Exhibit 10.67


 


FORM OF


 


RELEASE


 


This RELEASE (this “Release”) is entered into
by and between Arlington Tankers Ltd. (the “Company”) and Edward Terino
(the “Executive”).


 


The parties have entered into that certain Executive
Retention Agreement, dated as of October 17, 2008 (the “Retention
Agreement”).


 


The Company has entered into an Agreement and Plan of
Merger and Amalgamation, dated as of August 5, 2008 (the “Merger
Agreement”), with General Maritime Corporation and the other parties
thereto.


 


The parties wish to resolve amicably the Executive’s
separation from the Company and establish the terms of the Executive’s
severance arrangement.


 


NOW, THEREFORE, in consideration of the promises and
conditions set forth herein, the sufficiency of which is hereby acknowledged,
the Company and the Executive agree as follows:


 


1.             Termination
Date.  The Executive’s effective date
of termination from the Company is December 31, 2008


 


2.             Consideration.  In return for the execution of this Release
and it becoming binding upon the Executive, the Company agrees to pay the
Executive the amounts and provide the Executive the benefits set forth in Section 4.1,
Section 4.2, and Section 4.3 of the Retention Agreement (the “Release
Benefits”), less applicable taxes and withholdings.


 


3.             Release.  In consideration of the payment of the
Release Benefits, which the Executive acknowledges he would not otherwise be
entitled to receive, the Executive hereby fully, forever, irrevocably and
unconditionally releases, remises and discharges the Company and General
Maritime Corporation and their respective officers, directors, stockholders,
corporate affiliates, subsidiaries, parent companies, agents and Executives
(each in their individual and corporate capacities), all executive benefit plans
and plan fiduciaries (hereinafter, the “Released Parties”) from any and
all claims, charges, complaints, demands, actions, causes of action, suits,
rights, debts, sums of money, costs, accounts, reckonings, covenants,
contracts, agreements, promises, doings, omissions, damages, executions,
obligations, liabilities, and expenses (including attorneys’ fees and costs),
of every kind and nature which the Executive ever had or now has against the
Released Parties, including but not limited to, any and all claims arising out
of the Executive’s employment with 
and/or separation from the Company, including, but not limited to, all
claims for any payment in connection with the Closing (as defined in the Merger
Agreement) of the Combinations (as defined in the Merger Agreement), all
employment 


 

















 


discrimination claims
under Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq.,
the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq.,
the Americans With Disabilities Act of 1990, 42 U.S.C., § 12101 et seq.,
the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq.,
the Rehabilitation Act of 1973, 29 U.S.C. § 701 et seq.,
and the Connecticut Human Rights and Opportunities Act, Conn. Gen.
Stat. § 46a-51 et seq., the Connecticut Equal Pay Law, Conn.
Gen. Stat. § 31-75 et seq., the Connecticut Family and
Medical Leave Law, Conn. Gen. Stat. § 31-51kk et seq., Conn. Gen.
Stat. § 31-51m (Connecticut whistleblower protection law), all as
amended; all common law claims including, but not limited to, actions in tort,
defamation and breach of contract; all claims to any non-vested ownership
interest in the Company, contractual or otherwise, including but not limited to
claims to stock or stock options; and any claim or damage arising out of the
Executive’s employment with or separation from the Company (including a claim
for retaliation) under any common law theory or any federal, state or local
statute or ordinance not expressly referenced above; provided, however, that nothing in this Release prevents the Executive
from filing, cooperating with, or participating in any proceeding before the
EEOC or a state Fair Employment Practices Agency (except that the Executive
acknowledges that he may not be able to recover any monetary benefits in
connection with any such claim, charge or proceeding).


 


4.             Return
of Company Property.  The Executive
agrees to return all Company property and equipment in his possession or
control, including, but not limited to, all Company files and documents.  The Executive further agrees to leave intact
all electronic Company documents including those which he developed or helped
develop during his employment.


 


5.             Cooperation.  The Executive agrees to cooperate fully with
the Company in the defense or prosecution of any claims or actions now in
existence or which may be brought in the future against or on behalf of the
Company, provided such requests are made by the Company with reasonable notice
to the Executive and at reasonable times designated by the Company.  The Executive’s full cooperation in
connection with such claims or actions shall include, but not be limited to,
his being available to meet with Company counsel to prepare for trial or
discovery or an administrative hearing and to act as a witness when requested
by the Company.  The Company shall pay
the Executive a reasonable hourly rate and reimburse the Executive for all
reasonable expenses and out-of-pocket costs incurred in connection with
fulfilling the Executive’s obligations under this Section 5.


 


6.             Nature
of Agreement.  The Executive
understands and agrees that this Release is a 
severance and settlement agreement and does not constitute an admission
of liability or wrongdoing on the part of the Company.


 


7.             Amendment.  This Release shall be binding upon the
parties and may not be abandoned, supplemented, changed or modified in any
manner, orally or otherwise, except by an instrument in writing of concurrent
or subsequent date signed by a duly authorized representative of the parties
hereto.  This Release is binding upon and
shall inure to the benefit of the parties and their respective agents, assigns,
heirs, executors, successors and administrators.


 


8.             Validity.  Should any provision of this Release be
declared or be determined by any court of competent jurisdiction to be illegal
or invalid, the validity of the remaining parts, 


 


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terms, or provisions
shall not be affected thereby and said illegal and invalid part, term or
provision shall be deemed not to be a part of this Release.


 


9.             Confidentiality.  The Executive acknowledges that as a result
of his employment with the Company, he has come into possession of non-public
and/or confidential and/or proprietary information relating to the Company,
General Maritime Corporation and their respective affiliates, including their
respective practices, directors, officers, agents and employees.  Except as otherwise required by court order
or subpoena, the Executive agrees that he will not directly or indirectly use
or disclose to any person, firm, or entity such non-public and/or confidential
and/or other proprietary information acquired during his employment unless
authorized in writing to do so by the Company. 
The Executive further agrees and understands that he is prohibited from
disclosing any terms of this Release to anyone, except that he may disclose the
terms of this Release and the Retention Agreement to his attorneys,
accountants, or other advisors, or as otherwise required by law.


 


10.           Non-Disparagement.  In return for the execution of this Release
and it becoming binding upon the Executive, and as a condition for payment to
the Executive of the monetary consideration herein, the Executive and the
Company agree not to make any false, disparaging or derogatory statements in
public or private to any person or media outlet regarding each other or any of
each other’s directors, officers, executives, agents, representatives, business
affairs or financial condition.


 


11.           Tax Acknowledgement:  In connection with the payments and
consideration provided to the Executive pursuant to this Release, the Company
shall withhold and remit to the tax authorities the amounts required under
applicable law, and the Executive shall be responsible for all applicable taxes
with respect to such payments and consideration under applicable law.  The Executive acknowledges that he is not
relying upon the advice or representation of the Company with respect to the
tax treatment of any of the payments set forth in this Release.


 


12.           Entire
Agreement.  This Release contains and constitutes the
entire understanding and agreement between the parties hereto with respect to
the matters set forth herein and cancels all previous oral and written
negotiations, agreements, commitments, and writings in connection therewith.


 


13.           Applicable
Law and Consent to Jurisdiction. 
This Release shall be interpreted and construed by the laws of the State
of Connecticut, without regard to conflict of laws provisions.  The Executive hereby irrevocably submits to
and acknowledges and recognizes the jurisdiction of the courts of the State of
Connecticut, or if appropriate, a federal court located in Connecticut (which
courts, for purposes of this Release, are the only courts of competent
jurisdiction) over any suit, action or other proceeding arising out of, under
or in connection with this Release or the subject matter hereof.


 


14.           Acknowledgments.  The Executive acknowledges that he has been
given twenty-one (21) days to consider this Release and that the Company
advised him to consult with any attorney of him own choosing prior to signing
this Release.  The Executive may revoke
this Release for a period of seven (7) days after the execution of this
Release, and the Agreement shall not be effective or enforceable until the expiration
of this seven (7) day revocation period.


 


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15.           Voluntary
Assent.  The Executive affirms that
no other promises or agreements of any kind have been made to or with him by
any person or entity whatsoever to cause him to sign this Release, and that he
fully understands the meaning and intent of this Release.  The Executive states and represents that he
has had an opportunity to fully discuss and review the terms of this Release
with an attorney.  The Executive further
states and represents that he has carefully read this Release, understands the
contents herein, freely and voluntarily assents to all of the terms and
conditions hereof, and signs his name of his own free act.


 


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IN WITNESS
WHEREOF, all parties have set their hand and seal to this Release as of the
date written below.


 


	
  EDWARD
  TERINO

  	
   

  	
  Date:

  	
  December 30, 2008

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Edward
  Terino

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARLINGTON
  TANKERS LTD.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
  December 31, 2008

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ John C.
  Georgiopoulos 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name: John C.
  Georgiopoulos 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:  Vice
  President

  	
   

  	
   

  	
   

  



 


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