Document:

<PAGE>

                                                                   Exhibit 10.33

                          GENERAL MARITIME CORPORATION
                            2001 STOCK INCENTIVE PLAN

                                    ARTICLE I

                                     General

      1.1 Purpose

      The General Maritime Corporation 2001 Stock Incentive Plan (the "Plan") is
designed to provide certain key persons, on whose initiative and efforts the
successful conduct of the business of General Maritime Corporation (formerly
known as General Maritime Shipholdings, Ltd., a Marshall Islands Company, prior
to its initial public offering) (the "Company") depends, and who are responsible
for the management, growth and protection of the business of the Company, with
incentives to: (a) enter into and remain in the service of the Company, a
Company subsidiary or a Company joint venture, (b) acquire a proprietary
interest in the success of the Company, (c) maximize their performance and (d)
enhance the long-term performance of the Company (whether directly or indirectly
through enhancing the long-term performance of a Company subsidiary or a Company
joint venture). The Plan is also designed to provide certain "performance-based"
compensation to these key persons.

      1.2 Administration

      (a) Administration by Committee; Constitution of Committee. The Plan shall
be administered by the Compensation Committee of the Board of Directors of the
Company (the "Board") or such other committee or subcommittee as the Board may
designate or as shall be formed by the abstention or recusal of a non-Qualified
Member (as defined below) of such committee (the "Committee"). The members of
the Committee shall be appointed by, and serve at the pleasure of, the Board.
While it is intended that at all times that the Committee acts in connection
with the Plan, the Committee shall consist solely of Qualified Members, the
number of whom shall not be less than two, the fact that the Committee is not so
comprised will not invalidate any grant hereunder that otherwise satisfies the
terms of the Plan. For purposes of the foregoing, a "Qualified Member" is both a
"non-employee director" within the meaning of Rule 16b-3 ("Rule 16b-3")
promulgated under the Securities Exchange Act of 1934 (the "1934 Act") and an
"outside director" within the meaning of section 162(m) of the Internal Revenue
Code of 1986 (the "Code"); If the Committee does not exist, or for any other
reason determined by the Board, the Board may take any action under the Plan
that would otherwise be the responsibility of the Committee.

      (b) Committee's Authority. The Committee shall have the authority (i) to
exercise all of the powers granted to it under the Plan, (ii) to construe,
interpret and implement the Plan and any Grant Certificates executed pursuant to
Section 2.1, (iii) to prescribe, amend and rescind rules and regulations
relating to the Plan, including rules governing its own operations, (iv) to make
all determinations necessary or advisable in administering the Plan, (v) to
correct any defect, supply any omission and reconcile any inconsistency in the
Plan, and (vi) to amend the Plan to reflect changes in applicable law.

      (c) Committee Action. Actions of the Committee shall be taken by the vote
of a majority of its members. Any action may be taken by a written instrument
signed by a majority of the Committee members, and action so taken shall be
fully as effective as if it had been taken by a vote at a meeting. Except to the
extent prohibited by applicable law or the applicable rules of a stock exchange,
the Committee may allocate all or any portion of its responsibilities and powers
to any one or more of its members and may delegate all or any part of its
responsibilities to any person or persons selected by it, and may revoke any
such allocation or delegation at any time.

      (d) Determinations Final. The determination of the Committee on all
matters relating to the Plan or any Grant Certificate shall be final, binding
and conclusive.

<PAGE>

      (e) Limit on Committee Members' Liability. No member of the Committee
shall be liable for any action or determination made in good faith with respect
to the Plan or any award thereunder.

      1.3 Persons Eligible for Awards

      The persons eligible to receive awards under the Plan are those officers,
directors, and executive, managerial, professional or administrative employees
of, and consultants to, the Company, its subsidiaries and its joint ventures
(collectively, "key persons") as the Committee in its sole discretion shall
select. The Committee may from time to time in its sole discretion determine
that any key person shall be ineligible to receive awards under the Plan.

      1.4 Types of Awards Under Plan

      Awards may be made under the Plan in the form of (a) incentive stock
options, (b) non-qualified stock options, (c) stock appreciation rights, (d)
dividend equivalent rights, (e) restricted stock, (f) unrestricted stock, and
(g) performance shares, all as more fully set forth in Article II. The term
"award" means any of the foregoing. No incentive stock option may be granted to
a person who is not an employee of the Company on the date of grant.

      1.5 Shares Available for Awards

      (a) Aggregate Number Available; Certificate Legends. The total number of
shares of common stock of the Company ("Common Stock") with respect to which
awards may be granted pursuant to the Plan shall not exceed 2.1 million shares.
Shares issued pursuant to the Plan may be authorized but unissued Common Stock,
authorized and issued Common Stock held in the Company's treasury or Common
Stock acquired by the Company for the purposes of the Plan. The Committee may
direct that any stock certificate evidencing shares issued pursuant to the Plan
shall bear a legend setting forth such restrictions on transferability as may
apply to such shares.

      (b) Adjustment Upon Changes in Common Stock. Upon certain changes in
Common Stock, the number of shares of Common Stock available for issuance with
respect to awards that may be granted under the Plan pursuant to Section 1.5(a),
shall be adjusted pursuant to Section 3.7(a).

      (c) Certain Shares to Become Available Again. The following shares of
Common Stock shall again become available for awards under the Plan: any shares
that are subject to an award under the Plan and that remain unissued upon the
cancellation or termination of such award for any reason whatsoever; any shares
of restricted stock forfeited pursuant to Section 2.7(e), provided that any
dividends paid on such shares are also forfeited pursuant to such Section
2.7(e); and any shares in respect of which a stock appreciation right or
performance share award is settled for cash.

      (d) Individual Limit. Except for the limits set forth in this Section
1.5(d) and in Section 2.2(h), no provision of this Plan shall be deemed to limit
the number or value of shares with respect to which the Committee may make
awards to any eligible person. Subject to adjustment as provided in Section
3.7(a), the total number of shares of Common Stock with respect to which awards
may be granted to any one employee of the Company or a subsidiary during any one
calendar year shall not exceed 750,000 shares. Stock options and stock
appreciation rights granted and subsequently canceled or deemed to be canceled
in a calendar year count against this limit even after their cancellation.

      1.6 Definitions of Certain Terms

      (a) The "Fair Market Value" of a share of Common Stock on any day shall be
the closing price on the Nasdaq as reported for such day in The Wall Street
Journal or, if no such price is reported for such day, the average of the high
bid and low asked price of Common Stock as reported for such day. If no
quotation is made for the applicable day, the Fair Market Value of a share of
Common Stock on such day shall be determined in the manner set forth in the
preceding sentence using quotations for the next preceding day for which there
were quotations, provided that such quotations shall have been made within the
ten (10) business days preceding the applicable day. Notwithstanding the
foregoing, if deemed necessary or appropriate by the Committee, the Fair Market
Value of a

                                     - 2 -
<PAGE>

share of Common Stock on any day shall be determined by the Committee. In no
event shall the Fair Market Value of any share of Common Stock be less than its
par value.

      (b) The term "incentive stock option" means an option that is intended to
qualify for special federal income tax treatment pursuant to sections 421 and
422 of the Code as now constituted or subsequently amended, or pursuant to a
successor provision of the Code, and which is so designated in the applicable
Grant Certificate. Any option that is not specifically designated as an
incentive stock option shall under no circumstances be considered an incentive
stock option. Any option that is not an incentive stock option is referred to
herein as a "non-qualified stock option."

      (c) A grantee shall be deemed to have a "termination of employment" upon
(i) the date the grantee ceases to be employed by, or to provide consulting
services for, the Company, any Company subsidiary or Company joint venture, or
any corporation (or any of its subsidiaries) which assumes the grantee's award
in a transaction to which section 424(a) of the Code applies; (ii) the date the
grantee ceases to be a Board member; or (iii) in the case of a grantee who is,
at the time of reference, both an employee or consultant and a Board member, the
later of the dates determined pursuant to subparagraphs (i) and (ii) above. For
purposes of clause (i) above, a grantee who continues his employment or
consulting relationship with: (A) a Company subsidiary subsequent to its sale by
the Company, or (B) a Company joint venture subsequent to the Company's sale of
its interests in such joint venture, shall have a termination of employment upon
the date of such sale. The Committee may in its discretion determine whether any
leave of absence constitutes a termination of employment for purposes of the
Plan and the impact, if any, of any such leave of absence on awards theretofore
made under the Plan. Such determinations of the Committee shall be final,
binding and conclusive. A person whose status changes from consultant to
employee or vice versa without interruption shall not be considered to have had
a termination of employment by reason of such change, except for purposes of
Section 2.5(f).

      (d) The terms "parent corporation" and "subsidiary corporation" shall have
the meanings given them in section 424(e) and (f) of the Code, respectively.

      (e) The term "employment" shall be deemed to mean an employee's employment
with, or a consultant's provision of services to, the Company, any Company
subsidiary or any Company joint venture and each Board member's service as a
Board member.

      (f) The term "cause" in connection with a termination of employment by
reason of a dismissal for cause shall mean:

            (i) to the extent that there is an employment, severance or other
      agreement governing the relationship between the grantee and the Company,
      a Company subsidiary or a Company joint venture, which agreement contains
      a definition of "cause," cause shall consist of those acts or omissions
      that would constitute "cause" under such agreement; and otherwise,

            (ii) the grantee's termination of employment by the Company or an
      affiliate on account of any one or more of the following:

                  (A) any failure by the grantee substantially to perform the
            grantee's employment duties;

                  (B) any excessive unauthorized absenteeism by the grantee;

                  (C) any refusal by the grantee to obey the lawful orders of
            the Board or any other person or committee to whom the grantee
            reports;

                  (D) any act or omission by the grantee that is or may be
            injurious to the Company, monetarily or otherwise;

                  (E) any act by the grantee that is inconsistent with the best
            interests of the Company;

                                     - 3 -
<PAGE>

                  (F) the grantee's material violation of any of the Company's
            policies, including, without limitation, those policies relating to
            discrimination or sexual harassment;

                  (G) the grantee's unauthorized (a) removal from the premises
            of the Company or an affiliate of any document (in any medium or
            form) relating to the Company or an affiliate or the customers or
            clients of the Company or an affiliate or (b) disclosure to any
            person or entity of any of the Company's, or its affiliates,'
            confidential or proprietary information;

                  (H) the grantee's commission of any felony, or any other crime
            involving moral turpitude; and

                  (I) the grantee's commission of any act involving dishonesty
            or fraud.

Notwithstanding the foregoing, in determining whether a termination of
employment by reason of a dismissal for cause has occurred pursuant to Section
1.6(f)(ii) for the purposes of Section 3.8(b)(iii), reference shall be made
solely to subsections (C), (F), (G), (H), and (I) of Section 1.6 (f)(ii).

      Any rights the Company may have hereunder in respect of the events giving
rise to cause shall be in addition to the rights the Company may have under any
other agreement with a grantee or at law or in equity. Any determination of
whether a grantee's employment is (or is deemed to have been) terminated for
cause shall be made by the Committee in its discretion, which determination
shall be final, binding and conclusive on all parties. If, subsequent to a
grantee's voluntary termination of employment or involuntary termination of
employment without cause, it is discovered that the grantee's employment could
have been terminated for cause, the Committee may deem such grantee's employment
to have been terminated for cause. A grantee's termination of employment for
cause shall be effective as of the date of the occurrence of the event giving
rise to cause, regardless of when the determination of cause is made.

                                   ARTICLE II

                              Awards Under The Plan

      2.1 Agreements Evidencing Awards

      Each award granted under the Plan (except an award of unrestricted stock)
shall be evidenced by a written certificate ("Grant Certificate") which shall
contain such provisions as the Committee may in its sole discretion deem
necessary or desirable. By accepting an award pursuant to the Plan, a grantee
thereby agrees that the award shall be subject to all of the terms and
provisions of the Plan and the applicable Grant Certificate.

      2.2 Grant of Stock Options, Stock Appreciation Rights and Dividend
Equivalent Rights

      (a) Stock Option Grants. The Committee may grant incentive stock options
and non-qualified stock options (collectively, "options") to purchase shares of
Common Stock from the Company, to such key persons, and in such amounts and
subject to such vesting and forfeiture provisions and other terms and
conditions, as the Committee shall determine in its sole discretion, subject to
the provisions of the Plan.

      (b) Stock Appreciation Right Grants; Types of Stock Appreciation Rights.
The Committee may grant stock appreciation rights to such key persons, and in
such amounts and subject to such vesting and forfeiture provisions and other
terms and conditions, as the Committee shall determine in its sole discretion,
subject to the provisions of the Plan. The terms of a stock appreciation right
may provide that it shall be automatically exercised for a cash payment upon the
happening of a specified event that is outside the control of the grantee, and
that it shall not be otherwise exercisable. Stock appreciation rights may be
granted in connection with all or any part of, or independently of, any option
granted under the Plan. A stock appreciation right granted in connection with a
non-qualified stock option may be granted at or after the time of grant of such
option. A stock appreciation right granted in connection with an incentive stock
option may be granted only at the time of grant of such option.

      (c) Nature of Stock Appreciation Rights. The grantee of a stock
appreciation right shall have the right, subject to the terms of the Plan and
the applicable Grant Certificate, to receive from the Company an amount

                                     - 4 -
<PAGE>

equal to (i) the excess of the Fair Market Value of a share of Common Stock on
the date of exercise of the stock appreciation right over the Fair Market Value
of a share of Common Stock on the date of grant (or over the option exercise
price if the stock appreciation right is granted in connection with an option),
multiplied by (ii) the number of shares with respect to which the stock
appreciation right is exercised. Payment upon exercise of a stock appreciation
right shall be in cash or in shares of Common Stock (valued at their Fair Market
Value on the date of exercise of the stock appreciation right) or both, all as
the Committee shall determine in its sole discretion. Upon the exercise of a
stock appreciation right granted in connection with an option, the number of
shares subject to the option shall be reduced by the number of shares with
respect to which the stock appreciation right is exercised. Upon the exercise of
an option in connection with which a stock appreciation right has been granted,
the number of shares subject to the stock appreciation right shall be reduced by
the number of shares with respect to which the option is exercised.

      (d) Option Exercise Price. Each Grant Certificate with respect to an
option shall set forth the amount (the "option exercise price") payable by the
grantee to the Company upon exercise of the option evidenced thereby. The option
exercise price per share shall be determined by the Committee in its sole
discretion; provided, however, that the option exercise price of an incentive
stock option shall be at least 100% of the Fair Market Value of a share of
Common Stock on the date the option is granted, and provided further that in no
event shall the option exercise price be less than the par value of a share of
Common Stock.

      (e) Exercise Period. Each Grant Certificate with respect to an option or
stock appreciation right shall set forth the periods during which the award
evidenced thereby shall be exercisable, whether in whole or in part. Such
periods shall be determined by the Committee in its sole discretion; provided,
however, that no incentive stock option (or a stock appreciation right granted
in connection with an incentive stock option) shall be exercisable more than 10
years after the date of grant, and provided further that, except as and to the
extent that the Committee may otherwise provide pursuant to Sections 2.5, 3.7 or
3.8, no option or stock appreciation right shall be exercisable prior to the
first anniversary of the date of grant. (See the default exercise period
provided for under Sections 2.3(a) and (b).)

      (f) Reload Options. The Committee may in its sole discretion include in
any Grant Certificate with respect to an option (the "original option") a
provision that an additional option (the "reload option") shall be granted to
any grantee who, pursuant to Section 2.3(e)(ii), delivers shares of Common Stock
in partial or full payment of the exercise price of the original option. The
reload option shall be for a number of shares of Common Stock equal to the
number thus delivered, shall have an exercise price equal to the Fair Market
Value of a share of Common Stock on the date of exercise of the original option,
and shall have an expiration date no later than the expiration date of the
original option. In the event that a Grant Certificate provides for the grant of
a reload option, such Agreement shall also provide that the exercise price of
the original option be no less than the Fair Market Value of a share of Common
Stock on its date of grant, and that any shares that are delivered pursuant to
Section 2.3 (e) (ii) in payment of such exercise price shall have been held for
at least six months.

      (g) Dividend Equivalent Rights. The Committee may in its sole discretion
include in any Grant Certificate with respect to an option, stock appreciation
right or performance shares, a dividend equivalent right entitling the grantee
to receive amounts equal to the ordinary dividends that would be paid, during
the time such award is outstanding and unexercised, on the shares of Common
Stock covered by such award if such shares were then outstanding. In the event
such a provision is included in a Grant Certificate, the Committee shall
determine whether such payments shall be made in cash or in shares of Common
Stock, whether they shall be conditioned upon the exercise of the award to which
they relate, the time or times at which they shall be made, and such other
vesting and forfeiture provisions and other terms and conditions as the
Committee shall deem appropriate. Notwithstanding the foregoing, no dividend
equivalent rights shall be conditioned on the exercise of any option or stock
appreciation right if and to the extent that such dividend equivalent right
would cause the compensation represented by such option or stock appreciation
right not to constitute performance-based compensation under section 162(m) of
the Code.

      (h) Incentive Stock Option Limitation: Exercisability. To the extent that
the aggregate Fair Market Value (determined as of the time the option is
granted) of the stock with respect to which incentive stock options are first
exercisable by any employee during any calendar year shall exceed $100,000, or
such higher amount as may be

                                     - 5 -
<PAGE>

permitted from time to time under section 422 of the Code, such options shall be
treated as non-qualified stock options.

      (i) Incentive Stock Option Limitation: 10% Owners. Notwithstanding the
provisions of paragraphs (d) and (e) of this Section 2.2, an incentive stock
option may not be granted under the Plan to an individual who, at the time the
option is granted, owns stock possessing more than 10% of the total combined
voting power of all classes of stock of his employer corporation or of its
parent or subsidiary corporations (as such ownership may be determined for
purposes of section 422(b) (6) of the Code) unless (i) at the time such
incentive stock option is granted the option exercise price is at least 110% of
the Fair Market Value of the shares subject thereto and (ii) the incentive stock
option by its terms is not exercisable after the expiration of 5 years from the
date it is granted.

      2.3 Exercise of Options and Stock Appreciation Rights

      Subject to the other provisions of this Article II, each option or stock
appreciation right granted under the Plan shall be exercisable as follows:

      (a) Beginning of Exercise Period. Unless the applicable Grant Certificate
otherwise provides, an option or stock appreciation right shall become
exercisable in [equal] installments of __% of the shares subject to such option
or stock appreciation right; one installment shall become exercisable on each
successive anniversary of the date of grant.

      (b) End of Exercise Period. Unless the applicable Grant Certificate
otherwise provides, once an installment becomes exercisable, it shall remain
exercisable until the earlier of (i) the tenth anniversary of the date of grant
of the award or (ii) the expiration, cancellation or termination of the award.

      (c) Timing and Extent of Exercise. Unless the applicable Grant Certificate
otherwise provides, an option or stock appreciation right may be exercised from
time to time as to all or part of the shares as to which such award is then
exercisable. A stock appreciation right granted in connection with an option may
be exercised at any time when, and to the same extent that, the related option
may be exercised.

      (d) Notice of Exercise. An option or stock appreciation right shall be
exercised by the filing of a written notice with the Company or the Company's
designated exchange agent (the "exchange agent"), on such form and in such
manner as the Committee shall in its sole discretion prescribe.

      (e) Payment of Exercise Price. Any written notice of exercise of an option
shall be accompanied by payment for the shares being purchased. Such payment
shall be made: (i) by certified or official bank check (or the equivalent
thereof acceptable to the Company or its exchange agent) for the full option
exercise price; or (ii) with the consent of the Committee, by delivery of shares
of Common Stock having a Fair Market Value (determined as of the exercise date)
equal to all or part of the option exercise price and a certified or official
bank check (or the equivalent thereof acceptable to the Company or its exchange
agent) for any remaining portion of the full option exercise price; or (iii) at
the discretion of the Committee and to the extent permitted by law, by such
other provision, consistent with the terms of the Plan, as the Committee may
from time to time prescribe (whether directly or indirectly through the exchange
agent).

      (f) Delivery of Certificates Upon Exercise. Promptly after receiving
payment of the full option exercise price, or after receiving notice of the
exercise of a stock appreciation right for which payment will be made partly or
entirely in shares, the Company or its exchange agent shall, subject to the
provisions of Section 3.2, deliver to the grantee or to such other person as may
then have the right to exercise the award, a certificate or certificates for the
shares of Common Stock for which the award has been exercised. If the method of
payment employed upon option exercise so requires, and if applicable law
permits, an optionee may direct the Company, or its exchange agent as the case
may be, to deliver the stock certificate(s) to the optionee's stockbroker.

      (g) No Stockholder Rights. No grantee of an option or stock appreciation
right (or other person having the right to exercise such award) shall have any
of the rights of a stockholder of the Company with respect to shares subject to
such award until the issuance of a stock certificate to such person for such
shares. Except as

                                     - 6 -
<PAGE>

otherwise provided in Section 1.5(b), no adjustment shall be made for dividends,
distributions or other rights (whether ordinary or extraordinary, and whether in
cash, securities or other property) for which the record date is prior to the
date such stock certificate is issued.

      2.4 Compensation in Lieu of Exercise of an Option

      Upon written application of the grantee of an option, the Committee may in
its sole discretion determine to substitute, for the exercise of such option,
compensation to the grantee not in excess of the difference between the option
exercise price and the Fair Market Value of the shares covered by such written
application on the date of such application. Such compensation may be in cash,
in shares of Common Stock, or both, and the payment thereof may be subject to
conditions, all as the Committee shall determine in its sole discretion. In the
event compensation is substituted pursuant to this Section 2.4 for the exercise,
in whole or in part, of an option, the number of shares subject to the option
shall be reduced by the number of shares for which such compensation is
substituted.

      2.5 Termination of Employment; Death Subsequent to a Termination of
Employment

      (a) General Rule. Except to the extent otherwise provided in paragraphs
(b), (c), (d) or (e) of this Section 2.5 or Section 3.8(b)(iii), a grantee who
incurs a termination of employment may exercise any outstanding option or stock
appreciation right on the following terms and conditions: (i) exercise may be
made only to the extent that the grantee was entitled to exercise the award on
the termination of employment date; and (ii) exercise must occur within three
months after termination of employment but in no event after the original
expiration date of the award.

      (b) Dismissal for Cause; Resignation. If a grantee incurs a termination of
employment as the result of a dismissal for cause or resignation without the
Company's prior consent, all options and stock appreciation rights not
theretofore exercised shall terminate upon the grantee's termination of
employment.

      (c) Retirement. If a grantee incurs a termination of employment as the
result of his retirement, then any outstanding option or stock appreciation
right shall be exercisable on the following terms and conditions: (i) exercise
may be made only to the extent that the grantee was entitled to exercise the
award on the termination of employment date; and (ii) exercise must occur by the
earlier of (A) the third anniversary of such termination of employment, or (B)
the original expiration date of the award. For this purpose "retirement" shall
mean a grantee's termination of employment, under circumstances other than those
described in paragraph (b) above, on or after: [(x) his 65th birthday, (y) the
date on which he has attained age 60 and completed at least five years of
service with the Company (using any method of calculation the Committee deems
appropriate) or (z) if approved by the Committee, on or after he has completed
at least 20 years of service.]

      (d) Disability. If a grantee incurs a termination of employment by reason
of a disability (as defined below), then any outstanding option or stock
appreciation right shall be exercisable on the following terms and conditions:
(i) exercise may be made only to the extent that the grantee was entitled to
exercise the award on such termination of employment; and (ii) exercise must
occur by the earlier of (A) the first anniversary of the grantee's termination
of employment, or (B) the original expiration date of the award. For this
purpose "disability" shall mean: (x) except in connection with an incentive
stock option, any physical or mental condition that would qualify a grantee for
a disability benefit under the long-term disability plan maintained by the
Company or, if there is no such plan, a physical or mental condition that
prevents the grantee from performing the essential functions of the grantee's
position (with or without reasonable accommodation) for a period of six
consecutive months and (y) in connection with an incentive stock option, a
disability described in section 422(c)(6) of the Code. The existence of a
disability shall be determined by the Committee in its absolute discretion.

      (e) Death.

            (i) Termination of Employment as a Result of Grantee's Death. If a
      grantee incurs a termination of employment as the result of his death,
      then any outstanding option or stock appreciation right shall be
      exercisable on the following terms and conditions: (A) exercise may be
      made only to the extent that the grantee was entitled to exercise the
      award on such termination of employment; and (B)

                                     - 7 -
<PAGE>

      exercise must occur by the earlier of (1) the first anniversary of the
      grantee's termination of employment, or (2) the original expiration date
      of the award.

            (ii) Death Subsequent to a Termination of Employment. If a grantee
      dies subsequent to incurring a termination of employment but prior to the
      expiration of the exercise period with respect to a non-qualified stock
      option or a stock appreciation right (as provided by paragraphs (a), (c),
      or (d) above), then the award shall remain exercisable until the earlier
      to occur of (A) the first anniversary of the grantee's date of death or
      (B) the original expiration date of the award.

            (iii) Restrictions on Exercise Following Death. Any such exercise of
      an award following a grantee's death shall be made only by the grantee's
      executor or administrator or other duly appointed representative
      reasonably acceptable to the Committee, unless the grantee's will
      specifically disposes of such award, in which case such exercise shall be
      made only by the recipient of such specific disposition. If a grantee's
      personal representative or the recipient of a specific disposition under
      the grantee's will shall be entitled to exercise any award pursuant to the
      preceding sentence, such representative or recipient shall be bound by all
      the terms and conditions of the Plan and the applicable Grant Certificate
      which would have applied to the grantee including, without limitation, the
      provisions of Sections 3.2 and 3.8 hereof.

      (f) Special Rules for Incentive Stock Options. No option that remains
exercisable for more than three months following a grantee's termination of
employment for any reason other than death or disability, or for more than one
year following a grantee's termination of employment as the result of his
becoming disabled, may be treated as an incentive stock option.

      (g) Committee Discretion. The Committee, in the applicable Grant
Certificate, may waive or modify the application of the foregoing provisions of
this Section 2.5.

      2.6 Transferability of Options and Stock Appreciation Rights

      Except as otherwise provided in an applicable Grant Certificate evidencing
an option or stock appreciation right, during the lifetime of a grantee, each
option or stock appreciation right granted to a grantee shall be exercisable
only by the grantee and no option or stock appreciation right shall be
assignable or transferable otherwise than by will or by the laws of descent and
distribution. The Committee may, in any applicable Grant Certificate evidencing
an option (other than an incentive stock option to the extent inconsistent with
the requirements of section 422 of the Code applicable to incentive stock
options), permit a grantee to transfer all or some of the options to (A) the
grantee's spouse, children or grandchildren ("Immediate Family Members"), (B) a
trust or trusts for the exclusive benefit of such Immediate Family Members, or
(C) other parties approved by the Committee in its absolute discretion.
Following any such transfer, any transferred options shall continue to be
subject to the same terms and conditions as were applicable immediately prior to
the transfer.

      2.7 Grant of Restricted Stock

      (a) Restricted Stock Grants. The Committee may grant restricted shares of
Common Stock to such key persons, in such amounts, and subject to such vesting
and forfeiture provisions and other terms and conditions as the Committee shall
determine in its sole discretion, subject to the provisions of the Plan.
Restricted stock awards may be made independently of or in connection with any
other award under the Plan. A grantee of a restricted stock award shall have no
rights with respect to such award unless such grantee accepts the award within
such period as the Committee shall specify by accepting delivery of a restricted
stock agreement in such form as the Committee shall determine and, in the event
the restricted shares are newly issued by the Company, makes payment to the
Company or its exchange agent by certified or official bank check (or the
equivalent thereof acceptable to the Company) in an amount at least equal to the
par value of the shares covered by the award.

      (b) Issuance of Stock Certificate(s). Promptly after a grantee accepts a
restricted stock award, the Company or its exchange agent shall issue to the
grantee a stock certificate or stock certificates for the shares of Common Stock
covered by the award or shall establish an account evidencing ownership of the
stock in uncertificated form. Upon the issuance of such stock certificate(s), or
establishment of such account, the grantee

                                     - 8 -
<PAGE>

shall have the rights of a stockholder with respect to the restricted stock,
subject to: (i) the nontransferability restrictions and forfeiture provision
described in paragraphs (d) and (e) of this Section 2.7; (ii) in the Committee's
discretion, to a requirement that any dividends paid on such shares shall be
held in escrow until all restrictions on such shares have lapsed; and (iii) any
other restrictions and conditions contained in the applicable restricted stock
agreement.

      (c) Custody of Stock Certificate(s). Unless the Committee shall otherwise
determine, any stock certificates issued evidencing shares of restricted stock
shall remain in the possession of the Company until such shares are free of any
restrictions specified in the applicable restricted stock agreement. The
Committee may direct that such stock certificate(s) bear a legend setting forth
the applicable restrictions on transferability.

      (d) Nontransferability. Shares of restricted stock may not be sold,
assigned, transferred, pledged or otherwise encumbered or disposed of except as
otherwise specifically provided in this Plan or the applicable restricted stock
agreement. The Committee at the time of grant shall specify the date or dates
(which may depend upon or be related to the attainment of performance goals and
other conditions) on which the nontransferability of the restricted stock shall
lapse.

      (e) Consequence of Termination of Employment. A grantee's termination of
employment for any reason (including death) shall cause the immediate forfeiture
of all shares of restricted stock that have not yet vested as of the date of
such termination of employment. All dividends paid on such shares also shall be
forfeited, whether by termination of any escrow arrangement under which such
dividends are held, by the grantee's repayment of dividends he received
directly, or otherwise.

      2.8 Grant of Unrestricted Stock

      The Committee may grant (or sell at a purchase price at least equal to par
value) shares of Common Stock free of restrictions under the Plan, to such key
persons and in such amounts and subject to such forfeiture provisions as the
Committee shall determine in its sole discretion. Shares may be thus granted or
sold in respect of past services or other valid consideration.

      2.9 Grant of Performance Shares

      (a) Performance Share Grants. The Committee may grant performance share
awards to such key persons, and in such amounts and subject to such vesting and
forfeiture provisions and other terms and conditions, as the Committee shall in
its sole discretion determine, subject to the provisions of the Plan. Such an
award shall entitle the grantee to acquire shares of Common Stock, or to be paid
the value thereof in cash, as the Committee shall determine, if specified
performance goals are met. Performance shares may be awarded independently of,
or in connection with, any other award under the Plan. A grantee shall have no
rights with respect to a performance share award unless such grantee accepts the
award by accepting delivery of a Grant Certificate at such time and in such form
as the Committee shall determine.

      (b) Stockholder Rights. The grantee of a performance share award will have
the rights of a stockholder only as to shares for which a stock certificate has
been issued pursuant to the award and not with respect to any other shares
subject to the award.

      (c) Consequence of Termination of Employment. Except as may otherwise be
provided by the Committee at any time prior to a grantee's termination of
employment, the rights of a grantee of a performance share award shall
automatically terminate upon the grantee's termination of employment by the
Company and its subsidiaries for any reason (including death).

      (d) Exercise Procedures; Automatic Exercise. At the discretion of the
Committee, the applicable Grant Certificate may set out the procedures to be
followed in exercising a performance share award or it may provide that such
exercise shall be made automatically after satisfaction of the applicable
performance goals.

                                     - 9 -
<PAGE>

      (e) Tandem Grants; Effect on Exercise. Except as otherwise specified by
the Committee, (i) a performance share award granted in tandem with an option
may be exercised only while the option is exercisable, (ii) the exercise of a
performance share award granted in tandem with any other award shall reduce the
number of shares subject to such other award in the manner specified in the
applicable Grant Certificate, and (iii) the exercise of any award granted in
tandem with a performance share award shall reduce the number of shares subject
to the latter in the manner specified in the applicable Grant Certificate.

      (f) Nontransferability. Performance shares may not be sold, assigned,
transferred, pledged or otherwise encumbered or disposed of except as otherwise
specifically provided in this Plan or the applicable Grant Certificate. The
Committee at the time of grant shall specify the date or dates (which may depend
upon or be related to the attainment of performance goals and other conditions)
on which the nontransferability of the performance shares shall lapse.

                                   ARTICLE III

                                  Miscellaneous

      3.1 Amendment of the Plan; Modification of Awards

      (a) Amendment of the Plan. The Board may from time to time suspend,
discontinue, revise or amend the Plan in any respect whatsoever, except that no
such amendment shall materially impair any rights or materially increase any
obligations under any award theretofore made under the Plan without the consent
of the grantee (or, upon the grantee's death, the person having the right to
exercise the award). For purposes of this Section 3.1, any action of the Board
or the Committee that in any way alters or affects the tax treatment of any
award shall not be considered to materially impair any rights of any grantee.

      (b) Stockholder Approval Requirement. Stockholder approval shall be
required with respect to any amendment to the Plan which (i) increases the
aggregate number of shares which may be issued pursuant to incentive stock
options or changes the class of employees eligible to receive such options; or
(ii) materially increases the benefits under the Plan to persons whose
transactions in Common Stock are subject to section 16(b) of the 1934 Act or
increases the benefits under the Plan to someone who is, or who is anticipated
to be a "162(m) covered employee" (as defined in Section 3.9(a)(i)), materially
increases the number of shares which may be issued to such persons, or
materially modifies the eligibility requirements affecting such persons.

      (c) Modification of Awards. The Committee may cancel any award under the
Plan. The Committee also may amend any outstanding Grant Certificate, including,
without limitation, by amendment which would: (i) accelerate the time or times
at which the award becomes unrestricted or may be exercised, provided that,
except as and to the extent that the Committee may otherwise provide pursuant to
Section 2.5, 3.7 or 3.8, no option or stock appreciation right shall be
exercisable prior to the first anniversary of its date of grant; (ii) waive or
amend any goals, restrictions or conditions set forth in the Agreement; or (iii)
waive or amend the operation of Section 2.5 with respect to the termination of
the award upon termination of employment. However, any such cancellation or
amendment (other than an amendment pursuant to Sections 3.7 or 3.8(b)) that
materially impairs the rights or materially increases the obligations of a
grantee under an outstanding award shall be made only with the consent of the
grantee (or, upon the grantee's death, the person having the right to exercise
the award).

      3.2 Consent Requirement

      (a) No Plan Action without Required Consent. If the Committee shall at any
time determine that any Consent (as hereinafter defined) is necessary or
desirable as a condition of, or in connection with, the granting of any award
under the Plan, the issuance or purchase of shares or other rights thereunder,
or the taking of any other action thereunder (each such action being hereinafter
referred to as a "Plan Action"), then such Plan Action shall not be taken, in
whole or in part, unless and until such Consent shall have been effected or
obtained to the full satisfaction of the Committee.

      (b) Consent Defined. The term "Consent" as used herein with respect to any
Plan Action means (i) any and all listings, registrations or qualifications in
respect thereof upon any securities exchange or under any

                                     - 10 -
<PAGE>

federal, state or local law, rule or regulation, (ii) any and all written
agreements and representations by the grantee with respect to the disposition of
shares, or with respect to any other matter, which the Committee shall deem
necessary or desirable to comply with the terms of any such listing,
registration or qualification or to obtain an exemption from the requirement
that any such listing, qualification or registration be made and (iii) any and
all consents, clearances and approvals in respect of a Plan Action by any
governmental or other regulatory bodies.

      3.3 Nonassignability

      Except as provided in Sections 2.5(e), 2.6, 2.7(d) and 2.9(f): (a) no
award or right granted to any person under the Plan or under any Grant
Certificate shall be assignable or transferable other than by will or by the
laws of descent and distribution; and (b) all rights granted under the Plan or
any Grant Certificate shall be exercisable during the life of the grantee only
by the grantee or the grantee's legal representative.

      3.4 Requirement of Notification of Election Under Section 83(b) of the
Code

      If any grantee shall, in connection with the acquisition of shares of
Common Stock under the Plan, make the election permitted under section 83(b) of
the Code (i.e., an election to include in gross income in the year of transfer
the amounts specified in section 83(b) ), such grantee shall notify the Company
of such election within 10 days of filing notice of the election with the
Internal Revenue Service, in addition to any filing and notification required
pursuant to regulations issued under the authority of Code section 83(b).

      3.5 Requirement of Notification Upon Disqualifying Disposition Under
Section 421(b) of the Code

      Each Grant Certificate with respect to an incentive stock option shall
require the grantee to notify the Company of any disposition of shares of Common
Stock issued pursuant to the exercise of such option under the circumstances
described in section 421(b) of the Code (relating to certain disqualifying
dispositions), within 10 days of such disposition.

      3.6 Withholding Taxes

      (a) With Respect to Cash Payments. Whenever cash is to be paid pursuant to
an award under the Plan, the Company shall be entitled to deduct therefrom an
amount sufficient in its opinion to satisfy all federal, state and other
governmental tax withholding requirements related to such payment.

      (b) With Respect to Delivery of Common Stock. Whenever shares of Common
Stock are to be delivered pursuant to an award under the Plan, the Company shall
be entitled to require as a condition of delivery that the grantee remit to the
Company an amount sufficient in the opinion of the Company to satisfy all
federal, state and other governmental tax withholding requirements related
thereto. With the approval of the Committee, which the Committee shall have sole
discretion whether or not to give, the grantee may satisfy the foregoing
condition by electing to have the Company withhold from delivery shares having a
value equal to the amount of tax to be withheld. Such shares shall be valued at
their Fair Market Value as of the date on which the amount of tax to be withheld
is determined. Fractional share amounts shall be settled in cash. Such a
withholding election may be made with respect to all or any portion of the
shares to be delivered pursuant to an award.

      3.7 Adjustment Upon Changes in Common Stock

      (a) Shares Available for Grants. In the event of any change in the number
of shares of Common Stock outstanding by reason of any stock dividend or split,
reverse stock split, recapitalization, merger, consolidation, combination or
exchange of shares or similar corporate change, the maximum number of shares of
Common Stock with respect to which the Committee may grant awards under Article
II hereof, as described in Section 1.5(a), and the individual annual limit
described in Section 1.5(d), shall be appropriately adjusted by the Committee.
In the event of any change in the number of shares of Common Stock outstanding
by reason of any other event or transaction, the Committee may, but need not,
make such adjustments in the number and class of shares of Common Stock with
respect to which awards: (i) may be granted under Article II hereof and (ii)
granted to any one employee of the Company or a subsidiary during any one
calendar year, in each case as the Committee may

                                     - 11 -
<PAGE>

deem appropriate, unless such adjustment would cause any award that would
otherwise qualify as performance based compensation with respect to a "162(m)
covered employee" (as defined in Section 3.9(a)(i)), to cease to so qualify.

      (b) Outstanding Restricted Stock and Performance Shares. Unless the
Committee in its absolute discretion otherwise determines, any securities or
other property (including dividends paid in cash) received by a grantee with
respect to a share of restricted stock, the issue date with respect to which
occurs prior to such event, but which has not vested as of the date of such
event, as a result of any dividend, stock split, reverse stock split,
recapitalization, merger, consolidation, combination, exchange of shares or
otherwise will not vest until such share of restricted stock vests, and shall be
promptly deposited with the Company or other custodian designated pursuant to
Section 2.7(c) hereof.

      The Committee may, in its absolute discretion, adjust any grant of shares
of restricted stock, the issue date with respect to which has not occurred as of
the date of the occurrence of any of the following events, or any grant of
performance shares, to reflect any dividend, stock split, reverse stock split,
recapitalization, merger, consolidation, combination, exchange of shares or
similar corporate change as the Committee may deem appropriate to prevent the
enlargement or dilution of rights of grantees.

      (c) Outstanding Options, Stock Appreciation Rights and Dividend Equivalent
Rights -- Increase or Decrease in Issued Shares Without Consideration. Subject
to any required action by the stockholders of the Company, in the event of any
increase or decrease in the number of issued shares of Common Stock resulting
from a subdivision or consolidation of shares of Common Stock or the payment of
a stock dividend (but only on the shares of Common Stock), or any other increase
or decrease in the number of such shares effected without receipt of
consideration by the Company, the Committee shall proportionally adjust the
number of shares of Common Stock subject to each outstanding option and stock
appreciation right, and the exercise price-per-share of Common Stock of each
such option and stock appreciation right and the number of any related dividend
equivalent rights.

      (d) Outstanding Options, Stock Appreciation Rights and Dividend Equivalent
Rights -- Certain Mergers. Subject to any required action by the stockholders of
the Company, in the event that the Company shall be the surviving corporation in
any merger or consolidation (except a merger or consolidation as a result of
which the holders of shares of Common Stock receive securities of another
corporation), each option, stock appreciation right and dividend equivalent
right outstanding on the date of such merger or consolidation shall pertain to
and apply to the securities which a holder of the number of shares of Common
Stock subject to such option, stock appreciation right or dividend equivalent
right would have received in such merger or consolidation.

      (e) Outstanding Options, Stock Appreciation Rights and Dividend Equivalent
Rights -- Certain Other Transactions. In the event of (i) a dissolution or
liquidation of the Company, (ii) a sale of all or substantially all of the
Company's assets, (iii) a merger or consolidation involving the Company in which
the Company is not the surviving corporation or (iv) a merger or consolidation
involving the Company in which the Company is the surviving corporation but the
holders of shares of Common Stock receive securities of another corporation
and/or other property, including cash, the Committee shall, in its absolute
discretion, have the power to:

                  (A) cancel, effective immediately prior to the occurrence of
            such event, each option and stock appreciation right (including each
            dividend equivalent right related thereto) outstanding immediately
            prior to such event (whether or not then exercisable), and, in full
            consideration of such cancellation, pay to the grantee to whom such
            option or stock appreciation right was granted an amount in cash,
            for each share of Common Stock subject to such option or stock
            appreciation right, respectively, equal to the excess of (x) the
            value, as determined by the Committee in its absolute discretion, of
            the property (including cash) received by the holder of a share of
            Common Stock as a result of such event over (y) the exercise price
            of such option or stock appreciation right; or

                  (B) provide for the exchange of each option and stock
            appreciation right (including any related dividend equivalent right)
            outstanding immediately

                                     - 12 -
<PAGE>

            prior to such event (whether or not then exercisable) for an option
            on or stock appreciation right and dividend equivalent right with
            respect to, as appropriate, some or all of the property which a
            holder of the number of shares of Common Stock subject to such
            option or stock appreciation right would have received and, incident
            thereto, make an equitable adjustment as determined by the Committee
            in its absolute discretion in the exercise price of the option or
            stock appreciation right, or the number of shares or amount of
            property subject to the option, stock appreciation right or dividend
            equivalent right or, if appropriate, provide for a cash payment to
            the grantee to whom such option or stock appreciation right was
            granted in partial consideration for the exchange of the option or
            stock appreciation right.

      (f) Outstanding Options, Stock Appreciation Rights and Dividend Equivalent
Rights -- Other Changes. In the event of any change in the capitalization of the
Company or a corporate change other than those specifically referred to in
Sections 3.7(c), (d) or (e) hereof, the Committee may, in its absolute
discretion, make such adjustments in the number and class of shares subject to
options, stock appreciation rights and dividend equivalent rights outstanding on
the date on which such change occurs and in the per-share exercise price of each
such option and stock appreciation right as the Committee may consider
appropriate to prevent dilution or enlargement of rights. In addition, if and to
the extent the Committee determines it is appropriate, the Committee may elect
to cancel each option and stock appreciation right (including each dividend
equivalent right related thereto) outstanding immediately prior to such event
(whether or not then exercisable), and, in full consideration of such
cancellation, pay to the grantee to whom such option or stock appreciation right
was granted an amount in cash, for each share of Common Stock subject to such
option or stock appreciation right, respectively, equal to the excess of (i) the
Fair Market Value of Common Stock on the date of such cancellation over (ii) the
exercise price of such option or stock appreciation right.

      (g) No Other Rights. Except as expressly provided in the Plan, no grantee
shall have any rights by reason of any subdivision or consolidation of shares of
stock of any class, the payment of any dividend, any increase or decrease in the
number of shares of stock of any class or any dissolution, liquidation, merger
or consolidation of the Company or any other corporation. Except as expressly
provided in the Plan, no issuance by the Company of shares of stock of any
class, or securities convertible into shares of stock of any class, shall
affect, and no adjustment by reason thereof shall be made with respect to, the
number of shares of Common Stock subject to an award or the exercise price of
any option or stock appreciation right.

      3.8 Change in Control

                  (a) Change in Control Defined. For purposes of this Section
3.8, "Change in Control" shall mean the occurrence of any of the following:

                  (i) any person or "group" (within the meaning of Section
                  13(d)(3) of the 1934 Act), other than the person acting as
                  Chairman of the Board immediately following the Company's
                  initial public offering ("Chairman") or entities which the
                  Chairman directly or indirectly controls (as defined in Rule
                  12b-2 under the 1934 Act), acquiring "beneficial ownership"
                  (as defined in Rule 13d-3 under the 1934 Act), directly or
                  indirectly, of fifty percent (50%) or more of the aggregate
                  voting power of the capital stock ordinarily entitled to elect
                  directors of the Company;

                  (ii) the sale of all or substantially all of the Company's
                  assets in one or more related transactions to a person other
                  than such a sale to a subsidiary of the Company which does not
                  involve a change in the equity holdings of the Company or to
                  an entity which the Chairman directly or indirectly control;
                  or

                  (iii) any merger, consolidation, reorganization or similar
                  event of the Company or any of its subsidiaries, as a result
                  of which the holders of the voting stock of the Company
                  immediately prior to such merger, consolidation,
                  reorganization or similar

                                     - 13 -
<PAGE>

                  event do not directly or indirectly hold at least fifty-one
                  percent (51%) of the aggregate voting power of the capital
                  stock of the surviving entity.

      (b) Effect of a Change in Control. Upon the occurrence of a Change in
Control:

            (i) notwithstanding any other provision of this Plan, any award then
      outstanding shall become fully vested and any award in the form of an
      option or stock appreciation right shall be immediately exercisable;

            (ii) to the extent permitted by law, the Committee may, in its sole
      discretion, amend any Grant Certificate in such manner as it deems
      appropriate;

            (iii) a grantee who incurs a termination of employment for any
      reason, other than a dismissal for cause, concurrent with or within one
      year following the Change in Control may exercise any outstanding option
      or stock appreciation right, but only to the extent that the grantee was
      entitled to exercise the award on his termination of employment date,
      until the earlier of (A) the original expiration date of the award and (B)
      the later of (x) the date provided for under the terms of Section 2.5
      without reference to this Section 3.8(b)(iii) and (y) the first
      anniversary of the grantee's termination of employment.

      (c) Miscellaneous. Whenever deemed appropriate by the Committee, any
action referred to in paragraph (b) (ii) of this Section 3.8 may be made
conditional upon the consummation of the applicable Change in Control
transaction.

      3.9 Limitations Imposed by Section 162(m)

      (a) Qualified Performance-Based Compensation. To the extent the Committee
determines it is desirable to grant an award to an individual it anticipates
might be a "162(m) covered employee" (as defined below), with respect to which
award the compensation realized by the grantee will or may not otherwise be
deductible by operation of section 162(m) of the Code, the Committee may, as
part of its effort to have such an award treated as "qualified performance-based
compensation" within the meaning of Code section 162(m), make the vesting of the
award subject to the attainment of one or more preestablished objective
performance goals.

                  (i) An individual is a "162(m) covered employee" if, as of the
      last day of the Company's taxable year for which the compensation related
      to an award would otherwise be deductible (without regard to section
      162(m)), he or she is (A) the chief executive officer of the Company (or
      is acting in such capacity) or (B) one of the four highest compensated
      officers of the Company other than the chief executive officer. Whether an
      individual is described in either clause (A) or (B) above shall be
      determined in accordance with applicable regulations under section 162(m)
      of the Code.

                  (ii) If the Committee has determined to grant an award to an
      individual it anticipates might be a 162(m) covered employee pursuant to
      this Section 3.9(a), then prior to the earlier to occur of (A) the first
      day after 25% of each period of service to which the performance goal
      relates has elapsed and (B) the ninety first (91st) day of such period
      and, in either case, while the performance outcome remains substantially
      uncertain, the Committee shall set one or more objective performance goals
      for each such 162(m) covered person for such period. Such goals shall be
      expressed in terms of (A) one or more corporate or divisional
      earnings-based measures (which may be based on net income, operating
      income, cash flow, residual income or any combination thereof) and/or (B)
      one or more corporate or divisional sales-based measures. Each such goal
      may be expressed on an absolute and/or relative basis, may employ
      comparisons with past performance of the Company (including one or more
      divisions) and/or the current or past performance of other companies, and
      in the case of earnings-based measures, may employ comparisons to capital,
      stockholders' equity and shares outstanding. The terms of the award shall
      state an objective formula or standard for computing the amount of
      compensation payable, and shall preclude discretion to increase the amount
      of compensation payable, if the goal is attained.

                                     - 14 -
<PAGE>

                  (iii) Except as otherwise provided herein, the measures used
      in performance goals set under the Plan shall be determined in accordance
      with generally accepted accounting principles ("GAAP") and in a manner
      consistent with the methods used in the Company's regular reports on Forms
      10-K and 10-Q, without regard to any of the following unless otherwise
      determined by the Committee consistent with the requirements of section
      162(m)(4)(C) and the regulations thereunder: (A) all items of gain, loss
      or expense for the period that are related to special, unusual or
      nonrecurring items, events or circumstances affecting the Company or the
      financial statements of the Company; (B) all items of gain, loss or
      expense for the period that are related to (x) the disposal of a business
      or discontinued operations or (y) the operations of any business acquired
      by the Company during the period; and (C) all items of gain, loss or
      expense for the period that are related to changes in accounting
      principles or to changes in applicable law or regulations.

      (b) Nonqualified Deferred Compensation. Notwithstanding any other
provision hereunder, prior to a Change in Control, if and to the extent that the
Committee determines the Company's federal tax deduction in respect of an award
may be limited as a result of section 162(m) of the Code, the Committee may take
the following actions:

                  (i) With respect to options, stock appreciation rights or
      dividend equivalent rights, the Committee may delay the exercise or
      payment, as the case may be, in respect of such options, stock
      appreciation rights or dividend equivalent rights until a date that is
      within 30 days after the earlier to occur of (A) the date that
      compensation paid to the grantee no longer is subject to the deduction
      limitation under section 162(m) of the Code and (B) the occurrence of a
      Change in Control. In the event that a grantee exercises an option, stock
      appreciation right or would receive a payment in respect of a dividend
      equivalent right at a time when the grantee is a 162(m) covered employee,
      and the Committee determines to delay the exercise or payment, as the case
      may be, in respect of any such award, the Committee shall credit cash or,
      in the case of an amount payable in Common Stock, the Fair Market Value of
      the Common Stock, payable to the grantee to a book account. The grantee
      shall have no rights in respect of such book account and the amount
      credited thereto shall not be transferable by the grantee other than by
      will or laws of descent and distribution. The Committee may credit
      additional amounts to such book account as it may determine in its sole
      discretion. Any book account created hereunder shall represent only an
      unfunded, unsecured promise by the Company to pay the amount credited
      thereto to the grantee in the future.

                  (ii) With respect to restricted stock, unrestricted stock or
      performance shares, the Committee may require the grantee to surrender to
      the Committee any certificates with respect to restricted stock and
      unrestricted stock and agreements with respect to performance shares, in
      order to cancel the awards of such restricted stock, unrestricted stock
      and performance shares (and any related dividend equivalent rights). In
      exchange for such cancellation, the Committee shall credit to a book
      account a cash amount equal to the Fair Market Value of the shares of
      Common Stock subject to such awards. The amount credited to the book
      account shall be paid to the grantee within 30 days after the earlier to
      occur of (A) the date that compensation paid to the grantee no longer is
      subject to the deduction limitation under section 162(m) of the Code and
      (B) the occurrence of a Change in Control. The grantee shall have no
      rights in respect of such book account and the amount credited thereto
      shall not be transferable by the grantee other than by will or laws of
      descent and distribution. The Committee may credit additional amounts to
      such book account as it may determine in its sole discretion. Any book
      account created hereunder shall represent only an unfunded, unsecured
      promise by the Company to pay the amount credited thereto to the grantee
      in the future.

      3.10 Right of Discharge Reserved

      Nothing in the Plan or in any Grant Certificate shall confer upon any
grantee the right to continue his employment or affect any right which the
Company may have to terminate such employment.

      3.11 Nature of Payments

      (a) Consideration for Services Performed. Any and all grants of awards and
issuances of shares of Common Stock under the Plan shall be in consideration of
services performed for the Company by the grantee.

                                     - 15 -
<PAGE>

      (b) Not Taken into Account for Benefits. All such grants and issuances
shall constitute a special incentive payment to the grantee and shall not be
taken into account in computing the amount of salary or compensation of the
grantee for the purpose of determining any benefits under any pension,
retirement, profit-sharing, bonus, life insurance or other benefit plan of the
Company or under any agreement between the Company and the grantee, unless such
plan or agreement specifically otherwise provides.

      3.12 Non-Uniform Determinations

      The Committee's determinations under the Plan need not be uniform and may
be made by it selectively among persons who receive, or who are eligible to
receive, awards under the Plan (whether or not such persons are similarly
situated). Without limiting the generality of the foregoing, the Committee shall
be entitled, among other things, to make non-uniform and selective
determinations, and to enter into non-uniform and selective Grant Certificates,
as to (a) the persons to receive awards under the Plan, (b) the terms and
provisions of awards under the Plan, and (c) the treatment of leaves of absence
pursuant to Section 1.6(c).

      3.13 Other Payments or Awards

      Nothing contained in the Plan shall be deemed in any way to limit or
restrict the Company from making any award or payment to any person under any
other plan, arrangement or understanding, whether now existing or hereafter in
effect.

      3.14 Headings

      Any section, subsection, paragraph or other subdivision headings contained
herein are for the purpose of convenience only and are not intended to expand,
limit or otherwise define the contents of such subdivisions.

      3.15 Effective Date and Term of Plan

      (a) Adoption; Stockholder Approval. The Plan was adopted by the Board on
_______, 2001. Although the Company intends to obtain approval of the Plan by
the Company's stockholders within the time period required to allow grants of
options hereunder to qualify as incentive stock options, awards under the Plan
prior to such stockholder approval may, but need not, be made subject to such
approval.

      (b) Termination of Plan. Unless sooner terminated by the Board or pursuant
to Paragraph (a) above, the provisions of the Plan respecting the grant of
incentive stock options shall terminate on the tenth anniversary of the adoption
of the Plan by the Board, and no incentive stock option awards shall thereafter
be made under the Plan. All such awards made under the Plan prior to its
termination shall remain in effect until such awards have been satisfied or
terminated in accordance with the terms and provisions of the Plan and the
applicable Grant Certificates.

      3.16 Restriction on Issuance of Stock Pursuant to Awards

      The Company shall not permit any shares of Common Stock to be issued
pursuant to Awards granted under the Plan unless such shares of Common Stock are
fully paid and non-assessable under applicable law.

      3.17 Governing Law

      Except to the extent preempted by any applicable federal law, the Plan
will be construed and administered in accordance with the laws of the State of
[New York], without giving effect to principles of conflict of laws.

                                     - 16 -<PAGE>

                                                                   Exhibit 10.34

                            STOCK PURCHASE AGREEMENT

                                  by and among

                    UNITED PROJECTS SHIPPING & FINANCIAL INC.

                                    as Seller

                                       and

                          GENERAL MARITIME CORPORATION

                                  as Purchaser

                                  May 25, 2001

<PAGE>

                            STOCK PURCHASE AGREEMENT

      THIS STOCK PURCHASE AGREEMENT (this "AGREEMENT") is dated as of
May 25, 2001, by and between General Maritime Ship Holdings Ltd, a Marshall
Islands corporation (the "PURCHASER"), and United Projects Shipping & Financial
Inc., a Liberian corporation (the "SELLER"). Purchaser and Seller are sometimes
referred to herein collectively as the "PARTIES" and each individually as a
"PARTY."

                                    RECITALS

A. Seller owns all of the issued and outstanding shares of capital stock of
United Overseas Tankers Ltd., a Liberian corporation (the "COMPANY").

B. Purchaser desires to acquire all of the issued and outstanding capital stock
of the Company, and Seller desires to sell the same, on the terms and conditions
hereinafter contained.

            NOW THEREFORE, in consideration of the mutual covenants and
agreements hereinafter set forth and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged by each Party, the
Parties, intending legally to be bound, agree as follows:

1. DEFINITIONS. As used in this Agreement, the following terms shall have the
meanings set forth below:

      1.01 "AFFILIATE" means, with respect to a specified Person, any other
Person (i) which controls, is controlled by or is under common control with such
specified Person.

      1.02 "AGREEMENT" means this Agreement and all Exhibits and Schedules
annexed hereto, as the same may be amended, supplemented or modified from time
to time.

      1.03 "BUSINESS" means the business of the Company as presently conducted,
including, without limitation, technical management of vessels, including the
purchasing, crewing, engineering, accounting, maintenance, and repair of
vessels.

      1.04 "CUSTOMERS" has the meaning assigned to it in Section 4.10.

      1.05 "CLOSING" has the meaning assigned to it in Section 3.02.

      1.06 "CLOSING DATE" means the date on which the Recapitalization Closing
Time (as defined in the Plan of Recapitalization) occurs.

      1.07 "CLOSING BALANCE SHEET" means the balance sheet of Company, prepared
on the basis described in the Financial Statements, as of the Closing Date.

      1.08 "COMPANY" has the meaning assigned to it in Recital A.

      1.09 "COMPANY SHARES" has the meaning assigned to it in Section 4.01(b).

      1.10 "CONTRACTS" has the meaning assigned to it in Section 4.11(a).

<PAGE>

      1.11 "DISCLOSURE SCHEDULE" means the disclosure schedule accompanying this
Agreement which Seller has prepared.

      1.12 "DISPUTE NOTICE" has the meaning assigned to it in Section 2.02(e).

      1.13 "ENVIRONMENTAL CLAIM" means any claim, allegation, action, cause of
action, investigation, removal, remedial activity, or notice by any person or
entity alleging potential liability (including potential liability for
investigatory costs, cleanup costs, governmental response costs, natural
resources damages, property damages, personal injuries, or penalties) arising
out of, based on or resulting from the presence, or release into the
environment, of any Material of Environmental Concern at any location, whether
or not owned or operated by the Company.

      1.14 "ENVIRONMENTAL LAW" means any Law of any Governmental Body of any
country concerning the environment or human health, or activities that might
threaten or result in damage to the environment or human health, or any Law that
is concerned in whole or in part with the environment or human health and with
protecting or improving the quality of the environment or human health and
includes, but is not limited to, (a) the following U.S. Laws: the Resource
Conservation and Recovery Act, the Comprehensive Environmental Response,
Compensation and Liability Act of 1980, the Clean Water Act, the Clean Air Act,
the Toxic Substances Control Act, the Oil Pollution Act of 1990; (b) any similar
Laws of any other country; and (c) and all rules, regulations, guidance, and
directives promulgated under such Laws, each of the foregoing as amended or
supplemented from time to time; and any and all treaties, conventions and
environmental public and employee health and safety statutes.

      1.15 "ESTIMATED PURCHASE PRICE" means the sum of U.S.$6,000,000 plus
Purchaser's good faith estimate of the amount of all of the Company's accounts
receivable at the Closing Date and cash minus Purchaser's good faith estimate of
the amount of all of the Company's accounts payable and other indebtedness at
the Closing Date, which estimated amounts shall be reasonably acceptable to
Seller.

      1.16 "FINANCIAL STATEMENTS" means (i) the balance sheets of the Company as
of December 31, 1997 and December 31, 1998, and (ii) the statements of income of
Seller for the two years ended December 31, 1998, prepared, in each case, in
accordance with GAAP and on the basis described therein and attached hereto as
SCHEDULE 4.05(A).

      1.17 "GAAP" means generally accepted accounting principles of the United
States.

      1.18 "GOVERNMENTAL BODY" means any federal or national, state or
provincial, municipal or local government, governmental authority, regulatory or
administrative agency, governmental commission, department, board, bureau,
agency or instrumentality, political subdivision, court, tribunal, official
arbitrator or arbitral body, in each case whether domestic or foreign.

      1.19 "HOLDBACK AMOUNT" has the meaning assigned to it in Section 2.02(a).

      1.20 "HOLDBACK PERCENTAGE" means 10%.

                                       -2-
<PAGE>

      1.21 "INDEMNIFIED PARTY" has the meaning assigned to it in Section 7.05.

      1.22 "INDEMNIFYING PARTY" has the meaning assigned to it in Section 7.05.

      1.23 "INTELLECTUAL PROPERTY" means (a) patents and copyrights and
applications for and licenses and permits concerning any of them; (b) databases,
analytical tools, marketing reports, business plans, historical information and
data, past reports, and information resources; and (c) trade secrets,
inventions, know-how, customer lists, manuals, methodologies, all source and
object codes, computer software and all other intellectual property rights and
documents required for or incident to the Business, including, without
limitation, all "proprietary information," as defined in Section 8.02(a), and
all books and records incident thereto.

      1.24 "INTERIM BALANCE SHEET" means the balance sheet of Company, prepared
in accordance with GAAP and on the basis described in the Financial Statements,
as of March 31, 2001.

      1.25 "INTERIM FINANCIAL STATEMENTS" means (a) the Interim Balance Sheet
and (b) the statement of income of the Company for the period commencing on
January 1, 2001 and ending on March 31, 2001 and prepared, in each case, in
accordance with GAAP and on the basis described in the Financial Statements and
set forth in Section 4.05(b) of the Disclosure Schedule.

      1.26 "LAWS" means all applicable provisions of all constitutions,
treaties, statutes, laws (including, but not limited to, the common law), rules,
regulations, ordinances, codes or orders of any Governmental Body and of all
orders, decisions, injunctions, judgments, awards and decrees or consents of or
agreements with any Governmental Body.

      1.27 "LICENSES" has the meaning assigned to it in Section 4.22.

      1.28 "LIENS" means, with respect to any asset of any Person, any mortgage,
lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset.

      1.29 "LOSSES" has the meaning assigned to it in Section 7.02.

      1.30 "MATERIAL ADVERSE EFFECT" has the meaning assigned to it in Section
4.07.

      1.31 "MATERIALS OF ENVIRONMENTAL CONCERN" means chemicals, pollutants,
contaminants, hazardous materials, hazardous substances and hazardous wastes,
medical waste, toxic substances, petroleum and petroleum products,
asbestos-containing materials, polychlorinated biphenyls, and any other
chemicals, pollutants or substances regulated under any Environmental Law.

      1.32 "PARTIES" has the meaning assigned to it in the preamble.

      1.33 "PERSON" means any individual, corporation, partnership, limited
liability company, joint venture, association, trust, unincorporated
organization, governmental body or authority or any other entity.

      1.34 "PURCHASE PRICE" has the meaning assigned to it in Section 2.02(b).

                                       -3-
<PAGE>

      1.35 "PURCHASER" has the meaning assigned to it in the preamble.

      1.36 "PURCHASER INDEMNIFIED PARTIES" has the meaning assigned to it in
Section 7.02.

      1.37 "PURCHASER'S POST-CLOSING STATEMENT" has the meaning assigned to it
in Section 2.02(b).

      1.38 "REAL PROPERTY LEASE" has the meaning assigned to it in Section
4.17(a).

      1.39 "RECORDS" has the meaning assigned to it in Section 6.01.

      1.40 "RETURNS" has the meaning assigned to it in Section 4.23(a).

      1.41 "SELLER" has the meaning assigned to it in the preamble.

      1.42 "SELLER INDEMNIFIED PARTY" has the meaning assigned to it in Section
7.03.

      1.43 "TAX" or "TAXES" means taxes, fees, levies, duties, tariffs, imposts
and governmental impositions or charges of any kind in the nature of (or similar
to) taxes, payable to any taxing authority of any Governmental Body, including
(a) income, franchise, profits, gross receipts, AD VALOREM, net worth, value
added, sales, use, service, real or personal property, special assessments,
capital stock, license, payroll, withholding, employment, social security,
workers' compensation, unemployment compensation, utility, severance,
production, excise, stamp, occupation, premiums, windfall profits, transfer and
gains taxes, and (b) interest, penalties, additional taxes and additions to tax
imposed with respect thereto.

2. PURCHASE AND SALE OF COMPANY SHARES.

      2.01 PURCHASE AND SALE. Subject to and upon the terms and conditions
hereinafter set forth, at the Closing, and in reliance upon the representations
and warranties contained in this Agreement or made pursuant hereto, Seller
hereby agrees to sell, assign, transfer and deliver to Purchaser, and Purchaser
hereby agrees to purchase from Seller, all of the Company Shares owned by Seller
free and clear of all Liens.

      2.02 CALCULATION AND ISSUANCE OF CONSIDERATION.

            (a) ESTIMATED PURCHASE PRICE. In consideration of the aforesaid
      sale, assignment, transfer and delivery of all Company Shares outstanding
      at the Closing Date, the Purchaser shall, subject to the terms and
      conditions hereof, pay to Seller at the Closing the Estimated Purchase
      Price less an amount equal to the Holdback Percentage multiplied by the
      Estimated Purchase Price (the "HOLDBACK AMOUNT"). To the extent that the
      Holdback Amount, as the same may be adjusted under this Section 2.02(a),
      is not subject to an indemnification claim against Seller under Section
      7.02 twelve months after the Closing, Purchaser shall pay the Holdback
      Amount to Seller. Purchaser shall pay to Seller such portion of the
      Holdback Amount that is subject to such an indemnification claim to Seller
      to the extent Purchaser and Seller or a court of competent jurisdiction
      finally resolves such claim in favor of Seller without the possibility of
      appeal.

                                       -4-
<PAGE>

            (b) PURCHASE PRICE. The final purchase Price for the Company Shares
      hereunder (the "Purchase Price") shall be equal to U.S.$6,000,000 plus the
      amount of all of the Company's accounts receivable and cash minus the
      amount of all of the Company's accounts payable and other indebtedness at
      the Closing Date as set forth on the Closing Balance Sheet. For purposes
      hereof, the terms "accounts receivable," "accounts payable,"
      "indebtedness," and "cash" shall have the meanings ascribed to such terms
      under GAAP.

            (c) PREPARATION OF POST-CLOSING STATEMENT. The Purchaser shall, as
      soon as reasonably practicable, but in no event later than 45 days after
      the Closing Date, deliver to Seller a statement setting forth the
      Purchaser's calculation of (i) the Closing Balance Sheet, (ii) the
      Purchase Price (calculated based on the Closing Balance Sheet and the
      Closing Income Statement pursuant to the formula set forth in Section
      2.02(b), and (iii) the amount of money to be transferred from Purchaser to
      Seller or vice versa pursuant to Section 2.02(d), if any (the "PURCHASER'S
      POST-CLOSING Statement"). The Closing Balance Sheet and Closing Income
      Statement shall each be prepared on the basis described in the Financial
      Statements consistent with the accounting practices of Seller reflected on
      the Interim Balance Sheet. Seller shall cooperate with the Purchaser in
      the preparation of the Closing Balance Sheet and Closing Income Statement,
      which shall include providing information and other materials that are
      reasonably requested by the Purchaser in connection therewith. Purchaser,
      upon reasonable advance written notice by Seller, shall provide Seller
      with access to the books, records and work papers of Purchaser relating to
      Purchaser's Post-Closing Statement.

            (d) RECONCILIATION. If the difference of the Purchase Price minus
      the Estimated Purchase Price is positive, Purchaser shall pay such
      difference minus an amount equal to the Holdback Percentage multiplied by
      such difference to Seller within five days after the date such amount is
      finalized pursuant to this Section 2.02, and the Holdback Amount shall be
      increased by the product of the Holdback Percentage multiplied by such
      difference. If such difference is negative, Seller shall refund such
      difference minus an amount equal to the Holdback Percentage multiplied by
      such difference to Purchaser within five days of the date such amount is
      finalized pursuant to this Section 2.02, and the Holdback Amount shall be
      decreased by the product of the Holdback Percentage multiplied by such
      difference.

            (e) REVIEW BY SELLER; DISPUTES. If Seller disagree with any matter
      set forth in the Purchaser's Post-Closing Statement in any respect, Seller
      shall provide the Purchaser with notice of such disagreement setting forth
      in reasonable detail the nature and basis of such disagreement, and
      Seller's proposed adjustment(s) (a "DISPUTE NOTICE") within 20 days after
      the Seller's receipt thereof. If the Purchaser does not receive a Dispute
      Notice within such 20-day period, Seller shall be deemed to have agreed
      with the matters set forth in the Purchaser's Post-Closing Statement,
      including, without limitation, the determination of the Reconciliation
      Number set forth therein. If Seller timely provides a Dispute Notice to
      the Purchaser, the representatives of Seller and Purchaser shall meet
      promptly and attempt in good faith to resolve any differences. If
      Purchaser and Seller cannot mutually resolve such disagreement within 10
      days after the date of Seller's Dispute Notice, such dispute promptly
      shall be submitted for resolution to a recognized

                                       -5-
<PAGE>

      and reputable certified public accounting firm that is mutually acceptable
      to the Purchaser and Seller. If Seller and the Purchaser cannot agree upon
      a mutually acceptable public accounting firm, the New York City office of
      the American Arbitration Association shall choose a recognized and
      reputable U.S. certified public accounting firm having an office in the
      Hellenic Republic. Such accounting firm promptly shall resolve the matters
      that are in disagreement among the Parties with respect to the Purchaser's
      Post-Closing Statement as set forth in the Dispute Notice in accordance
      with the terms of this Agreement, and promptly shall deliver its
      determination in writing to Purchaser and Seller. The fees and expenses of
      such accounting firm shall be borne by the Purchaser and Seller pro rata
      based on the difference between the adjustment that is awarded by such
      accounting firm from the adjustment set forth in the Purchaser's
      Post-Closing Statement as to the portion to be borne by the Purchaser and
      the difference between the adjustment that is awarded by such accounting
      firm from the adjustment set forth in the Dispute Notice as to the portion
      to be borne by Seller. The determination of such accounting firm shall be
      final and binding upon Purchaser and Seller.

3. CLOSING.

      3.01 DATE AND LOCATION. The consummation of the purchase and sale of the
Company Shares (the "CLOSING") shall be held on the Closing Date, effective at
5:00 p.m. Eastern Standard Time on such Closing Date, at the offices of Kramer
Levin Naftalis & Frankel LLP, 919 Third Avenue, New York, New York 10022.

      3.02 CLOSING DELIVERIES. On the Closing Date (a) the Purchaser pay to
Seller the Estimated Purchase Price less the Holdback Amount and (b) Seller
shall deliver to the Purchaser (i) the certificates representing all the Company
Shares accompanied by stock powers duly endorsed in blank or duly executed
instruments of transfer, (ii) an estimated Closing Balance Sheet, and (iii) all
other documents, agreements and instruments then required to be delivered by
Seller pursuant to Section 2.01 or 3.03.

      3.03 FURTHER ASSURANCES. Seller agrees to execute and deliver, and to
cause the Company to execute and deliver, such additional documents and
instruments, and to perform such additional acts, as Purchaser may reasonably
request to effectuate or carry out and perform all the terms, provisions and
conditions of this Agreement and the transactions contemplated hereby and to
effectuate the intent and purposes hereof.

      3.04 METHOD OF PAYMENT. Payments of any amounts of the Estimated Purchase
Price, the Purchase Price, or any adjustments thereof shall be made by wire
transfer to the account of the payee in accordance with wire transfer
instructions provided by the payee to the payor in writing not later than two
business days prior to the date such payment is to be made.

4. SELLER'S REPRESENTATIONS AND WARRANTIES. Seller represents and warrants to
the Purchaser as follows:

      4.01 ORGANIZATION AND QUALIFICATION; OWNERSHIP.

            (a) The Company is a corporation duly organized, validly existing
      and in good standing under the Laws of the Republic of Liberia and has all
      requisite power and

                                       -6-
<PAGE>

      authority to conduct the Business and to own and lease its property and
      assets. The Company is qualified to do business as a foreign corporation
      and is in good standing in the Hellenic Republic and in other each
      jurisdiction in which the ownership of property or the conduct of the
      Business requires such qualification, except for such jurisdictions in
      which the failure to be so qualified is not reasonable likely to have,
      individually or in the aggregate, a Material Adverse Effect. Section
      4.01(a) of the Disclosure Schedule sets forth a true, correct and complete
      list of each jurisdiction in which the Company is duly qualified and in
      good standing to conduct business. The Company has established (under
      Greek Law 89/1967, as amended) an office in the Hellenic Republic which is
      qualified to transact the business specified in the relevant license (no.
      3122.1/3427/23753/2.2.2000) (the "LAW 89 LICENSE") which is in full force
      and effect, and the terms of which have been fully complied with. The
      Company has delivered to Purchaser or its counsel complete and correct
      copies of the charter and by-laws of the Company, in each case as amended
      to the date of this Agreement.

            (b) The aggregate number of shares of authorized stock in the
      Company is five hundred (500) shares of registered and/or bearer shares of
      stock with no par value, all of which are issued and outstanding (the
      "COMPANY SHARES"). Seller owns, beneficially and of record, and has good,
      valid and marketable title to and the right to transfer to the Purchaser,
      all of the Company Shares, free and clear of any and all Encumbrances. At
      the Closing, Seller will convey ownership of the Company Shares, and after
      giving effect to the transactions contemplated herein, Purchaser will own,
      and have good, valid, and marketable title to all of the issued and
      outstanding shares of capital stock of the Company, free and clear of any
      and all Liens. No Person other than Purchaser has any written or oral
      agreement, arrangement or understanding or option to or any right or
      privilege (whether by law, preemption, or contract) that is an agreement,
      arrangement, understanding, or option for the purchase or acquisition from
      Seller of any shares of capital stock or other securities of the Company.

            (c) There are no outstanding or authorized options, warrants,
      purchase agreements, participation agreements, subscription rights,
      conversion rights, exchange rights or other securities, contracts,
      arrangements, understanding or commitments that could require the Company
      to issue, sell or otherwise cause to become outstanding any of its
      authorized but unissued shares of capital stock or any securities
      convertible into, exchangeable for or carrying a right or option to
      purchase shares of capital stock or to create, authorize, issue, sell or
      otherwise cause to become outstanding any new class of capital stock.
      There are no outstanding stockholders' agreements, registration rights
      agreements, or rights of first refusal pertaining to the Company's capital
      stock. None of the issued and outstanding shares of capital stock of the
      Company has been issued in violation of any rights of any Person or in
      violation of the registration requirements of the laws of any country or
      political subdivision thereof.

            (d) The Company does not own of record or beneficially, and is not
      committed to purchase or otherwise acquire, any shares of capital stock or
      other comparable equity interest of any Person.

                                       -7-
<PAGE>

      4.02 AUTHORIZATION. Seller has all requisite legal power and authority to
execute and deliver this Agreement, to perform its obligations hereunder, and to
consummate the transactions contemplated hereby. This Agreement has been duly
executed and delivered by Seller and (assuming due authorization, execution and
delivery by the Purchaser) constitutes the legal, valid and binding obligation
of Seller, enforceable against Seller in accordance with its terms, except as
such enforceability may be limited by bankruptcy, insolvency, moratorium or
other laws of general applicability affecting the rights of creditors and by
general equitable principles.

      4.03 NO VIOLATIONS OR CONFLICTS. The execution, delivery and performance
by Seller of this Agreement, and the consummation by Seller of the transactions
contemplated hereby do not and will not (with the giving of notice or the
passage of time or both) (a) violate any provision of the Company's governing
documents, (b) result in a violation or breach of, or constitute a default or an
event of default under, any indenture, mortgage, bond, contract, agreement,
instrument or other obligation to which the Company or Seller or by which any of
their respective assets are bound, (c) violate any Law, writ, judgment,
injunction, court decree, license or permit to which the Company or Seller or
any of their respective assets are subject, or (d) otherwise result in the
creation of any Lien; except, as to clause (b) only, any violation, breach,
default or event of default that will not have a Material Adverse Effect.

      4.04 CONSENTS AND APPROVALS. No consent, approval or authorization of, or
declaration, filing or registration with, any Governmental Body or any other
Person is required to be made or obtained by the Company or the Seller in
connection with the execution, delivery and performance of this Agreement.

      4.05 FINANCIAL STATEMENTS. Seller has previously delivered to Purchaser
the Financial Statements and the Interim Financial Statements, which Financial
Statements are set forth in Section 4.05(a) of the Disclosure Schedule and which
Interim Financial Statements are set forth in Section 4.05(b) of the Disclosure
Schedule. The Financial Statements and the Interim Financial Statements have
been prepared on the basis described in the Financial Statements and fairly
present, in all material respects, the financial position and results of
operations of the Company as of the dates and for the periods presented therein,
applied on a consistent basis during the periods concerned except as otherwise
noted therein. Seller has previously delivered to the Purchaser the Interim
Balance Sheet, a copy of which is set forth in Section 4.05(c) of the Disclosure
Schedule. The Interim Balance Sheet has been prepared on the basis described in
the Financial Statements and fairly presents, in all material respects, the
financial position of the Company as of the date thereof.

      4.06 NO UNDISCLOSED LIABILITIES. Since December 31, 2000, the Company has
incurred no debts, Taxes, liabilities, civil penalties, claims or obligations
(whether absolute, accrued, contingent or otherwise), except such liabilities
which were incurred in the ordinary course of business consistent with past
practice.

      4.07 ABSENCE OF CERTAIN CHANGES. Since December 31, 2000, the Company has
not (a) suffered any change in its business, operations, condition (financial or
otherwise) or prospects, except such changes which, in the aggregate, have not
had and are not reasonably likely to have a material adverse effect on the
Company's business, operations, condition (financial or otherwise), or prospects
(a "MATERIAL ADVERSE EFFECT"), (b) incurred any long-term

                                       -8-
<PAGE>

indebtedness for borrowed money or guaranteed, assumed or endorsed the
obligations of any other Person, (c) except in the ordinary course of business,
sold, transferred or otherwise disposed of any assets which in the aggregate
exceeded U.S.$20,000, or (d) materially increased the compensation or benefits
payable to its employees or independent contractors.

      4.08 RECEIVABLES AND PAYABLES. The Company has no receivables other than
receivables from affiliates of Purchaser and all such receivables were incurred
in the ordinary course of business. There have been no material changes in the
information on such schedule since such date. All of the accounts and notes
receivable and trade notes and trade accounts owing to the Company constitute
valid and enforceable claims arising from bona fide transactions in the ordinary
course of business and are collectible in full. All accounts payable and notes
payable by the Company arose in bona fide transactions in the ordinary course of
business.

      4.09 CONDUCT OF BUSINESS. Since December 27, 1999, the Company has
conducted its operations and affairs only according to its ordinary and usual
course of business, consistent in all material respects with past practice. No
part of the Company's business is operated by any Person other than the Company.

      4.10 CUSTOMERS; CUSTOMER RELATIONS. Section 4.10 of the Disclosure
Schedule contains a true, complete and correct listing of all Persons for whom
the Company has performed services since December 27, 1999 (the "CUSTOMERS"),
together with a description in reasonable detail of the material terms of all
their respective oral contracts with the Company, and a true, complete and
correct listing of all their respective written contracts with the Company
(complete copies of which have been provided to the Purchaser). The Company has
not granted, or agreed to grant, any rebates, concessions, discounts or
allowances with respect to any such contracts. None of the amounts payable to
the Company under such contracts is subject to any counterclaim, set-off or
other defense. Seller has no reasonable basis to believe that as of the Closing
Date the relationships between the Company and the Customers are not amicable.
The Company has not received any written notice or other written or (to the
knowledge of Seller) oral statement from any of the Customers which could
reasonably lead the Company or Seller to believe that any of the Customers
intends to materially and substantially reduce or terminate its relationship
with the Company, or engaged in any material renegotiation of the terms of any
contract between the Company and any of the Customers. No client investigation
or examination of any account receivable or performance of the Company is
currently being conducted by any Person who at any time has been a client of the
Company and, to the knowledge of Seller, no such investigation or examination
has been threatened. The Company has not pre-billed any fees for which it has
not yet performed the billed work.

      4.11 CONTRACTS AND COMMITMENTS.

            (a) Section 4.11(a) of the Disclosure Schedule sets forth a true,
      complete and correct list and description of all agreements, to which, as
      of the Closing Date, the Company is a party or by which the Company is
      bound and which are material to the Business (being collectively referred
      to as the "CONTRACTS"). The Contracts are in full force and effect and
      are, to the knowledge of Seller, valid and enforceable in accordance with
      their respective terms against the parties thereto. The Company is not in
      default or

                                       -9-
<PAGE>

      breach of any of the Contracts and, to the knowledge of Seller, no other
      party to any of the Contracts is in default or breach thereof. Seller has
      delivered to the Purchaser a true, complete and correct copy of each
      Contract. The Company has not assigned, delegated or otherwise transferred
      any of its rights or obligations with respect to any Contract.

            (b) There are no Contracts restricting the ability of the Company or
      any other Person to engage in any business in any place or to solicit
      clients or solicit Persons for employment or as independent contractors.

      4.12 LITIGATION. There is no civil, criminal or administrative action,
suit, claim, hearing, investigation or proceeding (including any Environmental
Claim) pending, or to the knowledge of Seller, threatened, against the Company
or its assets in any court, before any arbitral tribunal, or by or before any
Governmental Body.

      4.13 ENVIRONMENTAL MATTERS

            (a) The operations and properties of the Company are in compliance
      with applicable Environmental Laws (as hereinafter defined), which
      compliance includes the possession by the Company of all permits and
      governmental authorizations required under applicable Environmental Laws,
      and compliance with the terms and conditions thereof.

            (b) There are no Environmental Claims pending or, to Seller's
      knowledge, threatened in writing against the Company or any person or
      entity whose liability for any Environmental Claim that the Company has
      retained or assumed.

            (c) There are no past or present actions, circumstances, conditions,
      events or incidents, including the release, emission, discharge, presence
      or disposal of any Materials of Environmental Concern, that are reasonably
      likely to form the basis of any Environmental Claim against the Company or
      any Person whose liability for any Environmental Claim that the Company
      has retained or assumed.

      4.14 INTELLECTUAL PROPERTY. There is no Intellectual Property which is
material to the Business.

      4.15 SOFTWARE. All software and software products owned or licensed by the
Company are commercially available, off-the-shelf software products.

      4.16 COMPLIANCE WITH LAWS. The Company is in compliance with, and the
Business has been operated in compliance with, its organizational documents and,
in all material respects, with all Laws, including, without limitation, all
Environmental Laws.

      4.17 PROPERTIES.

            (a) REAL PROPERTY. The Company owns no real property. Section
      4.17(a) of the Disclosure Schedule sets forth a true, complete and correct
      list of all real property and interest in real property leased by the
      Company (individually, a "REAL PROPERTY LEASE"). The Company has good and
      marketable title to the leasehold estates in all Real Property

                                       -10-
<PAGE>

      Leases in each case free and clear of all Liens of any nature whatsoever.
      None of the Real Property Leases is subject to any lease, sublease,
      license or other agreement granting any other Person any right to the use,
      occupancy or enjoyment of the Real Property Leases or any part thereof.
      Each of the Real Property Leases is valid and enforceable in accordance
      with its terms, and there is no default under any Real Property Lease
      either by the Company or, to the knowledge of Seller, any other party
      thereto, and no event has occurred that (with the lapse of time or the
      giving of notice or both) would constitute a default thereunder, except as
      described in Section 4.17(a) of the Disclosure Schedule. Each of the Real
      Property Leases, upon the consummation of the transactions contemplated
      hereby, will continue to entitle the Company to the use, occupancy and
      possession of the real property specified in such Real Property Lease.
      Seller has delivered or otherwise made available to the Purchaser true,
      correct and complete copies of the Real Property Leases, together with all
      amendments, modifications, supplements or side letters thereto.

            (b) TANGIBLE PERSONAL PROPERTY. There are no leases of personal
      property used by the Company in the conduct of the Business or by which
      the Company or any of its assets is bound.

            (c) CONDITION AND SUFFICIENCY OF ASSETS. The properties and assets,
      including the equipment, supplies and other consumables, owned, leased or
      used by the Company in the conduct or operation of its businesses are in
      good operating condition and repair, are suitable for the purposes for
      which they are used, are adequate for the conduct of the business of the
      Company in substantially the manner currently conducted and are directly
      related to the Business. The Company is the sole owner of all properties
      and assets, utilized in the conduct or operation of the Business except
      for properties and assets leased or licensed to the Company pursuant to
      Contracts listed in Section 4.11(a) of the Disclosure Schedule.

      4.18 SOCIAL SECURITY AND EMPLOYEE BENEFIT PLANS. The Company has no
benefit plans (pension, medical, etc.) with respect to the Company's employees
or any other Person other than as required by Law. All contributions, premiums,
fees etc. due by the Company either for its own account or for the account of
any other Person (after withholding or in any similar way) in respect of such
benefit plans have been paid in full. All relevant filings, reports etc. have
been duly submitted to the competent organizations or entities. There are no
pending claims of any organization or other entity with respect to the Company
or its assets with reference to the above obligations, nor any default in the
Company's performance or payment of the above described obligations.

      4.19 INSURANCE. Section 4.19 of the Disclosure Schedule sets forth a true,
complete and correct list, and a summary description of the coverage provided
thereby, of all liability insurance policies maintained by the Company or any
other Person with respect to the Company or the its assets as of the date of
this Agreement. All of such policies are in full force and effect. As of the
date of this Agreement, all premiums due on such insurance policies on or prior
to the date hereof have been paid. There are no pending claims with respect to
the Company or its assets under any such insurance policies and there are no
claims as to which the insurers have

                                       -11-
<PAGE>

notified any the Company of their intention to deny liability. There is no
existing default under any such insurance policies.

      4.20 RECORDS. The books of account and minute books of the Company are
complete and correct in all material respects and there have been no
transactions involving the business of the Company which were required to have
been set forth therein and which have not been accurately so set forth to the
knowledge of the Seller.

      4.21 Employees and Independent Contractors

            (a) Section 4.21 of the Disclosure Schedule sets forth a true,
      complete and correct list of all employees of the Company as of the date
      hereof and, with respect to each such employee, the total compensation
      (including, without limitation, salary, bonuses and incentive
      compensation) received by such employee in the immediately preceding
      fiscal year of the Company, such employee's current compensation, such
      employee's current title and the number of years of continuous service of
      such employee and the period of service with the Company.

            (b) The Company is in compliance with all applicable Laws,
      agreements and contracts relating to employment practices, terms and
      conditions of employment, and the employment of former, current, and
      prospective employees, independent contractors and leased employees of the
      Company including all such Laws, agreements and contracts relating to
      wages, hours, collective bargaining, employment discrimination,
      immigration, disability, civil rights, fair labor standards, occupational
      safety and health, workers' compensation, pay equity, wrongful discharge
      and violation of the potential rights of such former, current, and
      prospective employees, independent contractors and leased employees, and
      has timely prepared and filed all appropriate forms required by any
      relevant Governmental Body. The Company is not engaged in any unfair labor
      practice.

            (c) The Company is party to no collective bargaining agreement with
      respect to the Business except as may be required by Law.

            (d) No strike, slowdown or work stoppage has occurred or, to the
      Seller's knowledge, been threatened with respect to the employees of the
      Company, nor has any such strike, slowdown or work stoppage occurred or,
      to the knowledge of Seller, been threatened since December 27, 1999.

            (e) There is no representation claim or petition pending before any
      labor agency of any Governmental Body of which the Company has been
      notified in writing or (to the knowledge of Seller) orally and, to the
      knowledge of Seller, no question concerning representation has been raised
      or threatened respecting the employees of the Company.

            (f) No written or (to the knowledge of Seller) oral notice has been
      received by the Company of any complaint filed against the Company
      claiming that the Company has violated any applicable employment
      standards, human rights or other labor legislation or any complaints or
      proceedings of any kind involving the Company or, to the knowledge of
      Seller, against any of the employees of the Company or threatened to be
      filed against the Company before any labor agency of any Governmental
      Body. No notice has been

                                       -12-
<PAGE>

      received by the Company of the intent of any federal, state, local or
      foreign agency responsible for the enforcement of labor or employment laws
      to conduct an investigation of the Company, and no such investigation is
      in progress.

            (g) There are no outstanding orders or charges against the Company
      under any occupational health or safety legislation and, to the knowledge
      of Seller, none have been threatened in writing or (to Seller's knowledge)
      orally. There are no material levies, assessments and penalties made
      against the Company pursuant to all applicable workers compensation
      legislation. There have been no material levies, assessments or penalties
      against the Company pursuant to any applicable workers compensation
      legislation since the date of the Interim Balance Sheet.

            (h) Neither the Company nor Seller has made any statements or
      representations or distributed any written material to any employees of
      the Company regarding continued employment subsequent to the Closing Date.

      4.22 LICENSES AND PERMITS. Section 4.22 of the Disclosure Schedule sets
forth a true, complete and correct list of all approvals, permits, certificates,
qualifications, authorizations, licenses, franchises, consents, orders and
registrations of all Governmental Authorities or any other Person (collectively,
"LICENSES") which are currently in effect with respect to the Company and its
employees, and no other Licenses are necessary for the Company to conduct the
Business. There are no proceedings pending, or to the knowledge of Seller,
threatened, which could reasonably be expected to result in the revocation,
cancellation, suspension or modification of any such License.

      4.23 TAXES.

            (a) The Company has timely filed with the appropriate taxing
      authorities all returns and reports in respect of Taxes ("RETURNS")
      required to be filed by it (taking into account any extension of time to
      file granted to or on the account of the Company). The information on such
      Returns is complete and accurate in all material respects. The Company has
      paid on a timely basis all Taxes (whether or not shown on any Return) due
      and payable. There are no liens for Taxes (other than for current Taxes
      not yet due and payable) upon any assets of the Company.

            (b) No unpaid (or unreserved on the basis described in the Financial
      Statements applied on a consistent basis) deficiencies for Taxes have been
      claimed, proposed or assessed by any taxing or other Governmental Body
      with respect to the Company for any taxable period that includes or ends
      prior to the Closing Date and there are no pending or threatened audits,
      investigations or claims for or relating to any liability in respect of
      Taxes of the Company. The Company has not requested any extension of time
      within which to file any currently unfiled returns in respect of any Taxes
      and no extension of a statute of limitations relating to any Taxes is in
      effect with respect to the Company. To the knowledge of Seller, no claim
      has ever been made by a taxing authority in a jurisdiction where the
      Company does not currently file Tax Returns that the Company is or may be
      subject to taxation by that jurisdiction.

                                       -13-
<PAGE>

            (c) The Company has withheld and paid all Taxes required to have
      been withheld and paid in connection with amounts paid or owing to any
      employee, independent contractor, creditor, shareholder or other third
      party.

      4.24 PREPAID EXPENSES. All prepaid expenses of the Company have been
incurred in the ordinary course of business, and the Company will receive the
full value of such prepaid expenses as reflected on the books and records of the
Company in appropriate goods or services from each recipient of such prepaid
expenses.

      4.25 BROKERS AND FINDERS. No broker or finder has acted for Seller in
connection with this Agreement or the transactions contemplated hereunder and no
broker or finder retained by Seller is entitled to any brokerage or finder's fee
with respect to this Agreement or such transactions.

5. PURCHASER'S REPRESENTATIONS AND WARRANTIES. The Purchaser represents and
warrants to Seller as follows:

      5.01 ORGANIZATION AND QUALIFICATION. The Purchaser is a corporation duly
organized, validly existing and in good standing under the Laws of the Marshall
Islands and has all requisite power and authority to conduct its business as
presently conducted and to own and lease its property and assets.

      5.02 AUTHORIZATION. The Purchaser has all requisite power and authority to
execute and deliver this Agreement, to perform its obligations hereunder, and to
consummate the transactions contemplated hereby. This Agreement has been duly
executed and delivered by each the Purchaser and (assuming due authorization,
execution and delivery by Seller) constitutes the legal, valid and binding
obligation of the Purchaser, enforceable against the Purchaser in accordance
with its terms, except as such enforceability may be limited by bankruptcy,
insolvency, moratorium or other laws of general applicability affecting the
rights of creditors and by general equitable principles.

      5.03 NO VIOLATIONS OR CONFLICTS. The execution, delivery and performance
by the Purchaser of this Agreement, and the consummation by the Purchaser of the
transactions contemplated hereby, does not and will not (with the giving of
notice or the passage of time or both) (i) violate any provision of its
governing documents, (ii) result in a violation or breach of, or constitute a
default or an event of default under, any indenture, mortgage, bond, contract,
license, agreement, permit, instrument or other obligation to which it is a
party or by which any of its assets is bound, or (iii) violate any Law, writ,
judgment, injunction or court decree to which the Purchaser is subject.

      5.04 CONSENTS AND APPROVALS. No consent, approval or authorization of, or
declaration, filing or registration with, any Governmental Body or any other
Person is required to be made or obtained by the Purchaser in connection with
its execution, delivery and performance of this Agreement and the Assumption
Agreement.

      5.05 BROKERS AND FINDERS. No broker or finder has acted for the Purchaser
in connection with this Agreement or the transactions contemplated hereunder and
no broker or

                                       -14-
<PAGE>

finder retained by the Purchaser is entitled to any brokerage or finder's fee
with respect to this Agreement or such transactions.

6. COVENANTS.

      6.01 CONDUCT OF BUSINESS. From the date hereof until the Closing, Seller
will ensure that the Company does not do any of the following without the prior
written consent of Purchaser:

            (a) amend or otherwise modify its constituting documents or by-laws
      (or similar organizational documents);

            (b) issue or sell or authorize for issuance or sale, or grant any
      options or make other agreements, arrangements, or understandings for the
      purchase or acquisition or the option for the purchase or acquisition of,
      any Company Shares or any other of its securities, or alter any term of
      any of its outstanding securities;

            (c) mortgage, pledge or grant any security interest in any of its
      assets;

            (d) declare, set aside, make or pay any dividend or other
      distribution to Seller;

            (e) redeem, purchase or otherwise acquire, directly or indirectly,
      any Company Shares;

            (f) apply for any modification of the Law 89 License or fail to
      abide by the requirements of the Law 89 License;

            (g) terminate or modify any Contract, except for terminations of
      Contracts upon their expiration during such period in accordance with
      their terms and terminations or modifications that have not had and would
      not reasonably be likely in the aggregate to have a Material Adverse
      Effect;

            (h) incur or assume any indebtedness for borrowed money or guarantee
      any obligation or the net worth of any Person in excess of the limits
      existing under Seller's existing credit facilities, except for
      endorsements of negotiable instruments for collection in the ordinary
      course of business;

            (i) discharge or satisfy any Lien other than those which are
      required to be discharged or satisfied during such period in accordance
      with their original terms;

            (j) pay any material obligation or liability, absolute, accrued,
      contingent or otherwise, whether due or to become due, except for any
      current liabilities, and the current portion of any long term liabilities,
      shown on the Financial Statements (or not required as of the date thereof
      to be shown thereon in accordance with GAAP) or incurred since the date of
      the Balance Sheet in the ordinary course of business consistent with past
      practice;

                                       -15-
<PAGE>

            (k) except as expressly permitted in this Section 6.01, sell,
      transfer, lease to others or otherwise dispose of any of its properties or
      assets;

            (l) cancel, waive or compromise any material debt or claim;

            (m) make any loan or advance to any Person other than advances to
      contractors and travel and other similar routine advances in the ordinary
      course of business consistent with past practice, or acquire any capital
      stock or other securities of any other corporation or any ownership
      interest in any other business enterprise;

            (n) make any capital expenditures or capital additions or
      betterments, except as contemplated in capital budgets in effect on the
      date of this Agreement and which have previously been delivered to
      Purchaser;

            (o) change its method of accounting or its accounting principles or
      practices, including any policies or practices with respect to the
      establishment of reserves for work-in-process, inventory and accounts
      receivable, utilized in the preparation of the Financial Statements;

            (p) institute or settle any litigation or any legal, administrative
      or arbitration action or proceeding before any court or Governmental Body
      relating to it or its property;

            (q) enter into any agreements, commitments or contracts for any real
      property leases;

            (r) enter into other agreements, commitments or contracts, except
      agreements, commitments or contracts made in the ordinary course of
      business consistent with past practice; or

            (s) enter into any commitment to do any of the foregoing.

      6.02 NO SOLICITATION OF ALTERNATIVE TRANSACTION. Seller shall not,
directly or indirectly, solicit or entertain offers from, negotiate with,
provide any nonpublic information to, enter into any agreement with, or in any
manner encourage, discuss, accept, or consider any proposal of, any third party
relating to the acquisition of the Company, its assets or business, in whole or
in part, whether through a tender offer (including a self tender offer),
exchange offer, merger, consolidation, sale of substantial assets or a
significant amount of assets, sale of securities, liquidation, dissolution, or
similar transactions involving the Company (collectively, "ACQUISITION
PROPOSALS"). Seller shall promptly inform the Purchaser of any inquiry
(including the terms thereof and the identity of the third party making such
inquiry) which it may receive in respect of an Acquisition Proposal and furnish
to the Purchaser a copy of any such written inquiry.

7. INDEMNIFICATION

      7.01 SURVIVAL. The representations and warranties of Seller in Section
4.01 shall survive the Closing Date indefinitely. The representations and
warranties of Seller in Section 4.23 shall survive the Closing Date until 30
days after the expiration of the applicable statute of

                                       -16-
<PAGE>

limitations. All other representations and warranties of the Parties contained
herein, or in any signed writing delivered pursuant hereto or in connection
herewith shall survive the Closing Date for two years beginning on the Closing
Date. The covenants of the Parties contained herein, or in any signed writing
delivered pursuant hereto or in connection herewith, shall survive the Closing
Date indefinitely.

      7.02 INDEMNIFICATION BY SELLER. Seller shall indemnify Purchaser and its
officers, directors, employees, agents and representatives, in their capacities
as such, and the successors, heirs and personal representatives of any of them
(collectively, "PURCHASER INDEMNIFIED PARTIES") against and hold them harmless
from any and all damages, claims, losses, liabilities and expenses (including,
without limitation, reasonable expenses of investigation and attorneys' fees and
expenses) (each a "LOSS", and collectively, "LOSSES") incurred or suffered by
any Purchaser Indemnified Party arising out of or relating to any breach by
Seller of any representation, warranty, covenant or other agreement of Seller
contained herein. The Purchaser may, at its option, offset against any payments
due to Seller pursuant to this Agreement any amounts owed by Seller to the
Purchaser pursuant to this Section 7.02.

      7.03 INDEMNIFICATION BY THE PURCHASER. The Purchaser shall indemnify
Seller and its successors and heirs (collectively, the "SELLER INDEMNIFIED
PARTIES") against and hold them harmless from any and all Losses incurred or
suffered by any Seller Indemnified Party arising out of or relating to any
breach of any representation, warranty, covenant or other agreement of the
Purchaser contained herein.

      7.04 LIMITATIONS ON INDEMNIFICATION; TREATMENT OF HOLDBACK AMOUNT. No
Party's indemnification obligations hereunder shall exceed the Purchase Price
with respect to indemnification claims pursuant to Sections 7.02 or 7.03. In
satisfaction of Seller's indemnification obligations, Purchaser shall first be
entitled to reduce the Holdback Amount by the amount of the applicable Loss
until the Holdback Amount equals zero. To the extent such reduction in the
Holdback Amount does not fully offset the Loss, or if the Holdback Amount has
already been paid to Seller, Seller shall pay to Purchaser the remainder of the
Loss in cash, subject to the limitation in the first sentence of this Section
7.04. This Section 7.04 shall constitute Purchaser's sole remedy for the breach
of any representation or warranty made by Seller in this Agreement.

      7.05 INDEMNIFICATION; NOTICE AND SETTLEMENTS. For the purposes of this
Section 7.05, the party seeking indemnification shall be known as the
"INDEMNIFIED PARTY" and the party from whom indemnification is sought shall be
known as the "INDEMNIFYING PARTY". As soon as reasonably practicable after the
receipt by an Indemnified Party of notice of any Loss in respect of which an
Indemnifying Party may be liable under Section 7.02, or 7.03, the Indemnified
Party shall give notice thereof to the Indemnifying Party, setting forth in
reasonable detail the facts and circumstances pertaining thereto; provided that
the failure to give such notice shall not affect the Indemnified Party's rights
to indemnification hereunder, unless and to the extent such failure shall
prejudice in any significant respect the Indemnifying Party's ability to defend
such claim, action or proceeding. The Indemnifying Party shall have the right to
assume the defense of any such action or proceeding at its expense, provided
that the selection of counsel is approved by the Indemnified Party (which
approval will not be unreasonably withheld). If the Indemnifying Party shall
elect not to assume the defense of any such action or proceeding, or fails to
make

                                       -17-
<PAGE>

such an election within twenty (20) days after it receives such notice
pursuant to the second sentence of this Section 7.05, the Indemnified Party may
assume such defense at the expense of the Indemnifying Party. The Indemnified
Party shall have the right to participate in (but not control) the defense of an
action or proceeding defended by the Indemnifying Party hereunder and to retain
its own counsel in connection with such action or proceeding, but the fees and
expenses of such counsel shall be at the Indemnified Party's expense unless (i)
the Indemnifying Party and the Indemnified Party have otherwise mutually agreed
in writing to the retention of such counsel or (ii) the Indemnified Party
concludes, based on advice of counsel, that representation of the Indemnifying
Party and the Indemnified Party by the same counsel would create a conflict,
provided that, unless otherwise agreed by the Indemnifying Party, if the
Indemnifying Party is obligated to pay the fees and expenses of such counsel,
the Indemnifying Party shall be obligated to pay only the fees and expenses
associated with one attorney or law firm, as applicable, plus local counsel as
required for the Indemnified Party. An Indemnifying Party shall not be liable
under Section 7.02, or 7.03 for any settlement effected without its written
consent, which consent will not be unreasonably withheld, of any claim, action
or proceeding in respect of which indemnity may be sought hereunder. An
Indemnifying Party shall not, without the consent of the Indemnified Party,
settle any claim, action or proceeding in which indemnity may be sought
hereunder unless such settlement involves only the payment of money damages by
the Indemnifying Party and no admission of wrongdoing or other relief and
includes a complete release of all Indemnified Parties.

      7.06 TAX-RELATED ADJUSTMENTS TO INDEMNITY PAYMENTS. Indemnity payments
made pursuant to Section 7.02 or 7.03 shall be increased by any Tax cost
incurred as a result of the receipt of such payment and shall be decreased by
any Tax benefit (for example, increased basis in an asset or a deduction
available in a future year) received as a result of the Loss giving rise to such
payment (taking into account the time value of money).

      7.07 INSURANCE PAYMENTS. For purposes of this Section 7, the amount of any
Loss of any Indemnified Party shall be reduced by the amount of any insurance
proceeds received by such Indemnified Party as compensation for such Loss.
Notwithstanding the foregoing, no Indemnified Party shall have any obligation to
submit any claim to any of such Indemnified Party's insurance providers.

8. CERTAIN RESTRICTIVE COVENANTS.

      8.01 CERTAIN ACKNOWLEDGEMENTS. The Purchaser and Seller acknowledge and
agree that:

            (a) Seller has owned and controlled the Company and Seller has
      knowledge, information, contacts and client relationships which are
      essential to the Business;

            (b) The Purchaser and Seller have determined that it is essential to
      realizing the value of the Company and the Business acquired pursuant to
      this Agreement by purchase of the Company Shares that the Purchaser obtain
      the agreement of Seller set forth in this Section 8 including undertakings
      of Seller to protect certain proprietary information and not to engage in
      certain competitive activities or the solicitation of certain employees,
      contractors or customers, and as to certain other matters, all as
      hereinafter provided in

                                       -18-
<PAGE>

      this Section 8 and therefore the Purchaser has required that the covenants
      and agreements hereinafter set forth be delivered in this Agreement and
      Seller has agreed to do so, as a condition to the Purchaser's willingness
      to enter into the transactions contemplated by this Agreement; and

            (c) Seller acknowledges and agrees that it is fair, reasonable and
      necessary for the protection of the value of the business, operations,
      prestige, reputation and goodwill of the Company and the Business by
      purchase of the Company Shares to be sold by Seller and purchased by
      Purchaser hereunder that Seller make the agreements and covenants
      contained in this Section 8.

      8.02 PROPRIETARY INFORMATION, CONFIDENTIAL RECORDS, INTELLECTUAL PROPERTY
RIGHTS.

            (a) PROPRIETARY INFORMATION. Seller acknowledges that in connection
      with its control of the Company to date, of necessity he or she has
      regularly developed and had access to, and use of, proprietary information
      and confidential records (as each such term is defined below). Seller
      covenants that he, she or it shall not at any time hereafter, directly or
      indirectly, use for his, hers or its own purpose or for the benefit of any
      Person other than the Purchaser at the Purchaser's request, or disclose,
      any proprietary information to any Person, unless such disclosure has been
      authorized in writing by the Purchaser. For purposes of this Agreement,
      the term "PROPRIETARY INFORMATION" shall include, but is not limited to:
      (i) the name and address of any client, customer, vendor or Affiliate of
      the Company and any information concerning any transactions or relations
      between any such client, customer or vendor of the Company with the
      Company or any of its shareholders, directors, officers, principals or
      agents; (ii) any information concerning any product, technology or
      procedure employed by the Company but not generally known to its clients,
      customers, vendors or competitors, or under development by or being tested
      by the Company but not at the time offered generally to customers or
      vendors; (iii) any information relating to computer software or systems
      used by the Company or the Company's pricing or marketing methods, sales
      margins, cost of goods, cost of material, capital structure, operating
      results, borrowing arrangements or business plans; (iv) any information
      which is generally regarded as confidential or proprietary in any line of
      business engaged in by the Company; (v) any business plans, budgets,
      advertising or marketing plans; (vi) any information contained in any
      written or oral policies and procedures or employee manuals of the
      Company; (vii) any information belonging to customers, vendors or
      Affiliates of the Company or any other Person which the Company has agreed
      to hold in confidence; (viii) any inventions, innovations or improvements
      of the Company; and (ix) all written, graphic and other material relating
      to any of the foregoing. Information that is not novel or copyrighted or
      patented may nonetheless be proprietary information. The term "proprietary
      information" shall not include information generally available to and
      known by the public but shall include information which becomes public as
      a result of a breach of an obligation of confidentiality by Seller or any
      Seller's Affiliate.

            (b) CONFIDENTIALITY AND SURRENDER OF RECORDS. Seller shall not at
      any time directly or indirectly publish, make known or in any fashion
      disclose any confidential records to, or permit any inspection or copying
      of confidential records by, any Person. Seller shall

                                       -19-
<PAGE>

      not retain any confidential records of the Company and Seller shall
      promptly deliver to the Purchaser any of the same upon the Closing. For
      purposes hereof, "confidential records" means all correspondence,
      memoranda, files, manuals, books, lists, financial, operating or marketing
      records, magnetic tape, or electronic or other media or equipment of any
      kind relating to the Company or the Business which now or hereafter may be
      in Seller's possession or under any of their control or accessible to any
      of them which contain any proprietary information. All confidential
      records shall be and remain the sole property of the Company from and
      after the Closing.

            (c) INTELLECTUAL PROPERTY. All Intellectual Property relating to the
      Company or the Business or any of its methods of operations (including
      policies, procedures, products, improvements, software, ideas and
      discoveries) conceived or made by Seller, either alone or jointly with
      others, shall upon the Closing belong to the Company. Seller will promptly
      perform all actions reasonably requested by the Purchaser to establish and
      confirm such ownership by the Company, including cooperating with and
      assisting the Purchaser and the Company in obtaining patents, copyrights,
      servicemarks and trademarks for the Company.

            (d) CERTAIN PERMITTED DISCLOSURES AND USES. Section 8.02(a) and (b)
      shall not prevent (i) any disclosure required by law or order of a
      Governmental Body provided that if Seller is subject to any such
      requirement it shall, prior to any such disclosure, give the Purchaser
      prompt notice of any such requirement and shall cooperate with the
      Purchaser in obtaining a protective order or other means of protecting the
      confidentiality of the Purchaser's proprietary information and
      confidential records or (ii) to the extent required, to enforce any right,
      or defend any claim, under this Agreement.

      8.03 NON-SOLICITATION, ETC. For a period of five years after the Closing,
Seller shall not, directly or indirectly, for itself or for any Person (other
than the Purchaser) as to which it is an employee, officer, director, investor,
agent or contractor, as applicable, directly or indirectly:

            (a) contact, solicit or do business with any Customer relating to
      the provision of any aspect of the services included in the Business
      (whether or not contact is initiated by the Customer or an Affiliate
      thereof);

            (b) employ or engage any Person who is then or at any time during
      the period beginning on December 27, 1999 and ending on the Closing Date
      was in the employ of Seller or (ii) attempt to do any of the foregoing or
      assist any other Person to do or attempt to do any of the foregoing;

            (c) persuade or seek to persuade any Customer or any purchaser of
      services from the Company to cease to do business or to reduce the amount
      of business which it has customarily done or contemplates doing with the
      Company, whether or not the relationship between Seller or the Company and
      such customer was originally established in whole or in part through
      Seller's efforts;

            (d) take any action which is intended, or would reasonably be
      expected, to disparage the Company or its Affiliates or any of their
      respective employees, reputations

                                       -20-
<PAGE>

      or services or the Business or which would reasonably be expected to lead
      to unwanted or unfavorable publicity to any of them; or

            (e) attempt to do any of the foregoing or assist any other Person to
      do or attempt to do any of the foregoing.

      8.04 SELLER STOCKHOLDERS. At the Closing, Seller shall deliver the written
agreement of each of its stockholders to be bound by this Section 8 as if they
were Seller hereunder (the "Seller Stockholder Agreement").

      8.05 MISCELLANEOUS.

            (a) Seller acknowledges and agrees that, by virtue of the
      extraordinary value of the proprietary information and confidential
      records, its access to and use of such information and records, and their
      unique knowledge of and contacts relating to the Company and the Business,
      any violation by any of them of the undertakings contained in this Section
      8 would cause the Purchaser and the Company immediate, substantial and
      irreparable injury for which it has no adequate remedy at law.
      Accordingly, Seller agrees and consents to the entry of an injunction or
      other equitable relief by a court of competent jurisdiction restraining
      any violation or threatened violation of any undertaking contained in this
      Section 8. Seller waives posting by the Purchaser of any bond or any proof
      of actual damages otherwise necessary to secure such injunction or other
      equitable relief. Rights and remedies provided for in this Section 8.05(a)
      are cumulative and shall be in addition to rights and remedies otherwise
      available to the Parties or under any other agreement or applicable Laws.

            (b) If any provision of this Section 8 or the application of any
      such provision to any party or circumstances shall be determined by any
      court of competent jurisdiction to be invalid or unenforceable to any
      extent, the remainder of this Agreement, or the application of such
      provision to such person or circumstances other than those to which it is
      so determined to be invalid or unenforceable, shall not be affected
      thereby, and each provision hereof shall be enforced to the fullest extent
      permitted by law. If any provision of this Section 8, or any part thereof,
      is held to be invalid or unenforceable because of the scope or duration of
      or the area covered by such provision, the Parties agree that the court
      making such determination shall reduce the scope, duration and/or area of
      such provision (and shall substitute appropriate provisions for any such
      invalid or unenforceable provisions) in order to make such provision
      enforceable to the fullest extent permitted by law and/or shall delete
      specific words and phrases, and such modified provision shall then be
      enforceable and shall be enforced.

9. CONDITIONS PRECEDENT TO OBLIGATIONS OF PURCHASER. The obligations of
Purchaser under Sections 2 and 3 shall be subject to the satisfaction at or
prior to the Closing of the following conditions, any one or more of which may
be waived by Purchaser:

      9.01 REPRESENTATIONS AND WARRANTIES. Each and every representation and
warranty of Seller contained in this Agreement, any Schedule or any certificate
delivered pursuant hereto shall have been true and correct when made and shall
be repeated at the Closing and (a) if

                                       -21-
<PAGE>

qualified by materiality (or any variation of such term), shall be true and
correct as of the Closing Date, except that any such representations and
warranties that are made as of a specified date shall only be required to be
true and correct as of that date, and (b) if not qualified by materiality (or
any variation of such term), shall be true and correct in all material respects
as of the Closing Date, except that any such representations and warranties that
are made as of a specified date shall only be required to be true and correct in
all material respects as of that date.

      9.02 COMPLIANCE WITH COVENANTS. Seller shall have performed and observed
in all material respects all covenants and agreements to be performed or
observed by such parties, as applicable, under this Agreement at or before the
Closing.

      9.03 REGULATORY APPROVALS. All material approvals and consents of
regulatory authorities required to carry out the transactions contemplated by
this Agreement shall have been obtained.

      9.04 CONSENTS OF THIRD PARTIES. All consents from third parties necessary
for the execution and delivery of this Agreement by Seller and the consummation
of the transactions contemplated hereby shall have been obtained in writing.

      9.05 NO VIOLATION OF ORDERS. No preliminary or permanent injunction or
other order issued by any court or governmental or regulatory authority, nor any
statute, rule, regulation, decree or executive order promulgated or enacted by
any Governmental Body, that declares this Agreement invalid or unenforceable in
any material respect or that prevents the consummation of the transactions
contemplated hereby or which imposes restrictions on Purchaser's right or
ability to operate the businesses of the Company shall be in effect; and no
action or proceeding before any Governmental Body shall have been instituted or,
to the knowledge of Purchaser, threatened by any Governmental Body, or by any
other Person, which seeks to prevent or delay the consummation of the
transactions contemplated by this Agreement or which challenges the validity or
enforceability of this Agreement or which seeks to impose restrictions on
Purchaser's right or ability to operate the businesses of the Company, or seeks
to require Purchaser to dispose of any of its businesses, operations, properties
or assets or any claim relating to the equity of the Company and which in any
such case has a reasonable likelihood of success in the reasonable opinion of
counsel to Purchaser.

      9.06 OPINION OF COUNSEL. Purchaser shall have received the opinion of
counsel to Seller in the form of EXHIBIT A.

      9.07 SELLER STOCKHOLDER AGREEMENT. Seller's stockholders shall have
executed and delivered the Seller Stockholder Agreement.

      9.08 OTHER CLOSING MATTERS. Purchaser shall have received such other
supporting information in confirmation of the representations, warranties,
covenants and agreements of Seller and the satisfaction of the conditions to
Purchaser's obligation to close hereunder as Purchaser or its counsel may
reasonably request.

10. CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLER. The obligations of Seller
under Sections 2 and 3 shall be subject to the satisfaction at or prior to the
Closing of the following conditions, any one or more of which may be waived by
Seller:

                                       -22-
<PAGE>

      10.01 REPRESENTATIONS AND WARRANTIES. Each and every representation and
warranty of Purchaser contained in this Agreement, any Schedule or any
certificate delivered pursuant hereto shall have been true and correct when made
and shall be repeated at the Closing and (a) if qualified by materiality (or any
variation of such term), shall be true and correct as of the Closing Date,
except that any such representations and warranties that are made as of a
specified date shall only be required to be true and correct as of that date,
and (b) if not qualified by materiality (or any variation of such term), shall
be true and correct in all material respects as of the Closing Date, except that
any such representations and warranties that are made as of a specified date
shall only be required to be true and correct in all material respects as of
that date.

      10.02 COMPLIANCE WITH COVENANTS. Purchaser shall have performed and
observed in all material respects all covenants and agreements to be performed
or observed by it under this Agreement at or before the Closing.

      10.03 REGULATORY APPROVALS. All material approvals and consents of
regulatory authorities required to carry out the transactions contemplated by
this Agreement shall have been obtained.

      10.04 CONSENTS OF THIRD PARTIES. All consents from third parties necessary
for the execution and delivery of this Agreement by Seller and the consummation
of the transactions contemplated hereby shall have been obtained in writing.

      10.05 NO VIOLATION OF ORDERS. No preliminary or permanent injunction or
other order issued by Governmental Body, nor any statute, rule, regulation,
decree or executive order promulgated or enacted by any Governmental Body, that
declares this Agreement invalid or unenforceable in any material respect or that
prevents the consummation of the transactions contemplated hereby shall be in
effect.

      10.06 OTHER CLOSING MATTERS. Seller shall have received such other
supporting information in confirmation of the representations, warranties,
covenants and agreements of Purchaser and the satisfaction of the conditions to
Seller's obligations to close hereunder as Seller or its counsel may reasonably
request.

11. TERMINATION OF AGREEMENT.

      11.01 CONDITIONS FOR TERMINATION. This Agreement may be terminated:

            (a) at any time prior to the Closing, by mutual consent of Purchaser
      and Seller;

            (b) by Purchaser or Seller if the Closing shall not have been
      consummated by one hundred eighty (180) days after the date hereof, unless
      such failure of consummation shall be due to a material breach of any
      representation or warranty, or the nonfulfillment in a material respect,
      and failure to cure such nonfulfillment, of any covenant or agreement
      contained herein on the part of the party or parties seeking to terminate
      this Agreement; or

            (c) by Purchaser or Seller if the other fails to cure a material
      breach of any provision of this Agreement within fifteen days after its
      receipt of written notice of such

                                       -23-
<PAGE>

      breach from the non-breaching party, provided, however, that Purchaser or
      Seller shall not be entitled to terminate this Agreement pursuant to this
      Section 11.01(c) if they are also in material breach of any provision of
      this Agreement.

      11.02 EFFECT OF TERMINATION. Upon the termination of this Agreement for
any reason, Purchaser and Seller shall have no liability or further obligations
arising out of this Agreement except for any liability resulting from an
intentional breach of a representation, warranty or covenant contained in this
Agreement prior to termination. Furthermore, the provisions of Section 12 shall
survive any termination of this Agreement.

12. GENERAL PROVISIONS

      12.01 COMMONLY USED TERMS. Unless the context clearly indicates otherwise,
the terms below mean the following:

            (a) "Hereof" and "herein" refer to this Agreement.

            (b) "Including" means including, without limitation, whether or not
      so expressed.

            (c) References to Sections, Exhibits, and Schedules mean,
      respectively, Sections, Exhibits, and Schedules of this Agreement.

            (d) Words denoting the singular include the plural and vice versa.

            (e) "It" or "its" or words denoting any gender include all genders.

      12.02 NOTICES. All notices and other communications given or made pursuant
to this Agreement shall be in writing and shall be (i) sent by registered or
certified mail, return receipt requested, (ii) hand delivered or (iii) sent by
prepaid overnight carrier, with a record of receipt, to the Parties at the
following addresses (or at such other addresses as shall be specified by the
Parties by like notice):

            (a) if to the Purchaser:

                     General Maritime Ship Holdings Ltd.
                     35 West 56th Street
                     New York, NY 10019
                     Attn:  Mr. Peter C. Georgiopoulos
                     Telecopy: (212) 763-5602
                     Confirm:  (212) 763-5620

                     with a copy to:

                     Kramer Levin Naftalis & Frankel LLP
                     919 Third Avenue
                     New York, New York  10022
                     Attn:  Thomas E. Molner, Esq.

                                       -24-
<PAGE>

                     Telecopy:  (212) 715-8000
                     Confirm:  (212) 715-9100

                     Niki J. Gouzouassi, Esq.
                     Paul C. Avrameas and Partners
                     131 Filonos Street
                     185 36 Piraeus
                     Greece

            (b) if to the Seller:

                     United Projects Shipping & Financial Inc.
                     ----------------------
                     ----------------------
                     ----------------------

                     with a copy to:

                     Io Grekoussi, Esq.
                     Roussos & Hatzidmitriou
                     5-7 Filellinon Street
                     185 36 Piraeus
                     Greece

Each notice or communication shall be deemed to have been given on the date
received.

      12.03 HEADINGS. 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.

      12.04 ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
and supersedes all other prior agreements and understandings, both written and
oral, among the Parties, or any of them, with respect to the subject matter
hereof.

      12.05 SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon and
inure to the benefit of the Parties and their respective successors and
permitted assigns and is not intended to confer upon any other Person any rights
or remedies hereunder.

      12.06 GOVERNING LAW. This Agreement shall be governed, including, without
limitation, as to validity, interpretation and effect, by the internal laws of
the State of New York, without regard to the principles of conflicts of laws.

      12.07 COUNTERPARTS. This Agreement may be executed in two or more
counterparts, each of which shall be an original and all of which together shall
constitute a single agreement. Signed facsimile copies of this Agreement will
legally bind the Parties to the same extent as original documents.

                                       -25-
<PAGE>

      12.08 FORUM SELECTION AND CONSENT TO JURISDICTION. ANY LITIGATION BASED
HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH, THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY MAY BE (BUT SHALL NOT BE REQUIRED TO BE)
BROUGHT AND MAINTAINED IN THE COURTS OF THE STATE OF NEW YORK OR IN THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. THE PARTIES HEREBY
EXPRESSLY AND IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE
OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF
NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE AND
IRREVOCABLY AGREE TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION
WITH SUCH LITIGATION. THE PARTIES FURTHER IRREVOCABLY CONSENT TO THE SERVICE OF
PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR
WITHOUT THE STATE OF NEW YORK. EACH OF THE PARTIES HEREBY EXPRESSLY AND
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH
IT MAY HAVE OR HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION
BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH
LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

      12.09 ASSIGNMENT. Neither this Agreement nor any of the rights, interests
or obligations hereunder shall be assigned by either Party without the prior
written consent of the other Party; PROVIDED, however, that Purchaser may assign
any of its rights hereunder to any affiliate of Purchaser which assumes the
corresponding obligations of Purchaser hereunder, but no such assignment shall
relieve Purchaser of any such obligations. No Party shall be relieved of any
liability arising hereunder in respect of any assignment pursuant to this
Section, unless such assignor has received a written release expressly excepting
such assignor from any liability that may arise hereunder.

      12.10 WAIVER; AMENDMENT. No waiver of any term, condition or obligation of
this Agreement shall be valid unless in writing and signed by the waiving party.
No failure or delay by either Party at any time to require the other Party to
perform strictly in accordance with the terms hereof shall preclude any party
from requiring performance by the other Party at any later time. No waiver of
any one or several of the terms, conditions or obligations of this Agreement,
and no partial waiver thereof, shall be construed as a waiver of any of the
other terms, conditions or obligations of this Agreement. This Agreement may not
be amended, changed or modified in any fashion except by written instrument
signed by each of the Parties.

      12.11 FEES AND EXPENSES. Except as otherwise expressly set forth herein,
all fees, costs and expenses incurred in connection with this Agreement and the
transactions contemplated hereby shall be paid by the party incurring such fees,
costs or expenses. Seller shall bear and pay all Taxes that arise out of or as a
result of the consummation of this Agreement.

      12.12 NO THIRD PARTY BENEFICIARY RIGHTS. No provisions of this Agreement
are intended, nor will be interpreted, to provide or create any third party
beneficiary rights or other rights of any kind in any client, customer,
affiliate, stockholder or partner of either Party or any other Person unless
specifically provided otherwise herein, and, except as so provided, all
provisions hereof will be personal solely between the Parties.

      12.13 NEGOTIATED AGREEMENT. The Parties acknowledge that each of them has
been advised and represented by counsel in the negotiation, execution and
delivery of this Agreement and accordingly agree that if an ambiguity exists
with respect to any provision of this

                                       -26-
<PAGE>

Agreement, such provision shall not be construed against either Party because
such Party or its representatives drafted such provision.

      12.14 PUBLIC ANNOUNCEMENTS. Neither Party shall make any press release or
public announcement concerning this Agreement or the transactions contemplated
hereby without the prior written approval of the other Party.

      12.15 REMEDIES CUMULATIVE. Subject to Section 7.05, the remedies provided
for or permitted by this Agreement shall be cumulative, and the exercise by
either Party of any remedy provided for herein shall not preclude the assertion
or exercise by such Party of any other right or remedy provided for herein,
under applicable Laws, at equity, or otherwise.

      12.16 SEVERABILITY. Subject to the specific provisions of Section 8.05(b),
if any provision of this Agreement shall be held invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall not in any manner affect
or render invalid or unenforceable any other provision of this Agreement, and
this Agreement shall be carried out as to such jurisdiction only as if any such
invalid or unenforceable provision were not contained herein.

      12.17 JURY TRIAL WAIVER. Each of the Parties hereby irrevocably waives all
right to a trial by jury in any action, proceeding or counterclaim arising out
of or relating to this Agreement or the transactions contemplated hereby.

                            [SIGNATURE PAGE FOLLOWS.]

                                       -27-
<PAGE>

      IN WITNESS WHEREOF, each Party hereto has duly executed this Agreement as
of the date first above written.

UNITED PROJECTS SHIPPING & FINANCIAL INC.

By:  /s/ L.K. Hatzimichalis
   -----------------------------------------

Name:   L.K. Hatzimichalis
Title:  President

GENERAL MARITIME SHIP HOLDINGS LTD

By: /s/ Peter C. Georgiopoulos
   -----------------------------------------

Name:   Peter C. Georgiopoulos
Title:  Chairman and Chief Executive Officer

                                      -28-

<PAGE>

         LISTS OF EXHIBITS AND SCHEDULES TO ASSET PURCHASE AGREEMENT*

EXHIBITS:

Exhibit A           -    Opinion of Counsel

SCHEDULES:

Schedule 4.01(a)    -    Jurisdictions

Schedule 4.05(a)    -    Financial Statements

Schedule 4.05(b)    -    Interim Financial Statements

Schedule 4.05(c)    -    Balance Sheet

Schedule 4.10       -    List of Customers

Schedule 4.11(a)    -    Contracts

Schedule 4.17(a)    -    Real Property Leases

Schedule 4.19       -    Insurance

Schedule 4.21       -    Employees and Independent Contractors

Schedule 4.22       -    Licenses and Permits

* Omitted Schedules and Exhibits will be furnished supplementally to the
  Commission upon request.

                                      -29-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00026-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00026-of-00352.parquet"}]]