Amendment Number 3 to the Overseas Shipholding Group, Inc. Supplemental Executive Retirement Plan Plus Amended and Restated Effective as of January 1, 2002

EXHIBIT 10(iii)(x)

 

 

AMENDMENT NUMBER 3

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 10 to read as follows:

“10.         Myles Itkin shall be credited with five (5) years extra servicefor purposes of calculating his Supplemental Plus Benefit and the deathbenefit.

 

IN WITNESS WHEREOF, the Compensation Committeeof the Board has caused this Amendment to be executed this 22nd day of February,2005.

 

 

OVERSEAS SHIPHOLDING GROUP, INC.

 

 

:

By

/s/ Morten Arntzen

 

 

Name: Morten Arntzen

 

 

Title: President and Chief Executive Officer