SEC Contract Filing

Filing Date: 2016-11-09

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>v451023_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Exhibit 10.1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OVERSEAS SHIPHOLDING GROUP, INC.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>MANAGEMENT INCENTIVE COMPENSATION PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PERFORMANCE-BASED RESTRICTED STOCK UNIT
GRANT AGREEMENT</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">THIS AGREEMENT, made as of this [__]th day
of [______], 2016 (the &ldquo;<U>Agreement</U>&rdquo;), by and between Overseas Shipholding Group, Inc. (the &ldquo;<U>Company</U>&rdquo;),
and [<I>Name of Officer</I>] (the &ldquo;<U>Grantee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company has adopted the Overseas
Shipholding Group, Inc. Management Incentive Compensation Plan (the &ldquo;<U>Plan</U>&rdquo;) to promote the interests of the
Company and its shareholders by providing the employees and consultants of the Company with incentives and rewards to encourage
them to continue in the service of the Company and with a proprietary interest in pursuing the long-term growth, profitability
and financial success of the Company; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, Section 7 of the Plan provides
for the grant of Other Stock-Based Awards, including restricted stock units or &ldquo;RSUs&rdquo;, to Participants in the Plan;
and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company previously determined
to grant performance-based RSUs to certain officers and employees of the Company, but has as of the date hereof not yet finalized
or documented such grants.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, in consideration of the
premises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
of RSUs</U>. Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants
to the Grantee an award of performance-based RSUs (collectively, the &ldquo;<U>RSUs</U>&rdquo;) in a number equal to a target of
[_<I>x</I>_] (the &ldquo;<U>Target RSUs</U>&rdquo;) and a maximum of [__<I>1.5x</I>__], with the actual number of RSUs to be determined
based upon achievement of performance criteria as described in Sections 4(a) and 4(c) below. Each RSU represents the right to receive
one share of Common Stock subject to Section 4 below.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
Date</U>. The &ldquo;<U>Grant Date</U>&rdquo; of the RSUs hereby granted is [_____], 2016.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incorporation
of the Plan</U>. All terms, conditions and restrictions of the Plan are incorporated herein and made part hereof as if stated herein.
If there is any conflict between the terms and conditions of the Plan and this Agreement, the terms and conditions of the Plan
shall govern. Unless otherwise indicated herein, all capitalized terms used herein shall have the meanings given to such terms
in the Plan.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Vesting
and Settlement</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nb