Document:

Exhibit 4.1

 

Lock-Up Agreement

 

                      
      , 2005

 

UBS Securities LLC

Merrill Lynch, Pierce, Fenner &
Smith Incorporated

Together with the other Underwriters

named in Schedule A to the Underwriting
Agreement

referred to herein

 

c/o UBS Securities LLC

299 Park Avenue

New York, New York 10171-0026

 

Ladies and Gentlemen:

 

This Lock-Up Agreement is being
delivered to you in connection with the proposed Underwriting Agreement (the “Underwriting
Agreement”) to be entered into by Double Hull Tankers, Inc. a Marshall
Islands corporation (the “Company”), the Selling Stockholder named
therein and you and the other underwriters named in Schedule A to the
Underwriting Agreement, with respect to the public offering (the “Offering”)
of common stock, par value $.01 per share, of the Company (the “Common Stock”).

 

In order to induce you to enter
into the Underwriting Agreement, the undersigned agrees that, for a period (the
“Lock-Up Period”) beginning on the date hereof and ending on, and
including, the date that is 180 days after the date of the final prospectus
relating to the Offering, the undersigned will not, without the prior written
consent of UBS Securities LLC and Merrill Lynch, Pierce, Fenner &
Smith Incorporated, (i) sell, offer to sell, contract or agree to sell,
hypothecate, pledge, grant any option to purchase or otherwise dispose of or
agree to dispose of, directly or indirectly, or file (or participate in the
filing of) a registration statement with the Securities and Exchange Commission
(the “Commission”) in respect of, or establish or increase a put
equivalent position or liquidate or decrease a call equivalent position within
the meaning of Section 16 of the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission promulgated
thereunder (the “Exchange Act”) with respect to, any Common Stock or any
securities convertible into or exercisable or exchangeable for Common Stock, or
warrants or other rights to purchase Common Stock or any such securities, (ii) enter
into any swap or other arrangement that transfers to another, in whole or in
part, any of the economic consequences of ownership of Common Stock or any
securities convertible into or exercisable or exchangeable for Common Stock, or
warrants or other rights to purchase Common Stock or any such securities,
whether any such transaction is to be settled by delivery of Common Stock or
such other securities, in cash or otherwise or (iii) publicly announce an
intention to effect any transaction specified in clause (i) or (ii).  The foregoing sentence shall not apply to (a) the
registration of or sale to the Underwriters (as defined in the Underwriting
Agreement) of any

 

 

Common Stock pursuant to the Offering and the
Underwriting Agreement, (b) bona fide gifts, provided the recipient
thereof agrees in writing with the Underwriters to be bound by the terms of
this Lock-Up Agreement or (c) dispositions to any trust for the direct or
indirect benefit of the undersigned and/or the immediate family of the
undersigned, provided that such trust agrees in writing with the Underwriters
to be bound by the terms of this Lock-Up Agreement.  For purposes of this paragraph, “immediate
family” shall mean the undersigned and the spouse, any lineal descendent,
father, mother, brother or sister of the undersigned.

 

In addition, the undersigned
hereby waives any rights the undersigned may have to require registration of
Common Stock in connection with the filing of a registration statement relating
to the Offering.  The undersigned further
agrees that, for the Lock-Up Period, the undersigned will not, without the
prior written consent of UBS Securities LLC and Merrill Lynch, Pierce, Fenner &
Smith Incorporated, make any demand for, or exercise any right with respect to,
the registration of Common Stock or any securities convertible into or
exercisable or exchangeable for Common Stock, or warrants or other rights to purchase
Common Stock or any such securities.

 

Notwithstanding the above, if (a) during
the period that begins on the date that is fifteen (15) calendar days plus
three (3) business days before the last day of the Lock-Up Period and ends
on the last day of the Lock-Up Period, the Company issues an earnings release
or material news or a material event relating to the Company occurs; or (b) prior
to the expiration of the Lock-Up Period, the Company announces that it will
release earnings results during the sixteen (16) day period beginning on the
last day of the Lock-Up Period, then the restrictions imposed by this Lock-Up
Agreement shall continue to apply until the expiration of the date that is
fifteen (15) calendar days plus three (3) business days after the date on
which the issuance of the earnings release or the material news or material
event occurs;

 

In addition, the undersigned hereby waives
any and all preemptive rights, participation rights, resale rights, rights of
first refusal and similar rights that the undersigned may have in connection
with the Offering or with any issuance or sale by the Company of any equity or
other securities before the Offering, except for any such rights as have been
heretofore duly exercised.

 

The undersigned hereby confirms
that the undersigned has not, directly or indirectly, taken, and hereby
covenants that the undersigned will not, directly or indirectly, take, any
action designed, or which has constituted or will constitute or might
reasonably be expected to cause or result in, under the Exchange Act or
otherwise, the stabilization or manipulation of the price of any security of
the Company to facilitate the sale or resale of shares of Common Stock.

 

*    
*     *

 

 

If (i) the Company
notifies you in writing that it does not intend to proceed with the Offering, (ii) the
registration statement filed with the Commission with respect to the Offering
is withdrawn or (iii) for any reason the Underwriting Agreement shall be
terminated prior to the “time of purchase” (as defined in the Underwriting
Agreement), this Lock-Up Agreement shall be terminated and the undersigned
shall be released from its obligations hereunder.

 

	
   

  	
  Yours very truly,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:Exhibit 4.2

 

 

 

REGISTRATION RIGHTS AGREEMENT

 

by and between

 

DOUBLE HULL TANKERS, INC.

 

AND OSG INTERNATIONAL, INC.

 

 

Dated as of [•], 2005

 

 

 

 

TABLE OF CONTENTS

 

	
  1.
  CERTAIN DEFINITIONS

  	
   

  
	
   

  	
   

  
	
  2.
  DEMAND REGISTRATIONS

  	
   

  
	
  (a)  Right to Request Registration

  	
   

  
	
  (b)  Number of Demand Registrations

  	
   

  
	
  (c)  Priority on Demand Registrations

  	
   

  
	
  (d)  Restrictions on Demand
  Registrations

  	
   

  
	
  (e)  Selection of Underwriters

  	
   

  
	
  (f)  Other Registration Rights

  	
   

  
	
  (g)  Effective Period of Demand
  Registrations

  	
   

  
	
   

  	
   

  
	
  3. PIGGYBACK REGISTRATIONS

  	
   

  
	
  (a)  Right to Piggyback

  	
   

  
	
  (b)  Priority on Primary Registrations

  	
   

  
	
  (c)  Priority on Secondary
  Registrations

  	
   

  
	
  (d)  Selection of Underwriters

  	
   

  
	
  (e)  Other Registrations

  	
   

  
	
   

  	
   

  
	
  4.
  HOLDBACK AGREEMENTS

  	
   

  
	
   

  	
   

  
	
  5. REGISTRATION PROCEDURES

  	
   

  
	
   

  	
   

  
	
  6.
  REGISTRATION EXPENSES

  	
   

  
	
   

  	
   

  
	
  7. INDEMNIFICATION

  	
   

  
	
   

  	
   

  
	
  8.
  PARTICIPATION IN UNDERWRITTEN REGISTRATIONS

  	
   

  
	
   

  	
   

  
	
  9. RULE 144

  	
   

  
	
   

  	
   

  
	
  10. MISCELLANEOUS

  	
   

  
	
  (a) 
  Notices

  	
   

  
	
  (b) 
  No Waivers

  	
   

  
	
  (c) 
  Expenses

  	
   

  
	
  (d)  Successors and Assigns

  	
   

  
	
  (e) 
  Governing Law

  	
   

  
	
  (f) 
  Jurisdiction

  	
   

  
	
  (g)  Waiver of Jury Trial

  	
   

  
	
  (h)  Counterparts; Effectiveness

  	
   

  
	
  (i)  Entire Agreement

  	
   

  
	
  (j) Captions

  	
   

  

 

i

 

	
  (k) Severability

  	
   

  
	
  (l) Amendments

  	
   

  
	
  (m) Aggregation of Shares

  	
   

  
	
  (n) Equitable Relief

  	
   

  

 

ii

 

REGISTRATION
RIGHTS AGREEMENT, dated as of [•], 2005, by and between Double Hull Tankers, Inc.,
a Marshall Islands company (the “Company”) and OSG International, Inc. a Marshall
Islands company (the “Shareholder”).

 

In
consideration of the mutual covenants and agreements herein contained and other
good and valid consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties to this Agreement hereby agree as follows:

 

1.  CERTAIN
DEFINITIONS.

 

In addition to
the terms defined elsewhere in this Agreement, the following terms shall have
the following meanings:

 

“Affiliate” of
any Person means any other Person which directly, or indirectly through one or
more intermediaries, controls, or is controlled by, or is under common control
with, such Person.  The term “control”
(including the terms “controlling,” “controlled by” and “under common control
with”) as used with respect to any Person means the possession, direct or
indirect, of the power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities, by
contract or otherwise.

 

“Agreement”
means this Registration Rights Agreement, including all amendments,
modifications and supplements and any exhibits or schedules to any of the
foregoing, and shall refer to this Registration Rights Agreement as the same
may be in effect at the time such reference becomes operative.

 

“Common Shares”
means common shares, par value $0.01 per share, of the Company and any other
shares into which such shares are converted pursuant to a recapitalization or
reorganization.

 

“Company” has
the meaning set forth in the introductory paragraph.

 

“Demand Registration”
has the meaning set forth in Section 2(a) hereof.

 

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

 

“Governmental
Entity” means any national, federal, state, municipal, local, territorial,
foreign or other government or any department, commission, board, bureau,
agency, regulatory authority or instrumentality thereof, or any court,
judicial, administrative or arbitral body or public or private tribunal.

 

“Holder” means
any holder of record of Registrable Common Shares and any transferees of such
Registrable Common Shares from such Holders; provided, however, that such transferees
must continue to hold at least 5% of the outstanding Common Shares in order to
exercise a Demand Registration or a Piggyback Registration (as defined below).  For purposes of this Agreement, the Company
may deem and treat

 

 

the registered holder of Registrable Common Shares as the Holder and
absolute owner thereof, and the Company shall not be affected by any notice to
the contrary.

 

“Initiating
Holders” has the meaning set forth in Section 2(a) hereof.

 

“IPO” means
the sale in an underwritten initial public offering registered under the
Securities Act of Common Shares.

 

“Memoranda of
Agreement” means the following memoranda of agreement, each dated as of September 20,
2005, between: (i) Ann Tanker Corporation and 1320 Tanker Corporation, for
the purchase and sale of the Overseas Ann, (ii) Chris
Tanker Corporation and 1321 Tanker Corporation for the purchase and sale of the
Overseas Chris, (iii) Regal Unity
Tanker Corporation and Regency Tankers Corporation, for the purchase and sale
of the Regal Unity, (iv) Cathy Tanker
Corporation and Tenth Aframax Corporation, for the purchase and sale of the Overseas Cathy, (v) Sophie Tanker Corporation and Ninth
Aframax Tanker Corporation, for the purchase and sale of the Overseas Sophie, (vi) Rebecca Tanker Corporation and
Third Aframax Corporation, for the purchase and sale of the Rebecca and (vii) Ania Tanker Corporation and Sargasso
Tanker Corporation, for the purchase and sale of the Ania.

 

“Person” means
any individual, sole proprietorship, partnership, limited liability company,
joint venture, trust, incorporated organization, association, corporation,
institution, public benefit corporation, Governmental Entity or any other
entity.

 

“Piggyback
Registration” has the meaning set forth in Section 3(a).

 

“Prospectus”
means the prospectus or prospectuses included in any Registration Statement, as
amended or supplemented by any prospectus supplement with respect to the terms
of the offering of any portion of the Registrable Common Shares covered by such
Registration Statement and by all other amendments and supplements to the
prospectus, including post-effective amendments and all material incorporated
by reference in such prospectus or prospectuses.

 

“Registrable
Common Shares” means the Common Shares delivered to the Shareholder or
affiliates of the Shareholder pursuant to the Memoranda of Agreement together
with any shares the Shareholder owns on the date of the IPO; provided, however,
Registrable Common Shares shall not include any securities sold by a Person to
the public either pursuant to a Registration Statement or Rule 144.

 

“Registration
Expenses” has the meaning set forth in Section 6(a).

 

“Registration
Statement” means any registration statement of the Company which covers any of
the Registrable Common Shares pursuant to the provisions of this Agreement,
including the Prospectus, amendments and supplements to such Registration
Statement, including post-effective amendments, all exhibits and all materials
incorporated by reference in such Registration Statement.

 

“SEC” means
the Securities and Exchange Commission.

 

2

 

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

 

“Shareholder”
has the meaning set forth in the introductory paragraph.

 

“Suspension
Notice” has the meaning set forth in Section 5(f) hereof.

 

“underwritten
registration or underwritten offering” means a registration in which securities
of the Company are sold to underwriters for reoffering to the public.

 

“Withdrawn
Demand Registration” has the meaning set forth in Section 2(g) hereof.

 

2.  DEMAND
REGISTRATIONS.

 

(a)  Right to Request Registration.  At any time 180 days following the IPO, any
Holder or Holders may request registration under the Securities Act (“Initiating
Holders”) of all or part of the Registrable Common Shares (“Demand Registration”);
provided, that (i) any time such Holder Demand Registration must cover an
amount of Registrable Common Shares held by such Holder that is greater than or
equal to 5% of the Company’s outstanding common shares.

 

Within 10 days
after receipt of any such request for Demand Registration, the Company shall
give written notice of such request to all other Holders of Registrable Common
Shares and shall, subject to the provisions of Section 2(d) hereof,
include in such registration all such Registrable Common Shares with respect to
which the Company has received written requests for inclusion therein within 15
days after the receipt of the Company’s notice.

 

(b)  Number of Demand Registrations.  Subject to the provisions of Section 2(a),
the Initiating Holders of Registrable Common Shares shall collectively be
entitled to request an aggregate of three (3) Demand Registrations.  A registration shall not count as one of the
permitted Demand Registrations (i) until it has become effective, (ii) if
the Initiating Holders requesting such registration are not able to register at
least 50% of the Registrable Common Shares requested by such Initiating Holder
to be included in such registration or (iii) in the case of a Demand
Registration that would be the last permitted Demand Registration requested
hereunder, if the Initiating Holder requesting such registration is not able to
register all of the Registrable Common Shares requested to be included by such
Initiating Holder in such registration.

 

(c)  Priority
on Demand Registrations.  Except as provided in Section 2(g), the
Company shall not include in any Demand Registration any securities which are
not Registrable Common Shares without the written consent of the Holders of a
majority of the shares of Registrable Common Shares to be included in such
registration, or, if such Demand Registration is an underwritten offering,
without the written consent of the managing underwriters.  If the managing underwriters of the requested
Demand Registration advise the Company in writing that in their opinion the
number of shares of Registrable Common Shares proposed to be included in any
such registration exceeds the number of securities which can be sold in such
offering and/or that the number of shares

 

3

 

of Registrable Common Shares
proposed to be included in any such registration would adversely affect the
price per share of the Company’s equity securities to be sold in such offering,
the Company shall include in such registration only the number of shares of
Registrable Common Shares which in the opinion of such managing underwriters
can be sold.  If the number of shares
which can be sold is less than the number of shares of Registrable Common
Shares proposed to be registered, the amount of Registrable Common Shares to be
so sold shall be allocated pro rata among the Holders of Registrable Common
Shares desiring to participate in such registration on the basis of the amount
of such Registrable Common Shares initially proposed to be registered by such
Holders.  If the number of shares which
can be sold exceeds the number of shares of Registrable Common Shares proposed
to be sold, such excess shall be allocated pro rata among the other holders of
securities, if any, desiring to participate in such registration based on the
amount of such securities initially requested to be registered by such holders
or as such holders may otherwise agree.

 

(d)  Restrictions
on Demand Registrations.  The Company shall not be obligated to effect
any Demand Registration within three months after the effective date of a
previous Demand Registration, or a previous registration under which the
Initiating Holders had piggyback rights pursuant to Section 3 hereof
wherein the Initiating Holders were permitted to register, and actually sold,
at least 50% of the shares of Registrable Common Shares requested to be
included therein.  The Company may
postpone for up to ninety (90) days the filing or the effectiveness of a
Registration Statement for a Demand Registration if, based on the good faith
judgment of the Company’s board of directors, such postponement or withdrawal
is necessary in order to avoid premature disclosure of a matter the board has
determined would not be in the best interest of the Company to be disclosed at
such time; provided, however, that in no event shall the Company withdraw a Registration
Statement after such Registration Statement has been declared effective; and
provided, further, however, that in the event described above, the Initiating
Holders requesting such Demand Registration shall be entitled to withdraw such
request and, if such request is withdrawn, such Demand Registration shall not
count as one of the permitted Demand Registrations.  The Company shall provide written notice to
the Initiating Holders requesting such Demand Registration of (x) any
postponement or withdrawal of the filing or effectiveness of a Registration
Statement pursuant to this Section 2(d), (y) the Company’s decision to
file or seek effectiveness of such Registration Statement following such
withdrawal or postponement and (z) the effectiveness of such Registration
Statement.  The Company may defer the
filing of a particular Registration Statement pursuant to this Section 2(d) only
once during any twelve-month period.

 

(e)  Selection of Underwriters.  If any of the Registrable Common Shares
covered by a Demand Registration are to be sold in an underwritten offering,
the Initiating Holders shall have the right to select the managing
underwriter(s) to administer the offering subject to the approval of the
Company, which will not be unreasonably withheld.

 

(f)  Other Registration Rights.  The Company shall not grant to any Person the
right, other than as set forth herein, to request the Company to register any
securities of the Company except such rights as are not more favorable than or
inconsistent with the

 

4

 

rights granted to the Holders
herein.  In the event the Company grants
rights which are more favorable, the Company will make such provisions
available to the Holders and will enter into any amendments necessary to confer
such rights on the Holders.

 

(g)  Effective
Period of Demand Registrations.  After any Demand Registration filed pursuant
to this Agreement has become effective, the Company shall use its best efforts
to keep such Demand Registration effective for a period equal to 180 days from
the date on which the SEC declares such Demand Registration effective (or if
such Demand Registration is not effective during any period within such 180
days, such 180-day period shall be extended by the number of days during such
period when such Demand Registration is not effective), or such shorter period
which shall terminate when all of the Registrable Common Shares covered by such
Demand Registration have been sold pursuant to such Demand Registration.  If the Company shall withdraw any Demand
Registration pursuant to Section 2(d) (a “Withdrawn Demand
Registration”), the Initiating Holders of the Registrable Common Shares
remaining unsold and originally covered by such Withdrawn Demand Registration
shall be entitled to a replacement Demand Registration which (subject to the
provisions of this Section 2) the Company shall use its best efforts to
keep effective for a period commencing on the effective date of such Demand
Registration and ending on the earlier to occur of the date (i) which is
180 days from the effective date of such Demand Registration and (ii) on
which all of the Registrable Common Shares covered by such Demand Registration
have been sold.  Such additional Demand
Registration otherwise shall be subject to all of the provisions of this
Agreement.

 

3.  PIGGYBACK
REGISTRATIONS.

 

(a)  Right to Piggyback.  If at any time following the IPO the Company
proposes to register any of its common equity securities under the Securities
Act (other than a registration statement on Form S-8 or on Form F-4
or any similar successor forms thereto), whether for its own account or for the
account of one or more shareholders of the Company, and the registration form
to be used may be used for any registration of Registrable Common Shares (a “Piggyback
Registration”), the Company shall give prompt written notice (in any event
within 10 days after its receipt of notice of any exercise of other demand
registration rights) to all Holders of its intention to effect such a registration
and, subject to Sections 3(b) and 3(c), shall include in such registration
all Registrable Common Shares with respect to which the Company has received
written requests for inclusion therein within 15 days after the receipt of the
Company’s notice.  The Company may
postpone or withdraw the filing or the effectiveness of a Piggyback
Registration at any time in its sole discretion.

 

(b)  Priority
on Primary Registrations.  If a Piggyback Registration is an
underwritten primary registration on behalf of the Company, and the managing
underwriters advise the Company in writing that in their opinion the number of
securities requested to be included in such registration exceeds the number
which can be sold in such offering and/or that the number of shares of
Registrable Common Shares proposed to be included in any such registration
would adversely affect the price per share of the Company’s equity securities
to be sold in such offering, the Company shall include in

 

5

 

such registration (i) first, the securities the Company proposes
to sell, (ii) second, the Registrable Common Shares requested to be
included therein by the Holders, pro rata among the Holders of such Registrable
Common Shares on the basis of the number of shares requested to be registered
by such Holders, and (iii) third, other securities requested to be
included in such registration pro rata among the holders of such securities on
the basis of the number of shares requested to be registered by such holders or
as such holders may otherwise agree.

 

(c)  Priority
on Secondary Registrations.  If a Piggyback Registration is an
underwritten secondary registration on behalf of a holder of the Company’s
securities other than Registrable Common Shares, and the managing underwriters
advise the Company in writing that in their opinion the number of securities
requested to be included in such registration exceeds the number which can be
sold in such offering and/or that the number of shares of Registrable Common
Shares proposed to be included in any such registration would adversely affect
the price per share of the Company’s equity securities to be sold in such
offering, the Company shall include in such registration (i) first the
securities requested to be included therein by the holders requesting such
registration and the Registrable Common Shares requested to be included in such
registration, pro rata among the holders of such securities on the basis of the
number of shares requested to be registered by such holders, and (ii) second,
other securities requested to be included in such registration pro rata among
the holders of such securities on the basis of the number of shares requested
to be registered by such holders or as such holders may otherwise agree.

 

(d)  Selection of Underwriters.  If any Piggyback Registration is an
underwritten primary offering, the Company shall have the right to select the
managing underwriter or underwriters to administer any such offering.

 

(e)  Other Registrations.  If the Company has previously filed a
Registration Statement with respect to Registrable Common Shares, and if such
previous registration has not been withdrawn or abandoned, the Company shall
not be obligated to cause to become effective any other registration of any of
its securities under the Securities Act, whether on its own behalf or at the
request of any holder or holders of such securities, until a period of at least
three months has elapsed from the effective date of such previous registration.

 

4.  HOLDBACK
AGREEMENTS.

 

(a)  The
Company agrees not to effect any sale or distribution of any of its equity
securities during the 10 days prior to and during the 180 days beginning on the
effective date of any underwritten Demand Registration or any underwritten
Piggyback Registration (except as part of such underwritten registration or
pursuant to registrations on Form S-8 or F-4 or any successor forms
thereto) unless the underwriters managing the offering otherwise agree to a
shorter period.

 

6

 

5.  REGISTRATION
PROCEDURES.

 

(a)  Whenever
the Holders request that any Registrable Common Shares be registered pursuant
to this Agreement, the Company shall use its best efforts to effect the
registration and the sale of such Registrable Common Shares in accordance with
the intended methods of disposition thereof, and pursuant thereto the Company
shall as expeditiously as possible:

 

(i)  prepare and file with the SEC a
Registration Statement with respect to such Registrable Common Shares and use
its best efforts to cause such Registration Statement to become effective as
soon as practicable thereafter; and before filing a Registration Statement or
Prospectus or any amendments or supplements thereto, furnish to the Holders of
Registrable Common Shares covered by such Registration Statement and the
underwriter or underwriters, if any, copies of all such documents proposed to
be filed, including documents incorporated by reference in the Prospectus and,
if requested by such Holders, the exhibits incorporated by reference, and such
Holders shall have the opportunity to object to any information pertaining to
such Holders that is contained therein and the Company will make the
corrections reasonably requested by such Holders with respect to such
information prior to filing any Registration Statement or amendment thereto or
any Prospectus or any supplement thereto;

 

(ii)  prepare and file with the SEC such
amendments and supplements to such Registration Statement and the Prospectus
used in connection therewith as may be necessary to keep such Registration
Statement effective for a period of not less than 180 days, in the case of a
Demand Registration or such shorter period as is necessary to complete the
distribution of the securities covered by such Registration Statement and
comply with the provisions of the Securities Act with respect to the
disposition of all securities covered by such Registration Statement during
such period in accordance with the intended methods of disposition by the
sellers thereof set forth in such Registration Statement;

 

(iii)  furnish to each seller of
Registrable Common Shares such number of copies of such Registration Statement,
each amendment and supplement thereto, the Prospectus included in such Registration
Statement (including each preliminary Prospectus) and such other documents as
such seller may reasonably request in order to facilitate the disposition of
the Registrable Common Shares owned by such seller;

 

(iv)  use its best efforts to register
or qualify such Registrable Common Shares under such other securities or blue
sky laws of such jurisdictions as any seller reasonably requests and do any and
all other acts and things which may be reasonably necessary or advisable to
enable such seller to consummate the disposition in such jurisdictions of the
Registrable Common Shares owned by such seller (provided, that the Company will
not be required to (i) qualify generally to do business in any
jurisdiction where it would not otherwise be required to qualify but for this
subparagraph (d), (ii) subject itself to taxation in

 

7

 

any such jurisdiction or (iii) consent to general service of
process in any such jurisdiction);

 

(v)  notify each seller of such Registrable
Common Shares, at any time when a Prospectus relating thereto is required to be
delivered under the Securities Act, of the occurrence of any event as a result
of which the Prospectus included in such Registration Statement contains an
untrue statement of a material fact or omits any fact necessary to make the
statements therein not misleading, and, at the request of any such seller, the
Company shall prepare a supplement or amendment to such Prospectus so that, as
thereafter delivered to the purchasers of such Registrable Common Shares, such
Prospectus shall not contain an untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein not
misleading;

 

(vi)  in the case of an underwritten
offering, enter into such customary agreements (including underwriting
agreements in customary form with customary indemnification provisions) and
take all such other actions as the Holders of a majority of the Registrable
Common Shares being sold or the underwriters reasonably request in order to
expedite or facilitate the disposition of such Registrable Common Shares
(including, without limitation, making members of senior management of the
Company available to participate in, and cause them to cooperate with the underwriters
in connection with, “road-show” and other customary marketing activities
(including one-on-one meetings with prospective purchasers of the Registrable
Common Shares)) and cause to be delivered to the underwriters and the sellers,
if any, opinions of counsel to the Company in customary form, covering such
matters as are customarily covered by opinions for an underwritten public
offering as the underwriters may request and addressed to the underwriters and
the sellers;

 

(vii)  make available, for inspection by
any seller of Registrable Common Shares, any underwriter participating in any
disposition pursuant to such Registration Statement, and any attorney,
accountant or other agent retained by any such seller or underwriter, all
financial and other records, pertinent corporate documents and properties of
the Company, and cause the Company’s officers, directors, employees and
independent accountants to supply all information reasonably requested by any
such seller, underwriter, attorney, accountant or agent in connection with such
Registration Statement;

 

(viii)  use its best efforts to cause
all such Registrable Common Shares to be listed on each securities exchange on
which securities of the same class issued by the Company are then listed;

 

(ix)  if requested, cause to be
delivered, immediately prior to the effectiveness of the Registration Statement
(and, in the case of an underwritten offering, at the time of delivery of any
Registrable Common Shares sold pursuant thereto), letters from the Company’s
independent certified public accountants addressed to each selling Holder
(unless such selling Holder does not provide to

 

8

 

such accountants the appropriate representation letter required by rules governing
the accounting profession) and each underwriter, if any, stating that such
accountants are independent public accountants within the meaning of the
Securities Act and the applicable rules and regulations adopted by the SEC
thereunder, and otherwise in customary form and covering such financial and
accounting matters as are customarily covered by letters of the independent
certified public accountants delivered in connection with primary or secondary
underwritten public offerings, as the case may be;

 

(x)  make
generally available to its shareholders a consolidated earnings statement
(which need not be audited) for the 12 months beginning after the effective
date of a Registration Statement as soon as reasonably practicable after the
end of such period, which earnings statement shall satisfy the requirements of
an earning statement under Section 11(a) of the Securities Act; and

 

(1)  promptly notify each seller of
Registrable Common Shares and the underwriter or underwriters, if any:

 

(2)  when the Registration Statement,
any pre-effective amendment, the Prospectus or any Prospectus supplement or
post-effective amendment to the Registration Statement has been filed and, with
respect to the Registration Statement or any post-effective amendment, when the
same has become effective;

 

(3)  of any comments of the SEC or of
any written request by the SEC for amendments or supplements to the
Registration Statement or Prospectus;

 

(4)  of the notification to the Company
by the SEC of its initiation of any proceeding with respect to the issuance by the
SEC of any stop order suspending the effectiveness of the Registration
Statement; and

 

(5)  of the receipt by the Company of
any notification with respect to the suspension of the qualification of any Registrable
Common Shares for sale under the applicable securities or blue sky laws of any
jurisdiction.

 

(b)  The
Company shall ensure that no Registration Statement (including any amendments
or supplements thereto and Prospectuses contained therein) shall contain any
untrue statement of a material fact or omit to state a material fact required
to be stated therein, or necessary to make the statements therein not
misleading (except, with respect to any Holder, for an untrue statement or
alleged untrue statement of a material fact or omission or alleged omission of
a material fact made in reliance on and in conformity with written information
furnished to the Company by or on behalf of such Holder specifically for use
therein).

 

(c)  The
Company shall make available to each Holder whose Registrable Common Shares are
included in a Registration Statement (i) promptly after the same is

 

9

 

prepared and publicly
distributed, filed with the SEC, or received by the Company, one copy of each
Registration Statement and any amendment thereto, each preliminary Prospectus
and Prospectus and each amendment or supplement thereto, each letter written by
or on behalf of the Company to the SEC or the staff of the SEC (or other
governmental agency or self-regulatory body or other body having jurisdiction,
including any domestic or foreign securities exchange), and each item of
correspondence from the SEC or the staff of the SEC (or other governmental
agency or self-regulatory body or other body having jurisdiction, including any
domestic or foreign securities exchange), in each case relating to such
Registration Statement (other than any portion thereof which contains
information for which the Company has sought confidential treatment), and (ii) such
number of copies of a Prospectus, including a preliminary Prospectus, and all
amendments and supplements thereto and such other documents as such Holder may
reasonably request in order to facilitate the disposition of the Registrable
Common Shares owned by such Holder.  The
Company will promptly notify each Holder by facsimile of the effectiveness of
each Registration Statement or any post-effective amendment.  The Company will promptly respond to any and
all comments received from the SEC, with a view towards causing each
Registration Statement or any amendment thereto to be declared effective by the
SEC as soon as practicable and shall file an acceleration request as soon as
practicable following the resolution or clearance of all SEC comments or, if applicable,
following notification by the SEC that any such Registration Statement or any
amendment thereto will not be subject to review.

 

(d)  At
all times after the Company has filed a registration statement with the SEC
pursuant to the requirements of either the Securities Act or the Exchange Act,
the Company shall file all reports required to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations adopted
by the SEC thereunder, and take such further action as any Holders may
reasonably request, all to the extent required to enable such Holders to be
eligible to sell Registrable Common Shares pursuant to Rule 144 (or any
similar rule then in effect).

 

(e)  The
Company may require each seller of Registrable Common Shares as to which any
registration is being effected to furnish to the Company any other information
regarding such seller and the distribution of such securities as the Company
may from time to time reasonably request in writing.

 

(f)  Each
seller of Registrable Common Shares agrees by having its shares treated as
Registrable Common Shares hereunder that, upon notice of the happening of any
event as a result of which the Prospectus included in such Registration
Statement contains an untrue statement of a material fact or omits any material
fact necessary to make the statements therein not misleading (a “Suspension
Notice”), such seller will forthwith discontinue disposition of Registrable
Common Shares for a reasonable length of time not to exceed 60 days until such
seller is advised in writing by the Company that the use of the Prospectus may
be resumed and is furnished with a supplemented or amended Prospectus as
contemplated by Section 5(e) hereof, and, if so directed by the
Company, such seller will deliver to the Company (at the Company’s expense) all
copies, other than permanent file copies then in such seller’s possession, of
the Prospectus covering such Registrable Common Shares current at the time of
receipt of such notice;

 

10

 

provided, however, that such
postponement of sales of Registrable Common Shares by the Holders shall not
exceed ninety (90) days in the aggregate in any one year.  If the Company shall give any notice to
suspend the disposition of Registrable Common Shares pursuant to a Prospectus,
the Company shall extend the period of time during which the Company is
required to maintain the Registration Statement effective pursuant to this
Agreement by the number of days during the period from and including the date
of the giving of such notice to and including the date such seller either is
advised by the Company that the use of the Prospectus may be resumed or
receives the copies of the supplemented or amended Prospectus contemplated by Section 5(e).  In any event, the Company shall not be
entitled to deliver more than three (3) Suspension Notices in any one
year.

 

6.  REGISTRATION
EXPENSES.

 

(a)  All
expenses incident to the Company’s performance of or compliance with this
Agreement, including, without limitation, all registration and filing fees,
fees and expenses of compliance with securities or blue sky laws, listing
application fees, printing expenses, transfer agent’s and registrar’s fees,
cost of distributing Prospectuses in preliminary and final form as well as any
supplements thereto, and fees and disbursements of counsel for the Company and
all independent certified public accountants and other Persons retained by the
Company (but not including any underwriting discounts or commissions attributable
to the sale of Registrable Common Shares or fees and expenses of counsel
representing the Holders of Registrable Common Shares) (all such expenses being
herein called “Registration Expenses”), relating to Demand Registrations shall
be borne by the Holders participating in the Demand Registration in which such
excess Registration Expenses are incurred with such Holders paying their
portion of such excess Registration Expenses on a pro rata basis.  All Registration Expenses relating to
Piggyback Registrations shall be borne on a pro rata basis between the Holders
and the Company based on the number of shares being registered by each party in
the offering.  In a Piggyback
Registration, the Company shall pay its internal expenses (including, without
limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), the expense of any annual audit or quarterly
review, the expense of any liability insurance and the expenses and fees for
listing the securities to be registered on each securities exchange on which
they are to be listed.

 

(b)  The
obligation of the Company to bear the expenses described in Section 6(a) shall
apply irrespective of whether a registration, once properly demanded, if
applicable, becomes effective, is withdrawn or suspended, is converted to
another form of registration and irrespective of when any of the foregoing
shall occur; provided, however, that Registration Expenses for any Registration
Statement withdrawn solely at the request of a Holder of Registrable Common
Shares (unless withdrawn following postponement of filing by the Company in
accordance with Section 2(d)(i) or (ii)) or any supplements or
amendments to a Registration Statement or Prospectus resulting from a
misstatement furnished to the Company by a Holder shall be borne by such
Holder.

 

11

 

7.  INDEMNIFICATION.

 

(a)  The
Company shall indemnify, to the fullest extent permitted by law, each Holder,
its officers, directors and Affiliates and each Person who controls such Holder
(within the meaning of the Securities Act) against all losses, claims, damages,
liabilities and expenses arising out of or based upon any untrue or alleged
untrue statement of material fact contained in any Registration Statement,
Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading or
any violation or alleged violation by the Company of the Securities Act, the
Exchange Act or applicable “blue sky” laws, except insofar as the same are made
in reliance and in conformity with information relating to such Holder
furnished in writing to the Company by such Holder expressly for use therein or
caused by such Holder’s failure to deliver to such Holder’s immediate purchaser
a copy of the Registration Statement or Prospectus or any amendments or
supplements thereto (if the same was required by applicable law to be so
delivered) after the Company has furnished such Holder with a sufficient number
of copies of the same.  In connection
with an underwritten offering, the Company shall indemnify such underwriters,
their officers and directors and each Person who controls such underwriters
(within the meaning of the Securities Act) to the same extent as provided above
with respect to the indemnification of the Holders.

 

(b)  In
connection with any Registration Statement in which a Holder of Registrable
Common Shares is participating, each such Holder shall furnish to the Company
in writing such information and affidavits as the Company reasonably requests
for use in connection with any such Registration Statement or Prospectus and,
shall indemnify, to the fullest extent permitted by law, the Company, its
officers, directors Affiliates, and each Person who controls the Company
(within the meaning of the Securities Act) against all losses, claims, damages,
liabilities and expenses arising out of or based upon any untrue or alleged
untrue statement of material fact contained in the Registration Statement,
Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein not misleading, but
only to the extent that the same are made in reliance and in conformity with
information relating to such Holder furnished in writing to the Company by such
Holder expressly for use therein or caused by such Holder’s failure to deliver
to such Holder’s immediate purchaser a copy of the Registration Statement or
Prospectus or any amendments or supplements thereto (if the same was required
by applicable law to be so delivered) after the Company has furnished such
Holder with a sufficient number of copies of the same; provided, however, that
the obligation to indemnify shall be several, not joint and several, among such
Holders and the liability of each such Holder shall be in proportion to and
limited to the net amount received by such Holder from the sale of Registrable
Common Shares pursuant to such Registration Statement.

 

(c)  Any
Person entitled to indemnification hereunder shall (i) give prompt written
notice to the indemnifying party of any claim with respect to which it seeks
indemnification, provided that the failure to notify the indemnifying party
shall not

 

12

 

relieve the indemnifying party
from any liability that it may have under this Section 7 except to the
extent that it has been materially prejudiced (through the forfeiture of
substantive rights or defenses) by such failure; and provided, further, that
the failure to notify the indemnifying party shall not relieve the indemnifying
party from any liability that it may have to an indemnified party otherwise
than under this Section 7 and (ii) unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and
indemnifying parties may exist with respect to such claim, permit such
indemnifying party to assume the defense of such claim with counsel reasonably
satisfactory to the indemnified party.  If
such defense is assumed, the indemnifying party shall not be subject to any
liability for any settlement made by the indemnified party without its consent
(but such consent will not be unreasonably withheld).  An indemnifying party who is not entitled to,
or elects not to, assume the defense of a claim shall not be obligated to pay
the fees and expenses of more than one counsel for all parties indemnified by
such indemnifying party with respect to such claim, unless in the reasonable
judgment of any indemnified party there may be one or more legal or equitable
defenses available to such indemnified party which are in addition to or may
conflict with those available to another indemnified party with respect to such
claim.  Failure to give prompt written
notice shall not release the indemnifying party from its obligations hereunder.

 

(d)  The
indemnification provided for under this Agreement shall remain in full force
and effect regardless of any investigation made by or on behalf of the
indemnified party or any officer, director or controlling Person of such
indemnified party and shall survive the transfer of securities.

 

(e)  If
the indemnification provided for in or pursuant to this Section 7 is due
in accordance with the terms hereof, but is held by a court to be unavailable
or unenforceable in respect of any losses, claims, damages, liabilities or
expenses referred to herein, then each applicable indemnifying party, in lieu
of indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified Person as a result of such losses, claims, damages,
liabilities or expenses in such proportion as is appropriate to reflect the
relative fault of the indemnifying party on the one hand and of the indemnified
party on the other in connection with the statements or omissions which result
in such losses, claims, damages, liabilities or expenses as well as any other
relevant equitable considerations.  The
relative fault of the indemnifying party on the one hand and of the indemnified
Person on the other shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by the indemnifying party or by the indemnified party, and by such
party’s relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. 
In no event shall the liability of any selling Holder be greater in
amount than the amount of net proceeds received by such Holder upon such sale
or the amount for which such indemnifying party would have been obligated to
pay by way of indemnification if the indemnification provided for under Section 7(a) or
7(b) hereof had been available under the circumstances.

 

13

 

8.  PARTICIPATION
IN UNDERWRITTEN REGISTRATIONS.

 

No Person may
participate in any registration hereunder which is underwritten unless such
Person (a) agrees to sell such Person’s securities on the basis provided
in any underwriting arrangements approved by the Person or Persons entitled
hereunder to approve such arrangements and (b) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents required under the terms of such underwriting arrangements.

 

9.  RULE 144.

 

The Company
covenants that it will file the reports required to be filed by it under the
Securities Act and the Exchange Act and the rules and regulations adopted
by the SEC thereunder, and it will take such further action as any Holder may
reasonably request to make available adequate current public information with
respect to the Company meeting the current public information requirements of Rule 144(c) under
the Securities Act, to the extent required to enable such Holder to sell
Registrable Common Shares without registration under the Securities Act within
the limitation of the exemptions provided by (i) Rule 144 under the
Securities Act, as such Rule may be amended from time to time, or (ii) any
similar rule or regulation hereafter adopted by the SEC.  Upon the request of any Holder, the Company
will deliver to such Holder a written statement as to whether it has complied
with such information and requirements.

 

10.  MISCELLANEOUS.

 

(a)  Notices.  All notices, requests, consents and other
communications required or permitted hereunder shall be in writing and shall be
hand delivered or mailed postage prepaid by registered or certified mail or by
facsimile transmission (with immediate telephone confirmation thereafter),

 

If to the Company:

 

Double Hull Tankers, Inc.

26 New Street 

St. Helier, Jersey JE23RA

Channel Islands

Phone No.:  44 (0) 1534 639759

 

If to OSG International, Inc.:

 

c/o Overseas Shipholding Group, Inc.

666 Third Avenue

New York, NY 10017

Attention:  James I. Edelson

Facsimile No.:  (212) 578-1832

 

14

 

If to a
transferee Holder, to the address of such Holder set forth in the transfer
documentation provided to the Company;

 

in each case with copies to (which shall not constitute notice):

 

Cravath, Swaine &
Moore LLP

825 Eighth
Avenue

New York, New
York 10019

Attention:  John T. Gaffney, Esq.

Facsimile
No.:  (212) 765-8783

 

or at such
other address as such party each may specify by written notice to the others,
and each such notice, request, consent and other communication shall for all
purposes of the Agreement be treated as being effective or having been given
when delivered personally, upon receipt of facsimile confirmation if
transmitted by facsimile, or, if sent by mail, at the earlier of its receipt or
72 hours after the same has been deposited in a regularly maintained receptacle
for the deposit of United States mail, addressed and postage prepaid as
aforesaid.

 

(b)  No Waivers.  No failure or delay by any party in
exercising any right, power or privilege hereunder shall operate as a waiver
thereof nor shall any single or partial exercise thereof preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.  The rights and remedies herein provided shall
be cumulative and not exclusive of any rights or remedies provided by law.

 

(c)  Expenses.  Except as otherwise provided for herein or
otherwise agreed to in writing by the parties, all costs and expenses incurred
in connection with the preparation of this Agreement shall be paid by the
Company.

 

(d)  Successors and Assigns.  The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns, it being understood that subsequent Holders
of the Registrable Common Shares are intended third party beneficiaries of this
Agreement.  In particular, Holders shall
have the right to assign its rights under this Agreement in connection with the
transfer of their Common Shares.

 

(e)  Governing Law.  The internal laws, and not the laws of
conflicts (other than Section 5-1401 of the General Obligations Law of the
State of New York), of New York shall govern the enforceability and validity of
this Agreement, the construction of its terms and the interpretation of the
rights and duties of the parties.

 

(f)  Jurisdiction.  Any suit, action or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in
connection with, this Agreement or the transactions contemplated hereby may be
brought in any federal or state court located in the County and State of New
York, and each of the parties hereby consents to the jurisdiction of such
courts (and of the appropriate appellate courts therefrom) in any

 

15

 

such suit, action or proceeding
and irrevocably waives, to the fullest extent permitted by law, any objection
which it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding in any such court or that any such suit, action or
proceeding which is brought in any such court has been brought in an
inconvenient forum.  Process in any such
suit, action or proceeding may be served on any party anywhere in the world,
whether within or without the jurisdiction of any such court.  Without limiting the foregoing, each party
agrees that service of process on such party as provided in Section 10(a) shall
be deemed effective service of process on such party.

 

(g)  Waiver of Jury Trial.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY
WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT
OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(h)  Counterparts; Effectiveness.  This Agreement may be executed in any number
of counterparts (including by facsimile) and by different parties hereto in
separate counterparts, with the same effect as if all parties had signed the
same document.  All such counterparts
shall be deemed an original, shall be construed together and shall constitute
one and the same instrument.  This
Agreement shall become effective when each party hereto shall have received
counterparts hereof signed by all of the other parties hereto.

 

(i)  Entire Agreement.  This Agreement contains the entire agreement
among the parties hereto with respect to the subject matter hereof and
supersedes and replaces all other prior agreements, written or oral, among the
parties hereto with respect to the subject matter hereof.

 

(j)  Captions.  The headings and other captions in this
Agreement are for convenience and reference only and shall not be used in
interpreting, construing or enforcing any provision of this Agreement.

 

(k)  Severability.  If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction or
other authority to be invalid, void or unenforceable, the remainder of the
terms, provisions, covenants and restrictions of this Agreement shall remain in
full force and effect and shall in no way be affected, impaired or invalidated
so long as the economic or legal substance of the transactions contemplated
hereby is not affected in any manner materially adverse to any party.  Upon such a determination, the parties shall
negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible in an acceptable manner in order
that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

 

(l)  Amendments.  The provisions of this Agreement, including
the provisions of this sentence, may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be
given without the prior written consent of the holders of a majority of the
Registrable Common Shares (as constituted on the date hereof); provided,
however, that without a Holder’s written

 

16

 

consent no such amendment,
modification, supplement or waiver shall affect adversely such Holder’s rights
hereunder in a discriminatory manner inconsistent with its adverse effects on
rights of other Holders hereunder (other than as reflected by the different
number of shares held by such Holder); provided, further, that the consent or
agreement of the Company shall be required with regard to any termination,
amendment, modification or supplement of, or waivers or consents to departures
from, the terms hereof, which affect the Company’s obligations hereunder.  This Agreement cannot be changed, modified,
discharged or terminated by oral agreement.

 

(m)  Aggregation
of Shares.  All Registrable Common
Shares held by or acquired by any Affiliated Persons will be aggregated
together for the purpose of determining the availability of any rights under
this Agreement.

 

(n)  Equitable
Relief.  Without limiting the
remedies available, the parties hereto acknowledge that any failure by the
Company to comply with its obligations under this Agreement will result in
material irreparable injury to the Holders for which there is no adequate
remedy at law, that it will not be possible to measure damages for such
injuries precisely and that, in the event of any such failure, any Holder shall
have the right to obtain such relief as may be required to specifically enforce
the Company’s obligations under this Agreement.

 

 

[Execution Page Follows]

 

17

 

IN WITNESS
WHEREOF, this Registration Rights Agreement has been duly executed by each of
the parties hereto as of the date first written above.

 

 

	
   

  	
  DOUBLE HULL
  TANKERS, INC.

  
	
   

  	
   

  
	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OSG
  INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
  by

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

18

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