Document:

Exhibit 10.33

 

AMENDMENT AND NOVATION AGREEMENT

 

TO STOCK OPTION GRANT AGREEMENT

 

This amendment and novation agreement (this “Agreement”) is made and entered into on 7th May 2015 by and among Navig8 Crude Tankers Inc (the “Company”), General Maritime Corporation (to be renamed Gener8 Maritime, Inc.) (“Gener8”) and L. Spencer Wells (the “Grantee”) (each a “Party”, and together the “Parties”).

 

WHEREAS, on February 24, 2015, the Company, Gener8, Gener8 Maritime Acquisition, Inc. (“Merger Sub”), and each of the equityholders’ representatives named therein entered into that certain Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which it is intended that Merger Sub will merge with and into the Company with the Company continuing as the surviving corporation and a wholly-owned subsidiary of Gener8, and that upon consummation of the transactions contemplated by the Merger Agreement (the “Merger”), Gener8 will change its name to Gener8 Maritime, Inc.

 

WHEREAS, the Merger is intended to be consummated on 7 May 2015 by the filing with the Registrar of Corporations of the Republic of the Marshall Islands, articles of merger executed in accordance with the relevant provisions of the Business Corporations Act, as amended, of the Marshall Islands.

 

WHEREAS, pursuant to Section 3.1(b) of the Merger Agreement the Company and the Grantee wish to enter into an amendment and novation of the Stock Option Grant Agreement dated as of 8th July 2014 by and between the Company and the Grantee (the “Option Grant”) to make certain amendments to the Option Grant to reflect the Merger and so that Gener8 shall be a party to the Option Grant (as amended and novated by this Agreement) and shall be entitled to all rights, must perform all obligations and be bound by the terms thereof.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree to amend and novate the Option Grant as follows:

 

1.                                      Amendment

 

Upon the consummation of the Merger (the “Effective Time”), the Option Grant shall be amended (and save where the context otherwise requires, any reference to the Option Grant in the remainder of this Agreement and elsewhere shall be read and construed as reference to the Option Grant as amended and novated by this Agreement) such that:

 

a.              Any reference in the Option Grant and this Agreement to “Stock Options” shall, as of the Effective Time, cease to represent an option to acquire shares of the Company’s common stock, par value $0.01 (the “Company Common Stock”) and shall be converted, as of the Effective Time, into an option to acquire that number of shares of Gener8’s common stock (“Parent Common Stock”) equal to the product obtained by multiplying (i) the number of shares of Company Common Stock subject to the Option Grant immediately prior to the Effective Time by (ii) the Exchange Ratio, at an exercise price per share equal to the quotient obtained by dividing (A) the per share exercise price specified in the Option Grant immediately prior to the Effective Time by (B) the Exchange Ratio; provided, however, that the exercise price and the number of shares of Parent Common Stock purchasable pursuant to the Option Grant will be determined in a manner consistent

 

 

with the requirements of Section 409A of the Code. The terms “Exchange Ratio” and “Code” as used herein shall have the meanings set forth in the Merger Agreement.

 

b.              Notwithstanding anything to the contrary set forth in the Option Grant or as a result of the consummation of the Merger and any changes in the Grantee’s position on the board of directors in connection therewith, the Stock Options, subject to the terms and conditions of the Option Grant as amended and novated in this Agreement, shall immediately vest and shall be exercisable by the Grantee at any time on or prior to July 8, 2017.

 

2.                                      Novation

 

With immediate effect from the Effective Time, Gener8 shall be a party to the Option Grant (as amended and novated by this Agreement) and shall be entitled to all rights, must perform all obligations and be bound by the terms thereof.

 

3.                                      Accredited Investor

 

The Grantee (a) has such knowledge and experience in financial and business matters as to be capable of evaluating the merits, risks and suitability of the Option Grant and this Agreement, (b) has a full understanding of all of the terms, conditions and risks and willingly assumes those terms, conditions and risks in relation to the Option Grant and this Agreement, and (c) qualifies as an “accredited investor” under Rule 501(a)(5) or (6) under the Securities Act of 1933, as amended.

 

4.                                      Governing Law

 

This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without giving effect to principles and provisions thereof relating to conflict or choice of laws.

 

5.                                      Counterparts

 

This Agreement may be executed in counterparts, each of which shall constitute an original but all of which taken together shall constitute a single contract.

 

[SIGNATURE PAGE FOLLOWS]

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their authorised representatives on the day and year first above written

 

	
Signed by Daniel Chu, Secretary
    	
)
    	
 
    
	
For and on behalf of
    	
)
    	
 
    
	
NAVIG8   CRUDE TANKERS INC
    	
)
    	
/s/ Daniel Chu
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by
    	
)
    	
 
    
	
L.   SPENCER WELLS
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by
    	
)
    	
 
    
	
For and on behalf of
    	
)
    	
 
    
	
GENER8   MARITIME, INC.
    	
)
    	
 
    

 

[Signature Page to Option Grant Amendment]

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their authorised representatives on the day and year first above written

 

	
Signed by
    	
)
    
	
For and on behalf of
    	
)
    
	
NAVIG8   CRUDE TANKERS INC
    	
)
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ L. Spencer Wells
    	
 
    	
 
    
	
Signed by
    	
)
    
	
L. SPENCER WELLS
    	
)
    
	
 
    	
 
    
	
 
    	
 
    
	
Signed by
    	
)
    
	
For and on behalf of
    	
)
    
	
GENER8 MARITIME, INC.
    	
)
    	
 
    
				

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement by their authorised representatives on the day and year first above written

 

	
Signed   by
    	
)
    	
 
    
	
For   and on behalf of
    	
)
    	
 
    
	
NAVIG8 CRUDE TANKERS INC
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed   by
    	
)
    	
 
    
	
L. SPENCER WELLS
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed   by
    	
)
    	
 
    
	
For   and on behalf of
    	
)
    	
 
    
	
GENERAL   MARITIME CORPORATION
    	
)
    	
/s/ Leonidas J.   Vrondissis
    

 

[Signature Page to Option Grant Amendment]Exhibit 10.34

 

AGREEMENT TO EXTEND

 

April 16, 2015

 

Reference is hereby made to (i) the Equity Purchase Agreement, dated as of February 24, 2015, by and among General Maritime Corp. (“GenMar”), Navig8 Crude Tankers, Inc. (“Navig8”) and each of the Commitment Parties thereto (the “Commitment Parties”) (the “Agreement”) and (ii) the Amendment to Equity Purchase Agreement, dated as of March 19, 2015, by and among GenMar, Navig8 and the Commitment Parties (the “Amendment” and, together with the Agreement, the “Amended Agreement”). Capitalized terms used herein but not defined shall have the meaning set forth in the Amended Agreement.

 

The parties hereto hereby acknowledge and agree pursuant to Section 2.1(a) of the Amended Agreement that any shareholder who returns its Pathfinder Letter to GenMar by 12:00 P.M. (New York City time) on April 15, 2015 shall be deemed eligible to receive a Purchase Offer as further provided by that Section 2.1.

 

[Signature pages follow]

 

 

Accepted and agreed as of the

date first above written:

 

	
 
    	
GENERAL   MARITIME CORP.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   L J Vrondissis
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
L J Vrondissis
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
CFO EVP
    

 

[Signature page to Agreement to Extend]

 

 

Accepted and agreed as of the

date first above written:

 

	
 
    	
NAVIG8   CRUDE TANKERS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/   Daniel Chu
    
	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
Daniel Chu
    
	
 
    	
 
    	
 
    
	
 
    	
Title:
    	
Secretary
    

 

[Signature page to Agreement to Extend]

 

 

Schedule of Substantially Identical Issuer Contracts Omitted

 

Agreement to Extend, dated March 30, 2015, that certain Equity Purchase Agreement, dated February 24, 2015, by and among General Maritime Corp., Navig8 Crude Tankers, Inc. and each of the Commitment Parties theretoExhibit 10.36

 

EXECUTION VERSION

 

	
ABN AMRO CAPITAL   USA LLC
    100 Park Avenue
   New York, New York 10017
    	
 
    	
NIBC BANK N.V.
    Carnegieplein 4
   2517 KJ, The Hague
   The Netherlands
    

 

CONFIDENTIAL

 

July 27, 2015

 

To:

 

GENER8 MARITIME, INC. (f/k/a GENERAL MARITIME CORPORATION)

299 Park Avenue

New York, New York 10171-0002

Attention: Leonidas J. Vrondissis, Chief Financial Officer and Executive Vice President

 

NORDEA BANK FINLAND PLC, NEW YORK BRANCH

437 Madison Avenue, 21st Floor

New York, New York 10022

 

CITIBANK, N.A.

390 Greenwich Street

New York, New York 10013

 

DNB MARKETS, INC.

DNB CAPITAL LLC

200 Park Avenue, 31st Floor

New York, New York 10166

 

DVB BANK SE

Platz der Republik 6

0325 Frankfurt, Germany

 

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

Kungsträdgårdsgatan 8,

106 40, Stockholm, Sweden

 

Re:                             Up to $1,912,491,200 of Senior Secured Credit Facilities — Joinder Agreement to Commitment Letter and Arrangement Fee Letter

 

Ladies and Gentlemen:

 

Reference is made to (a) that certain Commitment Letter, dated June 12, 2015 (together with the annexes and exhibits attached thereto, the “Commitment Letter”), among 

 

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Nordea Bank Finland plc, New York Branch (“Nordea”), Citi (as defined in the Commitment Letter), DNB Markets, Inc. (“DNB Markets”), DNB Capital LLC (“DNB Lender”), DVB Bank SE (“DVB”), and Skandinaviska Enskilda Banken AB (publ) (“SEB” and together with Nordea, Citi, DNB Markets and DVB, the “Initial Commitment Parties”) and Gener8 Maritime, Inc. (f/k/a General Maritime Corporation), a Marshall Islands corporation (the “Parent” and “you”) and (b) that certain Arrangement Fee Letter, dated June 12, 2015 (the “Arrangement Fee Letter”) among the Initial Commitment Parties and you. This joinder agreement (this “Joinder Agreement”) sets forth the agreement of you and the Initial Lenders regarding the joinder of ABN AMRO Capital USA LLC (“ABN AMRO”) and NIBC Bank N.V. (“NIBC”) to the Commitment Letter and the Arrangement Fee Letter. Capitalized terms used but not defined herein are used with the meanings assigned to them in the Commitment Letter.

 

1.                                      Commercial Commitments.

 

Subject to the terms and conditions set forth in the Commitment Documents:

 

(a)                                 ABN AMRO is pleased to confirm its (or its affiliate’s) commitment to provide Commercial Commitments in the amount of $75,000,000, to be allocated exclusively to the Korean Commercial Tranche (except as otherwise agreed between the Administrative Agent and ABN AMRO) (such Commercial Commitments provided by ABN AMRO and any Commercial Commitments provided by any other Commitment Party and allocated to the Korean Commercial Tranche, the “Korean Commercial Commitments”); and

 

(b)                                 NIBC is pleased to confirm its (or its affiliate’s) commitment to provide Commercial Commitments in the amount of $50,000,000, to be allocated exclusively to the Commercial Credit Facility (except as otherwise agreed between the Administrative Agent and NIBC) (such Commercial Commitments provided by NIBC and any Commercial Commitments provided by any other Commitment Party and allocated to the Commercial Credit Facility, the “Commercial Credit Facility Commitments”).

 

In addition, subject to the terms and conditions set forth in the Commitment Documents, you hereby appoint each of ABN AMRO and NIBC to act, and each of ABN AMRO and NIBC hereby agrees to act, together with the Mandated Lead Arrangers and any other additional agents appointed pursuant to the Commitment Letter, as a joint lead arranger and bookrunner for (x) in the case of ABN AMRO, the Korean Commercial Tranche and (y) in the case of NIBC, the Commercial Credit Facility; in each case upon the terms and subject to the conditions set forth or referred to in the Commitment Letter.

 

2.                                      Reduction of Commercial Commitments. Each of the parties hereto hereby agrees that, in the event that an additional financial institution agrees to provide additional Commercial Commitments (such additional financial institution and such additional Commercial Commitments to be satisfactory to the Parent and the Commitment Parties) and becomes a Commitment Party pursuant to a joinder agreement to the Commitment Letter and the Arrangement Fee Letter and, after giving effect thereto, (x) the aggregate Korean Commercial Commitments provided by the Commitment Parties exceeds $286,404,690 (the “Korean Commercial Commitments Threshold”), the Korean Commercial Commitments provided by

 

2

 

each Commitment Party (including ABN AMRO) shall be reduced pro rata to the proportion of the aggregate Korean Commercial Commitments provided by each such Commitment Party to the extent required to reduce the aggregate Korean Commercial Commitments to the Korean Commercial Commitments Threshold and (y) the aggregate Commercial Credit Facility Commitments provided by the Commitment Parties exceeds $581,000,000 (the “Commercial Credit Facility Threshold”), the Commercial Credit Facility Commitments provided by each Commitment Party (including NIBC) shall be reduced pro rata to the proportion of the aggregate Commercial Credit Facility Commitments provided by each such Commitment Party to the extent required to reduce the aggregate Commercial Credit Facility Commitments to the Commercial Credit Facility Threshold. In such event, the arrangement fees payable to each Commitment Party under the Arrangement Fee Letter in respect of the Commercial Credit Facility and the Korean Commercial Tranche (as applicable) shall be calculated based on the Commercial Credit Facility Commitments and the Korean Commercial Commitments (as applicable) provided by each Commitment Party, as reduced in accordance with this paragraph.

 

3.                                      Agreement to Be Bound; Titles; Etc. Each of ABN AMRO (solely with respect to the Korean Commercial Tranche) and NIBC (solely with respect to the Commercial Credit Facility) agrees to be and shall become and be bound by the terms and conditions, subject to all commitments and obligations, and entitled to all of the rights and benefits (including the titles), of a “Commitment Party”, “Mandated Lead Arranger”, “Bookrunner” and “Initial Lender” under the Commitment Letter and the Arrangement Fee Letter as if each of ABN AMRO and NIBC was originally a party thereto.

 

4.                                      Absence of Fiduciary Relationship. Each of ABN AMRO and NIBC acknowledges that it has, independently and without any reliance upon any Initial Commitment Party or any of their respective affiliates, or any of their respective officers, directors, employees, agents, advisors or representatives, and based on the financial statements of the Parent and its subsidiaries and such other documents as it has deemed appropriate, made its own credit analysis and decision to provide a commitment and enter into this Joinder Agreement.

 

5.                                      Choice of Law; Jurisdiction; Waivers.

 

This Joinder Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM, ACTION, SUIT OR PROCEEDING ARISING OUT OF OR CONTEMPLATED BY THIS JOINDER AGREEMENT. YOU HEREBY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND NEW YORK STATE COURTS LOCATED IN THE COUNTY OF NEW YORK IN CONNECTION WITH ANY DISPUTE RELATED TO THIS COMMITMENT LETTER, THE FEE LETTERS OR ANY MATTERS CONTEMPLATED HEREBY OR THEREBY.

 

6.                                      Incorporation by Reference; Interpretation. The provisions of Section 7 (Expenses; Indemnification), Section 8 (Confidentiality) and Section 9 (Survival) of the Commitment Letter shall be incorporated by reference in and shall apply to this Joinder Agreement, mutatis mutandis. From and after the Joinder Effective Date (as defined below), all

 

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references to the Commitment Letter or the Arrangement Fee Letter (as applicable) contained therein or in any other Commitments Documents or the Credit Documents shall be deemed to be references to the Commitment Letter or the Arrangement Fee Letter (as applicable) as modified by this Joinder Agreement.

 

7.                                      Miscellaneous. This Joinder Agreement shall become effective on the date each party hereto shall have signed a counterpart hereof (such date, the “Joinder Effective Date”) in accordance with Section 9 (Survival) of the Commitment Letter.

 

[Remainder of page intentionally left blank]

 

4

 

We are pleased to have been given the opportunity to assist you in connection with the financing for the Commercial Facilities.

 

	
 
    	
Very truly yours,
    
	
 
    	
 
    
	
 
    	
ABN AMRO CAPITAL USA LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Urvashi Zutshi
    
	
 
    	
 
    	
Name:
    	
Urvashi Zutshi
    
	
 
    	
 
    	
Title:
    	
Managing Director
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Passchier Veefkind
    
	
 
    	
 
    	
Name:
    	
Passchier Veefkind
    
	
 
    	
 
    	
Title:
    	
Director - Energy   Offshore
    

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter – ABN AMRO / NIBC

 

 

	
 
    	
NIBC BANK N.V.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael de Visser
    
	
 
    	
 
    	
Name:
    	
Michael de Visser
    
	
 
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Eric H. Snaterse
    
	
 
    	
 
    	
Name:
    	
Eric H. Snaterse
    
	
 
    	
 
    	
Title:
    	
Managing Director
    

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter – ABN AMRO / NIBC

 

 

AGREED TO AND ACCEPTED

as of the date first above written by:

 

	
NORDEA BANK FINLAND PLC, NEW YORK BRANCH
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Martin Lunder
    	
 
    
	
 
    	
Name:
    	
Martin Lunder
    	
 
    
	
 
    	
Title:
    	
Senior Vice President
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Lynn Sauro
    	
 
    
	
 
    	
Name:
    	
Lynn Sauro
    	
 
    
	
 
    	
Title:
    	
Vice President
    	
 
    

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter – ABN AMRO / NIBC

 

 

	
CITIBANK, N.A.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By
    	
/s/ Joseph Shanahan
    	
 
    
	
 
    	
Name:
    	
Joseph Shanahan
    	
 
    
	
 
    	
Title:
    	
Vice President and Managing Director
    	
 
    

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter – ABN AMRO / NIBC

 

 

	
DNB MARKETS, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By
    	
/s/ Jae Kwon
    	
 
    
	
 
    	
Name:
    	
Jae Kwon
    	
 
    
	
 
    	
Title:
    	
Managing Director
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By
    	
/s/ John Kiremidjian
    	
 
    
	
 
    	
Name:
    	
John Kiremidjian
    	
 
    
	
 
    	
Title:
    	
SVP, Compliance
    	
 
    

 

 

	
DNB CAPITAL LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By
    	
/s/ Cathleen Buckley
    	
 
    
	
 
    	
Name:
    	
Cathleen Buckley
    	
 
    
	
 
    	
Title:
    	
Senior Vice President
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By
    	
/s/ Sybille Andaur
    	
 
    
	
 
    	
Name:
    	
Sybille Andaur
    	
 
    
	
 
    	
Title:
    	
Vice President
    	
 
    

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter – ABN AMRO / NIBC

 

 

	
DVB   BANK SE
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By
    	
/s/ Gill Driscoll
    	
 
    
	
 
    	
Name:
    	
Gill Driscoll
    	
 
    
	
 
    	
Title:
    	
Senior Vice President
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By
    	
/s/ Angelique Kounis
    	
 
    
	
 
    	
Name:
    	
Angelique Kounis
    	
 
    
	
 
    	
Title:
    	
Vice President
    	
 
    
	
 
    	
 
    	
Legal Counsel
    	
 
    

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter – ABN AMRO / NIBC

 

 

	
SKANDINAVISKA ENSKILDA BANKEN   AB (PUBL)
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
  By
    	
/s/ [Illegible]
    	
 
    
	
 
    	
Name:
    	
 
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
  By
    	
/s/ Henrik Herodes
    	
 
    
	
 
    	
Name:
    	
Henrik Herodes
    	
 
    
	
 
    	
Title:
    	
 
    	
 
    

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter – ABN AMRO / NIBC

 

 

	
GENER8 MARITIME, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ Christopher F. Allwin
    	
 
    
	
 
    	
Name:
    	
Christopher F. Allwin
    	
 
    
	
 
    	
Title:
    	
Secretary & VP
    	
 
    

 

Signature page to Joinder to Gener8 Commitment Letter and Arrangement Fee Letter – ABN AMRO / NIBC

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