Document:

Exhibit 10.54

 

General Maritime Corporation

Restricted Stock Grant Agreement

 

THIS
AGREEMENT, made as of the 2nd day of April 2007, between GENERAL MARITIME
CORPORATION (the “Company”) and John C. Georgiopoulos (the “Participant”).

 

WHEREAS,
the Company has adopted and maintains the General Maritime Corporation 2001
Stock Incentive Plan (as amended, effective December 18, 2006) (the “Plan”)
to provide certain key persons, on whose initiative and efforts the successful
conduct of the business of 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);

 

WHEREAS,
the Participant has elected to surrender his right to future receipt of a
special dividend of $15.00 with respect to each share of restricted stock of
the Company granted to the Participant on December 18, 2006 (the “December 2006
Grant”) and in return receive a grant of additional shares of restricted stock
of the Company, which additional shares will be subject to substantially the
same terms as the December 2006 Grant, including without limitation vesting;

 

WHEREAS,
the Plan provides that the Compensation Committee (the “Committee”) of the
Board of Directors (or the Board of Directors if it so elects) shall administer
the Plan and determine the key persons to whom awards shall be granted and the
amount and type of such awards; and

 

WHEREAS,
the Committee and the Board of Directors have determined that the purposes of
the Plan would be furthered by granting the Participant an award under the Plan
as set forth in this Agreement;

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants
hereinafter set forth, the parties hereto hereby agree as follows:

 

1.             Grant
of Restricted Stock.  Pursuant to, and subject to, the terms and
conditions set forth herein and in the Plan, the Committee hereby grants to the
Participant 5,193 restricted shares (the “Restricted Stock”) of common stock of
the Company, par value $0.01 per share (“Common Stock”).

 

2.             Grant
Date.  The Grant Date of the Restricted Stock is April 2,
2007.

 

3.             Incorporation
of Plan.  All terms, conditions and restrictions of the Plan are
incorporated herein and made part hereof as if stated herein.  If
there is any conflict between the terms and conditions of the Plan and this
Agreement, the terms and conditions of the Plan, as

 

 

interpreted by the Committee, shall
govern.  Except as otherwise provided herein, all capitalized terms
used herein shall have the meaning given to such terms in the Plan.

 

4.             Vesting.  Subject to the further provision of this
Agreement, the Restricted Stock shall vest on the earlier to occur of (each
specified date, a “Vesting Date”):

 

(a)           The
dates specified in the following table, and

 

	
  Number of Shares

  	
   

  	
  Vesting Date

  	
   

  
	
  1,039 shares

  	
   

  	
  November 15, 2007

  	
   

  
	
  1,038 shares

  	
   

  	
  November 15, 2008

  	
   

  
	
  1,039 shares

  	
   

  	
  November 15, 2009

  	
   

  
	
  1,038 shares

  	
   

  	
  November 15, 2010

  	
   

  
	
  1,039 shares

  	
   

  	
  November 15, 2011

  	
   

  

 

(b)           the occurrence of a Change in
Control, as defined in Section 3.8(a) of the Plan, as in effect on
the date of such occurrence.

 

5.             Restrictions
on Transferability.  Until a share of
Restricted Stock vests, the Participant shall not transfer the Participant’s
rights to such share of Restricted Stock or to any rights related thereto.  Any attempt to transfer unvested shares of
Restricted Stock or any rights related thereto, whether by transfer, pledge,
hypothecation or otherwise and whether voluntary or involuntary, by operation
of law or otherwise, shall not vest the transferee with any interest or right
in or with respect to such shares of Restricted Stock or such related rights.

 

6.             Termination
of Employment.  In the event that the
Participant’s employment with the Company terminates for any reason other than
the Participant’s death or disability, all unvested shares of Restricted Stock,
together with any property received in respect of such shares, as set forth in Section 9
hereof, shall be forfeited as of the date of such termination of employment and
the Participant promptly shall return to the Company any certificates
evidencing such shares, together with any cash dividends or other property
received in respect of such shares.  In
the event of the Participant’s termination of employment due to death or
disability, any shares of Restricted Stock that would have vested pursuant to Section 4(a),
but for such termination, during the one-year period following such termination,
shall become vested immediately prior to such termination of employment and all
unvested shares of Restricted Stock that did not vest on such date, together
with any property received in respect of such shares, as set forth in Section 9
hereof, shall be forfeited as of the date of such termination of employment and
the Participant promptly shall return to the Company any certificates
evidencing such shares, together with any cash dividends or other property
received in respect of such shares.

 

7.             Issuance
of Shares.

 

(a)           Reasonably promptly after the Grant
Date, the Company shall issue and deliver to the Participant stock
certificates, registered in the name of the Participant, evidencing

 

2

 

the shares of Restricted
Stock or shall instruct its transfer agent to issue shares of Restricted Stock
which shall be maintained in book entry form on the books of the transfer
agent.  The Restricted Stock, if certificated,
shall bear the following legend:

 

“THE SALE, TRANSFER,
ASSIGNMENT, PLEDGE, HYPOTHECATION ENCUMBRANCE OR OTHER DISPOSAL OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF THE
GENERAL MARITIME CORPORATION 2001 STOCK INCENTIVE PLAN AND A RESTRICTED STOCK
GRANT AGREEMENT BETWEEN GENERAL MARITIME CORPORATION AND THE HOLDER OF RECORD
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE.  NO TRANSFER OF THE SECURITIES REPRESENTED BY
THIS CERTIFICATE IN CONTRAVENTION OF SUCH PLAN AND RESTRICTED STOCK GRANT
AGREEMENT SHALL BE VALID OR EFFECTIVE. 
COPIES OF SUCH AGREEMENT MAY BE OBTAINED BY WRITTEN REQUEST MADE BY
THE HOLDER OF RECORD OF THE CERTIFICATE TO THE SECRETARY OF GENERAL MARITIME
CORPORATION.”

 

If the Restricted Stock is in book entry form, it shall be subject to
electronic coding or stop order indicating that such shares of Restricted Stock
are restricted by the terms of this Agreement and the Plan.  Such legend, electronic coding or stop order
shall not be removed until such shares of Restricted Stock vest.

 

(b)           Reasonably promptly after any such
shares of Restricted Stock vest pursuant to Section 4 hereof, (i) in
the case of certificated shares, in exchange for the surrender to the Company
of the certificate evidencing the Restricted Stock, delivered to the Participant
under Section 7(a) hereof, and the certificates evidencing any other
securities received in respect of such shares, if any, the Company shall issue
and deliver to the Participant (or the Participant’s legal representative,
beneficiary or heir) a certificate evidencing the Restricted Stock and such
other securities, free of the legend provided in Section 7(a) hereof
and (ii) in the case of book entry shares, the Company shall cause to be
lifted and removed any electronic coding or stop order established pursuant to Section 7(a) hereof.

 

(c)           The Company may require as a
condition of the delivery of stock certificates or the removal of any
electronic coding or stop order, pursuant to Section 7(b) hereof,
that the Participant remit to the Company an amount sufficient in the opinion
of the Company to satisfy any federal, state and other governmental tax
withholding requirements related to the vesting of the applicable shares.  The Committee, in its sole discretion, may
permit the Participant to satisfy such obligation by delivering shares of Common Stock or by directing the Company to withhold
from delivery shares of Common Stock, in
either case valued at their Fair Market Value on the Vesting Date with
fractional shares being settled in cash.

 

(d)           The Participant shall not be deemed
for any purpose to be, or have rights as, a shareholder of the Company by
virtue of the grant of Restricted Stock, except to the extent a stock
certificate is issued therefor or an appropriate book entry is made on the
books of the transfer agent reflecting the issuance thereof pursuant to Section 7(a) hereof,
and then only from the date such certificate is issued or such book entry is
made.  Upon the issuance of a stock

 

3

 

certificate or the making
of an appropriate book entry on the books of the transfer agent, the
Participant shall have the rights of a shareholder with respect to the
Restricted Stock, including the right to vote the shares, subject to the
restrictions on transferability and the forfeiture provisions, as set forth in
this Agreement.

 

8.             Securities
Matters.  The Company shall be under
no obligation to effect the registration pursuant to the Securities Act of
1933, as amended (the “1933 Act”) of any interests in the Plan or any shares of
Common Stock to be issued thereunder or to effect similar compliance under any
state laws.  The Company shall not be obligated to cause to be issued
any shares, whether by means of stock certificates or appropriate book entries,
unless and until the Company is advised by its counsel that the issuance of
such shares is in compliance with all applicable laws, regulations of
governmental authority and the requirements of any securities exchange on which
shares of Common Stock are traded.  The Committee may require, as a
condition of the issuance of shares of Common Stock pursuant to the terms
hereof, that the recipient of such shares make such covenants, agreements and
representations, and that any certificates bear such legends and any book entries
be subject to such electronic coding or stop order, as the Committee, in its
sole discretion, deems necessary or desirable.  The Participant
specifically understands and agrees that the shares of Common Stock, if and
when issued, may be “restricted securities,” as that term is defined in Rule 144
under the 1933 Act and, accordingly, the Participant may be required to hold
the shares indefinitely unless they are registered under such Act or an
exemption from such registration is available.

 

9.             Dividends,
etc. Any cash dividends or other property (but not including securities)
received by a Participant with respect to a share of Restricted Stock shall not
vest until the underlying share of Restricted Stock vests, and, if the
Committee or the Board of Directors so elects in their sole discretion, shall
be held by the Company or such other custodian as may be designated by the
Company until such dividends or other property vest. Any such cash dividends or
other property shall be forfeited and returned to the Company in the event the
underlying share of Restricted Stock is forfeited. Any securities received by a
Participant with respect to a share of Restricted Stock as a result of any
dividend, recapitalization, merger, consolidation, combination, exchange of
shares or otherwise will not vest until such share of Restricted Stock vests
and shall be forfeited if such share of Restricted Stock is forfeited. Unless
the Committee otherwise determines, such securities shall bear the legend or be
subject to the electronic coding or stop order set forth in Section 7(a) hereof.

 

10.           Delays
or Omissions.  No delay or omission to exercise any right, power
or remedy accruing to any party hereto upon any breach or default of any party
under this Agreement, shall impair any such right, power or remedy of such
party, nor shall it be construed to be a waiver of any such breach or default,
or an acquiescence therein, or of or in any similar breach or default
thereafter occurring, nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter
occurring. Any waiver, permit, consent or approval of any kind or character on
the part of any party of any breach or default under this Agreement, or any
waiver on the part of any party or any provisions or conditions of this
Agreement, must be in a writing signed by such party and shall be effective
only to the extent specifically set forth in such writing.

 

4

 

11.           Right
of Discharge Preserved. Nothing in this Agreement shall confer upon the
Participant the right to continue in the employ or other service of the
Company, or affect any right which the Company may have to terminate such
employment or service.

 

12.           Integration.  This
Agreement contains the entire understanding of the parties with respect to its
subject matter. There are no restrictions, agreements, promises,
representations, warranties, covenants or undertakings with respect to the
subject matter hereof other than those expressly set forth herein. This
Agreement, including, without limitation, the Plan, supersedes all prior
agreements and understandings between the parties with respect to its subject
matter.

 

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

 

14.           Governing
Law.  This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of New York, without regard
to the provisions governing conflict of laws.

 

15.           Obligation
to Notify. If the Participant makes the election permitted under Section 83(b) of
the Internal Revenue Code of 1986, as amended (that is, an election to include
in gross income in the year of transfer the amounts specified in Section 83(b)),
the Participant shall notify the Company of such election within 10 days of
filing notice of the election with the Internal Revenue Service and shall
within the same 10-day period remit to the Company an amount sufficient in the
opinion of the Company to satisfy any federal, state and other governmental tax
withholding requirements related to such inclusion in Participant’s income. The
Participant should consult with his tax advisor to determine the tax
consequences of acquiring the Restricted Stock and the advantages and
disadvantages of filing the Section 83(b) election. The Participant
acknowledges that it is his sole responsibility, and not the Company’s, to file
a timely election under Section 83(b), even if the Participant requests
the Company or its representatives to make this filing on his behalf.

 

16.           Reimbursement
for Excise Tax. In the event that the Participant incurs any Excise Tax (as
defined in the Participant’s Employment Agreement with the Company dated as of April 22,
2005 (the “Employment Agreement”)) on any payments or benefits under this
Agreement, the Company shall gross-up the Participant the amount of such Excise
Tax incurred in accordance with the provisions of Section 5(f) of the
Employment Agreement (such provisions to apply irrespective of whether the
Employment Agreement or its Term continues in effect at the time of such Excise
Tax) and such Section 5(f) of the Employment Agreement relating to
the Gross-Up Payment (as defined in the Employment Agreement) shall be
incorporated with full effect into this Agreement, provided that any reference
to “you” and to “this Agreement” in such Section 5(f) shall be deemed
to refer to the “Participant” and this Restricted Stock Grant Agreement,
respectively.

 

17.           Participant
Acknowledgment.  The Participant hereby acknowledges receipt of a
copy of the Plan. The Participant hereby acknowledges that all decisions,

 

5

 

determinations and interpretations of the Committee in
respect of the Plan, this Agreement and the Restricted Stock shall be final and
conclusive.

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by
its duly authorized officer, and the Participant has hereunto signed this
Agreement on his own behalf, thereby representing that he has carefully read
and understands this Agreement and the Plan as of the day and year first
written above.

 

 

	
   

  	
  GENERAL MARITIME
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter C.
  Georgiopoulos

  
	
   

  	
  Name:

  	
  Peter C.
  Georgiopoulos

  
	
   

  	
  Title:

  	
  Chief Executive
  Officer

  
	
   

  	
   

  
	
   

  	
  /s/ John C.
  Georgiopoulos

  
	
   

  	
  John C. Georgiopoulos

  

 

6Exhibit 10.55

 

General Maritime Corporation

Restricted Stock Grant Agreement

 

THIS
AGREEMENT, made as of the 2nd day of April 2007, between GENERAL MARITIME
CORPORATION (the “Company”) and Peter S. Bell (the “Participant”).

 

WHEREAS,
the Company has adopted and maintains the General Maritime Corporation 2001
Stock Incentive Plan (as amended, effective December 18, 2006) (the “Plan”)
to provide certain key persons, on whose initiative and efforts the successful
conduct of the business of 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);

 

WHEREAS,
the Participant has elected to surrender his right to future receipt of a
special dividend of $15.00 with respect to each share of restricted stock of
the Company granted to the Participant on December 18, 2006 (the “December 2006
Grant”) and in return receive a grant of additional shares of restricted stock
of the Company, which additional shares will be subject to substantially the
same terms as the December 2006 Grant, including without limitation vesting;

 

WHEREAS,
the Plan provides that the Compensation Committee (the “Committee”) of the
Board of Directors (or the Board of Directors if it so elects) shall administer
the Plan and determine the key persons to whom awards shall be granted and the
amount and type of such awards; and

 

WHEREAS,
the Committee and the Board of Directors have determined that the purposes of
the Plan would be furthered by granting the Participant an award under the Plan
as set forth in this Agreement;

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants
hereinafter set forth, the parties hereto hereby agree as follows:

 

1.             Grant
of Restricted Stock.  Pursuant to, and subject to, the terms and
conditions set forth herein and in the Plan, the Committee hereby grants to the
Participant 5,193 restricted shares (the “Restricted Stock”) of common stock of
the Company, par value $0.01 per share (“Common Stock”).

 

2.             Grant
Date.  The Grant Date of the Restricted Stock is April 2,
2007.

 

3.             Incorporation
of Plan.  All terms, conditions and restrictions of the Plan are
incorporated herein and made part hereof as if stated herein. If there is any
conflict between the terms and conditions of the Plan and this Agreement, the
terms and conditions of the Plan, as 

 

 

interpreted by the Committee, shall
govern.  Except as otherwise provided herein, all capitalized terms
used herein shall have the meaning given to such terms in the Plan.

 

4.             Vesting.  Subject to the further provision of this
Agreement, the Restricted Stock shall vest on the earlier to occur of (each
specified date, a “Vesting Date”):

 

(a)           The
dates specified in the following table, and

 

	
  Number of Shares

  	
   

  	
  Vesting Date

  	
   

  
	
  1,039 shares

  	
   

  	
  November 15, 2007

  	
   

  
	
  1,038 shares

  	
   

  	
  November 15, 2008

  	
   

  
	
  1,039 shares

  	
   

  	
  November 15, 2009

  	
   

  
	
  1,038 shares

  	
   

  	
  November 15, 2010

  	
   

  
	
  1,039 shares

  	
   

  	
  November 15, 2011

  	
   

  

 

(b)           the occurrence of a Change in
Control, as defined in Section 3.8(a) of the Plan, as in effect on
the date of such occurrence.

 

5.             Restrictions
on Transferability.  Until a share of
Restricted Stock vests, the Participant shall not transfer the Participant’s
rights to such share of Restricted Stock or to any rights related thereto. Any
attempt to transfer unvested shares of Restricted Stock or any rights related
thereto, whether by transfer, pledge, hypothecation or otherwise and whether
voluntary or involuntary, by operation of law or otherwise, shall not vest the
transferee with any interest or right in or with respect to such shares of
Restricted Stock or such related rights.

 

6.             Termination
of Employment.  In the event that the
Participant’s employment with the Company terminates for any reason other than
the Participant’s death or disability, all unvested shares of Restricted Stock,
together with any property received in respect of such shares, as set forth in Section 9
hereof, shall be forfeited as of the date of such termination of employment and
the Participant promptly shall return to the Company any certificates
evidencing such shares, together with any cash dividends or other property
received in respect of such shares. In the event of the Participant’s
termination of employment due to death or disability, any shares of Restricted
Stock that would have vested pursuant to Section 4(a), but for such
termination, during the one-year period following such termination, shall
become vested immediately prior to such termination of employment and all
unvested shares of Restricted Stock that did not vest on such date, together
with any property received in respect of such shares, as set forth in Section 9
hereof, shall be forfeited as of the date of such termination of employment and
the Participant promptly shall return to the Company any certificates
evidencing such shares, together with any cash dividends or other property
received in respect of such shares.

 

7.             Issuance
of Shares.

 

(a)           Reasonably promptly after the Grant
Date, the Company shall issue and deliver to the Participant stock
certificates, registered in the name of the Participant, evidencing

 

2

 

the shares of Restricted
Stock or shall instruct its transfer agent to issue shares of Restricted Stock
which shall be maintained in book entry form on the books of the transfer
agent. The Restricted Stock, if certificated, shall bear the following legend:

 

“THE SALE,
TRANSFER, ASSIGNMENT, PLEDGE, HYPOTHECATION ENCUMBRANCE OR OTHER DISPOSAL OF
THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF THE
GENERAL MARITIME CORPORATION 2001 STOCK INCENTIVE PLAN AND A RESTRICTED STOCK
GRANT AGREEMENT BETWEEN GENERAL MARITIME CORPORATION AND THE HOLDER OF RECORD
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE. NO TRANSFER OF THE
SECURITIES REPRESENTED BY THIS CERTIFICATE IN CONTRAVENTION OF SUCH PLAN AND
RESTRICTED STOCK GRANT AGREEMENT SHALL BE VALID OR EFFECTIVE. COPIES OF SUCH
AGREEMENT MAY BE OBTAINED BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD
OF THE CERTIFICATE TO THE SECRETARY OF GENERAL MARITIME CORPORATION.”

 

If the Restricted Stock is in book entry form, it shall be subject to
electronic coding or stop order indicating that such shares of Restricted Stock
are restricted by the terms of this Agreement and the Plan. Such legend,
electronic coding or stop order shall not be removed until such shares of
Restricted Stock vest.

 

(b)           Reasonably promptly after any such
shares of Restricted Stock vest pursuant to Section 4 hereof, (i) in
the case of certificated shares, in exchange for the surrender to the Company
of the certificate evidencing the Restricted Stock, delivered to the
Participant under Section 7(a) hereof, and the certificates
evidencing any other securities received in respect of such shares, if any, the
Company shall issue and deliver to the Participant (or the Participant’s legal
representative, beneficiary or heir) a certificate evidencing the Restricted
Stock and such other securities, free of the legend provided in Section 7(a) hereof
and (ii) in the case of book entry shares, the Company shall cause to be
lifted and removed any electronic coding or stop order established pursuant to Section 7(a) hereof.

 

(c)           The Company may require as a
condition of the delivery of stock certificates or the removal of any
electronic coding or stop order, pursuant to Section 7(b) hereof,
that the Participant remit to the Company an amount sufficient in the opinion
of the Company to satisfy any federal, state and other governmental tax
withholding requirements related to the vesting of the applicable shares. The
Committee, in its sole discretion, may permit the Participant to satisfy such
obligation by delivering shares of Common
Stock or by directing the Company to withhold from delivery shares of Common Stock, in either case valued at their
Fair Market Value on the Vesting Date with fractional shares being settled in
cash.

 

(d)           The Participant shall not be deemed
for any purpose to be, or have rights as, a shareholder of the Company by
virtue of the grant of Restricted Stock, except to the extent a stock
certificate is issued therefor or an appropriate book entry is made on the
books of the transfer agent reflecting the issuance thereof pursuant to Section 7(a) hereof,
and then only from the date such certificate is issued or such book entry is
made. Upon the issuance of a stock

 

3

 

certificate or the making
of an appropriate book entry on the books of the transfer agent, the
Participant shall have the rights of a shareholder with respect to the
Restricted Stock, including the right to vote the shares, subject to the
restrictions on transferability and the forfeiture provisions, as set forth in
this Agreement.

 

8.             Securities
Matters.  The Company shall be under
no obligation to effect the registration pursuant to the Securities Act of
1933, as amended (the “1933 Act”) of any interests in the Plan or any shares of
Common Stock to be issued thereunder or to effect similar compliance under any
state laws.  The Company shall not be obligated to cause to be issued
any shares, whether by means of stock certificates or appropriate book entries,
unless and until the Company is advised by its counsel that the issuance of
such shares is in compliance with all applicable laws, regulations of
governmental authority and the requirements of any securities exchange on which
shares of Common Stock are traded. The Committee may require, as a condition of
the issuance of shares of Common Stock pursuant to the terms hereof, that the
recipient of such shares make such covenants, agreements and representations,
and that any certificates bear such legends and any book entries be subject to
such electronic coding or stop order, as the Committee, in its sole discretion,
deems necessary or desirable. The Participant specifically understands and
agrees that the shares of Common Stock, if and when issued, may be “restricted
securities,” as that term is defined in Rule 144 under the 1933 Act and,
accordingly, the Participant may be required to hold the shares indefinitely
unless they are registered under such Act or an exemption from such
registration is available.

 

9.             Dividends,
etc.  Any cash dividends or other
property (but not including securities) received by a Participant with respect
to a share of Restricted Stock shall not vest until the underlying share of
Restricted Stock vests, and, if the Committee or the Board of Directors so elects
in their sole discretion, shall be held by the Company or such other custodian
as may be designated by the Company until such dividends or other property
vest. Any such cash dividends or other property shall be forfeited and returned
to the Company in the event the underlying share of Restricted Stock is
forfeited. Any securities received by a Participant with respect to a share of
Restricted Stock as a result of any dividend, recapitalization, merger,
consolidation, combination, exchange of shares or otherwise will not vest until
such share of Restricted Stock vests and shall be forfeited if such share of
Restricted Stock is forfeited. Unless the Committee otherwise determines, such
securities shall bear the legend or be subject to the electronic coding or stop
order set forth in Section 7(a) hereof.

 

10.           Delays
or Omissions.  No delay or omission to exercise any right, power
or remedy accruing to any party hereto upon any breach or default of any party
under this Agreement, shall impair any such right, power or remedy of such
party, nor shall it be construed to be a waiver of any such breach or default,
or an acquiescence therein, or of or in any similar breach or default
thereafter occurring, nor shall any waiver of any single breach or default be
deemed a waiver of any other breach or default theretofore or thereafter
occurring. Any waiver, permit, consent or approval of any kind or character on
the part of any party of any breach or default under this Agreement, or any
waiver on the part of any party or any provisions or conditions of this
Agreement, must be in a writing signed by such party and shall be effective
only to the extent specifically set forth in such writing.

 

4

 

11.           Right
of Discharge Preserved.  Nothing in
this Agreement shall confer upon the Participant the right to continue in the
employ or other service of the Company, or affect any right which the Company
may have to terminate such employment or service.

 

12.           Integration.  This
Agreement contains the entire understanding of the parties with respect to its
subject matter. There are no restrictions, agreements, promises,
representations, warranties, covenants or undertakings with respect to the
subject matter hereof other than those expressly set forth herein. This
Agreement, including, without limitation, the Plan, supersedes all prior
agreements and understandings between the parties with respect to its subject
matter.

 

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

 

14.           Governing
Law.  This Agreement shall be governed by and construed and
enforced in accordance with the laws of the State of New York, without regard
to the provisions governing conflict of laws.

 

15.           Obligation
to Notify.  If the Participant makes
the election permitted under Section 83(b) of the Internal Revenue
Code of 1986, as amended (that is, an election to include in gross income in
the year of transfer the amounts specified in Section 83(b)), the
Participant shall notify the Company of such election within 10 days of filing
notice of the election with the Internal Revenue Service and shall within the
same 10-day period remit to the Company an amount sufficient in the opinion of
the Company to satisfy any federal, state and other governmental tax
withholding requirements related to such inclusion in Participant’s income. The
Participant should consult with his tax advisor to determine the tax
consequences of acquiring the Restricted Stock and the advantages and
disadvantages of filing the Section 83(b) election. The Participant
acknowledges that it is his sole responsibility, and not the Company’s, to file
a timely election under Section 83(b), even if the Participant requests
the Company or its representatives to make this filing on his behalf.

 

16.           Reimbursement
for Excise Tax.  In the event that
the Participant incurs any Excise Tax (as defined in the Participant’s
Employment Agreement with the Company dated as of April 22, 2005 (the “Employment
Agreement”)) on any payments or benefits under this Agreement, the Company
shall gross-up the Participant the amount of such Excise Tax incurred in
accordance with the provisions of Section 5(f) of the Employment
Agreement (such provisions to apply irrespective of whether the Employment
Agreement or its Term continues in effect at the time of such Excise Tax) and
such Section 5(f) of the Employment Agreement relating to the
Gross-Up Payment (as defined in the Employment Agreement) shall be incorporated
with full effect into this Agreement, provided that any reference to “you” and
to “this Agreement” in such Section 5(f) shall be deemed to refer to
the “Participant” and this Restricted Stock Grant Agreement, respectively.

 

17.           Participant
Acknowledgment.  The Participant hereby acknowledges receipt of a
copy of the Plan. The Participant hereby acknowledges that all decisions,

 

5

 

determinations and interpretations of the Committee in
respect of the Plan, this Agreement and the Restricted Stock shall be final and
conclusive.

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by
its duly authorized officer, and the Participant has hereunto signed this
Agreement on his own behalf, thereby representing that he has carefully read
and understands this Agreement and the Plan as of the day and year first
written above.

 

 

	
   

  	
  GENERAL MARITIME
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John C.
  Georgiopoulos

  
	
   

  	
  Name:

  	
  John C.
  Georgiopoulos

  
	
   

  	
  Title:

  	
  Chief
  Administrative Officer

  
	
   

  	
   

  
	
   

  	
  /s/ Peter S.
  Bell

  
	
   

  	
  Peter S. Bell

  

 

6

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