Notice of Eligibility for Severance Protection Plan Participation – Overseas Shipholding Group, Inc. and Mats Berglund
This letter from Overseas Shipholding Group, Inc. notifies Mats Berglund that, effective January 1, 2006, he is eligible to participate in the company's Severance Protection Plan as a Tier A Executive. By signing, Mats Berglund agrees to comply with the restrictive covenants and agreements, including certain injunctive provisions, as outlined in Section 7 of the Plan. The agreement is effective as of January 1, 2006 and is subject to the terms of the Plan.
Exhibit 10.(iii)(x)
Overseas Shipholding Group, Inc.
666 Third Avenue
New York, New York 10017
Dear Mats Berglund:
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 A 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/Mats Berglund |
| Mats Berglund |
Effective Date: January 1, 2006
