Amendment Number 2 to the Overseas Shipholding Group, Inc. Supplemental Executive Retirement Plan Plus Amended and Restated Effective as of January 1, 2002

EXHIBIT 10 (iii)(w)

 

 

 

AMENDMENT NUMBER 2

TO THE

OVERSEASSHIPHOLDING GROUP, INC.

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN PLUS

AMENDED ANDRESTATED EFFECTIVE AS OF JANUARY 1, 2002

 

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

 

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

 

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

 

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

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

 

IN WITNESS WHEREOF, the Compensation Committeeof the Board has caused this Amendment to be executed this 31st dayof January, 2005.

 

 

OVERSEAS SHIPHOLDING GROUP, INC.

 

 

:

By

/s/ Myles R. Itkin

 

 

Name: Myles R. Itkin

 

 

Title: Senior Vice President