Amendment No. 2 to Overseas Shipholding Group, Inc. Supplemental Executive Retirement Plan Plus

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment, effective January 1, 2005, modifies the Overseas Shipholding Group, Inc. Supplemental Executive Retirement Plan Plus. It specifically grants Robert N. Cowen three additional years of credited service for retirement and death benefit calculations, including a final year of retention credit for 2005. The amendment also stipulates that Mr. Cowen's supplemental benefit will be paid in a lump sum shortly after three months from his employment termination. The amendment is executed by the company's Compensation Committee.

Read More Arrow
EX-10.(III)(W) 2 a2152241zex-10_iiiw.htm EXHIBIT 10.(III)(W)

EXHIBIT 10 (iii)(w)

 

 

 

AMENDMENT NUMBER 2

TO THE

OVERSEAS SHIPHOLDING GROUP, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN PLUS

AMENDED AND RESTATED EFFECTIVE AS OF JANUARY 1, 2002

 

WHEREAS, Overseas Shipholding Group, Inc. (the “Company”) maintains the Overseas Shipholding Group, Inc. Supplemental Executive Retirement Plan Plus (the “Plan”); and

 

WHEREAS, the Board of Directors of the Company (the “Board”) and the Compensation Committee of the Board each have the authority to amend the Plan at any time.

 

NOW, THEREFORE, the Plan is hereby amended, effective as of January 1, 2005, as follows:

 

                                1.             Exhibit C to the Plan is hereby amended to add a new paragraph 9 to read as follows:

“9.           Robert N. Cowen shall be credited with three (3) years extra service consisting of the final year of retention credit for 2005 and two (2) extra years of credited service for purposes of calculating his Supplemental Plus Benefit and death benefit.  The Supplemental Plus Benefit payable to Mr. Cowen shall be paid in a lump sum as soon as administratively feasible following three (3) months after the date on which Mr. Cowen incurs a Termination of Employment.”

 

IN WITNESS WHEREOF, the Compensation Committee of the Board has caused this Amendment to be executed this 31st day of January, 2005.

 

 

OVERSEAS SHIPHOLDING GROUP, INC.

 

 

:

By

/s/ Myles R. Itkin

 

 

Name: Myles R. Itkin

 

 

Title: Senior Vice President