0000075208-06-000015 Sample Contracts

GUARANTY
Overseas Shipholding Group Inc • March 20th, 2006 • Deep sea foreign transportation of freight • New York

GUARANTY, dated as of January 1, 2006 (as amended, modified or supplemented from time to time, this "Guaranty"), made by Overseas Shipholding Group, Inc., a Delaware corporation (the "Guarantor"), in favor of George Dienis ("Executive").

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CHANGE OF CONTROL PROTECTION SUPPLEMENT TO THE SERVICE AGREEMENT
The Service Agreement • March 20th, 2006 • Overseas Shipholding Group Inc • Deep sea foreign transportation of freight

Change of Control Protection Supplement to the Service Agreement (this "Supplement") made as of January 1, 2006, by and between, S.S.L. Services Limited (No 34839), a company incorporated under the laws of Bermuda, with its principal office at 3rd Floor, Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, Bermuda (the "Employer"), and George Dienis (the "Executive").

GUARANTY
Guaranty • March 20th, 2006 • Overseas Shipholding Group Inc • Deep sea foreign transportation of freight • New York

GUARANTY, dated as of January 1, 2006 (as amended, modified or supplemented from time to time, this "Guaranty"), made by Overseas Shipholding Group, Inc., a Delaware corporation (the "Guarantor"), in favor of George Dienis ("Executive").

CHANGE OF CONTROL PROTECTION SUPPLEMENT TO THE CODIFICATION OF CONTRACT OF EMPLOYMENT
Overseas Shipholding Group Inc • March 20th, 2006 • Deep sea foreign transportation of freight

Change of Control Protection Supplement to the Codification of Contract of Employment (this "Supplement") made as of January 1, 2006, by and between OSG Ship Management (GR) Ltd., a company incorporated under the laws of the Marshall Islands, having offices at 110 Vouliagmenis Ave and Ζamanou Str. Glyfada, Athens, Greece (the "Employer"), and George Dienis (the "Executive").

SEVERANCE PROTECTION SUPPLEMENT TO THE SERVICE AGREEMENT
Service Agreement • March 20th, 2006 • Overseas Shipholding Group Inc • Deep sea foreign transportation of freight

Severance Protection Supplement to the Service Agreement made as of the 1st day of January, 2006 ("Supplement"), by and between S.S.L. Services Limited (No 34839), a company incorporated under the laws of Bermuda, with its principal office at 3rd Floor, Par-la-Ville Place, 14 Par-la-Ville Road, Hamilton, Bermuda (the "Employer"), and George Dienis (the "Executive").

SEVERANCE PROTECTION SUPPLEMENT TO THE CODIFICATION OF CONTRACT OF EMPLOYMENT
Overseas Shipholding Group Inc • March 20th, 2006 • Deep sea foreign transportation of freight

Severance Protection Supplement to the Codification of Contract of Employment made as of the 1st day of January, 2006 ("Supplement"), by and between OSG SHIP MANAGEMENT (GR) LTD., of Ajeltake Island, Majuro, Marshall Islands, having offices at 110 Vouliagmenis Ave and Ζamanou Str. Glyfada Athens, Greece ("OSG GR"), an affiliated company of Overseas Shipholding Group, Inc., a corporation incorporated under the laws of Delaware with its principal office at 666 Third Avenue, New York, New York 10017 (the "Company," and collectively with any of the Company's "parents", "subsidiaries" or "affiliated companies" (as such terms are defined in article 42E of Law 2190/1920) including OSG GR, the "OSG Companies"), and George Dienis (the "Executive").

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