Document:

Exhibit
10.1

 

LEASE
TERMINATION AGREEMENT

 

This Lease Termination Agreement (the “Lease
Termination Agreement”) is  made
as of February 29, 2008, by and between 2 Corporate Drive, LLC (hereinafter referred to as “Landlord”), and Clayton
Services, Inc. (hereinafter referred to as “Tenant”).

 

WHEREAS, Robert D. Scinto and BrandDirect
Marketing, Inc. entered into  a lease dated March 5, 1999 which lease was assigned to The
Clayton Group., Inc. and Clayton
National, Inc. and was then subsequently assigned to Clayton GRP, Inc.
which is now known as Clayton
Services, Inc., which lease was amended by a First Amendment of Lease dated August 31,
1999, an amendment dated February 10, 2004 that was also mistakenly labeled as the First Amendment of Lease (which
shall hereinafter be referred to
as the “February 10, 2004 Amendment”), a Second Amendment of Lease that was not fully
executed, a Third Amendment of Lease dated March 31, 2004, a Fourth Amendment of Lease dated August 30,
2004, a Fifth Amendment of Lease
dated December 13, 2004, and a Sixth Amendment of Lease dated January 11, 2005, all for the lease of
space in Landlord’s building at Two Corporate Drive, Shelton, Connecticut (the March 5, 1999
lease and all amendments thereto hereinafter referred to collectively as the “Lease”),

 

WHEREAS, Landlord and Tenant wish to
terminate the Lease effective as of 12:00 Midnight (EST) on March 31, 2008
(the “Termination Date”); and

 

WHEREAS, Landlord and Tenant wish to be
released from any and all liabilities and obligations in connection with the
Lease and the Leased Premises from and after the Termination Date.

 

NOW, THEREFORE, in consideration of the
mutual agreements, covenants and promises contained herein, the parties hereto
do hereby agree as follows:

 

1.             Surrender
of Premises.  Tenant agrees to vacate
the Leased Premises on or before the Termination Date.

 

2.             Lease.  The Lease shall remain in full force and
effect until the Termination Date.

 

1

 

3.             Release.
 The Lease is hereby terminated, and
neither Tenant nor Landlord shall have any further rights or obligations there
under, effective on the Termination Date. The parties hereby release,
relinquish and discharge each other from any and all claims of any type arising
out of or in any way related to the Lease or the Leased Premises from and after
said Termination Date. It is understood and agreed that this is a full and
final release of any and all claims resulting or arising out of such Lease,
except any claim for conduct, acts or omissions of either Landlord or Tenant
during the period between the date of execution of this Lease Termination
Agreement and the Termination Date or any obligations created by this Lease
Termination Agreement.

 

4.             Termination
Payment.  Tenant agrees to pay
Landlord a payment of $500 000.00 (the “Termination Payment”) which payment
must be made in good funds with the execution and delivery of this Lease
Termination Agreement or prior thereto for the termination to be effective.

 

5.             Authority.  Landlord and Tenant represent and
warrant that they have the power and authority to execute this Lease
Termination Agreement and to perform the covenants contained herein, and that
there are no third party approvals required to execute this Lease Termination
Agreement or to comply with the terms and provisions contained herein.

 

6.             Consent
of the Parties.  Each party
represents and warrants to the other party that it has thoroughly read and
reviewed the terms and provisions of this Lease Termination Agreement, that the
terms and provisions hereof are clearly understood by it and have been fully
and unconditionally consented to by it, and that has made and entered into this
Lease Termination Agreement freely and voluntarily, and that it is not relying
upon any representations or warranties made by the other party of any type,
except as set forth herein.

 

7.             Entire
Agreement.  This Lease Termination
Agreement contains the entire agreement between the parties.

 

8.             Binding
Effect.  The covenants contained
herein shall bind and inure to the benefit of the parties hereto and their
respective successors and assigns.

 

9.             Execution/Counterparts/Facsimile.
 This Lease Termination Agreement shall
only be valid when both Landlord and Tenant have executed it. This Lease
Termination Agreement may be executed in counterparts as well as by facsimile,
each of which shall be deemed an original and all of which taken together shall
constitute one and the same instrument.

 

2

 

10.           Attorneys’
Fees.  In any action or proceeding to
enforce this Lease Termination Agreement, including any appeal, the prevailing
party shall be entitled  to recover its reasonable
attorneys’ fees and costs.

 

11.           Governing
Laws.  This Lease Termination
Agreement shall be construed in all respects in accordance with, and governed
by the laws of the state in which the Leased Premises is located.

 

12.           Captions.  The captions and headings used in this Lease
Termination Agreement are  for convenience only and shall be
of no legal effect or consequence.

 

 

	
  “LANDLORD”

  	
   

  	
  “TENANT”

  
	
   

  	
   

  	
   

  
	
  2 Corporate Price, LLC

  	
   

  	
  Clayton
  Services, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Robert D. Scinto

  	
   

  	
  /s/
  Frederick C. Herbst  

  
	
  By: Robert D. Scinto a member

  	
   

  	
  By:

  	
  Frederick
  C.Herbst  

  
	
   

  	
   

  	
   

  	
  Chief
  Financial Officer 

  
	
   

  	
   

  	
  Its:Exhibit 10.51

 

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 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 77,908 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 (the “Vesting
Date”):

 

(a)           November 15, 2016, and

 

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

 

(a)           For Cause/Without Good Reason.  In the event that the Participant’s
employment with the Company is terminated by the Company for Cause or by the
Participant without Good Reason prior to the Vesting Date, all 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.

 

(b)           Without Cause/For Good Reason.  In the event that the Participant’s
employment with the Company is terminated by the Company without Cause or by
the Participant with Good Reason prior to the Vesting Date, a portion of the
Restricted Stock shall become vested immediately prior to such termination of
employment and all other shares of Restricted Stock, which have not become
vested, 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.  The number of shares to become vested
immediately prior to such termination of employment shall be equal to 77,908
multiplied by a fraction, the denominator of which is 115 and the numerator of
which is the number of completed months between April 15, 2007 and the
effective date of such termination of employment.

 

(c)           Termination for Death or
Disability.  In the event that the
Participant’s employment with the Company is terminated for reason of the
Participant’s death or Disability, all shares of Restricted Stock shall become
vested immediately prior to such termination of employment.

 

2

 

(d)           Definitions of Certain Terms.  The terms “Cause,” “Disability” and “Good Reason”
shall have the meaning set forth in the most recent employment agreement
between the Participant and the Company which defines such term as of the date
of determination.

 

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 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 

 

3

 

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
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 

 

4

 

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.

 

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.           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 5, 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 

 

5

 

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, 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 C.
  Georgiopoulos

  
	
   

  	
   

  	
  Peter C. Georgiopoulos

  

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]