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

Contract Categories: Human Resources › Severance Agreements
Summary

Overseas Shipholding Group, Inc. has notified Ian Blackley that, effective January 1, 2006, he is eligible to participate in the company's Severance Protection Plan as a Tier B Executive. By signing, Mr. Blackley agrees to comply with the restrictive covenants and agreements, including certain injunctive provisions, as outlined in Section 7 of the Plan. This notice serves as formal confirmation of his eligibility and the associated obligations under the Plan.

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EX-10.1 2 v183455_ex10-1.htm
Exhibit 10.1

Overseas Shipholding Group, Inc.
666 Third Avenue
New York, New York 10017
 
Dear Ian Blackley:
 
Reference is hereby made to the Overseas Shipholding Group, Inc. Severance Protection Plan, effective January 1, 2006 (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 as of January 1, 2006, subject to the terms of the Plan, you are hereby eligible to participate in the Plan as a Tier B Executive.
 
Sincerely,

OVERSEAS SHIPHOLDING GROUP, INC.

By:
/s/ Morten Arntzen
  
Name: 
Morten Arntzen
  
Title:
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/ Ian Blackley
  
Ian Blackley
  
 
Effective Date:  January 27, 2006