Document:

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                                                                  Exhibit 10.49

                                                              KLN&F DRAFT 6/4/01
                                                          [JOHN C. GEOGIOPOULOS]

                       General Maritime Ship Holdings Ltd.
                               35 West 56th Street
                            New York, New York 10019

                                                    ____________, 2001

John C. Georgiopoulos
32 Pomander Walk
Ridgewood, NJ 07450

Dear John:

            The undersigned General Maritime Ship Holdings Ltd., a Marshall
Islands corporation (to be renamed General Maritime Corporation upon completion
of its initial public offering, the "Company"), desires to employ you with the
Company in the capacities of Vice President, Chief Administrative Officer and
Treasurer of the Company from and after the closing date of the Company's
initial public offering (the "Closing Date"), and you desire to be so employed
by the Company, subject to the terms and conditions set forth in this letter
agreement ("Agreement"). As used in this Agreement, the term the "GenMar Group"
means and includes the Company and each of its subsidiaries and controlled
affiliates and ventures from time to time.

            Accordingly, in consideration of the mutual covenants hereinafter
set forth and intending to be legally bound, the Company and you hereby agree as
follows:

            1. EMPLOYMENT; TERM. The Company hereby employs you, and you hereby
accept such employment and agree to serve the GenMar Group, upon the terms and
conditions hereinafter set forth, for a term commencing on the Closing Date and
(unless sooner terminated as hereinafter provided) expiring on the first
anniversary of such date. Upon expiration of this Agreement, if you and the
Company do not enter into a new written agreement or a written extension of this
Agreement, you shall become an employee at will.

            2. POSITION; CONDUCT.

                  (a) During your term of employment, you will hold the titles
and offices of, and serve in the positions of, Vice President, Chief
Administrative Officer and Treasurer of the Company and/or such other positions
of an executive nature as the Company's CEO (the "CEO") or President (the
"President") shall assign to you. You shall report to the CEO and the
President or such other persons as the CEO may name and shall perform such
specific duties and services of an executive nature (including service as an
officer, director or equivalent position of any subsidiary, affiliated
company or venture of the GenMar Group, without additional compensation) as
the CEO and/or President shall request consistent with your position.

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                  (b) During your term of employment, you shall (i) devote your
full business time and attention to the business and affairs of the GenMar Group
and faithfully perform, to the best of your ability, all of your duties and
responsibilities; and (ii) abide by all applicable policies of the GenMar Group
from time to time in effect.

                  (c) Without limiting any obligation of the Company to you,
your service hereunder shall be for the benefit of the members of the GenMar
Group and the Company shall allocate the cost of these arrangements among such
members of the GenMar Group as it determines is appropriate.

            3. SALARY; ADDITIONAL COMPENSATION; PERQUISITES AND BENEFITS.

                  (a) During your term of employment, the Company will pay you a
base salary at an annual rate of not less than Two Hundred and Twenty-Five
Thousand Dollars ($225,000), subject to annual review by the Board of Directors
or an appropriate committee thereof and, in the discretion of such committee,
increase from time to time. Such salary shall be paid in installments in
accordance with the Company's standard practice, but not less frequently than
monthly.

                  (b) For fiscal year 2001 and thereafter for each fiscal year
throughout your term of employment, you will be eligible to earn a bonus as
determined by the Board of Directors or an appropriate committee thereof based
upon actual performance as measured against goals set by the Board or such
committee. You will be entitled to participate in the Company's incentive bonus
program for senior executives with a target bonus for Fiscal Year 2001 of 35% of
your base salary. The terms and conditions of this bonus opportunity will be in
the discretion of the Board of Directors or a committee thereof.

                  (c) During your term of employment, you will be eligible to
participate in all benefit programs as are from time to time made generally
available to other senior executives of the GenMar Group.

                  (d) The Company will reimburse you, in accordance with its
standard policies from time to time in effect, for such reasonable and necessary
out-of-pocket business expenses as may be incurred by you during your term of
employment in the performance of your duties and responsibilities under this
Agreement. You will provide documentation of such expenses as reasonably
required under standard Company policies from time to time.

                  (e) You shall be entitled to a vacation period to be credited
and taken in accordance with GenMar Group policy from time to time in effect, of
four weeks per annum.

                  (f) You shall be eligible to receive stock option grants from
time to time pursuant to the Company's 2001 Stock Incentive Plan in accordance
with the terms and conditions thereof.

            4. TERMINATION.

                  (a) The Company may terminate your term of employment under
this Agreement for Cause. As used herein, the term "Cause" means:

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                        (i)   Any act or failure to act involving fraud,
                        material theft or embezzlement;

                        (ii)  Conviction of (or a plea of NOLO CONTENDERE to) an
                        offense which is a felony in the jurisdiction involved;

                        (iii) Your failure or refusal to perform or observe any
                        of your material duties, responsibilities or obligations
                        set forth in this Agreement or your failure to follow
                        the directions of an officer of the GenMar Group to whom
                        you report or of the Board of Directors; or

                        (iv)  Your engagement in Competitive Activity, as
                        defined in Section 8 herein.

                  (b) In the case of Sections 4(a) (iii) or (iv) above you shall
be entitled to written notice of the act or circumstances which would otherwise
constitute Cause hereunder and 10 days after receipt of such notice to cure such
act or circumstances if such act or circumstances are curable.

                  (c) Your term of employment will terminate forthwith upon your
death or, at the Company's option, upon your Disability. As used herein the term
"Disability" means your inability to perform your duties and responsibilities as
contemplated under this Agreement for a period of more than 180 consecutive
days, or for a period aggregating more than 180 days, whether or not continuous,
during any 180-day period, due to physical or mental incapacity or impairment. A
determination of Disability will be made by a physician satisfactory to both you
and the Company; provided that if you and the Company cannot agree as to a
physician, then each will select a physician and these two together will select
a third physician, whose determination as to Disability will be binding on you
and the Company. You, your legal representative or any adult member of your
immediate family shall have the right to present to the Company and such
physician such information and arguments on your behalf as you or they deem
appropriate, including the opinion of your personal physician. Should your
employment be terminated due to Disability, all base salary and other
compensation otherwise due to you hereunder shall be continued through the date
on which your employment is terminated for Disability.

            5. SEVERANCE. In the event that your employment is terminated prior
to the expiration date provided in Section 1 (including prior to the expiration
date for any renewal term), you shall be entitled only to any incurred expenses
through the date of termination required to be reimbursed under Section 3(d) and
the following compensation and benefits:

                  (a) In the event that your term of employment is terminated
for Cause, the Company will pay to you an amount equal to your accrued but
unpaid base salary through the date of such termination.

                  (b) Subject to Section 5(c) below, in the event that your term
of employment is terminated (other than upon your death or Disability) during
your term of employment by the Company other than for Cause, then the Company
shall pay to you an

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amount equal to your accrued but unpaid base salary and bonus through the date
of such termination and shall also pay to you, in substantially equal monthly
installments an amount equal to one year's base salary at the rate of your base
salary per annum in effect on the date of termination. In the event such
termination occurs after a Change of Control has occurred, you shall also be
entitled to a bonus equal to your bonus for one year based on your average
annual bonus during the preceding five years beginning with the year ending
December 31, 2001 or such shorter time as you were employed by the Company
(using, if such termination occurs before December 31, 2001, your target bonus
under Section 3(b) for the year ending December 31, 2001 as if it were your
actual bonus for that year).

                  (c)   As used herein, "Change of Control" shall mean the
occurrence of any of the following:

                  (i) (x) any person or "group" (within the meaning of Section
                  13(d)(3) of the Exchange Act), other than Peter C.
                  Georgiopoulos or entities which he directly or indirectly
                  controls (as defined in Rule 12b-2 under the Securities
                  Exchange Act of 1934, as amended (the "Exchange Act")),
                  acquiring "beneficial ownership" (as defined in Rule 13d-3
                  under the Exchange Act), directly or indirectly, of thirty
                  percent (30%) or more of the aggregate voting power of the
                  capital stock ordinarily entitled to elect directors of the
                  Company if such person or group so beneficially owns more of
                  such voting power than Oaktree Capital Management, LLC and its
                  affiliates (as defined under such Rule 12b-2, collectively,
                  "Oaktree") or (y) Oaktree so acquiring more than 50% of such
                  voting power.

                  (ii) the sale of all or substantially all of the Company's
                  assets in one or more related transactions to a person other
                  than such a sale to a subsidiary of the Company which does not
                  involve a change in the equity holdings of the Company or to
                  Peter C. Georgiopoulos or entities which he directly or
                  indirectly controls; or

                  (iii) any merger, consolidation, reorganization or similar
                  event of the Company or any of its subsidiaries, as a result
                  of which the holders of the voting stock of the Company
                  immediately prior to such merger, consolidation,
                  reorganization or similar event do not directly or indirectly
                  hold at least fifty-one percent (51%) of the aggregate voting
                  power of the capital stock of the surviving entity.

                  (d) In the event that your term of employment is terminated on
account of your death or Disability, the Company will pay to you or your estate
an amount equal to your accrued but unpaid base salary and bonus through the
date of such termination and shall continue to make base salary payments to you
or your estate, at the rate in effect as of the date of your death or
Disability, for a period of twelve months from and after such date.

                  (e) You shall have no duty to mitigate the severance amounts
or any other amounts payable to you hereunder, and such amounts shall not be
subject to reduction for any compensation received by you from employment in any
capacity or other source following the termination of your employment with the
GenMar Group.

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            6. CONFIDENTIAL INFORMATION.

                  (a) The GenMar Group owns and has developed and compiled, and
will own, develop and compile, certain techniques, information, and materials
tangible or intangible, relating to itself, its customers, suppliers and others,
which are secret, proprietary and confidential, and which have great value to
its business (referred to in this Agreement, collectively, as "Confidential
Information"). Confidential Information shall not in any event include
information which (i) was generally known or generally available to the public
prior to its disclosure to you; (ii) becomes generally known or generally
available to the public subsequent to disclosure to you through no wrongful act
of any person or (iii) which you are required to disclose by applicable law or
regulation (provided that you provide the Company with prior notice of the
contemplated disclosure and reasonably cooperate with the Company at the
Company's expense in seeking a protective order or other appropriate protection
of such information). Confidential information includes, but is not limited to,
manuals, documents, computer programs, compilations of technical, financial,
legal or other data, client or prospective client lists, names of suppliers,
specifications, designs, business or marketing plans, forecasts, financial
information, work in progress, and other technical or business information.

                  (b) You acknowledge and agree that in the performance of your
duties hereunder the GenMar Group will from time to time disclose to you and
entrust you with Confidential Information. You also acknowledge and agree that
the unauthorized disclosure of Confidential Information, among other things, may
be prejudicial to the GenMar Group's interests and an improper disclosure of
trade secrets. You agree that during your term of employment and for three years
thereafter you shall not, directly or indirectly, use, make available, sell,
disclose or otherwise communicate to any corporation, partnership, individual or
other third party, other than during your term of employment in the course of
your assigned duties and for the benefit of the GenMar Group, any Confidential
Information. Upon termination of your term of employment, you shall not retain
or take with you any Confidential Information in a Tangible Form (defined
below), and you shall immediately deliver to the Company any Confidential
Information in a Tangible Form that you then control, as well as all other
property, equipment, documents or things that was issued to you or otherwise
received or obtained during your term of employment with the Company. "Tangible
Form" includes information or materials in written or graphic form, on a
computer disk or other medium, or otherwise stored in or available through
electronic or other form.

                  (c) The provisions of this Section 6 shall survive the
termination of this Agreement and your term of employment.

            7. NON-SOLICITATION.

                  (a) You acknowledge and agree (i) that the services to be
rendered by you for the GenMar Group are of a special, unique, extraordinary and
personal character, and (ii) that you have and will continue to develop a
personal acquaintance and relationship with the GenMar Group's employees.
Consequently, you agree that it is fair, reasonable and necessary for the
protection of the business, operations, assets and reputation of the GenMar
Group that you make the covenants contained in this Section 7.

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                  (b) You agree that, during your term of employment hereunder
and for a period of two years thereafter, you shall not, directly or indirectly,
without the prior consent of the Company, solicit or induce or attempt to
solicit or induce (i) any employee of the GenMar Group to leave the employ of
the GenMar Group (but the foregoing shall not apply to the placement of or
responses to general advertising which does not name specific employees or the
Company) or (ii) any customer of the Company which accounted for more than 5% of
its revenues during the preceding fiscal year to cease doing business with the
Company or reduce the amount of business it does with the Company (but the
foregoing shall not prevent your seeking business for other business entities in
activities which do not violate Section 8).

                  (c) The provisions of this Section 7 shall survive the
termination of this Agreement and your term of employment.

            8. CERTAIN COMPETITIVE ACTIVITIES.

                  (a) You shall not engage in any Competitive Activity (as
defined below) while employed by the Company and for a period of two years
thereafter provided that the provisions of this Section 8 shall be effective
only during a period for which the Company pays you salary under Section 5(b)
pursuant to the requirements of such section or otherwise. Notwithstanding the
preceding sentence, the restrictions against your engaging in a Competitive
Activity shall not be effective following a Change of Control or if the Company
terminates your term of employment without Cause.

                  (b) As used in this Section 8, "Competitive Activity" means
substantial involvement in the management or operation of tankers transporting
crude oil or other materials wherever such business is located in the world if
such business is a competitor of the Company. Holding more than 50% of the
voting equity of a business shall be deemed to be substantial involvement in its
management or operations. Mere investment in 50% or less of such equity shall
not in and of itself constitute such involvement.

            9. SPECIFIC PERFORMANCE. You acknowledge that the Company would
sustain irreparable injury in the event of a violation by you of any of the
provisions of Sections 6, 7 or 8(a) hereof, and by reason thereof you consent
and agree that if you violate any of the provisions of said Sections 6, 7 or
8(a), in addition to any other remedies available, the Company shall be entitled
to a decree specifically enforcing such provisions, and shall be entitled to a
temporary and permanent injunction restraining you from committing or continuing
any such violation, from any arbitrator duly appointed in accordance with the
terms of this Agreement or any court of competent jurisdiction, without the
necessity of proving actual damages, posting any bond, or seeking arbitration in
any forum.

            10. LIFE INSURANCE. You agree that, during your term of employment,
the GenMar Group will have the right to obtain and maintain life insurance on
your life, at its expense, and for its benefit, subject to such aggregate
coverage limitation as you and the Company shall agree, your consent not to be
unreasonably withheld. You agree to cooperate fully with the GenMar Group in
obtaining such life insurance, to sign any necessary consents, applications and
other related forms or documents and to take any required medical examinations.

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            11. WITHHOLDING. The parties understand and agree that all payments
to be made by the Company pursuant to this Agreement shall be subject to all
applicable tax withholding obligations of the Company.

            12. NO CONFLICT. You represent and warrant that you are not party to
or subject to any agreement, contract, understanding, covenant, judgment or
decree or under any obligation, contractual or otherwise, in any way restricting
or adversely affecting your ability to act for the GenMar Group in all of the
respects contemplated hereby.

            13. NOTICES. All notices required or permitted hereunder will be
given in writing by personal delivery; by confirmed facsimile transmission; by
express delivery via any reputable express courier service; or by registered or
certified mail, return receipt requested, postage prepaid, in each case
addressed to the parties at the respective addresses set forth above or at such
other address as may be designated in writing by either party to the other in
the manner set forth herein. Notices which are delivered personally, or by
courier as aforesaid, will be effective on the date of delivery. Notices
delivered by mail will be deemed effectively given upon the fifth calendar day
subsequent to the postmark date thereof.

            14. MISCELLANEOUS.

                  (a) The failure of either party at any time to require
performance by the other party of any provision hereunder will in no way affect
the right of that party thereafter to enforce the same, nor will it affect any
other party's right to enforce the same, or to enforce any of the other
provisions in this Agreement; nor will the waiver by either party of the breach
of any provision hereof be taken or held to be a waiver of any prior or
subsequent breach of such provision or as a waiver of the provision itself.

                  (b) This Agreement is a personal contract calling for the
provision of unique services by you, and your rights and obligations hereunder
may not be sold, transferred, assigned, pledged or hypothecated by you. The
rights and obligations of the Company hereunder will be binding upon and run in
favor of the successors and assigns of the Company.

                  (c) Each of the covenants and agreements set forth in this
Agreement are separate and independent covenants, each of which has been
separately bargained for and the parties hereto intend that the provisions of
each such covenant shall be enforced to the fullest extent permissible. Should
the whole or any part or provision of any such separate covenant be held or
declared invalid, such invalidity shall not in any way affect the validity of
any other such covenant or of any part or provision of the same covenant not
also held or declared invalid. If any covenant shall be found to be invalid but
would be valid if some part thereof were deleted or the period or area of
application reduced, then such covenant shall apply with such minimum
modification as may be necessary to make it valid and effective.

                  (d) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT
LIMITATION, SECTION 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW
AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(B).

                  (e) Any controversy arising out of or relating to this
Agreement or the breach hereof shall be settled by arbitration in the City of
New York in accordance with the

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commercial arbitration rules then obtaining of the American Arbitration
Association and judgment upon the award rendered may be entered in any court
having jurisdiction thereof, except that in the event of any controversy
relating to any violation or alleged violation of any provision of Section 6, 7
or 8 hereof, the Company in its sole discretion shall be entitled to seek
injunctive relief from a court of competent jurisdiction without any requirement
to seek arbitration. The parties hereto agree that any arbitral award may be
enforced against the parties to an arbitration proceeding or their assets
wherever they may be found. In the event that you prevail in any claim or
proceeding between you and the Company arising in relation to this Agreement,
the Company shall reimburse you for your reasonable costs and expenses
(including reasonable attorneys' fees) incurred by you in pursuing such claim or
proceeding.

                  (f) This Agreement sets forth the entire understanding between
the parties as to the subject matter hereof and merges and supersedes all prior
agreements, commitments, representations, writings and discussions between the
parties with respect to that subject matter. This Agreement may be terminated,
altered, modified or changed only by a written instrument signed by both parties
hereto.

                  (g) The Section headings contained herein are for purposes of
convenience only and are not intended to define or list the contents of the
Sections.

                  (h) Notwithstanding any provision hereof to the contrary, this
Agreement and the provisions hereof shall only become effective upon the Closing
Date; if the Closing Date shall not have occurred by 180 days after the date
hereof, this Agreement shall be deemed void, AB INITIO.

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            Please confirm your agreement with the foregoing by signing and
returning the enclosed copy of this letter, following which this will be a
legally binding agreement between us as of the date first written above.

                                       Very truly yours,

                                       General Maritime Ship Holdings Ltd.

                                       By:
                                          --------------------------------------
                                           Name:
                                           Title:

Accepted and Agreed:

--------------------
John C. Geogiopoulos

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                                                                   Exhibit 10.51

                          GENERAL MARITIME CORPORATION
                 OUTSIDE DIRECTOR STOCK OPTION GRANT CERTIFICATE

                  THIS AGREEMENT, made as of this ____ day of June 2001, between
GENERAL MARITIME CORPORATION (the "Company") and __________________ (the
"Participant").

                  WHEREAS, the Company has adopted and maintains the General
Maritime Corporation 2001 Stock Incentive Plan (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 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 Board of Directors has 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 OPTION. Pursuant to, and subject to, the terms and
conditions set forth herein and in the Plan, the Board of Directors hereby
grants to the Participant a stock option (the "Option") with respect to 2,000
shares of common stock of the Company, par value $0.01 per share ("Common
Stock"). The Option does not constitute an "incentive stock option" within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the
"Code").

                  2. GRANT DATE. The Grant Date of the Option is the day before
the initial underwritten public offering of the Common Stock.

                  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 DATE. The Option shall become exercisable in full
on the date on which the initial underwritten public offering of the Common
Stock is closed.

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                  5. EXERCISE PRICE. The exercise price-per-share of each share
with respect to which the Option is granted is the full price to the public in
the Company's initial public offering, which is equal or greater than the fair
market value of the share as of the Grant Date.

                  6.  EXPIRATION DATE; EFFECT OF TERMINATION OF MEMBERSHIP ON
THE BOARD OF DIRECTORS.

                  (a) Subject to the provisions of the Plan and this Agreement,
the Option shall expire and terminate on the tenth anniversary of the Grant
Date.

                  (b) In the event that the Participant's membership on the
Board of Directors terminates for any reason other than death, Retirement (as
defined in the Plan), Disability (as defined in the Plan) or Cause (as defined
in the Plan): (i) the Option, to the extent that it was exercisable at the time
of such termination, shall remain exercisable until the expiration of one year
after such termination, on which date the Option shall expire; and (ii) the
Option, to the extent that it was not exercisable at the time of such
termination, shall expire at the close of business on the date of such
termination and thereafter shall be null and void and of no further force or
effect; PROVIDED, HOWEVER, that the Option shall not be exercisable after the
expiration of its term.

                  (c) In the event that the Participant's membership on the
Board of Directors shall be terminated by reason of the Participant's
Retirement: (i) the Option, to the extent that it was exercisable at the time of
such termination, shall remain exercisable until the expiration of three years
after such termination, on which date the Option shall expire; and (ii) the
Option, to the extent that it was not exercisable at the time of such
termination, shall expire at the close of business on the date of such
termination and thereafter shall be null and void and of no further force or
effect; PROVIDED, HOWEVER, that the Option shall not be exercisable after the
expiration of its term.

                  (d) In the event that the Participant's membership on the
Board of Directors shall be terminated by reason of the Participant's death or
Disability: (i) the Option, to the extent that it was exercisable at the time of
such termination or would have become exercisable within 12 months after the
time of such termination, but for such termination, shall become and remain
exercisable until the expiration of one year after such termination, on which
date the Option shall expire; and (ii) the Option, to the extent that it was
not, and did not become, exercisable at the time of such termination, shall
expire at the close of business on the date of such termination and thereafter
shall be null and void and of no further force or effect; PROVIDED, HOWEVER,
that the Option shall not be exercisable after the expiration of its term.

                  (e) In the event that the Participant dies while the
Participant is a member of the Board of Directors or during the one-year or
three-year periods under Sections 6(b), 6(c) or 6(d) hereof: (i) the Option, to
the extent that it was exercisable at the time of such death, shall remain
exercisable until the expiration of one year after such death, on which date the
Option shall expire; and (ii) the Option, to the extent that it was not
exercisable at the time of such death, shall expire at the close of business on
the date of such death and thereafter shall be null and void and of no further
force or effect; PROVIDED, HOWEVER, that the Option shall not be exercisable
after the expiration of its term.

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                  (f) In the event that the Participant's membership on the
Board of Directors shall be terminated for Cause, the Option, to the extent not
exercised, shall expire as of the start of business on the date of such
termination and thereafter shall be null and void and of no further force or
effect.

                  7. METHOD OF EXERCISE. The Option shall be exercisable in
whole or in part. The partial exercise of the Option shall not cause the
expiration, termination or cancellation of the remaining portion thereof. The
Option shall be exercised by delivering notice to the Company in the form and
manner specified by the Committee, accompanied by payment for the shares of
Common Stock being purchased upon the exercise of the Option. Payment shall be
made: (i) by certified or official bank check (or the equivalent thereof
acceptable to the Company or its exchange agent) for the full exercise price; or
(ii) with the consent of the Committee, by delivery of shares of Common Stock
having a Fair Market Value (determined as of the exercise date) equal to all or
part of the exercise price and a certified or official bank check (or the
equivalent thereof acceptable to the Company or its exchange agent) for any
remaining portion of the full exercise price; or (iii) at the discretion of the
Committee and to the extent permitted by law, by such other provision,
consistent with the terms of the Plan, as the Committee may from time to time
prescribe (whether directly or indirectly through the exchange agent).
Certificates for shares of Common Stock purchased upon the exercise of the
Option shall be issued in the name of the Participant or his beneficiary, as the
case may be, and delivered to the Participant or his beneficiary, as the case
may be, as soon as practicable following the effective date on which the Option
is exercised.

                  8. TAX WITHHOLDING. The Participant is obligated to remit to
the Company an amount sufficient to satisfy any federal, state or local tax
withholding and other taxes due or potentially payable in connection with the
exercise of the Option. To the extent permitted by the Committee in its sole
discretion, the Participant may satisfy this obligation by directing the Company
to withhold from the shares of Common Stock to be issued to the Participant upon
the exercise of the Option a number of whole shares of Common Stock having a
Fair Market Value (determined as of the date on which the amount of required tax
withholding is determined) as close as possible to the minimum amount of such
obligation, with any additional amount to be paid by the Participant in cash.

                  9.  SECURITIES MATTERS.

                  (a) 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 or delivered any certificates
evidencing shares of Common Stock pursuant hereto unless and until the Company
is advised by its counsel that the issuance and delivery of such certificates 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 and
delivery of certificates evidencing shares of Common Stock pursuant to the terms
hereof, that the recipient of such shares make such covenants, agreements and
representations, and that such certificates bear such legends, as the Committee,
in its sole discretion, deems necessary or desirable. The Participant
specifically understands and agrees that the shares of

                                      -3-
<PAGE>

Common Stock, if and when issued upon exercise of the Option, 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.

                  (b) The exercise of the Option shall be effective only at such
time as counsel to the Company shall have determined that the issuance and
delivery of shares of Common Stock pursuant to such exercise 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, in its sole discretion, defer the effectiveness of
any exercise of the Option in order to allow the issuance of shares of Common
Stock pursuant thereto to be made pursuant to registration or an exemption from
registration or other methods for compliance available under federal or state
securities laws. The Committee shall inform the Participant in writing of its
decision to defer the effectiveness of the exercise of the Option. During the
period that the effectiveness of the exercise of the Option has been deferred,
the Participant may, by written notice, withdraw such exercise and obtain the
refund of any amount paid with respect thereto.

                  10. TRANSFERABILITY/EXERCISE AFTER DEATH. During the lifetime
of the Participant, the Option may be exercised only by the Participant or the
Participant's legal representative and is not assignable or transferable
otherwise than by will or by the laws of descent and distribution. After the
Participant's death, the Option may be exercised pursuant to Section 6(d) hereof
by the Participant's executor or administrator or other duly appointed
representative reasonably acceptable to the Committee, unless the Participant's
will specifically disposes of the Option, in which case the Option may be
exercised only by the recipient of such specific disposition. Any such
individual or entity that exercises the Option after the Participant's death
shall be bound by all the terms and conditions of the Plan and this Agreement.

                  11. 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.

                  12. RIGHT OF DISCHARGE PRESERVED. Nothing in this Agreement
shall confer upon the Participant the right to continue as a member of the Board
of Directors or in other service of the Company, whether as an employee or
consultant, or affect any right which the Company may have to terminate such
service or employment.

                  13. 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

                                      -4-
<PAGE>

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.

                  14. 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.

                  15.  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.

                  16. 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 Option shall be final and
conclusive.

                  17.  INITIAL PUBLIC OFFERING. In the event that the initial
underwritten public offering of the Common Stock is not closed within 180 days
of the date hereof, this Agreement shall be null and void and of no force or
effect.

                  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:
                                 -------------------------------------------
                                 Name:    Peter C. Georgiopoulos
                                 Title:   Chairman of the Board of Directors
                                          and Chief Executive Officer

                                      -5-

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