Exhibit 10.159

 

EXECUTION COPY

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS AMENDMENT TO EMPLOYMENT AGREEMENT (this “Amendment”), is made on June 22, 2015 (the “Effective Date”) by and among Gener8 Maritime, Inc. (formerly known as General Maritime Corporation) (“Company”) and Leonard J. Vrondissis (the “Executive”).

 

WHEREAS, the Executive and the Company are a party to that certain Employment Agreement, dated as of May 17, 2012 (the “Employment Agreement”);

 

WHEREAS, in accordance with Section 18 thereof, the Company and Executive desire to amend the Employment Agreement on the terms and conditions set forth herein.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties hereto, the parties enter into this Amendment to the Employment Agreement (this “Amendment”).

 

1.                                      This Amendment is effective as of the Effective Date.

 

2.                                      The fourth “WHEREAS” clause and Section 1(a) of the Employment Agreement is hereby amended to replace the phrase “Executive Vice President, Treasurer” with the phrase “Chief Financial Officer” each time that such phrase appears.

 

3.                                      Section 1(a) of the Employment Agreement is hereby amended to replace the phrase “Chief Financial Officer” with “Chief Executive Officer”.

 

4.                                      Section 3 of the Employment Agreement is hereby amended by replacing the phrase “$200,000” with the phrase “$425,000”.

 

5.                                      Section 4 of the Employment Agreement is hereby amended by replacing the phrase “50%” with the phrase “100%”.

 

6.                                      Section 7(c)(ii) of the Employment Agreement is hereby amended by replacing the phrase “six (6) months” with the phrase “twelve (12) months”.

 

7.                                      Section 7(c)(iii) of the Employment Agreement is hereby amended by replacing the phrase “six (6) months” with the phrase “twelve (12) months”.

 

8.                                      This Amendment represents the complete and total understanding of the parties with respect to the content thereof, and cannot be modified or altered except if done so in writing, executed by all parties.

 

9.                                      This Amendment shall in no way modify, alter, change or otherwise delete any provision of the Employment Agreement, unless specifically done so by the terms of this Amendment, and all the remaining provisions of the Employment Agreement shall remain in full force and effect.  This Amendment may be executed in two (2) or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

 

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IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the date written below and upon full execution by all parties, this Amendment shall be effective as set forth in Section 1 above.

 

	
 
    	
EXECUTIVE
    
	
 
    	
 
    
	
 
    	
/s/   Leonard J. Vrondissis
    
	
 
    	
Leonard   J. Vrondissis
    
	
 
    	
 
    
	
 
    	
Date:   June 22, 2015
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
COMPANY
    
	
 
    	
 
    
	
 
    	
GENER8   MARITIME, INC.
    
	
 
    	
 
    
	
 
    	
By:   
    	
/s/   Peter Georgiopoulos
    
	
 
    	
 
    	
 
    
	
 
    	
Its:   Chief Executive Officer
    
	
 
    	
 
    
	
 
    	
Date:   June 22, 2015
    


 

Signature Page to Amendment to Employment Agreement