 
	
 

	
 
	
ARLINGTON ASSET INVESTMENT CORP.

	
 
	
 
	
 
	
 

	
 
	
By:
	
 
	
/s/ Richard E. Konzmann

	
 
	
Name:
	
 
	
Richard E. Konzmann

	
 
	
Title:
	
 
	
Executive Vice President, Chief Financial Officer and Treasurer

	
 
	
 

RIGHTS AGENT:

	
 
	
 
	
 
	
 

	
 
	
AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC

	
 
	
 
	
 
	
 

	
 
	
By:
	
 
	
/s/ Joseph Dooley

	
 
	
Name:
	
 
	
Joseph Dooley

	
 
	
Title:
	
 
	
Senior Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}]]