SUBLEASE dated as of November l, l996 between Maritime Overseas Corporation, a New York corporation,
having offices at 511 Fifth Avenue, New York, New York 10017 (the "Lessor") and Overseas Shipholding
Group, Inc., a Delaware corporation, having offices at 1114 Avenue of the Americas, New York, New York
l0036 (the "Lessee").
W I T N E S S E T H :
WHEREAS, the Lessor is the tenant of the entire rentable portion of twelfth floor (the "Demised Premises") in the
office building located at 1114 Avenue of the Americas, New York, New York l0036, pursuant to the Indenture
of Lease dated as of January 19, 1995 between Lessor as tenant thereunder and the landlord named therein (the
WHEREAS, the Lessee wishes to sublet a portion of the Demised Premises from the Lessor for use as Lessee's
NOW THEREFORE, IT IS HEREBY agreed between the Lessor and Lessee as follows:
1. SUBLEASED SPACE - The Lessor hereby leases to the Lessee and the Lessee hires from the Lessor
approximately 2,700 square feet of the Demised Premises (the "Subleased Space").
2. TERM - This Sublease shall commence on December 1, 1996 and shall expire on February 28, 2002, unless
cancelled or terminated earlier pursuant to the provisions of this Sublease or by law. Notwithstanding anything to
the contrary contained in this Sublease, the Lessee shall have the right to cancel this Lease effective at any time,
by giving to the Lessor thirty (30) days written notice of cancellation.
3. RENT - The Lessee covenants and agrees to pay to the Lessor commencing on December 1, 1996, and
thereafter on the first day of each month during the term of this Sublease, an amount equal to 8.4753% of the
Fixed Minimum Rent, additional rent and other payments relating to the Demised Premises as a whole payable by
Lessor to Overlandlord pursuant to the Lease. There shall be excluded from additional rent under this Sublease
any amounts payable by the Lessor with respect to any identifiable po