Document:

Exhibit 10.7

 

EXECUTION COPY

 

STOCK OPTION AGREEMENT

PURSUANT TO THE

GENERAL MARITIME CORPORATION 2012 EQUITY INCENTIVE PLAN

 

* * * * *

 

Participant:      Milton H. Gonzales

 

Grant Date:     May 17, 2012

 

Per Share Exercise Price: $38.26

 

Number of Shares subject to this Option: 57,277

 

* * * * *

 

THIS STOCK OPTION AWARD AGREEMENT (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between General Maritime Corporation, a Marshall Islands Corporation (the “Company”), and the Participant specified above, pursuant to the General Maritime Corporation 2012 Equity Incentive Plan (the “Plan”), which is administered by the Committee; and

 

WHEREAS, it has been determined under the Plan the Company will grant the stock option provided for herein to the Participant;

 

NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, the parties hereto hereby mutually covenant and agree as follows:

 

1.             Incorporation By Reference; Plan Document Receipt. This Agreement is subject in all respects to the terms and provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the grant of the Option hereunder), all of which terms and provisions are made a part of and incorporated in this Agreement as if they were each expressly set forth herein. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control. Any capitalized term not defined in this Agreement shall have the same meaning as is ascribed thereto in the Plan.

 

2.             Grant of Option. The Company hereby grants to the Participant, as of the Grant Date specified above, a stock option (this “Option”) to acquire from the Company at the Per Share Exercise Price specified above, the aggregate number of Option Shares specified above (the “Option Shares”). Except as otherwise provided by the Plan, the Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the Company for any reason. The Participant shall not have the rights of a stockholder in respect of

 

 

the Shares underlying this Award until such Shares are delivered to the Participant in accordance with Section 4.

 

3.             No Dividend Equivalents. The Participant shall not be entitled to receive a cash payment in respect of the Option Shares underlying this Option on any dividend payment date for the Shares.

 

4.             Vesting and Exercisability of Option.

 

(a)           General. Except as otherwise provided in this Section 4, this Option shall vest and become exercisable in equal annual installments on each of the first five anniversaries of the Grant Date (each, a “Vesting Date”), provided that the Participant is then employed by the Company and/or one of its Subsidiaries on each such vesting date.

 

(b)           Change in Control. The unvested portion of the Option shall immediately become vested and exercisable upon a Change in Control; provided the Participant is continuously employed by the Company or its Subsidiaries through such date.

 

(c)           Upon Termination of Employment. Upon a Termination by the Company without Cause, (or, solely in the case where there is an employment agreement between the Company or a Subsidiary or Affiliate and the Participant at the time of the grant of this Option (the “Employment Agreement”) that defines “good reason” (or words or a concept of like import), a termination due to good reason (or words or a concept of like import), as determined pursuant to such Employment Agreement (“Good Reason”)) or as a result of the expiration of the Participant’s Employment Agreement resulting from the Company’s nonrenewal of the term of the agreement, the portion of the Option that would have vested on the next Vesting Date shall immediately become vested and exercisable.

 

(d)           Forfeiture. After taking into account any accelerated vesting contained herein, the unvested portion of the Option shall be immediately forfeited upon the Participant’s Termination without any consideration being paid therefor.

 

(e)           Expiration. Unless earlier terminated in accordance with the terms and provisions of the Plan and/or this Agreement, this Option shall expire and shall no longer be exercisable after the expiration of ten (10) years from the Grant Date.

 

5.             Termination.

 

(a)           Termination by Reason of Death or Disability. If the Participant’s Termination is by reason of death or Disability, the portion of the Option that is held by the Participant that is vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant (or, in the case of death, by the legal representative of the Participant’s estate) at any time within a one-year period from the date of such Termination, but in no event beyond the expiration of the stated term of such Option; provided, however, if the Participant dies within such exercise period, the vested portion of the Option held by the Participant shall thereafter be exercisable, to the extent to which it was exercisable at the time of death, for a period of one year from the date of such death, but in no event beyond the expiration of the stated term of the Option.

 

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(b)           Termination by Company Without Cause or by the Participant for Good Reason. If the Participant’s Termination is by the Company without Cause, by the Participant for Good Reason or as a result of the expiration of the Participant’s employment agreement resulting from the Company’s nonrenewal of the term of such agreement, the vested portion of the Option that is held by the Participant at the time of the Participant’s Termination may be exercised by the Participant at any time within a period of 365 days from the date of such Termination, but in no event beyond the expiration of the stated term of the Option.

 

(d)           Termination by Participant not for Good Reason. If the Participant’s Termination is by the Participant without Good Reason or as a result of the expiration of the Participant’s Employment Agreement resulting from the Participant’s nonrenewal of the term of the agreement, the vested portion of the Option that is held by the Participant at the time of such Participant’s Termination may be exercised by the Participant at any time within a period of 90 days from the date of such Termination, but in no event beyond the expiration of the stated term of the Option.

 

(e)           Termination for Cause. If the Participant’s Termination is by the Company for Cause, the vested portion of the Option that is held by the Participant at the time of the Participant’s Termination shall expire immediately and the Participant shall have no further rights hereunder.

 

(f)            Unvested Option. Any portion of this Option that is not vested as of the date of a Participant’s Termination for any reason shall terminate and expire as of the date of such Termination.

 

6.             Method of Exercise and Payment. Subject to Sections 10(b) and 14, this Option shall be exercised by the Participant by delivering to the Company or its designated agent on any business day a written notice, in such manner and form as may be required by the Company in accordance with the terms of the Plan, specifying the number of Option Shares subject to this Option that the Participant then desires to exercise (the “Exercise Notice”). The Participant may elect to satisfy the payment of the Exercise Price by instructing the Company to reduce the number of Shares otherwise deliverable upon the exercise of the Option.

 

7.             Forfeiture and Clawback. In the event the Company determines that the Participant has materially violated any of the provisions set forth in Section 8 hereto, and has failed to cure such violation to the reasonable satisfaction of the Company within fifteen (15) days of written notice by the Company, unless otherwise determined by the Company, the following shall result:

 

(a)           any outstanding portion of this Option, whether vested or unvested, shall immediately be terminated and forfeited for no consideration;

 

(b)           if the Participant has been distributed Option Shares under this Option and the Participant no longer holds some or all of such Option Shares, the Participant shall repay to the Company, in cash, within thirty (30) days after demand is made therefor by the Company, an amount equal to the sum of (I) the total amount of any cash previously paid to the Participant hereunder; and (II) the total amount of any value received by the Participant upon any

 

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disposition of any Option Shares paid to the Participant hereunder less the Exercise Price paid for such Option Shares; and

 

(c)           if the Participant has been distributed Option Shares under this Option and the Participant (or any permitted transferees), continues to hold some or all of such Option Shares, the Participant shall forfeit and transfer to the Company for the applicable Exercise Price of such Option Shares. If the Participant fails to deliver all or any of the Option Shares within thirty (30) days of such notice, then the Secretary of the Company shall be authorized to effect the Company’s repurchase of such Option Shares on the Company’s books and records, without further notice.

 

8.             Restrictive Covenants. As a condition to the receipt of the Option and/or exercise of the Option, the Participant agrees as follows:

 

(a)           Confidentiality. During the course of the Participant’s employment with the Company or any of its Subsidiaries or Affiliates, the Participant will have access to Confidential Information. For purposes of this Agreement, “Confidential Information” means all data, information, ideas, concepts, discoveries, trade secrets, inventions (whether or not patentable or reduced to practice), innovations, improvements, know-how, developments, techniques, methods, processes, treatments, drawings, sketches, specifications, designs, plans, patterns, models, plans and strategies, and all other confidential or proprietary information or trade secrets in any form or medium (whether merely remembered or embodied in a tangible or intangible form or medium) whether now or hereafter existing, relating to or arising from the past, current or potential business, activities and/or operations of the Company or any of its Subsidiaries or Affiliates, including, without limitation, any such information relating to or concerning finances, sales, marketing, advertising, transition, promotions, pricing, personnel, customers, suppliers, vendors, raw partners and/or competitors. The Participant agrees that the Participant shall not, directly or indirectly, use, make available, sell, disclose or otherwise communicate to any person, other than in the course of the Participant’s assigned duties and for the benefit of the Company, either during the period of the Participant’s employment or at any time thereafter, any Confidential Information or other confidential or proprietary information received from third parties subject to a duty on the Company’s and its Subsidiaries’ and Affiliates’ part to maintain the confidentiality of such information, and to use such information only for certain limited purposes, in each case, which shall have been obtained by the Participant during the Participant’s employment by the Company (or any predecessor) or any of its Subsidiaries or Affiliates. The foregoing shall not apply to information that (i) was known to the public prior to its disclosure to the Participant; (ii) becomes generally known to the public subsequent to disclosure to the Participant through no wrongful act of the Participant or any representative of the Participant; or (iii) if permitted by law, the Participant is required to disclose by applicable law, regulation or legal process (provided that the Participant provides the Company with prior notice of the contemplated disclosure and cooperates with the Company at its expense in seeking a protective order or other appropriate protection of such information).

 

(b)           Noncompetition. The Participant acknowledges that (i) the Participant performs services of a unique nature for the Company that are irreplaceable, and that the Participant’s performance of such services to a competing business will result in irreparable harm to the Company, (ii) the Participant has had and will continue to have access to Confidential

 

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Information, which, if disclosed, would unfairly and inappropriately assist in competition against the Company or any of its Subsidiaries or Affiliates, (iii) in the course of the Participant’s employment by a competitor, the Participant would inevitably use or disclose such Confidential Information, (iv) the Company and its Subsidiaries and Affiliates have substantial relationships with their customers and the Participant has had and will continue to have access to these customers, (v) the Participant has received and will receive specialized training from the Company and its Subsidiaries and Affiliates, and (vi) the Participant has generated and will continue to generate goodwill for the Company and its Subsidiaries and Affiliates in the course of the Participant’s employment. Accordingly, during the Participant’s employment with the Company or any of its Subsidiaries or Affiliates and for a period of twelve (12) months thereafter (the “Restricted Period”), the Participant agrees that the Participant will not, directly or indirectly, own, manage, operate, control, be employed by (whether as an employee, consultant, independent contractor or otherwise, and whether or not for compensation) or render services to any person, firm, corporation or other entity, in whatever form, engaged in the business of international or domestic maritime transport of petroleum or petroleum-based products, including but not limited to crude oil and refined petroleum products (the “Business”), in each case in any locale of any country (and including, for the avoidance of doubt, shipping through international waters) in which or from which the Company conducts business as of the end of the Participant’s employment. Notwithstanding the foregoing, nothing herein shall prohibit the Participant from being a passive owner of not more than one percent (1%) of the equity securities of a publicly traded corporation engaged in a business that is in competition with the Company or any of its Subsidiaries or Affiliates, so long as the Participant has no active participation in the business of such corporation.

 

(c)           Nonsolicitation; Noninterference.

 

(i)            During the Restricted Period, the Participant agrees that the Participant shall not, except in the furtherance of the Participant’s duties hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, solicit, aid or induce any individual or entity that is, or was during the twelve-month period immediately prior to the termination of the Participant’s employment for any reason, a customer of the Business of the Company or any of its Subsidiaries or Affiliates to purchase goods or services then sold through the Business by the Company or any of its Subsidiaries or Affiliates from another person, firm, corporation or other entity or assist or aid any other persons or entity in identifying or soliciting any such customer.

 

(ii)           During the Restricted Period, the Participant agrees that the Participant shall not, except in the furtherance of the Participant’s duties hereunder, directly or indirectly, individually or on behalf of any other person, firm, corporation or other entity, (A) solicit, aid or induce any employee, representative or agent engaged in the Business of the Company or any of its Subsidiaries or Affiliates to leave such employment or retention or to accept employment with or render services to or with any other person, firm, corporation or other entity unaffiliated with the Company or hire or retain any such employee, representative or agent, or take any action to materially assist or aid any other person, firm, corporation or other entity in identifying, hiring or soliciting any such employee, representative or agent, or (B) interfere, or aid or induce any other person or entity in interfering, with the relationship between the Company or any of its Subsidiaries

 

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or Affiliates and any of their respective vendors, joint venturers or licensors connected with the Business. Any person described in this Section 8(c)(ii) shall be deemed covered by this Section while so employed or retained and for a period of twelve (12) months thereafter.

 

(d)           Nondisparagment. The Participant agrees during the Restricted Period not to make negative comments or otherwise disparage the Company or any of its Subsidiaries or Affiliates or any of their officers, directors, employees, shareholders, agents or products other than in the good faith performance of the Participant’s duties to the Company while the Participant is employed by the Company. The Company agrees during the Restricted Period that the individuals holding the positions of executive officers of the Company as of the date of termination of the Participant’s employment and the members of the Company’s Board of Directors as of the date of such termination will not, while employed by the Company or serving as a director of the Company, as the case may be, make negative comments about the Participant or otherwise disparage the Participant in any manner that is likely to be harmful to the Participant’s business reputation. The foregoing shall not be violated by truthful statements in response to legal process, required governmental testimony or filings, or administrative or arbitral proceedings (including, without limitation, depositions in connection with such proceedings), and the foregoing limitation on the Participant and the Company’s executives and directors shall not be violated by statements that the Participant or they in good faith believe are necessary or appropriate to make in connection with performing his or their duties and obligations to the Company.

 

(e)           Inventions.

 

(i)            The Participant acknowledges and agrees that all ideas, methods, inventions, discoveries, improvements, work products, developments or works of authorship (“Inventions”), whether patentable or unpatentable, (A) that relate to the Participant’s work with the Company, made or conceived by the Participant, solely or jointly with others, during the Participant’s employment, or (B) suggested by any work that the Participant performs in connection with the Company, either while performing the Participant’s duties with the Company or on the Participant’s own time, shall belong exclusively to the Company (or its designee), whether or not patent applications are filed thereon. The Participant will keep full and complete written records (the “Records”), in the manner prescribed by the Company, of all Inventions, and will promptly disclose all Inventions completely and in writing to the Company. The Records shall be the sole and exclusive property of the Company, and the Participant will surrender them upon the termination of the Participant’s employment, or upon the Company’s request. The Participant hereby irrevocably conveys, transfers and assigns to the Company the Inventions and all patents that may issue thereon in any and all countries, whether during or subsequent to the Participant’s employment, together with the right to file, in the Participant’s name or in the name of the Company (or its designee), applications for patents and equivalent rights (the “Applications”). The Participant will, at any time during and subsequent to the Participant’s employment, make such applications, sign such papers, take all rightful oaths, and perform all acts as may be requested from time to time by the Company with respect to the Inventions. The Participant will also execute assignments to the Company (or its designee) of the Applications, and give the Company

 

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and its attorneys all reasonable assistance (including the giving of testimony) to obtain the Inventions for the Company’s benefit, all without additional compensation to the Participant from the Company, but entirely at the Company’s expense. If the Company is unable for any other reason to secure Participant’s signature on any document for this purpose, then Participant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Participant’s agent and attorney in fact, to act for and in Participant’s behalf and stead to execute any documents and to do all other lawfully permitted acts in connection with the foregoing.

 

(ii)           In addition, the Inventions will be deemed Work for Hire, as such term is defined under the copyright laws of the United States, on behalf of the Company and the Participant agrees that the Company will be the sole owner of the Inventions, and all underlying rights therein, in all media now known or hereinafter devised, throughout the universe and in perpetuity without any further obligations to the Participant. If the Inventions, or any portion thereof, are deemed not to be Work for Hire, the Participant hereby irrevocably conveys, transfers and assigns to the Company, all rights, in all media now known or hereinafter devised, throughout the universe and in perpetuity, in and to the Inventions, including, without limitation, all of the Participant’s right, title and interest in the copyrights (and all renewals, revivals and extensions thereof) to the Inventions, including, without limitation, all rights of any kind or any nature now or hereafter recognized, including, without limitation, the unrestricted right to make modifications, adaptations and revisions to the Inventions, to exploit and allow others to exploit the Inventions and all rights to sue at law or in equity for any infringement, or other unauthorized use or conduct in derogation of the Inventions, known or unknown, prior to the date hereof, including, without limitation, the right to receive all proceeds and damages therefrom. In addition, the Participant hereby waives any so-called “moral rights” with respect to the Inventions. To the extent that the Participant has any rights in the results and proceeds of the Participant’s service to the Company that cannot be assigned in the manner described herein, the Participant agrees to unconditionally waive the enforcement of such rights. The Participant hereby waives any and all currently existing and future monetary rights in and to the Inventions and all patents that may issue thereon, including, without limitation, any rights that would otherwise accrue to the Participant’s benefit by virtue of the Participant being an employee of or other service provider to the Company.

 

(iii)          Participant shall not improperly use for the benefit of, bring to any premises of, divulge, disclose, communicate, reveal, transfer or provide access to, or share with the Company any confidential, proprietary or non-public information or intellectual property relating to a former employer or other third party without the prior written permission of such third party. Participant represents and warrants that he does not possess or own any rights in or to any confidential, proprietary or non-public information or intellectual property related to the business of the Company. Participant shall comply with all relevant policies and guidelines of the Company regarding the protection of confidential information and intellectual property and potential conflicts of interest, provided same are consistent with the terms of this Agreement. Participant acknowledges that the Company may amend any such policies and guidelines from time to time, and that Participant remains at all times bound by their most current version.

 

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(f)            Return of Company Property. On the date of the Participant’s termination of employment with the Company for any reason (or at any time prior thereto at the Company’s request), the Participant shall return all property belonging to the Company or its Subsidiaries or Affiliates (including, but not limited to, any Company-provided laptops, computers, cell phones, wireless electronic mail devices or other equipment, or documents and property belonging to the Company).

 

(g)           Reasonableness Of Covenants. In signing this Agreement, the Participant gives the Company assurance that the Participant has carefully read and considered all of the terms and conditions of this Agreement, including the restraints imposed under this Section 8 hereof. The Participant agrees that these restraints are necessary for the reasonable and proper protection of the Company and its Subsidiaries and Affiliates and their trade secrets and confidential information and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area, and that these restraints, individually or in the aggregate, will not prevent the Participant from obtaining other suitable employment during the period in which the Participant is bound by the restraints. The Participant agrees that, before providing services, whether as an employee or consultant, to any entity during the period of time that the Participant is subject to the constraints in Section 8(b) hereof, the Participant will provide a copy of Section 8 of this Agreement to such entity, and the Company shall be entitled to share a copy of Section 8 of this Agreement to such entity or any other entity to which the Participant performs services. The Participant acknowledges that each of these covenants has a unique, very substantial and immeasurable value to the Company and its Subsidiaries and Affiliates and that the Participant has sufficient assets and skills to provide a livelihood while such covenants remain in force. The Participant further covenants that the Participant will not challenge the reasonableness or enforceability of any of the covenants set forth in this Section 8. It is also agreed that each of the Company’s Subsidiaries and Affiliates will have the right to enforce all of the Participant’s obligations to that Subsidiary or Affiliate under this Agreement and shall be third party beneficiaries hereunder, including without limitation pursuant to this Section 8.

 

(h)           Reformation. If it is determined by a court of competent jurisdiction in any state that any restriction in this Section 8 is excessive in duration or scope or is unreasonable or unenforceable under applicable law, it is the intention of the parties that such restriction may be modified or amended by the court to render it enforceable to the maximum extent permitted by the laws of that state.

 

(i)            Tolling. In the event of any violation of the provisions of this Section 8, the Participant acknowledges and agrees that the post-termination restrictions contained in this Section 8 shall be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the applicable post-termination restriction period shall be tolled during any period of such violation.

 

(j)            Survival Of Provisions. The obligations contained in Section 8 hereof shall survive the termination or expiration of the Option granted hereunder and the Participant’s employment with the Company and shall be fully enforceable thereafter.

 

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9.             Conditions. As a condition to the receipt of this Option Award, the Participant hereby releases any rights and/or claims the Participant may have associated with, or in any way related to, any equity awards granted or required to be granted by the Company or any of its Affiliates prior to the Effective Date of the Plan.

 

10.          Non-transferability.

 

(a)           Restriction on Transfers. This Option, and any rights or interests therein, (i) shall not be sold, exchanged, transferred, assigned or otherwise disposed of in any way at any time by the Participant (or any beneficiary(ies) of the Participant), other than by testamentary disposition by the Participant or by the laws of descent and distribution, (ii) shall not be pledged or encumbered in any way at any time by the Participant (or any beneficiary(ies) of the Participant) and (iii) shall not be subject to execution, attachment or similar legal process. Any attempt to sell, exchange, pledge, transfer, assign, encumber or otherwise dispose of this Option, or the levy of any execution, attachment or similar legal process upon this Option, contrary to the terms of this Agreement and/or the Plan, shall be null and void and without legal force or effect.

 

(b)           Shareholders Agreement and Registration Agreement. Notwithstanding anything herein to the contrary, the Participant (and any permitted transferee), and any Shares issued thereto in respect of this Option, shall be subject to the provisions of each of the Company’s Shareholders’ Agreement and Registration Agreement (each as amended from time to time), and to the extent the Participant is not already a party to such agreement the Participant shall execute a joinder to such agreement as a condition to the exercise of this Option.

 

11.          Entire Agreement; Amendment. This Agreement, together with the Plan and the Shareholders Agreement contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter; provided, however, that any agreement between the Company or any of its Subsidiaries or Affiliates and the Executive with respect to post-termination obligations respecting confidentiality, the return of Company property, the treatment of Company intellectual property, non-competition, non-solicitation of customers or employees or other similar matters shall continue in effect in accordance with its terms. The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the Participant. The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.

 

12.          Acknowledgment of Participant. The award of this Option does not entitle Participant to any benefit other than that granted under this Agreement. Any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be considered as part of such salary in the event of severance, redundancy or resignation. Participant understands and accepts that the benefits granted under this Agreement are entirely at the discretion of the Company and that the Company retains the right to amend or terminate this Agreement and the Plan at any time, at its sole discretion and without notice.

 

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13.          Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to the principles of conflict of laws thereof.

 

14.          Withholding of Tax. Unless otherwise provided by the Committee, as a condition to the distribution of Option Shares to the Participant, the Participant shall be required to pay in cash, or to make other arrangements satisfactory to the Company (including, without limitation, authorizing withholding from payroll and any other amounts payable to the Participant), an amount sufficient to satisfy any federal, provincial, state, local and foreign taxes of any kind (including, but not limited to, the Participant’s FICA and SDI obligations) which the Company, in its sole discretion, deems necessary to comply with the Code and/or any other applicable law, rule or regulation with respect to the Option. Unless the tax withholding obligations of the Company are satisfied, the Company shall have no obligation to issue a certificate or book-entry transfer for such Option Shares.

 

15.          No Right to Employment. Any questions as to whether and when there has been a termination of such employment and the cause of such termination shall be determined in the sole discretion of the Committee. Nothing in this Agreement shall interfere with or limit in any way the right of the Company to terminate the Participant’s employment or service at any time, for any reason and with or without cause.

 

16.          Notices. Any Exercise Notice or other notice which may be required or permitted under this Agreement shall be in writing, and shall be delivered in person or via facsimile transmission, overnight courier service or certified mail, return receipt requested, postage prepaid, properly addressed as follows:

 

(a)           If such notice is to the Company, to the attention of the General Counsel of the Company or at such other address as the Company, by notice to the Participant, shall designate in writing from time to time.

 

(b)           If such notice is to the Participant, at his/her address as shown on the Company’s records, or at such other address as the Participant, by notice to the Company, shall designate in writing from time to time.

 

17.          Compliance with Laws. The issuance of this Option (and the Shares upon exercise of this Option) pursuant to this Agreement shall be subject to, and shall comply with, any applicable requirements of any foreign, Marshall Islands and U.S. federal and state securities laws, rules and regulations (including, without limitation, the provisions of the Securities Act of 1933, as amended, the 1934 Act and in each case any respective rules and regulations promulgated thereunder) and any other law or regulation applicable thereto. The Company shall not be obligated to issue this Option or any of the Shares pursuant to this Agreement if any such issuance would violate any such requirements.

 

18.          Binding Agreement; Assignment. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns. The Participant shall not assign (except as provided by Section 10 hereof) any part of this Agreement without the prior express written consent of the Company.

 

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19.          Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.

 

20.          Headings. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement.

 

21.          Further Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.

 

22.          Severability. The invalidity or unenforceability of any provisions of this Agreement, including, without limitation Section 8, in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.

 

[Remainder of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

 

	
 
    	
GENERAL MARITIME CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ L. J. Vrondissis
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
L. J. Vrondissis
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Executive Vice President.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
PARTICIPANT
    
	
 
    	
 
    
	
 
    	
/s/ Milton H. Gonzales
    
	
 
    	
 
    
	
 
    	
Name: Milton H. GonzalesExhibit 10.8

 

SHAREHOLDERS’ AGREEMENT

 

This SHAREHOLDERS’ AGREEMENT (the “Agreement”), dated as of May 7, 2015, among Gener8 Maritime, Inc., a Marshall Islands corporation (the “Company”), formerly known as General Maritime Corporation, and the entities listed on Schedule A hereto, as amended from time to time in accordance with this Agreement (such entities collectively, the “Shareholders”).

 

WHEREAS, the Company, Gener8 Maritime Acquisition, Inc. (“Merger Sub”) and Navig8 Crude Tankers, Inc. (“Navig8”) have entered into that certain Agreement and Plan of Merger, dated as of February 24, 2015 (the “Merger Agreement”), pursuant to which Merger Sub will merge with and into Navig8, with Navig8 as the surviving corporation (the “Merger”);

 

WHEREAS, in connection with, and effective upon, completion of the Merger (the “Effective Time”), the Company and the Shareholders wish to set forth certain understandings between such parties, including with respect to certain corporate governance matters; and

 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

 

ARTICLE 1

DEFINITIONS

 

Section 1.1                                    Certain Definitions.  As used in this Agreement, the following terms shall have the following meanings:

 

“Affiliate” of a specified Person is a Person that directly, or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, the Person specified.

 

“Agreement” has the meaning set forth in the preamble to this Agreement.

 

“Articles of Incorporation” has the meaning set forth in Section 2.2(b) of this Agreement.

 

“Aurora Shareholders” means the entities set forth on Schedule A-4 and any of their Affiliates that receive Common Stock of the Company pursuant to a Transfer from any such Shareholder in accordance with Article 5 and which execute a Joinder Agreement as provided in Section 5.1(a).

 

“Aurora Director” has the meaning set forth in Section 2.1(e) of this Agreement.

 

“Avenue Director” has the meaning set forth in Section 2.1(a) of this Agreement.

 

“Avenue Shareholders” means the entities set forth on Schedule A-1 and any of their Affiliates that receive Common Stock of the Company pursuant to a Transfer from any such 

 

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Shareholder in accordance with Article 5 and which execute a Joinder Agreement as provided in Section 5.1(a).

 

“Beneficial Owner” of a security is a Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of, such security and/or (ii) investment power, which includes the power to dispose, or to direct the disposition of, such security.  The terms “Beneficially Own” and “Beneficial Ownership” shall have correlative meanings.

 

“Blue Mountain Director” has the meaning set forth in Section 2.1(c) of this Agreement.

 

“Blue Mountain Shareholders” means the entities set forth on Schedule A-2 and any of their Affiliates that receive Common Stock of the Company pursuant to a Transfer from any such Shareholder in accordance with Article 5 and which execute a Joinder Agreement as provided in Section 5.1(a).

 

“Board” means the Board of Directors of the Company.

 

“Closing” means the closing of the Merger.

 

“Common Stock” means the common stock, par value $0.01 per share, of the Company and any equity securities issued or issuable in exchange for or with respect to such Common Stock by way of dividend, split, subdivision or combination of shares, or in connection with a reclassification, recapitalization, merger, consolidation or other reorganization.

 

“Company” has the meaning set forth in the preamble to this Agreement.

 

“Control” (including the terms “Controlling,” “Controlled by” and “under common Control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.  The investment manager or investment adviser of an investment fund or account shall be deemed to Control such fund or account for purposes of this Agreement.

 

“Designating Shareholder” means each of (i) the Avenue Shareholders, acting collectively, (ii) Monarch Shareholders, acting collectively, (iii) Blue Mountain Shareholders, acting collectively, (iv) Oaktree Shareholders, acting collectively, and (v) the Aurora Shareholders, acting collectively; provided that, upon any Designating Shareholder no longer holding the Requisite Ownership Amount, such Designating Shareholder shall thereafter be deemed not to be a Designating Shareholder. For the avoidance of doubt, no Transferee of any Designating Shareholder shall be deemed to be a Designating Shareholder as a result of such Transfer.

 

“Effective Time” has the meaning set forth in the preamble to this Agreement.

 

“Equity Securities” means, with respect to the Company, (i) shares of Common Stock and other capital stock of the Company from time to time outstanding, (ii) obligations, evidences of indebtedness or other securities or interests, in each case that are convertible or exchangeable into shares of Common Stock or any other capital stock of the Company and, (iii) 

 

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warrants, options or other rights to purchase or otherwise acquire shares of Common Stock or any other capital stock of the Company.

 

“Exchange Act” has the meaning set forth in Section 5.1(b) of this Agreement.

 

“Former Director” has the meaning set forth in Section 2.2(a) of this Agreement.

 

“Independent” shall mean, for the purpose of Sections 2.5(d) and 2.7 only, meeting the requirements for independent directors under New York Stock Exchange Listed Company Manual Section 303A.02 and, subject to the foregoing, may include a person who is employed by such Designating Shareholder.

 

“IPO” means the first underwritten public offering of the Company’s Common Stock registered under the Securities Act of 1933, as amended, after May 17, 2012.

 

“Lead Independent Director” has the meaning set forth in Section 2.3(a) of this Agreement.

 

“Merger” has the meaning set forth in the preamble to this Agreement.

 

“Merger Agreement” has the meaning set forth in the preamble to this Agreement.

 

“Merger Sub” has the meaning set forth in the preamble to this Agreement.

 

“Monarch Director” has the meaning set forth in Section 2.1(b) of this Agreement.

 

“Monarch Shareholders” means the entities set forth on Schedule A-5 and any of their Affiliates that receive Common Stock of the Company pursuant to a Transfer from any such Shareholder in accordance with Article 5 and which execute a Joinder Agreement as provided in Section 5.1(a).

 

“Navig8” has the meaning set forth in the preamble to this Agreement.

 

“Oaktree Director” has the meaning set forth in Section 2.1(e) of this Agreement.

 

“Oaktree Shareholders” means the entities set forth on Schedule A-3 and any of their Affiliates that receive Common Stock of the Company pursuant to a Transfer from any such Shareholder in accordance with Article 5 and which execute a Joinder Agreement as provided in Section 5.1(a).

 

“Permitted Transferee” means (i) with respect to any Shareholder who is a natural person, such Shareholder’s spouse and lineal descendants (whether natural or adopted) and any trust that is and at all times remains solely for the benefit of the Shareholder and/or the  Shareholder’s spouse and/or lineal descendants, and (ii) with respect to any Shareholder which is an entity, (A) any of such Shareholder’s wholly owned Subsidiaries and parent companies that wholly own such Shareholder and (B) equityholders of such Shareholder pursuant to a distribution in accordance with such Shareholder’s governing documents.

 

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“Person” means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association, organization, any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision thereof or other entity, and also includes any managed investment account.

 

“Proceeding” has the meaning set forth in Section 6.8 of this Agreement.

 

“Requisite Ownership Amount” means 5% of the then-outstanding Common Stock.

 

“Sale of the Company” means a bona fide sale of the outstanding Securities or assets of the Company on an arm’s length basis to any Person (other than the Company, any Subsidiary of the Company, or any Affiliate of any of the foregoing) pursuant to which such Person, together with its Affiliates, acquires (i) a majority of the voting power represented by the outstanding Equity Securities (whether by merger, consolidation, sale or Transfer of Equity Securities or otherwise) or (ii) all or substantially all of the Company’s and its Subsidiaries’ assets determined on a consolidated basis.

 

“Securities Act” has the meaning set forth in Section 5.1(a) of this Agreement.

 

“Selected Courts” has the meaning set forth in Section 6.8 of this Agreement.

 

“Shareholders” has the meaning set forth in the preamble to this Agreement.

 

“Special Meeting” has the meaning set forth in Section 2.7 of this Agreement.

 

“Subsidiary” with respect to any party, any corporation, partnership, trust, limited liability company or other entity or business enterprise in which such party (or another Subsidiary of such party) holds, directly or indirectly, stock or other ownership interests representing (a) more than 50% of the voting power of all outstanding stock or other ownership interests of such entity or (b) the right to receive more than 50% of the net assets of such entity available for distribution to the holders of outstanding stock or ownership interests upon a liquidation or dissolution of such entity.

 

“Transfer” means any sale, assignment, transfer, pledge, mortgage, exchange, hypothecation, grant of a security interest, encumber, distribute, gift or other direct or indirect disposition or encumbrance of an interest with or without consideration (including by merger or otherwise by operation of law). The terms “Transferee,” “Transferred,” and other forms of the word “Transfer” shall have correlative meanings.

 

Section 1.2                                    Gender.  For the purposes of this Agreement, the words “he,” “his” or “himself” shall be interpreted to include the masculine, feminine and corporate, other entity or trust form.

 

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ARTICLE 2

 

GOVERNANCE MATTERS

 

Section 2.1                                    Board of Directors.  From and after the Closing, and until the earlier to occur of (i) termination of this Agreement or (ii) with respect to any Designating Shareholder, such Designating Shareholder no longer holding the Requisite Ownership Amount, each Designating Shareholder shall vote all shares of Common Stock and any other voting securities of the Company that are Beneficially Owned by such Designating Shareholder, and each such Designating Shareholder and, subject to the Company’s shareholders voting to elect the following individuals as directors, the Company, shall take all necessary and desirable actions within their respective control, to (A) ensure that, subject to Section 2.5, the authorized number of directors on the Board is established and remains at seven (7), and (B) elect, or cause to be elected, to the Board and continue to serve as directors of the Board the following individuals, except as otherwise required by law:

 

(a)                                 From and after the Closing, and until the earlier to occur of (i) termination of this Agreement or (ii) the Avenue Shareholders no longer holding the Requisite Ownership Amount, one (1) individual designated by the Avenue Shareholders to serve as a member of the Board (the “Avenue Director”). The initial Avenue Director shall be Dan Ilany.

 

(b)                                 From and after the Closing, and until the earlier to occur of (i) termination of this Agreement or (ii) the Monarch Shareholders no longer holding the Requisite Ownership Amount, one (1) individual designated by the Monarch Shareholders to serve as a member of the Board (the “Monarch Director”). The initial Monarch Director shall be Roger Schmitz.

 

(c)                                  From and after the Closing, and until the earlier to occur of (i) termination of this Agreement or (ii) the Blue Mountain Shareholders no longer holding the Requisite Ownership Amount, one (1) individual designated by the Blue Mountain Shareholders to serve as a member of the Board (the “Blue Mountain Director”). The initial Blue Mountain Director shall be Ethan Auerbach.

 

(d)                                 From and after the Closing, and until the earlier to occur of (i) termination of this Agreement or (ii) the Oaktree Shareholders no longer holding the Requisite Ownership Amount, one (1) individual designated by the Oaktree Shareholders to serve as a member of the Board (the “Oaktree Director”). The initial Oaktree Director shall be Adam Pierce.

 

(e)                                  From and after the Closing, and until the earlier to occur of (i) termination of this Agreement or (ii) the Aurora Shareholders no longer holding the Requisite Ownership Amount, one (1) individual designated by the Aurora Shareholders to serve as a member of the Board (the “Aurora Director”). The initial Aurora Director shall be Steve Smith.

 

(f)                                   From and after the Closing, and until the termination of this Agreement, and so long as he serves as a consultant to the Company, Nicolas Busch.

 

(g)                                  From and after the Closing, and until the termination of this Agreement, and so long as he serves as Chief Executive Officer to the Company, Peter Georgiopoulos (who shall be the Chairman of the Board).

 

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(h)                                 For the avoidance of doubt, the initial Board shall consist of the individuals set forth on Exhibit A hereto.

 

Section 2.2                                          Removal; Resignation; Vacancies.

 

(a)                                 In the event that any designee of the Designating Shareholders under Section 2.1 elected to the Board shall for any reason cease to serve as a member of the Board during his or her term of office (such former Board member, a “Former Director”), the resulting vacancy on the Board and on any committee of the Board shall be filled by an individual designated by the Designating Shareholder entitled to designate the Former Director according to the provisions of Section 2.1 (provided that such Designating Shareholder holds the Requisite Ownership Amount).  If any such vacancy cannot be filled in accordance with Section 2.1 because the applicable Designating Shareholder no longer holds the Requisite Ownership Amount, or if either Nicolas Busch or Peter Georgiopoulos shall for any reason cease to serve as a member of the Board, then the resulting vacancy shall be filled by an individual appointed by the Board or otherwise in accordance with the Company’s Bylaws as then in effect.

 

(b)                                 From and after the Closing, and until the termination of this Agreement, prior to and as a condition to any designee described in Section 2.1 being appointed to the Board, such designee shall be required to agree in a written agreement with such Designating Shareholder and the Company to immediately resign from the Board upon receipt by the Company of written notice from the applicable Designated Shareholder to remove (with or without cause) such director. From and after the Closing, and until the termination of this Agreement, each Designating Shareholder hereby agrees to vote, at any annual or special meeting, by written consent, or otherwise, all shares of Common Stock and other voting securities of the Company that are Beneficially Owned by such Designating Shareholder, and the Company and each Designating Shareholder hereby agree to take all necessary and desirable actions within such Shareholder’s or the Company’s control, as applicable, to effect such removal. Notwithstanding anything else to the contrary in this Agreement, a director may be removed for cause in accordance with the Third Amended and Restated Articles of Incorporation of the Company, as may be amended or supplemented from time to time (the “Articles of Incorporation”).

 

(c)                                  A director may resign at any time from the Board by delivering his or her written resignation to the Board. Any such resignation shall be effective upon receipt thereof unless it is specified to be effective at some other time or upon the occurrence of some other event. The Board’s acceptance of a resignation shall not be necessary to make it effective.

 

(d)                                 From and after the Closing, and until the termination of this Agreement, the Company and each Designating Shareholder shall take all necessary and desirable action within its control, subject to 0, to include each of the director nominees for which the Designating Shareholders are entitled to designate on each slate of nominees for election to the Board proposed by the Company and/or the Board (or any committee thereof).  Without limiting the foregoing, the Company and each Designating Shareholder shall, as promptly as reasonably practicable, use commercially reasonably efforts to take all necessary and desirable actions, subject to applicable law, within its control (including, without limitation, calling special meetings of the Board and/or the Company’s shareholders) to cause the election, removal and replacement of the designees of 

 

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the Designating Shareholders pursuant to Section 2.1 and Section 2.2, subject to the Company’s shareholders voting to elect such designees as directors.

 

(e)                                  For the avoidance of doubt, upon the occurrence of (i) a Designating Shareholder no longer holding the Requisite Ownership Amount, (ii) Nicolas Busch no longer serving as a consultant to the Company or (iii) Peter Georgiopoulos no longer serving as Chief Executive Officer to the Company, then such designated director, Nicolas Busch, and Peter Georgiopoulos, as the case may be, may continue to serve on the Board until he or she resigns, is removed, is unable to serve or has completed his or her current term.

 

(f)                                   For the avoidance of doubt, other than with respect to Section 2.2(a), nothing in this Agreement shall require the Company to appoint directors to the Board who have not been elected by its shareholders.

 

Section 2.3                                          Lead Independent Director.

 

(a)                                 From and after the Closing, and until the termination of this Agreement, the Company and each Designating Shareholder hereby acknowledge and agree that the Monarch Shareholders and Avenue Shareholders shall have the right, acting jointly by written notice delivered to the Company and signed by each of the Monarch Shareholders and Avenue Shareholders, or their respective duly authorized representatives, to designate one (1) previously elected or appointed member of the Board to serve in the role of lead independent member of the Board (the “Lead Independent Director”). In the event that the Lead Independent Director shall for any reason cease to serve in such role during his or her term of office, the resulting vacancy in such role shall be filled by a previously elected or appointed director designated in writing signed by each of the Monarch Shareholders and Avenue Shareholders. The Monarch Shareholders and Avenue Shareholders may remove the title of Lead Independent Director from such director by sending a written notice to the Company signed by each of the Monarch Shareholders and Avenue Shareholders and, upon receipt of such notice by the Company, such director shall no longer serve in such role (and the Lead Independent Director shall only be removed in such manner). Each Designating Shareholder hereby agrees to vote, at any annual or special meeting, by written consent, or otherwise, all shares of Common Stock and other voting securities of the Company that are Beneficially Owned by such Designating Shareholder, and the Company and each Designating Shareholder shall take all necessary and desirable actions within its control, to effect any designation or removal contemplated by this Section 2.3. The initial Lead Independent Director shall be Dan Ilany.

 

(b)                                 The Company and each Designating Shareholder hereby acknowledge and agree that the Lead Independent Director’s powers and responsibilities shall include:

 

(i)                                     the authority to call meetings of the Board (including executive sessions thereof);

 

(ii)                                  joint responsibility with the Chairman of the Board and Company management for setting meeting agendas for the Board;

 

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(iii)                               assisting the Board with optimizing the its effectiveness and independence (as such term is used in New York Stock Exchange Listed Company Manual Section 303A.02) from the Company management; and

 

(iv)                              advising and consulting with the Chief Executive Officer of the Company and Chairman of the Board on matters related to corporate governance and the Board’s performance.

 

Section 2.4                                          Post-Initial Public Offering Board. The composition of the Board effective immediately subsequent to the consummation of an IPO shall be determined by the Board prior to such IPO; provided, that (a) the Board shall, subsequent to such IPO, consist of at least seven (7) directors, but not more than nine (9) directors, as the Board may determine, and (b) subject to the foregoing clause (a), each member of the Board as of immediately prior to such IPO shall be offered the opportunity to continue to serve as a member of the Board; provided that, in the cases of each Avenue Director, Monarch Director, Blue Mountain Director, Oaktree Director and Aurora Director only, the Designating Shareholder responsible for such director’s appointment will own at least five percent (5%) of the voting Common Stock of the Company upon consummation of such IPO and such member of the Board is Independent.

 

Section 2.5                                          Board Size.  The Board shall initially be comprised of seven (7) directors.  The Company and each Shareholder hereby agree that, subject to Section 2.4, the size of the Board shall not be increased or decreased prior to the consummation of an IPO without the consent of one or more Shareholders party to this Agreement then holding at least 75% of the outstanding shares of Common Stock.

 

Section 2.6                                          Committees.

 

(a)                                 The Company and each Shareholder hereby acknowledge and agree that the Board shall have the right to create a Strategic Management Committee, Compensation Committee and such other committees as the Board deems necessary or appropriate.

 

(b)                                 The Company and each Shareholder hereby acknowledge and agree that the Strategic Management Committee shall (i) consist of four (4) voting members and one (1) non-voting member, who shall initially consist of the individuals set forth on Exhibit B; (ii) review, evaluate and advise the Board on all commercial and strategic matters; and (iii) have responsibilities that include, without limitation, (A) sales and purchases of vessels, (B) chartering in and out, and (C) mergers and acquisitions.  The Board shall prepare and approve a charter for the Strategic Management Committee setting forth its responsibilities in sufficient detail.

 

(c)                                  The Company and each Shareholder hereby acknowledge and agree that the Compensation Committee shall (i) consist of the Aurora Director, Avenue Director, the Monarch Director and the Oaktree Director; (ii) review, evaluate and advise the Board on with respect to all management compensation matters; and (iii) in respect of any deadlock in voting by the members of the Compensation Committee, a fifth director, who shall be an Independent director, shall be nominated by the Compensation Committee. The Board shall prepare and  approve a charter for the Compensation Committee setting forth its responsibilities in sufficient detail.

 

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Section 2.7                                          Special Meetings of Shareholders.  The Company agrees that it will call a special meeting of the Shareholders (a “Special Meeting”) upon any request of one or more Shareholders who then Beneficially Own at least 40% of the shares of Common Stock entitled to vote at the proposed Special Meeting, in accordance with and subject to the Company’s Articles of Incorporation as then in effect.  Such Special Meeting shall be held solely for the purpose or purposes specified by the Person or Persons making the request, and the time and place of such Special Meeting shall be determined in accordance with the Company’s Bylaws as then in effect.

 

Section 2.8                                          Affiliate Transactions. The Company shall not, directly or indirectly, in one transaction or series of related transactions, Transfer any of its material assets to, or purchase any material assets from, or enter into any material contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (an “Affiliate Transaction”), unless (i) (A) the terms thereof are no less favorable to the Company than those that could be obtained at the time of such transaction in arms’-length dealings with a Person that is not such an Affiliate and (B) a majority of the disinterested directors of the Board approve such Affiliate Transaction or (ii) such Affiliate Transaction is between or among the Company and its Subsidiaries.

 

ARTICLE 3

EFFECTIVENESS AND TERMINATION

 

Section 3.1                                          Effective Date.  This Agreement shall be effective as of the Closing.  In the event the Merger Agreement is terminated and the Closing does not occur, this Agreement shall be null and void ab initio.

 

Section 3.2                                          Term. This Agreement shall automatically terminate (without any action by any party hereto) as to each Shareholder upon the earlier of (a) the time such Shareholder and its Affiliates no longer Beneficially Own any shares of Common Stock or (b) the consummation of an IPO.

 

Section 3.3                                          Survival. If this Agreement is terminated as to any Shareholder pursuant to Section 3.2, this Agreement shall become void and of no further force and effect with respect to such Shareholder.

 

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ARTICLE 4

REPRESENTATIONS AND WARRANTIES

 

Section 4.1                                    Representations and Warranties of the Shareholders.  Each of the Shareholders, severally and not jointly, represents and warrants to the Company that: (a)such Shareholder is an “accredited investor” as such term is defined in Rule 501 promulgated under the Securities Act; (b)such Shareholder is duly organized and validly existing under the laws of its jurisdiction of organization; (c)such Shareholder is duly authorized to execute, deliver and perform this Agreement; (d)this Agreement has been duly executed by such Shareholder or by an authorized signatory on behalf of such Shareholder and is a valid and binding agreement of such Shareholder, enforceable against such Shareholder in accordance with its terms, except as may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and general principles of equity; and (e) the execution, delivery and performance by such Shareholder of this Agreement does not violate or conflict with or result in a breach by such Shareholder of or constitute (or with notice or lapse of time or both would constitute) a default by such Shareholder under its organizational documents, under any agreement to which such Shareholder is a party, any existing applicable law of any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision thereof, exercising any statutory or regulatory authority of any of the foregoing, domestic or foreign, having jurisdiction over such Shareholder, or any agreement or instrument by which such Shareholder or any of its assets may be bound.

 

Section 4.2                                    Representations and Warranties of the Company.  The Company represents and warrants to each of the Shareholders that: (a) the Company is duly organized and validly existing under the laws of the Marshall Islands; (b)the Company is duly authorized to execute, deliver and perform this Agreement; (c) this Agreement has been duly executed and delivered by the Company and is a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and general principles of equity; and (d) the execution, delivery and performance by the Company of this Agreement does not violate or conflict with or result in a breach by the Company of or constitute (or with notice or lapse of time or both would constitute) a default by the Company under its articles of incorporation incorporation, any existing applicable law of any court, administrative agency, regulatory body, commission or other governmental authority, board, bureau or instrumentality, domestic or foreign and any subdivision thereof, exercising any statutory or regulatory authority of any of the foregoing, domestic or foreign, having jurisdiction over the Company, or any agreement or instrument by which the Company or any of its assets may be bound.

 

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ARTICLE 5

COVENANTS OF THE SHAREHOLDERS

 

Section 5.1                                    Restrictions on Transfers of Common Stock.

 

(a)                                 Prior to consummating any Transfer of any Equity Securities (other than pursuant to a Sale of the Company approved by the Board) to any Person, and as a condition precedent to any such Transfer, the Transferring Shareholder shall cause each prospective Transferee thereof to execute and deliver to the Company a Joinder Agreement (the “Joinder Agreement”) in the form attached hereto as Exhibit B. Any Transfer or attempted Transfer of any Equity Securities in violation of the foregoing or any other provision of this Agreement shall be void, and the Company shall not record such Transfer on its books or treat any purported Transferee of such Equity Securities as the owner of such Equity Securities for any purpose.

 

(b)                                 No Shareholder shall avoid the provisions of this Agreement by (i) making one or more Transfers to one or more Permitted Transferees and then disposing of all or any portion of such Person’s interest in any such Permitted Transferee, or (ii) issuing or permitting any Transfer of any legal or beneficial interests in such Shareholder other than to the current direct and indirect holders of such interests.

 

(c)                                  In addition to any restrictions set forth in the Articles of Incorporation, or this Agreement, no Shareholder shall Transfer any shares of Common Stock unless such Transfer or disposition is made upon compliance with the provisions of the Securities Act of 1933, as amended (the “Securities Act”), and any applicable antitrust, competition or similar laws.  Prior to any proposed Transfer of any shares of Common Stock (whether such shares are issued or acquired prior to, on, or after the date hereof) of the Company by a Shareholder, the Shareholder intending to Transfer such shares of Common Stock shall give written notice to the Company of such Shareholder’s intention to effect such Transfer, which notice shall be accompanied, unless the Board otherwise approves, by a written opinion of legal counsel, who shall be reasonably satisfactory to the Company, addressed to the Company, and reasonably satisfactory in form and substance to the Company’s legal counsel, to the effect that the proposed Transfer may be effected without registration or otherwise violating federal securities laws or any state or provincial securities laws or “blue sky” laws (including any investor suitability standards) applicable to the Company or the interest to be Transferred, or cause the Company to be required to register as an “Investment Company” under the U.S. Investment Company Act of 1940, as amended.

 

(d)                                 No Shareholder shall be entitled to Transfer any shares of Common Stock if, as a result of such Transfer, the Company would be required to register a class of equity securities under Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any successor provision, or otherwise become subject to the reporting obligations of the Exchange Act or any successor statute.

 

Section 5.2                                    Void Transfers. Any Transfer by any Shareholder of any Equity Securities or other interest in the Company in contravention of this Agreement in any respect (including the failure of the Transferee to execute a Joinder Agreement in accordance with Section 5.1)  shall be void and ineffectual and shall not bind or be recognized by the Company or any other party.

 

Section 5.3                                    Legend. The certificates representing the Equity Securities, other than any global certificate representing the Equity Securities deposited with a depository for transfer in book-entry form, shall include an endorsement typed conspicuously thereon of the following restrictive legends:

 

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“THE SHARES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON                                       , HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR APPLICABLE STATE SECURITIES LAWS (“STATE ACTS”) AND MAY NOT BE SOLD, ASSIGNED, PLEDGED OR TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR STATE ACTS OR AN EXEMPTION FROM REGISTRATION THEREUNDER.  THE TRANSFER OF THE SHARES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE (I) RESTRICTIONS PURSUANT TO ARTICLE TWELVE OF THE AMENDED AND RESTATED ARTICLES OF INCORPORATION OF THE ISSUER (THE “COMPANY”), AND (II) CONDITIONS SPECIFIED IN A SHAREHOLDERS’ AGREEMENT, DATED AS OF [      ], 2015, AS AMENDED OR MODIFIED FROM TIME TO TIME, GOVERNING THE COMPANY AND BY AND AMONG CERTAIN SHAREHOLDERS, AND (III) CONDITIONS SPECIFIED IN A REGISTRATION AGREEMENT, DATED AS OF [      ], 2015, AS AMENDED OR MODIFIED FROM TIME TO TIME.  A COPY OF ANY OF SUCH AMENDED AND RESTATED ARTICLES OF INCORPORATION OR SHAREHOLDERS’ AGREEMENT SHALL BE FURNISHED BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST AND WITHOUT CHARGE.”

 

Section 5.4                                    Transfer Fees and Expenses. The Transferor and Transferee of any Equity Securities shall be jointly and severally obligated to reimburse the Company for all reasonable expenses (including attorneys’ fees and expenses) of any Transfer or proposed Transfer, whether or not consummated.

 

Section 5.5                                    Effect of Transfer. Any Shareholder who Transfers any Equity Securities or other interest in the Company shall cease to be a Shareholder of the Company with respect to such Equity Securities or other interest, and shall no longer have any rights or privileges of a Shareholder with respect to such Equity Securities or other interest.

 

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ARTICLE 6

MISCELLANEOUS

 

Section 6.1                                    Notices.  All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person or sent by facsimile (provided a copy is thereafter promptly delivered as provided in this Section 6.1) or nationally recognized overnight courier (charges prepaid), addressed to such party at the address or facsimile number set forth below or such other address or facsimile number as may hereafter be designated in writing by such party to the other parties:

 

(a)         if to the Company, to:

 

General Maritime Corporation / Gener8, Inc.

299 Park Avenue
 New York, New York 10171
 Facsimile: (212) 763-5607
 E-mail: lvrondissis@generalmaritimecorp.com
 Attention: Leonard J. Vrondissis, CFO

 

with a copy (which shall not constitute actual or constructive notice) to:

 

Kramer Levin Naftalis & Frankel LLP

1177 Avenue of the Americas

New York, NY 10036

Fax: 212-715-8000

E-mail: tmolner@kramerlevin.com, 

tshen@kramerlevin.com

Attn: Thomas E. Molner, Esq., Terrence L. Shen, Esq.

 

(b)         if to any Shareholder then to the notice address set forth opposite such Shareholder’s name on Schedule A.

 

Section 6.2                                    Interpretation.  The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words “included”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.”

 

Section 6.3                                    Severability.  The provisions of this Agreement shall be deemed severable, and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.  If any provision of this Agreement, or the application thereof to any person or entity or any circumstance, is found to be invalid or  unenforceable in any jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other 

 

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Persons or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

 

Section 6.4                                    Counterparts.  This Agreement may be executed in one or more counterparts (including by signature pages delivered by means of facsimile machine or electronic transmission in portable electronic format (pdf)), each of which shall be deemed an original and all of which shall, taken together, be considered one and the same agreement.

 

Section 6.5                                    Entire Agreement; No Third Party Beneficiaries.  This Agreement (a) constitutes the entire agreement and understanding among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations (except any prior confidentiality or non-disclosure understandings or agreements) by or among the parties, written or oral, which may have related to the subject matter hereof in any way and (b) is not intended to confer upon any Person, other than the parties hereto, any rights or remedies hereunder.

 

Section 6.6                                    Further Assurances.  Each party shall execute, deliver, acknowledge and file such other documents and take such further actions as may be reasonably requested from time to time by any other party hereto to give effect to and carry out the transactions contemplated herein.

 

Section 6.7                                    Governing Law; Equitable Remedies.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE (WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF).  The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specific terms or was otherwise breached.  It is accordingly agreed that the parties hereto shall be entitled to an injunction or injunctions and other equitable remedies to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any of the Selected Courts (as defined below), this being in addition to any other remedy to which they are entitled at law or in equity.  Any requirements for the securing or posting of any bond with respect to such remedy are hereby waived by each of the parties hereto.  Each party further agrees that, in the event of any action for an injunction or other equitable remedy in respect of such breach or enforcement of specific performance, it will not assert the defense that a remedy at law would be adequate.

 

Section 6.8                                    Consent To Jurisdiction.  With respect to any suit, action or proceeding (“Proceeding”) arising out of or relating to this Agreement or any transaction contemplated hereby each of the parties hereto hereby irrevocably (i) submits to the exclusive jurisdiction of the Court of Chancery of the State of Delaware and the United States District Court for the District of Delaware and the appellate courts therefrom (the “Selected Courts”) and waives any objection to venue being laid in the Selected Courts whether based on the grounds of forum non conveniens or otherwise and hereby agrees not to commence any such Proceeding  other than before one of the Selected Courts; provided, however, that a party may commence any Proceeding in a court other than a Selected Court solely for the purpose of enforcing an order or judgment issued by one of the Selected Courts; (ii) consents to service of process in any Proceeding by the 

 

14

 

mailing of copies thereof by registered or certified mail, postage prepaid, or by recognized international express carrier or delivery service, to the Company or any Shareholder at their respective addresses referred to in Section 6.1 hereof; provided, however, that nothing herein shall affect the right of any party hereto to serve process in any other manner permitted by law; and (iii) TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AND AGREES THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT AND TO HAVE ALL MATTERS RELATING TO THIS AGREEMENT BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

 

Section 6.9                                    Amendments; Waivers.

 

(a)                                 No provision of this Agreement may be amended, modified or waived unless such amendment, modification or waiver is in writing and signed by the Company and holders of at least 662/3% of the Common Stock then Beneficially Owned by the Shareholders; provided that no such amendment shall have a materially disproportionate and materially adverse impact on any Shareholder that is not a party to such writing. The Board may, without the consent of any Shareholder, amend Schedules A, A-1, A-2, A-3, A-4 and A-5 to reflect the issuance or Transfer of Equity Securities or assignment permitted by Section 6.10 to any Shareholder in manner consistent with this Agreement.

 

(b)                                 No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

 

Section 6.10                             Assignment.  Neither this Agreement nor any of the rights or obligations hereunder shall be assigned by any of the parties hereto without the prior written consent of the other parties hereto and delivery of a Joinder Agreement to the Company; provided that a party hereto may assign its rights and obligations hereunder to any of its Affiliates after prior written notice to the Company of such assignment, so long as such Affiliate does not exercise management or control over an enterprise engaging in the shipping industry that is directly competitive with any of the Company’s or its Subsidiaries’ seaborne crude and refined products transportation businesses.  Notwithstanding anything else to the contrary in this  Agreement, the rights of any Designating Shareholder hereunder may not be assigned or otherwise Transferred.  No Transferee of a Designating Shareholder shall be deemed to be a Designating Shareholder as a result of such Transfer. Subject to this Section 6.10, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns.

 

15

 

Section 6.11                             Shareholders.  For purposes of any consent, waiver, amendment, designation or decision to be made or agreed to by any Shareholder pursuant to this Agreement, such consent, waiver, amendment, designation or decision shall be deemed to be made or agreed (or not made or agreed) by, and shall be binding upon, such Shareholder upon the delivery of written notice to the Company executed and delivered by an authorized officer of such Shareholder.

 

[Signature Page Follows]

 

16

 

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered, all as of the date first set forth above.

 

 

	
Gener8 Maritime, Inc.,
    	
 
    
	
 
    	
 
    
	
Formerly known as General Maritime Corporation
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Leonard J. Vrondissis
    	
 
    
	
Name:
    	
Leonard   J. Vrondissis
    	
 
    
	
Title:
    	
Executive   Vice President and Chief Financial Officer
    	
 
    

 

[Signature Page to Shareholders Agreement]

 

 

	
OCM MARINE HOLDINGS TP, L.P.
    	
 
    
	
 
    	
 
    
	
By:
    	
OCM Marine GP CTB, Ltd.
    	
 
    
	
Its:
    	
General Partner
    	
 
    
	
 
    	
 
    
	
By:
    	
Oaktree Capital Management, L.P.
    	
 
    
	
Its:
    	
Director
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Amy Rice
    	
 
    
	
Name:
    	
Amy Rice
    	
 
    
	
Title:
    	
Senior Vice President
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Adam Pierce
    	
 
    
	
Name: 
    	
Adam Pierce
    	
 
    
	
Title: 
    	
Managing Director
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature   Page to Shareholders’ Agreement]
    
				

 

 

	
OPPS MARINE HOLDINGS TP, L.P.
    	
 
    
	
 
    	
 
    
	
By:
    	
Oaktree Fund GP Ltd.
    	
 
    
	
Its: 
    	
General Partner
    	
 
    
	
 
    	
 
    
	
By: 
    	
Oaktree Capital Management, L.P.
    	
 
    
	
Its: 
    	
Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By: 
    	
/s/ Rajath Shourie
    	
 
    
	
Name:
    	
Rajath Shourie
    	
 
    
	
Title: 
    	
Managing Director
    	
 
    
	
 
    	
 
    
	
By: 
    	
/s/ Mahesh Balakrishnan
    	
 
    
	
Name:
    	
Mahesh Balakrishnan
    	
 
    
	
Title: 
    	
Managing Director
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature   Page to Shareholders’ Agreement]
    
				

 

 

	
ARF II MARITIME HOLDINGS, LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By: 
    	
/s/ Timothy J. Hart
    	
 
    
	
Name:
    	
Timothy J. Hart
    	
 
    
	
Title: 
    	
Vice President, Secretary & General   Counsel
    	
 
    
	
 
    	
 
    
	
ARF II MARITIME EQUITY PARTNERS LP
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Timothy J. Hart
    	
 
    
	
Name:
    	
Timothy J. Hart
    	
 
    
	
Title:
    	
Vice-President, Secretary & General   Counsel
    	
 
    
	
 
    	
 
    
	
ARF II MARITIME EQUITY CO-INVESTORS LLC
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Timothy J. Hart
    	
 
    
	
Name:
    	
Timothy J. Hart
    	
 
    
	
Title: 
    	
Vice-President, Secretary & General   Counsel
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature   Page to Shareholders’ Agreement]
    

 

 

	
BLACKROCK FUNDS II, BLACKROCK   HIGH YIELD BOND PORTFOLIO
    
	
 
    	
 
    
	
 
    	
 
    
	
By: BlackRock Financial Management, Inc., its   Sub-Adviser
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ David Trucano
    	
 
    
	
Name:
    	
David Trucano
    	
 
    
	
Title:
    	
Managing Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
BLACKROCK CORPORATE HIGH YIELD   FUND, INC.
    
	
 
    	
 
    	
 
    
	
By: BlackRock Financial   Management, Inc., its Sub-Adviser
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By: 
    	
/s/  David   Trucano
    	
 
    
	
Name:
    	
David Trucano
    	
 
    
	
Title:
    	
Managing Director
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
MET INVESTORS SERIES TRUST –   BLACKROCK HIGH YIELD PORTFOLIO
    
	
 
    	
 
    	
 
    
	
By: BlackRock Financial   Management, Inc., its Sub-Adviser
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By: 
    	
/s/ David Trucano
    	
 
    
	
Name:
    	
David Trucano
    	
 
    
	
Title:
    	
Managing Director
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature   Page to Shareholders’ Agreement]
    

 

 

	
BLUEMOUNTAIN KICKING HORSE FUND   L.P.
    
	
By: BlueMountain Capital   Management, LLC, its investment manager
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ David M. O’Mara
    	
 
    
	
Name:
    	
David M. O’Mara
    	
 
    
	
Title: 
    	
Assistant GC/VP
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
BLUEMOUNTAIN CREDIT OPPORTUNITIES   MASTER FUND I L.P.
    
	
By: BlueMountain Capital   Management, LLC, its investment manager
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ David M. O’Mara
    	
 
    
	
Name:
    	
David M. O’Mara
    	
 
    
	
Title:
    	
Assistant GC/VP
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
BLUEMOUNTAIN LONG/SHORT CREDIT   AND DISTRESSED REFLECTION FUND,
    
	
A SUB-FUND OF AAI BLUEMOUNTAIN FUND PLC
    	
 
    
	
By: BlueMountain Capital   Management, LLC, its investment manager
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ David M. O’Mara
    	
 
    
	
Name:
    	
David M. O’Mara
    	
 
    
	
Title: 
    	
Assistant GC/VP
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
BLUEMOUNTAIN MONTENVERS MASTER   FUND SCA SICAV-SIF
    
	
By: BlueMountain Capital   Management, LLC, its investment manager
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ David M. O’Mara
    	
 
    
	
Name:
    	
David M. O’Mara
    	
 
    
	
Title: 
    	
Assistant GC/VP
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
BLUEMOUNTAIN CREDIT ALTERNATIVES   MASTER FUND LP
    
	
By: BlueMountain Capital   Management, LLC, its investment manager
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ David M. O’Mara
    	
 
    
	
Name:
    	
David M. O’Mara
    	
 
    
	
Title: 
    	
Assistant GC/VP
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature   Page to Shareholders’ Agreement]
    

 

 

	
BLUEMOUNTAIN DISTRESSED MASTER   FUND L.P.
    
	
By: BlueMountain Capital   Management, LLC, its investment manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   David M. O’Mara
    	
 
    
	
Name:
    	
David M. O’Mara
    	
 
    
	
Title:
    	
Assistant GC/VP
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
BLUEMOUNTAIN LONG/SHORT CREDIT   MASTER FUND L.P.
    
	
By: BlueMountain Capital   Management, LLC, its investment manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/ David M. O’Mara
    	
 
    
	
Name:
    	
David M. O’Mara
    	
 
    
	
Title:
    	
Assistant GC/VP
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
BLUEMOUNTAIN GUADALUPE PEAK FUND   L.P.
    
	
By: BlueMountain Capital   Management, LLC, its investment manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   David M. O’Mara
    	
 
    
	
Name:
    	
David M. O’Mara
    	
 
    
	
Title:
    	
Assistant GC/VP
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
BLUEMOUNTAIN STRATEGIC CREDIT   MASTER FUND L.P.
    
	
By: BlueMountain Capital   Management, LLC, its investment manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/  David   M. O’Mara
    	
 
    
	
Name:
    	
David M. O’Mara
    	
 
    
	
Title:
    	
Assistant GC/VP
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
BLUEMOUNTAIN TIMBERLINE LTD.
    
	
By: BlueMountain Capital   Management, LLC, its investment manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/  David   M. O’Mara
    	
 
    
	
Name:
    	
David M. O’Mara
    	
 
    
	
Title:
    	
Assistant GC/VP
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature Page to Shareholders’   Agreement]
    

 

 

	
AVENUE-SLP EUROPE OPPORTUNITIES FUND, L.P.
    
	
By: Avenue-SLP Europe Opportunities Fund GenPar,   LLC,
    
	
as its General Partner
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Sonia Gardner
    	
 
    
	
Name:
    	
Sonia Gardner
    	
 
    
	
Title:
    	
Member
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Avenue Europe Opportunities Master Fund, L.P.
    
	
By: Avenue Europe Opportunities Fund GenPar, LLC,   its General Partner
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/   Sonia Gardner
    	
 
    
	
Name:
    	
Sonia Gardner
    	
 
    
	
Title:
    	
Member
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Avenue Europe Special Situations Fund II (Euro), L.P.
    
	
By: Avenue Europe Capital Partners II, LLC, its   General Partner
    
	
By: GL Europe Partners II, LLC, Managing Member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Sonia Gardner
    	
 
    
	
Name:
    	
Sonia Gardner
    	
 
    
	
Title:
    	
Member
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Avenue Europe Special Situations Fund II (U.S.), L.P.
    
	
By: Avenue Europe Capital Partners II, LLC, its   General Partner
    
	
By: GL Europe Partners II, LLC, Managing Member
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Sonia Gardner
    	
 
    
	
Name:
    	
Sonia Gardner
    	
 
    
	
Title:
    	
Member
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
AVENUE COPPERS OPPORTUNITIES FUND, L.P.
    
	
By:
    	
Avenue COPPERS Opportunities Fund GenPar, LLC,
    
	
 
    	
its General Partner
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Sonia Gardner
    	
 
    
	
Name:
    	
Sonia Gardner
    	
 
    
	
Title:
    	
Member
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature Page to Shareholders’   Agreement]
    
					

 

 

	
MANAGED ACCOUNTS MASTER FUND SERVICES - MAP10, a Sub Trust of Managed
    
	
Accounts Master Fund Services
    
	
By: Avenue Capital Management II, L.P.,  its   Investment Manager
    
	
By: Avenue Capital Management II GenPar, LLC, its General Partner
    
	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Sonia Gardner
    	
 
    
	
Name:  Sonia Gardner
    	
 
    
	
Title: Member
    	
 
    
	
 
    
	
 
    
	
AVENUE INVESTMENTS, L.P.
    
	
By: Avenue Partners, LLC, Its   General Partner
    
	
 
    
	
 
    
	
By:
    	
/s/ Sonia Gardner
    	
 
    
	
Name:  Sonia Gardner
    	
 
    
	
Title:  Member
    	
 
    
	
 
    
	
 
    
	
AVENUE INTERNATIONAL MASTER, L.P.
    
	
By: Avenue International Master GenPar, Ltd., Its   General Partner
    
	
 
    
	
 
    
	
By: 
    	
/s/ Sonia Gardner
    	
 
    
	
Name:  Sonia Gardner
    	
 
    
	
Title:  Director
    	
 
    
	
 
    
	
 
    
	
AVENUE SPECIAL SITUATIONS FUND VI (MASTER), L.P.
    
	
By: Avenue Capital Partners VI, LLC, Its General Partner
    
	
 
    
	
By: GL Partners VI, LLC
    
	
Its Managing Member
    
	
 
    
	
 
    
	
By: 
    	
/s/ Sonia Gardner
    	
 
    
	
Name:  Sonia Gardner
    	
 
    
	
Title:  Member
    	
 
    
	
 
    
	
[Signature Page to Shareholders’   Agreement]
    
				

 

 

	
Monarch Debt Recovery Master Fund Ltd
    
	
By: Monarch Alternative Capital LP, as investment   manager
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
/s/   Michael A. Weinstock
    	
 
    
	
Name:
    	
Michael A. Weinstock
    	
 
    
	
Title:
    	
Chief Executive Officer
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Monarch Opportunities Master Fund Ltd
    
	
By: Monarch Alternative Capital LP, as investment   manager
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Michael A. Weinstock
    	
 
    
	
Name:
    	
Michael A. Weinstock
    	
 
    
	
Title:
    	
Chief Executive Officer
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    
	
P Monarch Recovery Ltd
    	
 
    
	
By: Monarch Alternative Capital LP, as investment   manager
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Michael A. Weinstock
    	
 
    
	
Name:
    	
Michael A. Weinstock
    	
 
    
	
Title:
    	
Chief Executive Officer
    	
 
    
	
 
    	
 
    	
 
    
	
[Signature Page to Shareholders’   Agreement]
    

 

 

	
Monarch Alternative Solutions Master Fund Ltd
    
	
By: Monarch Alternative Capital LP, as investment   manager
    
	
 
    
	
 
    
	
By: 
    	
/s/ Michael A. Weinstock
    	
 
    
	
Name: 
    	
Michael A. Weinstock
    	
 
    
	
Title:  
    	
Chief Executive Officer
    	
 
    
	
 
    
	
 
    
	
Monarch Capital Master Partners II LP
    
	
By: Monarch Alternative Capital LP, as investment   manager
    
	
 
    
	
 
    
	
By: 
    	
/s/ Michael A. Weinstock
    	
 
    
	
Name: 
    	
Michael A. Weinstock
    	
 
    
	
Title: 
    	
Chief Executive Officer
    	
 
    
	
 
    
	
 
    
	
MCP Holdings Master LP
    
	
By: Monarch Alternative Capital LP, as investment   manager
    
	
 
    
	
 
    
	
By: 
    	
/s/ Michael A. Weinstock
    	
 
    
	
Name: 
    	
Michael A. Weinstock
    	
 
    
	
Title: 
    	
Chief Executive Officer
    	
 
    
	
 
    
	
[Signature Page to Shareholders’   Agreement]
    

 

 

SCHEDULE A

 

Shareholders

 

	
Name
    	
 
    	
Notice Information
    
	
 
    	
 
    	
 
    
	
Avenue - COPPERS Opportunities Fund, L.P.
    	
 
    	
399 Park Avenue,

6th Floor

New York, NY 10022
    
	
 
    	
 
    	
 
    
	
Avenue Europe Opportunities Master Fund, L.P.
    	
 
    	
399 Park Avenue,

6th Floor

New York, NY 10022
    
	
 
    	
 
    	
 
    
	
Avenue-SLP European Opportunities Fund, L.P.
    	
 
    	
399 Park Avenue,

6th Floor

New York, NY 10022
    
	
 
    	
 
    	
 
    
	
Avenue Europe Special Situations Fund II (Euro),   L.P.
    	
 
    	
399 Park Avenue,

6th Floor

New York, NY 10022
    
	
 
    	
 
    	
 
    
	
Avenue Europe Special Situations Fund II (U.S.),   L.P.
    	
 
    	
399 Park Avenue,

6th Floor

New York, NY 10022
    
	
 
    	
 
    	
 
    
	
Avenue Investments, LP
    	
 
    	
399 Park Avenue,

6th Floor

New York, NY 10022
    
	
 
    	
 
    	
 
    
	
Avenue International Master, LP
    	
 
    	
399 Park Avenue,

6th Floor

New York, NY 10022
    
	
 
    	
 
    	
 
    
	
Managed Accounts Master Fund Services - MAP10
    	
 
    	
399 Park Avenue,

6th Floor

New York, NY 10022
    
	
 
    	
 
    	
 
    
	
Avenue Special Situations Fund VI (Master), LP
    	
 
    	
399 Park Avenue,

6th Floor

New York, NY 10022
    
	
 
    	
 
    	
 
    
	
BlueMountain Guadalupe Peak Fund L.P.
    	
 
    	
C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

Attn: General Counsel

legalnotices@bmcm.com
    
	
 
    	
 
    	
 
    
	
BlueMountain Montenvers Master Fund SCA SICAV-SIF
    	
 
    	
C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

Attn: General Counsel

legalnotices@bmcm.com
    
	
 
    	
 
    	
 
    
	
BlueMountain Kicking Horse Fund L.P.
    	
 
    	
C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

Attn: General Counsel

legalnotices@bmcm.com
    
	
 
    	
 
    	
 
    
	
BlueMountain Timberline Ltd.
    	
 
    	
C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017
    

 

 

	
 
    	
 
    	
Attn: General Counsel

legalnotices@bmcm.com
    
	
 
    	
 
    	
 
    
	
Blue Mountain Credit Alternatives Master Fund   L.P.
    	
 
    	
C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

Attn: General Counsel

legalnotices@bmcm.com
    
	
 
    	
 
    	
 
    
	
BlueMountain Credit   Opportunities Master Fund I L.P.
    	
 
    	
C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

Attn: General Counsel

legalnotices@bmcm.com
    
	
 
    	
 
    	
 
    
	
BlueMountain Long/Short   Credit and Distressed Reflection Fund, a sub-fund of AAI BlueMountain Fund   PLC
    	
 
    	
C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

Attn: General Counsel

legalnotices@bmcm.com
    
	
 
    	
 
    	
 
    
	
BlueMountain Long Short   Credit and Distressed Reflection Fund PLC
    	
 
    	
C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

Attn: General Counsel

legalnotices@bmcm.com
    
	
 
    	
 
    	
 
    
	
BlueMountain Montenvers   Master Fund
    	
 
    	
C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

Attn: General Counsel

legalnotices@bmcm.com
    
	
 
    	
 
    	
 
    
	
BlueMountain Distressed   Master Fund L.P.
    	
 
    	
C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

Attn: General Counsel

legalnotices@bmcm.com
    
	
 
    	
 
    	
 
    
	
BlueMountain Long Short   Credit Master Fund L.P.
    	
 
    	
C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

Attn: General Counsel

legalnotices@bmcm.com
    
	
 
    	
 
    	
 
    
	
BlueMountain Strategic   Credit Master Fund L.P.
    	
 
    	
C/O BlueMountain Capital Management, LLC

280 Park Ave., 12th Floor

New York, NY 10017

Attn: General Counsel

legalnotices@bmcm.com
    
	
 
    	
 
    	
 
    
	
Monarch Alternative Solutions Master Fund Ltd
    	
 
    	
c/o Monarch Alternative Capital LP,

535 Madison Avenue,

New York, NY 10022
    
	
 
    	
 
    	
 
    
	
Monarch Capital Master Partners II LP
    	
 
    	
c/o Monarch Alternative Capital LP,

535 Madison Avenue,
    

 

 

	
 
    	
 
    	
New York, NY 10022
    
	
 
    	
 
    	
 
    
	
MCP Holdings Master LP
    	
 
    	
c/o Monarch Alternative Capital LP,

535 Madison Avenue,

New York, NY 10022
    
	
 
    	
 
    	
 
    
	
Monarch Debt Recovery Master Fund Ltd
    	
 
    	
c/o Monarch Alternative Capital LP,

535 Madison Avenue,

New York, NY 10022
    
	
 
    	
 
    	
 
    
	
Monarch Opportunities Master Fund Ltd
    	
 
    	
c/o Monarch Alternative Capital LP,

535 Madison Avenue,

New York, NY 10022
    
	
 
    	
 
    	
 
    
	
P Monarch Recovery Ltd
    	
 
    	
c/o Monarch Alternative Capital LP,

535 Madison Avenue,

New York, NY 10022
    
	
 
    	
 
    	
 
    
	
OCM Marine Holdings TP, L.P.
    	
 
    	
c/o Oaktree Capital Management LP,
    
	
 
    	
 
    	
333 South Grand Avenue, 28th Floor
    
	
 
    	
 
    	
Los Angeles, CA 90071
    
	
 
    	
 
    	
Facsimile:
    	
(213) 830-6300
    
	
 
    	
 
    	
Email:
    	
jford@oaktreecapital.com
    
	
 
    	
 
    	
 
    	
apierce@oaktreecapital.com
    
	
 
    	
 
    	
Attention:
    	
B. James Ford
    
	
 
    	
 
    	
 
    	
Adam Pierce
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
With a copy (which shall not constitute notice)   to:
    
	
 
    	
 
    	
Kirkland & Ellis LLP
    
	
 
    	
 
    	
333 South Hope Street
    
	
 
    	
 
    	
Los Angeles, CA 90071
    
	
 
    	
 
    	
Facsimile:
    	
(312) 862-2200
    
	
 
    	
 
    	
Email:
    	
christopher.greeno@kirkland.com
    
	
 
    	
 
    	
 
    	
hamed.meshki@kirkland.com
    
	
 
    	
 
    	
Attention:
    	
Christopher J. Greeno, P.C.
    
	
 
    	
 
    	
 
    	
Hamed   Meshki
    
	
 
    	
 
    	
 
    
	
Opps Marine Holdings TP, L.P.
    	
 
    	
c/o Oaktree Capital Management LP,

333 South Grand Avenue, 28th Floor

Los Angeles, CA 90071
    
	
 
    	
 
    	
Facsimile:
    	
(213) 830-6499
    
	
 
    	
 
    	
Attention:
    	
Mahesh Balakrishnan,
    
	
 
    	
 
    	
 
    	
Jennifer Box
    
	
 
    	
 
    	
 
    
	
ARF II Maritime Holdings LLC
    	
 
    	
10877 Wilshire Blvd.
    
	
 
    	
 
    	
Los Angeles, CA 90024
    
	
 
    	
 
    	
Email: ssmith@auroracap.com
    
	
 
    	
 
    	
Attention: Steven D. Smith
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
With a copy (which shall not constitute notice)   to:
    
	
 
    	
 
    	
Skadden, Arps, Slate, Meagher & Flom LLP
    
	
 
    	
 
    	
Four Times Square
    
	
 
    	
 
    	
New York, NY 10036-6522
    
	
 
    	
 
    	
Facsimile:
    	
(917) 777-2918
    
	
 
    	
 
    	
Email:
    	
Gregory.fernicola@skadden.com
    
	
 
    	
 
    	
 
    	
Laura.Kaufmann@skadden.com
    
	
 
    	
 
    	
Attention:
    	
Gregory A. Fernicola
    

 

 

	
 
    	
 
    	
 
    	
Laura   A. Kaufmann Belkhayat
    
	
 
    	
 
    	
 
    
	
ARF II Maritime Equity Partners LP
    	
 
    	
10877 Wilshire Blvd.
    
	
 
    	
 
    	
Los Angeles, CA 90024
    
	
 
    	
 
    	
Email: ssmith@auroracap.com
    
	
 
    	
 
    	
Attention: Steven D. Smith
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
With a copy (which shall not constitute notice)   to:
    
	
 
    	
 
    	
Skadden, Arps, Slate, Meagher & Flom LLP
    
	
 
    	
 
    	
Four Times Square
    
	
 
    	
 
    	
New York, NY 10036-6522
    
	
 
    	
 
    	
Facsimile:
    	
(917) 777-2918
    
	
 
    	
 
    	
Email:
    	
Gregory.fernicola@skadden.com
    
	
 
    	
 
    	
 
    	
Laura.Kaufmann@skadden.com
    
	
 
    	
 
    	
Attention:
    	
Gregory A. Fernicola
    
	
 
    	
 
    	
 
    	
Laura   A. Kaufmann Belkhayat
    
	
 
    	
 
    	
 
    
	
ARF II Maritime Equity Co-Investors LLC
    	
 
    	
10877 Wilshire Blvd.
    
	
 
    	
 
    	
Los Angeles, CA 90024
    
	
 
    	
 
    	
Email: ssmith@auroracap.com
    
	
 
    	
 
    	
Attention: Steven D. Smith
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
With a copy (which shall not constitute notice)   to:
    
	
 
    	
 
    	
Skadden, Arps, Slate, Meagher & Flom LLP
    
	
 
    	
 
    	
Four Times Square
    
	
 
    	
 
    	
New York, NY 10036-6522
    
	
 
    	
 
    	
Facsimile:
    	
(917) 777-2918
    
	
 
    	
 
    	
Email:
    	
Gregory.fernicola@skadden.com
    
	
 
    	
 
    	
 
    	
Laura.Kaufmann@skadden.com
    
	
 
    	
 
    	
Attention:
    	
Gregory A. Fernicola
    
	
 
    	
 
    	
 
    	
Laura   A. Kaufmann Belkhayat
    

 

 

SCHEDULE A-1

 

Avenue Shareholder

 

Avenue - COPPERS Opportunities Fund, L.P.

 

Avenue Europe Opportunities Master Fund, L.P.

 

Avenue-SLP European Opportunities Fund, L.P.

 

Avenue Europe Special Situations Fund II (Euro), L.P.

 

Avenue Europe Special Situations Fund II (U.S.), L.P.

 

Avenue Investments, LP

 

Avenue International Master, LP

 

Managed Accounts Master Fund Services - MAP10

 

Avenue Special Situations Fund VI (Master), LP

 

 

SCHEDULE A-2

 

Blue Mountain Shareholder

 

BlueMountain Guadalupe Peak Fund L.P.

 

BlueMountain Montenvers Master Fund SCA SICAV-SIF

 

BlueMountain Kicking Horse Fund L.P.

 

BlueMountain Timberline Ltd.

 

Blue Mountain Credit Alternatives Master Fund L.P.

 

BlueMountain Credit Opportunities Master Fund I L.P.

 

BlueMountain Long/Short Credit and Distressed Reflection Fund, a sub-fund of AAI BlueMountain Fund PLC

 

BlueMountain Long Short Credit and Distressed Reflection Fund PLC

 

BlueMountain Montenvers Master Fund

 

Blue Mountain Credit Alternatives Master Fund L.P.

 

BlueMountain Distressed Master Fund L.P.

 

BlueMountain Long Short Credit Master Fund L.P.

 

BlueMountain Strategic Credit Master Fund L.P.

 

 

SCHEDULE A-3

 

Oaktree Shareholders

 

OCM Marine Holdings TP, L.P.

 

Opps Marine Holdings TP, L.P.

 

 

SCHEDULE A-4

 

Aurora Shareholders

 

ARF II Maritime Holdings LLC

 

ARF II Maritime Equity Partners LP

 

ARF II Maritime Equity Co-Investors

 

 

SCHEDULE A-5

 

Monarch Shareholders

 

Monarch Alternative Solutions Master Fund Ltd

 

Monarch Capital Master Partners II LP

 

MCP Holdings Master LP

 

Monarch Debt Recovery Master Fund Ltd

 

Monarch Opportunities Master Fund Ltd

 

P Monarch Recovery Ltd

 

 

EXHIBIT A

 

Initial Board Members

 

Nicolas Busch

 

Peter Georgiopoulos (Chairman)

 

Avenue Director: Dan Ilany (Lead Independent Director)

 

Monarch Director: Roger Schmitz

 

Blue Mountain Director: Ethan Auerbach

 

Oaktree Director: Adam Pierce

 

Aurora Director: Steve Smith

 

 

EXHIBIT B

 

Initial Members of the Strategic Management Committee

 

Gary Brocklesby (voting and Chairman)

 

Nicolas Busch (voting)

 

Peter Georgiopoulos (voting)

 

John Tavlarios (voting)

 

Leonidas Vrondissis (non-voting)

 

 

EXHIBIT C

 

FORM OF JOINDER AGREEMENT

 

This Joinder Agreement is being delivered to Gener8 Maritime, Inc., a Marshall Islands corporation (the “Company”), pursuant to that certain Shareholders Agreement, dated as of                             , 2015 (as amended from time to time in accordance with the terms thereof, the “Shareholders’ Agreement”), among the Company and the Shareholders (as defined therein).  Capitalized terms used herein shall have the meanings assigned to such terms in the Shareholders’ Agreement.

 

The undersigned hereby executes and delivers to the Company this Joinder Agreement, pursuant to which the undersigned hereby becomes a party to the Shareholders’ Agreement and agrees to be bound by the provisions of the Shareholders’ Agreement with respect to the Equity Securities Beneficially Owned by the undersigned.

 

Any notice provided for in the Shareholders Agreement should be delivered to the undersigned at the address set forth below:

 

	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
Telephone:
    	
 
    	
 
    
	
 
    	
Facsimile:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Dated:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
[                              ]

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