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Overseas Shipholding Group (OSG)
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OSG » Topics » Staff Leaving Indemnities - Administrative Personnel:

This excerpt taken from the OSG 8-K filed Apr 7, 2005.
Staff Leaving Indemnities – Administrative Personnel: The Company’s employees are entitled to termination payments in the event of dismissal or retirement with the amount of payment varying in relation to the employee’s compensation, length of service and manner of termination (dismissed or retired). Employees who resign or are dismissed with cause are not entitled to termination payments. The number of employees to be dismissed or retired within the coming years is not known. The Company’s liability, on an actuarially determined basis, at December 31, 2002 and 2003, amounted to approximately $ 90, and $ 118, respectively.

 

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