Document:

Exhibit 10.67

 

FORM OF

 

RELEASE

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

	
  EDWARD
  TERINO

  	
   

  	
  Date:

  	
  December 30, 2008

  
	
   

  	
   

  	
   

  	
   

  
	
  /s/ Edward
  Terino

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ARLINGTON
  TANKERS LTD.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Date:

  	
  December 31, 2008

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ John C.
  Georgiopoulos 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name: John C.
  Georgiopoulos 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:  Vice
  President

  	
   

  	
   

  	
   

  

 

5Exhibit 10.68

 

CONSULTING AGREEMENT

 

THIS CONSULTING AGREEMENT entered into as of January 1, 2009 (the “Effective
Date”), between Edward Terino (the “Consultant”) and General Maritime
Corporation, a Marshall Islands corporation formerly known as Galileo Holding
Corporation (the “Company”).

 

WHEREAS, the Company desires to retain the Consultant to provide
certain services and to compensate the Consultant for his performance of these
services;

 

NOW THEREFORE, in order to effect the foregoing, the Company and the
Consultant wish to enter into a consulting agreement upon the terms and subject
to the conditions set forth below. 
Accordingly, in consideration of the premises and the respective
covenants and agreements of the parties set forth herein, and intending to be
legally bound hereby, the parties hereto agree as follows:

 

1.             Engagement;
Term.            The
Company hereby engages the Consultant, and the Consultant hereby accepts such
engagement and agrees to serve as a consultant to the Company, upon the terms
and conditions hereinafter set forth, for a term commencing on the Effective
Date and expiring three months following the Effective Date (the “Term”),
subject to Section 6 hereof.

 

2.             Services
to Be Provided.  The  Consultant will provide consulting services to the Company
on an as-needed basis consisting of assisting the General Maritime Group (as
defined below) in the integration of Arlington Tankers Ltd. and its
subsidiaries (collectively, “Arlington”) into the operations of the General
Maritime Group and such other services as the Company may reasonably
request.  As used in this Agreement, the
term “General Maritime Group” means and includes the Company and each of its
subsidiaries and controlled affiliates and joint ventures from time to
time.  Such services will be performed at
reasonably convenient and mutually acceptable times, with consideration for the
Consultant’s other business and personal obligations.  In order to provide such services, the
Consultant will continue to use equipment previously provided by the Company to
complete such services. The Consultant shall be permitted to engage in other
business activities, provided that such activities do not otherwise violate the
terms of this Agreement or materially impair his ability to perform his duties
hereunder.

 

3.             Fees
Payable to the Consultant.  In
consideration of the Consultant’s services hereunder, the Company shall pay the
Consultant a consulting fee in the amount of $25,000 per month of the Term (the
“Consulting Fees”).  The Consulting Fees
will be paid monthly in arrears.  In
addition, the Company shall reimburse the Consultant for reasonable
out-of-pocket expenses related to the services to be provided for (i) travel
to the Westport, Connecticut and New York City offices of the General Maritime
Group, (ii) other travel approved in advance by the Company in writing, or
(iii) other items approved by the Company in writing.

 

4.             Consultant’s
Independent Contractor Status.

 

(a)          In performing the
consulting services hereunder, the Consultant shall be an independent
contractor.  Nothing contained herein
shall be construed to constitute the parties hereto as partners or joint
venturers, or either as an agent of the other. 
The Consultant shall not be considered as having an employee status
during his consulting engagement and shall not be entitled to participate in
any employee plans, arrangements or distributions by the Company during such
period.  The Consultant shall not provide
any services under the Company’s name or act as an agent of the Company and shall
not hold himself out as an employee of the Company.  Under no circumstances shall the Consultant (i) enter
into any agreements on behalf of the Company, (ii) incur any obligations
on behalf of the Company, (iii) act for or to bind the Company in any way,
(iv) sign the name of the Company, (v) represent that the Company is
in any way responsible for the acts or omissions of the Consultant or (vi) refer
to the Company as a customer in any manner or format.

 

1

 

(b)         Except as otherwise
required by law, the Company shall not withhold any sums from the Consulting
Fees for Social Security or other federal, state or local tax liabilities or
contributions, and all such withholdings, liabilities, and contributions shall
be solely the Consultant’s responsibility.

 

(c)          As an independent
contractor during his consulting engagement, the Consultant shall be solely
responsible for determining the means and methods by which he shall perform the
services described herein.  All of the
Consultant’s activities during his consulting engagement will be at his own
risk, and he shall have sole responsibility for arrangements to guard against
physical, financial, and other risks, as appropriate.

 

(d)         Notwithstanding the
parties’ intention and agreement that the Consultant be an independent
contractor and not be an employee of the Company during his consulting
engagement, the parties recognize that the applicable law and proper
application thereof is not always clear. 
The Consultant understands and agrees that if he should be classified as
an employee under any such law, the Consultant shall remain ineligible to
participate in any Company bonus, pension, profit-sharing (including 401(k)),
health, life, and all other employee benefit plans, and the Consultant
expressly waives any right to any such benefits.  The Consulting Fees to be paid to the
Consultant under this Agreement take into account the fact that the Consultant
is ineligible in all events to participate in such plans.  In addition, the Consultant acknowledges that
policies and practices of the Company with respect to its employees do not
apply to the Consultant, and the terms of his consulting engagement by the
Company are governed solely by the express provisions of this Agreement.

 

5.             Confidential
Information.  Consultant
acknowledges and agrees that (i) in the performance of his duties
hereunder, the General Maritime Group will from time to time disclose to him
and entrust him with, non-public, confidential and/or proprietary information
of the General Maritime Group (“Confidential Information”).  The parties hereto therefore agree that Section 9
of the Release dated as of December 31, 2008 by and between the Consultant
and Arlington Tankers Ltd. (the “Release”) is incorporated herein by reference,
that references to the “Company” in such Section 9 shall be deemed to
refer to the General Maritime Group, and that the obligations of Consultant
under such Section 9 shall apply to Confidential Information which may
have been or be disclosed to him before, on, or after the date hereof.

 

6.             Termination.  The Company may terminate
Consultant’s consulting engagement hereunder prior to the expiration of the
Term at any time for (i) any act or failure to act by Consultant involving
fraud, material theft or embezzlement involving the Company or any other member
of the General Maritime Group; (ii) conviction of (or a plea of nolo
contendere to) a crime by Consultant that constitutes a felony or other crime
involving moral turpitude, in either case within the meaning of applicable law;
(iii) Consultant’s breach of Section 5 hereof, or (iv) Consultant’s
failure or refusal to perform the consulting services under Section 2
hereunder.

 

7.             Entire
Agreement; Modifications. 
This Agreement constitutes the entire agreement between the parties
hereto with regard to the subject matter hereof, superseding all prior
understandings and agreements between such parties, whether written or oral,
with respect to such subject matter. 
This Agreement shall not supersede but shall coexist with any agreement
entered into prior to the date hereof to which the Consultant and any entity
that is currently a member of the General Maritime Group is a party with
respect to the subject matter of Section 5 hereof, including, without
limitation, the Release.  This Agreement
may not be amended or revised except by a writing signed by the parties.

 

No waiver of any provision of this Agreement or the performance thereof
shall be effective unless in writing signed by the party making such wavier or
shall be deemed to be a waiver of any other provision or the performance
thereof or of any future performance.

 

8.             Successors
and Assigns.  This
Agreement is a personal contract calling for the provision of unique services
by the Consultant, and the Consultant’s rights and obligations hereunder may
not be sold, transferred, assigned, pledged or hypothecated by the
Consultant.  The rights and obligations
of the Company hereunder will be binding upon and run in favor of the successors
and assigns of the Company.

 

2

 

9.             Captions.  Captions have been inserted solely for the
convenience of reference and in no way define, limit or describe the scope or
substance of any provisions of this Agreement.

 

10.          Severability.  The provisions of this Agreement are
severable, and the invalidity of any provision shall not affect the validity of
any other provision. Any invalid or unenforceable provision shall not be
deleted but shall be reformed and construed in a manner to enable it to be
enforced to the extent compatible with applicable law.

 

11.          Governing
Law.  This Agreement
shall be construed under and governed by (both as to validity and performance)
and enforced in accordance with the internal laws of the State of New York
applicable to agreements made and to be performed wholly within such
jurisdiction, without regard to the principles of conflicts of law or where the
parties are located at the time a dispute arises.  The Company and the Consultant consent and
submit themselves to the jurisdiction of the State and Federal Courts located
in the City, County, and State of New York over any dispute arising out of or
related to this Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the parties have duly executed this Agreement as of
the date first set forth above.

 

 

	
  EDWARD TERINO

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  _/s/ Edward
  Terino

  	
   

  	
  Date:

  	
  _December 30,
  2008

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  GENERAL MARITIME
  CORPORATION

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  _/s/ John C.
  Georgiopoulos

  	
   

  	
  Date:

  	
  _December 31,
  2008

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:  John
  C. Georgiopoulos

  	
   

  	
   

  	
   

  
	
  Title:
     Executive Vice President

  	
   

  	
   

  	
   

  

 

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