Notice of Eligibility for Severance Protection Plan Participation – Overseas Shipholding Group, Inc. and Ian Blackley

Summary

Overseas Shipholding Group, Inc. has notified Ian Blackley that, effective May 24, 2010, he is eligible to participate as a Tier A Executive in the company's Severance Protection Plan. By signing, Ian Blackley 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 him.

EX-10.2 3 ian8-kagmt2.htm ian8-kagmt2.htm

EXHIBIT 10.2

OSG	Overseas Shipholding Group Inc.
	666 Third Avenue New York, NY 10017	Tel: ###-###-####	www.osg.com

NOTICE OF ELIGIBILITY

Overseas Shipholding Group, Inc.

666 Third Avenue

New York, New York 10017

Ian Blackley

c/o Overseas Shipholding Group, Inc.

666 Third Avenue

New York, New York 10017

Dear Ian:

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 May 24, 2010, 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/Morten Arntzen

Name: Morten Arntzen

Title: President and CEO

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/Ian Blackley

Ian Blackley

Date: 7/2/10