Notice of Eligibility for Severance Protection Plan Participation – Overseas Shipholding Group, Inc. and Lois Zabrocky
This document notifies Lois Zabrocky that she is eligible to participate as a Tier A Executive in the Overseas Shipholding Group, Inc. Severance Protection Plan, effective December 31, 2008. By signing, Ms. Zabrocky agrees to comply with the restrictive covenants and agreements, including certain injunctive provisions, as outlined in Section 7 of the Plan. This notice replaces any previous eligibility notices provided to her.
NOTICE OF ELIGIBILITY
Overseas Shipholding Group, Inc.
666 Third Avenue
New York, New York 10017
Lois Zabrocky
c/o Overseas Shipholding Group, Inc.
666 Third Avenue
New York, New York 10017
Dear Ms. Zabrocky:
Reference is hereby made to the Overseas Shipholding Group, Inc. Severance Protection Plan, effective as January 1, 2006, as amended and restated effective as of December 31, 2008 (the “Plan”). Any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan.
The purpose of this Notice of Eligibility is to inform you that effective as of December 31, 2008, subject to the terms of the Plan, you are hereby eligible to participate in the Plan as a Tier A Executive. This Notice of Eligibility shall supersede and replace any prior Notice of Eligibility provided to you.
Sincerely,
Overseas Shipholding Group, Inc.
| By: | /s/Robert E. Johnston | |
| Name: | Robert E. Johnston | |
| Title: | Senior Vice President |
ACKNOWLEDGEMENT AND AGREEMENT:
In consideration of participation in the Plan as an Eligible Executive, the undersigned hereby acknowledges and agrees to be bound by the restrictive covenants and agreements set forth in Section 7 of the Plan, including, without limitation, the injunctive provisions of Section 7(b).
| /s/Lois Zabrocky | |
| Lois Zabrocky |
Date: December 29, 2008
