SEC Contract Filing

Filing Date: 2023-03-14

Document Content:
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<TYPE>EX-10.4
<SEQUENCE>5
<FILENAME>tm239552d1_ex10-4.htm
<DESCRIPTION>EXHIBIT 10.4
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.4</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form of Amendment No. 7 to Wale Oshodi&rsquo;s
Employment Agreement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Amendment No. 7 (the &ldquo;<U>Amendment</U>&rdquo;),
dated as of March 8, 2023 (the &ldquo;<U>Effective Date</U>&rdquo;), is between International Seaways, Inc. (the &ldquo;<U>Company</U>&rdquo;)
and Adewale O. Oshodi (the &ldquo;<U>Executive</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS,</B> Overseas Shipholding
Group, Inc. (&ldquo;<U>OSG</U>&rdquo;) 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 and April 7, 2022 (the &ldquo;<U>Employment Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS,</B> the Employment
Agreement was assigned to the Company on November 30, 2016 in connection with the spin-off of the Company from OSG (the &ldquo;<U>Assignment</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS,</B> pursuant to
Section 13(g) of the Employment Agreement, following the Assignment, references to &ldquo;the Company&rdquo; in the Employment Agreement
constitute a reference to the Company (rather than to OSG).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>WHEREAS,</B> the Company
and the Executive wish to amend the Employment Agreement in accordance with Section 13(c) thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><B>NOW, THEREFORE,</B> in consideration
of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD>Section 3(a) is hereby amended by replacing &ldquo;$285,708&rdquo; with &ldquo;$297,707.74&rdquo;.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD>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.</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD>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.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page Follows]</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 76.5pt">IN WITNESS WHEREOF, the parties
have executed this Amendment to the Employment Agreement as of the date first written above.</P>

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