Overseas Shipholding Group, Inc. (OTCMKTS:OSGIQ) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 29, 2016, as previously disclosed, Rick Oricchio stepped down from his role as Senior Vice President and Chief Financial Officer of Overseas Shipholding Group, Inc. (“OSG” or the “Company”). In connection with his departure from OSG, on January 3, 2017, Mr. Oricchio entered into a letter agreement with the Company containing, among other things, a general release and waiver of claims against the Company (the “Separation Agreement”).

The Separation Agreement provides for the payment, subject to applicable tax withholding, of certain benefits to Mr. Oricchio, that are generally consistent with the terms of his employment agreement, as amended, including: (a) a cash payment of $475,000 in substantially equal installments over a period of twelve months; (b) a lump sum cash payment of $1,012,499; (c) the pro rata portion of Mr. Oricchio’s second anniversary bonus in a lump sum cash payment of $385,753; and (d) Mr. Oricchio’s annual bonus for fiscal year 2016, to be determined based on actual performance of previously established performance metrics and subject to the approval of the Company’s Compensation and Audit Committees. Mr. Oricchio will also receive accelerated vesting of time-based equity grants.

About Overseas Shipholding Group, Inc. (OTCMKTS:OSGIQ)

Overseas Shipholding Group, Inc. and its subsidiaries own and operate a fleet of oceangoing vessels engaged in the transportation of crude oil and petroleum products in the International Flag and the United States Flag trades. The Company operates through three segments: International Crude Tankers, International Product Carriers and U.S. Flag Fleet Operations (U.S. Flag). Its International Crude Tankers segment is made up of an ultra large crude carrier (ULCC) and a fleet of very large crude carriers (VLCCs), Aframaxes and Panamaxes engaged in the transportation of unrefined petroleum. Its International Product Carriers segment consists of a fleet of medium ranges (MRs), long range 1 (LR1) and an LR2 engaged in the transportation of crude and refined petroleum products. Its U.S. Flag Fleet consists of approximately 20 owned and chartered-in Jones Act Handysize Product Carriers and articulated tug barges and over two non-Jones Act Handysize Product Carriers.

Overseas Shipholding Group, Inc. (OTCMKTS:OSGIQ) Recent Trading Information

Overseas Shipholding Group, Inc. (OTCMKTS:OSGIQ) closed its last trading session at 6.85 with shares trading hands.