Document:

Exhibit 10.5

 

STOCKHOLDER AGREEMENT

 

This Agreement (this “Agreement”) is entered into effective as of May 9, 2012 by and between Adage Capital Management, L.P. (“Adage”) and AMAG Pharmaceuticals, Inc., a Delaware corporation (the “Company”).  Capitalized terms not defined herein will have the meaning given in the Rights Agreement between the Company and American Stock Transfer & Trust Company, as Rights Agent, dated as of September 4, 2009 (the “Rights Agreement”).

 

A.                                    As of the date of this Agreement, Adage had Beneficial Ownership in the aggregate, of 4,135,330 shares of the Company’s Common Stock, $0.01 par value per share (the “Common Stock”) or 19.36% of the Company’s outstanding Common Stock.

 

B.                                    Adage has indicated to the Company that it desires to purchase additional shares of the Common Stock that would cause Adage’s Beneficial Ownership to exceed 20% of the issued and outstanding shares of the Common Stock.

 

C.                                    Pursuant to Section 1(a) of the Rights Agreement, a Person who becomes the Beneficial Owner of 20% or more of the issued and outstanding Common Stock is an “Acquiring Person” for purposes of the Rights Agreement.

 

D.                                    The Company has determined that purchases of a limited number of additional shares of Common Stock by Adage pursuant to the terms of this Agreement would not be inconsistent with the purpose and intent of the Board of Directors in adopting the Rights Agreement.

 

Accordingly, in consideration of the foregoing premises and the mutual covenants, representations and warranties contained in this Agreement, Adage and the Company agree as follows:

 

1.                                      Representations and Warranties of Adage.  Adage represents and warrants to, and agree with, the Company as follows:

 

(a)                                 As of the date hereof, Adage is the Beneficial Owner of an aggregate of 4,135,330 shares of the Common Stock consisting of approximately 19.36% of the issued and outstanding shares of the Common Stock (the “Original Shares”).

 

(b)                                 As of the date hereof, Adage’s Beneficial Ownership of the Common Stock does not exceed 20% of the issued and outstanding Common Stock.

 

(c)                                  Adage is familiar with the terms of the Rights Agreement.

 

(d)                                 The Original Shares were originally acquired (i) in the ordinary course of business solely for investment purposes, (ii) not for the purpose of, and do not have the effect of, changing or influencing the control of the Company and (iii) not in connection with or as a participant in any transaction having such purposes or effect, and subsequent to such acquisition, Adage filed a Schedule 13D indicating a possible change in its status as a passive investor.

 

 

(e)                                  No Person other than Adage is a Beneficial Owner of any of the Original Shares.

 

(f)                                   Any additional shares of the Common Stock purchased by Adage or their Affiliates after the date hereof (the “Additional Shares,” and together with the Original Shares, the “Adage Shares”) will be acquired (i) in the ordinary course of business solely for investment purposes, (ii) not for the purpose of, or with the effect of, changing or influencing the control of the Company and (iii) not in connection with or as a participant in any transaction having such purpose or effect.

 

(g)                                  The Company has not induced, and is not inducing, Adage or its Affiliates to purchase any additional shares of the Common Stock and has not made and is not making any representation to Adage as to the value of the Common Stock, the suitability of the Common Stock for investment by Adage, or the past or future results of the Company’s business and operations.

 

2.                                      Voting of Shares.

 

(a)                                 To the extent and for so long as Adage is or becomes the Beneficial Owner of 20% or more of the issued and outstanding Common Stock, Adage shall cause any shares in excess of 20% of the issued and outstanding Common Stock (the “Excess Shares”) to be voted in the manner in which the Board of Directors has recommended to the stockholders generally in any proxy or consent solicitation to the stockholders of the Company.

 

(b)                                 To secure Adage’s obligations to vote the Excess Shares in accordance with Section 2(a) above during the term of this Agreement, Adage hereby irrevocably (to the fullest extent permitted by law) appoints the Chairman of the Board of Directors and the Chief Executive Officer of the Company, or either of them from time to time, or their designees, as Adage’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to vote all of such Excess Shares in accordance with Section 2(a) above and to execute all appropriate instruments consistent with Section 2(a) above on behalf of Adage if, and only if, Adage fails to vote all of the Excess Shares in accordance with Section 2(a) above.  The proxy and power granted by Adage pursuant to this Section are coupled with an interest and are given to secure the performance of its duties under this Agreement.  Each such proxy and power will be irrevocable until the termination of this Agreement.  The proxy and power, so long as any party hereto is an individual, will survive the death, incompetency and disability of such party, and, so long as any party hereto is an entity, will survive the merger or reorganization of such party or any other entity holding any Excess Shares.  The proxy and power shall be binding upon the successors and assigns of Adage (including any transferee of any of the Excess Shares, so long as they remain Excess Shares pursuant to the terms of this Agreement).  Adage shall, at its own expense, perform such further acts and execute such further proxies and other documents and instruments as may reasonably be required to vest in the Company the power to carry out and give effect to the provisions of this Section 2.

 

3.                                      Sale of Shares.  In the event that Adage proposes to sell in a bona fide transaction any Excess Shares of the Common Stock (other than a sale in a “broker’s transaction” or in a transaction directly with a “market maker,” in either case as defined in and in a manner of sale consistent with paragraphs (f) and (g) of Rule 144 promulgated under the Securities Act of 1933, 

 

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as amended), then Adage shall provide to the Company not less than ten (10) days prior written notice of such proposed transaction, specifying the number of shares of the Common Stock proposed to be sold, the price at which such shares are to be sold and the proposed purchaser of such shares, and shall only complete such sale with the prior written consent of the Company (the “Consent”), such Consent to be provided or withheld at the Company’s sole discretion and without regard to the economic consequences of providing or withholding such Consent.  Notwithstanding the foregoing, and for the avoidance of doubt, sales effected through a broker-dealer where Adage does not know the purchaser of the shares or has not negotiated with the purchaser or any representative of the purchaser shall not be restricted by this Section 3.

 

4.                                      Standstill.  Adage agrees that it shall not and it shall cause its Affiliates not to, directly or indirectly:

 

(a)                                 make, effect, initiate, cause or participate in (i) any acquisition of Beneficial Ownership of the Common Stock resulting in an increase in its aggregate Beneficial Ownership of the Common Stock to a number of shares representing 25% or more of the outstanding shares of the Common Stock at any time without the prior written consent of the Company, (ii) any acquisition of any assets of the Company or any assets of any subsidiary or other Affiliate of the Company, (iii) any tender offer, exchange offer, merger, business combination, recapitalization, restructuring, liquidation, dissolution or extraordinary transaction involving the Company or any subsidiary or other Affiliate of the Company, or involving any securities or assets of the Company or any securities or assets of any subsidiary or other Affiliate of the Company, other than (x) any tender of shares of the Common Stock in an issuer tender offer under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or a third party tender offer under the Exchange Act that is recommended by a majority of the current directors of the Company (the “Current Directors”), directors appointed or elected upon the recommendation of the current directors (“Subsequent Directors”) and directors appointed or elected upon the recommendation of the Current Directors and Subsequent Directors (collectively, the “Incumbent Board”) or (y) any merger, business combination, recapitalization, restructuring, liquidation, dissolution or extraordinary transaction not proposed or initiated, directly or indirectly, by Adage that is recommended by a majority of the Incumbent Board, or (iv) any “solicitation” of “proxies” or stockholder consents (as such terms are defined under Regulation 14A of the Exchange Act) with respect to any securities of the Company or any of its subsidiaries;

 

(b)                                 form, join or in any way participate in a “group” (within the meaning of Section 13(d)(3) of the Exchange Act) with respect to any securities of the Company or any of its subsidiaries;

 

(c)                                  whether alone or together with third parties, seek or vote to remove any Board members, unless such actions have been recommended in writing by the Incumbent Board;

 

(d)                                 initiate or propose one or more stockholders’ proposals, as described in Rule 14a-8 under the Exchange Act, with respect to the Company;

 

(e)                              take any action that might require the Company to make a public announcement regarding any of the types of matters set forth in clause “(a)”, “(c)” or “(d)” of this sentence;

 

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(f)                                   agree or offer to take, or encourage or propose (publicly or otherwise) the taking of, any action referred to in clause “(a)”, “(b)”, “(c)” “(d)” or “(e)” of this sentence;

 

(g)                                  assist, induce or encourage any other Person to take any action of the type referred to in clause “(a)”, “(b)”, “(c)” “(d)”, “(e)”, or “(f)” of this sentence; or

 

(h)                                 enter into any discussions, negotiations, arrangement or agreement with any other Person relating to any of the foregoing.

 

Nothing in Section 4(a), shall restrict Adage from tendering or, subject to Section 2, voting its shares of Common Stock as a passive participant in any such transaction.

 

5.                                      Amendment to Rights Agreement.  Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of Adage contained in this Agreement, the Company agrees to amend the definition of “Acquiring Person” in the Rights Agreement to provide that the percentage Beneficial Ownership of the outstanding Common Stock used to determine whether a Person constitutes an “Acquiring Person” will be 25% or more in the case of Adage.  As soon as reasonably practicable following the effective date of this Agreement, appropriate officers of the Company will execute an amendment to the Rights Agreement in substantially the form attached hereto as Exhibit A (the “Amendment”), instruct the Rights Agent to execute the Amendment and notify Adage when the Amendment has been fully executed.

 

6.                                      Certain Statutory Matters.  Adage understands and agrees that the provisions of Section 203 of the Delaware General Corporation Law, as amended, will continue to apply to Adage and that execution and delivery of this Agreement and the Amendment on behalf of the Company do not constitute approval of any acquisition of shares of the Common Stock by Adage, or any other transaction, for the purposes of such Section 203 and do not result in Adage not being, collectively or individually, an “interested stockholder” or “associate” as defined therein.

 

7.                                      Entire Agreement and Amendment.  This Agreement contains the entire agreement among the parties with respect to the subject matter of this Agreement.  All prior and contemporaneous agreements, discussions or understandings, whether oral or written, are expressly superseded by this Agreement and are null and void.  This Agreement may not be modified, waived, discharged or amended, in whole or in part, except in writing signed by the parties.

 

8.                                      Termination and Effect Thereof.

 

(a)                                 This Agreement will terminate automatically on the earlier of (1) the date on which, after Adage has become the Beneficial Owner of 20% or more of the Company’s outstanding shares of Common Stock, Adage becomes the Beneficially Owner of less than 20% of the outstanding shares of the Common Stock on any day as of the close of trading on the principal stock exchange on which the Common Stock is then listed and (2) one hundred twenty (120) days following the date of this Agreement provided that Adage has not and did not become the Beneficial Owner of 20% or more of the Company’s outstanding shares of Common Stock at any time since the date of this Agreement.

 

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(b)                                 If Adage breaches its covenants, representations or agreements in this Agreement, the Company will have the right to terminate this Agreement; provided, however, that Section 4 hereof shall survive any such termination for as long as Adage beneficially owns 20% or more of the outstanding shares of the Common Stock and that any such termination will not prejudice any claim that the Company may have with respect to any breach of any representation, warranty or covenant hereunder occurring prior to such termination.

 

9.                                      No Third Party Beneficiaries.  This Agreement is solely for the benefit of the parties hereto and is not intended to confer upon any other person any rights or remedies hereunder.

 

10.                               Governing Law and Venue.  This Agreement and the legal relations among the parties hereto will be governed by, construed and enforced according to the internal laws of the State of Delaware (without regard to the laws of conflict of any jurisdiction) as to all matters, including, without limitation, matters of validity, interpretation, construction, effect, performance and remedies.  The parties to this Agreement hereby consent to the personal jurisdiction of the state and federal courts located in the State of Delaware in connection with any controversy related to this Agreement.

 

11.                               Injunctive Relief.  Adage acknowledges that its failure to abide by the terms of this Agreement would cause the Company irreparable harm and that any material breach or threatened material breach of this Agreement by Adage will entitle the Company to seek injunctive relief and reasonable attorneys’ fees, in addition to any other legal remedies available to it, in any court of competent jurisdiction without the obligation to prove damages or post any bond.

 

12.                               Counterparts; Facsimile.  This Agreement may be executed in one or more counterparts, and each such counterpart will be deemed an original, but all such counterparts together will constitute one and the same instrument.  Facsimile signatures shall be treated the same as originals.

 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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The parties have caused this Agreement to be duly executed as of the day and year first above written.

 

 

	
ADAGE   CAPITAL MANAGEMENT, L.P.
    	
 
    	
AMAG   PHARMACEUTICALS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/:
    	
Dan   Lehan
    	
 
    	
/s/:
    	
Frank   Thomas
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
Dan   Lehan
    	
 
    	
Name:
    	
Frank   Thomas
    
	
 
    	
 
    	
 
    
	
Its:    Chief Operating Officer
    	
 
    	
Its:    Interim Chief Executive Officer, Chief   Operating Officer
    

 

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EXHIBIT A

 

AMENDMENT TO RIGHTS AGREEMENT

 

 

AMENDMENT TO RIGHTS AGREEMENT

 

This Amendment dated as of May     , 2012 (this “Amendment”) to the Rights Agreement, dated as of September 4, 2009 (the “Rights Agreement”), is entered into between AMAG PHARMACEUTICALS, INC., a Delaware corporation (the “Company”), and AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, as Rights Agent (the “Rights Agent”).  Capitalized terms used herein and not defined shall have the meanings specified in the Rights Agreement.

 

WHEREAS, the Company and the Rights Agent are parties to the Rights Agreement;

 

WHEREAS, the Company is entering into a Stockholder Agreement, dated as of May 9, 2012, with Adage Capital Management, L.P. (“Adage”), pursuant to which, among other things, the shares of the Company’s Common Stock, $0.01 par value per share (the “Common Stock”) held by Adage shall be subject to certain restrictions;

 

WHEREAS, Adage has indicated to the Company that it desires to purchase additional shares of Common Stock on behalf of its clients and itself that would cause Adage’s Beneficial Ownership to exceed 20% of the issued and outstanding shares of the Common Stock;

 

WHEREAS, Section 27 of the Rights Agreement permits the Company to amend the Rights Agreement on the terms set forth in this Amendment;

 

WHEREAS, the Board of Directors of the Company (the “Board”) has determined that one or more purchases of additional shares of Common Stock by Adage as provided herein would not be inconsistent with the purpose and intent of the Board in adopting the Rights Agreement;

 

WHEREAS, the Board has determined that it is in the best interests of the Company and its stockholders to modify the terms of the Rights Agreement as set forth herein, and in connection therewith the Company is entering into this Amendment and directing the Rights Agent to enter into this Amendment.

 

NOW, THEREFORE, in consideration of the promises and mutual agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Company and the Rights Agent hereby agree as follows:

 

1.                                      Amendment to the Rights Agreement.

 

(a)                                 Section 1(a) of the Rights Agreement is hereby amended by inserting the following new paragraph immediately after the existing paragraph in such Section 1(a):

 

“Notwithstanding the foregoing, Adage Capital Management, L.P. (“Adage”), shall not be deemed to be an Acquiring Person for purposes of this Agreement unless and until Adage, together with all Affiliates and Associates thereof, is the Beneficial Owner of 25% or more of the Common Shares then outstanding; provided, however, that Adage 

 

 

shall also not become an Acquiring Person as the result of an acquisition of Common Shares by the Company which, by reducing the number of shares outstanding, increases the proportionate number of shares beneficially owned by Adage to 25% or more of the Common Shares then outstanding; and provided further, that if Adage shall become the Beneficial Owner of 25% or more of the Common Shares then outstanding by reason of share purchases by the Company and shall, following written notice from, or public disclosure by the Company of such share purchases by the Company, become the Beneficial Owner of any additional Common Shares without the prior consent of the Company and shall then beneficially own more than 25% of the Common Shares then outstanding, then Adage shall be deemed to be an Acquiring Person.  The provisions of this paragraph shall terminate and be of no further force and effect upon the earlier of (a) the termination of the Stockholder Agreement dated May 9, 2012 by and among Adage and the Company and (b) Adage reducing its Beneficial Ownership below 20% of the Common Shares then outstanding after it increases its Beneficial Ownership to 20% or more of the Common Shares then outstanding.”

 

2.                                      Miscellaneous.

 

(a)                                 Except as expressly set forth herein, the Rights Agreement shall not by implication or otherwise be supplemented or amended by virtue of this Amendment, but shall remain in full force and effect, as amended hereby.  This Amendment shall be construed in accordance with and as a part of the Rights Agreement, and all terms, conditions, representations, warranties, covenants and agreements set forth in the Rights Agreement and each other instrument or agreement referred to therein, except as herein amended, are hereby ratified and confirmed.  To the extent that there is a conflict between the terms and provisions of the Rights Agreement and this Amendment, the terms and provisions of this Amendment shall govern for purposes of the subject matter of this Amendment only.

 

(b)                                 If any term, provision, covenant or restriction of this Amendment is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Amendment shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

 

(c)                                  This Amendment shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such State applicable to contracts to be made and performed entirely within such State.

 

(d)                                 This Amendment may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument.

 

(e)                                  This Amendment shall be deemed effective as of the date first written above, as if executed on such date.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first written above.

 

	
 
    	
AMAG PHARMACEUTICALS, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC, AS   RIGHTS AGENT
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    
				

 

3Exhibit 10.4

 

THIRD AMENDMENT TO SENIOR SECURED SUPERPRIORITY DEBTOR-IN-POSSESSION CREDIT AGREEMENT

 

THIRD AMENDMENT TO SENIOR SECURED SUPERPRIORITY DEBTOR-IN-POSSESSION CREDIT AGREEMENT, dated as of May 8, 2012 (this “Third Amendment”), by and among GENERAL MARITIME CORPORATION, a Marshall Islands corporation (the “Parent”), the other Guarantors listed on the signature pages hereto (the “Guarantors”), GENERAL MARITIME SUBSIDIARY CORPORATION, a Marshall Islands corporation (“GMSC”), GENERAL MARITIME SUBSIDIARY II CORPORATION, a Marshall Islands corporation (together with GMSC, the “Borrowers”), the Lenders party from time to time to the Credit Agreement referred to below (the “Lenders”) and NORDEA BANK FINLAND PLC, NEW YORK BRANCH, as Administrative Agent (in such capacity, the “Administrative Agent”) and as Collateral Agent.  Unless otherwise defined herein, capitalized terms used herein and defined in the Credit Agreement are used herein as therein defined.

 

W  I  T  N  E  S  S  E  T  H :

 

WHEREAS, the Parent, the Borrowers, the Guarantors, the Lenders and the Administrative Agent are parties to the Senior Secured Superpriority Debtor-in-Possession Credit Agreement, dated as of November 17, 2011 and amended as of February 14, 2012 and March 30, 2012 (as further amended, modified and/or supplemented to, but not including, the date hereof, the “Credit Agreement”); and

 

WHEREAS, subject to the terms and conditions of this Third Amendment, the parties hereto wish to waive certain provisions of the Credit Agreement as herein provided;

 

NOW, THEREFORE, it is agreed:

 

I.                                         Amendments to Credit Agreement.

 

1.                                       Section 9.02 of the Credit Agreement is hereby amended by (i) deleting the text “and” appearing at the end of clause (vii) of said Section, (ii) deleting the period (“.”) appearing at the end of clause (viii) of said Section and inserting the text “; and” in lieu thereof, and (iii) inserting the following new clause (ix) in the appropriate order:

 

“(ix)                          GMR Alexandra LLC may sell the M/V Genmar Alexandra for cash provided that the Net Cash Proceeds thereof are applied in accordance with the requirements of Section 4.02(b).”.

 

II.                                     Miscellaneous Provisions.

 

1.                                       In order to induce the Lenders to enter into this Third Amendment, each of the Borrowers and the Parent hereby represents and warrants that (i) no Default or Event of Default exists as of the Third Amendment Effective Date (as defined below) before and after giving effect to this Third Amendment and (ii) all of the representations and warranties contained in the Credit Agreement or the other Credit Documents are true and correct in all material respects on the Third Amendment Effective Date both before and after giving effect to this Third Amendment, with the same effect as though such representations and warranties had been made

 

 

on and as of the Third Amendment Effective Date (it being understood that any representation or warranty made as of a specific date shall be true and correct in all material respects as of such specific date).

 

2.                                       This Third Amendment is limited precisely as written and shall not be deemed to (i) be a waiver of or a consent to the modification of or deviation from any other term or condition of the Credit Agreement or the other Credit Documents or any of the other instruments or agreements referred to therein, or (ii) prejudice any right or rights which any of the Lenders or the Administrative Agent now have or may have in the future under or in connection with the Credit Agreement, the Credit Documents or any of the other instruments or agreements referred to therein.

 

3.                                       This Third Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. Delivery of any executed counterpart of this Third Amendment by telecopy or electronic mail by any party hereto shall be effective as such party’s original executed counterpart.

 

4.                                       THIS THIRD AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

5.                                       This Third Amendment shall become effective on the date (the “Third Amendment Effective Date”) when (i) the Parent, each Borrower, each Guarantor, the Administrative Agent and the Lenders constituting the Required Lenders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of pdf, facsimile or other electronic transmission) the same to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036 Attention: May Yip-Daniels (facsimile number: 212-354-8113 / e-mail address: myip@whitecase.com), (ii) the order of the Bankruptcy Court confirming an Acceptable Plan shall (x) approve the sale of the M/V Genmar Alexandra and the application of the Net Cash Proceeds therefrom to the repayment of Term Loans, (y) provide that the minimum liquidity condition precedent to the consummation of the transactions set forth in the Equity Commitment Agreement (as defined in the Restructuring Support Agreement) shall be waived, and (z) provide that no Material Adverse Effect (as defined in the Equity Commitment Agreement) has occurred as of May 3, 2012, and such order shall be in form and substance satisfactory to the Administrative Agent, and (iii) the Borrowers shall have paid to the Administrative Agent all outstanding fees and expenses in connection with the Credit Agreement to the extent due and invoiced prior to the Third Amendment Effective Date (including, without limitation, the fees and expenses of White & Case LLP and, with respect to the fees and expenses of Shearman & Sterling LLP, the amount agreed to between Shearman & Sterling LLP and the Borrowers).

 

6.                                       The Parent, each Borrower and each Guarantor as debtor, grantor, pledgor or assignor, or in any other similar capacity in which the Parent, each Borrower and each

 

 

Guarantor grants liens or security interests in their respective property or otherwise acts as accommodation party or guarantor, as the case may be, hereby (i) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each of the Credit Documents to which it is a party (after giving effect hereto) and (ii) to the extent the Parent, each Borrower and each Guarantor granted liens on or security interests in any of its property pursuant to any such Credit Document as security for the Parent, each Borrower and each Guarantor’s Obligations under or with respect to the Credit Documents, ratifies and reaffirms such guarantee and grant of security interests and liens and confirms and agrees that such security interests and liens hereafter secure all of the Obligations as amended hereby.  The Parent, each Borrower and each Guarantor hereby consents to this Third Amendment and acknowledges that each of the Credit Documents remains in full force and effect and is hereby ratified and reaffirmed.  Except as otherwise provided herein, the execution of this Third Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or the Lenders, constitute a waiver of any provision of any of the Credit Documents or serve to effect a novation of the Obligations.

 

7.                                       From and after the Third Amendment Effective Date, all references in the Credit Agreement and each of the other Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement, as modified hereby on the Third Amendment Effective Date.

 

*        *        *

 

 

IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver this Third Amendment as of the date first above written.

 

 

	
 
    	
GENERAL   MARITIME CORPORATION,
    
	
 
    	
 
    	
as   Parent
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeffrey D. Pribor
    
	
 
    	
 
    	
Name:
    	
Jeffrey   D. Pribor
    
	
 
    	
 
    	
Title:
    	
Executive   Vice President & Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
GENERAL   MARITIME SUBSIDIARY CORPORATION,
    
	
 
    	
 
    	
as   a Borrower
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeffrey D. Pribor
    
	
 
    	
 
    	
Name:
    	
Jeffrey   D. Pribor
    
	
 
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
GENERAL   MARITIME SUBSIDIARY II CORPORATION,
    
	
 
    	
 
    	
as   a Borrower
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Jeffrey D. Pribor
    
	
 
    	
 
    	
Name:
    	
Jeffrey   D. Pribor
    
	
 
    	
 
    	
Title:
    	
President
    

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

 

	
 
    	
ARLINGTON   TANKERS LTD.,
    
	
 
    	
 
    	
as   a Guarantor
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Brian Kerr
    
	
 
    	
 
    	
Name:
    	
Brian   Kerr
    
	
 
    	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
VISION   LTD.
    
	
 
    	
VICTORY   LTD.
    
	
 
    	
COMPANION   LTD.
    
	
 
    	
COMPATRIOT   LTD.
    
	
 
    	
CONSUL   LTD.,
    
	
 
    	
 
    	
each   as a Guarantor
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Brian Kerr
    
	
 
    	
 
    	
Name:
    	
Brian   Kerr
    
	
 
    	
 
    	
Title:
    	
Director
    

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

 

	
 
    	
GMR   CHARTERING LLC
    
	
 
    	
GMR   AGAMEMNON LLC
    
	
 
    	
GMR AJAX LLC
    
	
 
    	
GMR ALEXANDRA LLC
    
	
 
    	
GMR   ARGUS LLC
    
	
 
    	
GMR   DAPHNE LLC
    
	
 
    	
GMR   DEFIANCE LLC
    
	
 
    	
GMR   ELEKTRA LLC
    
	
 
    	
GMR   GEORGE T LLC
    
	
 
    	
GMR   HARRIET G LLC
    
	
 
    	
GMR   HOPE LLC
    
	
 
    	
GMR   HORN LLC
    
	
 
    	
GMR   KARA G LLC
    
	
 
    	
GMR   MINOTAUR LLC
    
	
 
    	
GMR   ORION LLC
    
	
 
    	
GMR   PHOENIX LLC
    
	
 
    	
GMR   REVENGE LLC
    
	
 
    	
GMR   ST. NIKOLAS LLC
    
	
 
    	
GMR   SPYRIDON LLC
    
	
 
    	
GMR   STRENGTH LLC
    
	
 
    	
GMR   ATLAS LLC
    
	
 
    	
GMR   HERCULES LLC
    
	
 
    	
GMR   MANIATE LLC
    
	
 
    	
GMR   SPARTIATE LLC
    
	
 
    	
GMR   POSEIDON LLC
    
	
 
    	
GMR   ULYSSES LLC
    
	
 
    	
GMR   ZEUS LLC,
    
	
 
    	
 
    	
each   as a Guarantor
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   John C. Georgiopoulos
    
	
 
    	
 
    	
Name:
    	
John   C. Georgiopoulos
    
	
 
    	
 
    	
Title:
    	
Manager
    

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

 

	
 
    	
GENERAL   MARITIME MANAGEMENT LLC
    
	
 
    	
GENERAL MARITIME MANAGEMENT (PORTUGAL) LLC
    
	
 
    	
GENERAL   MARITIME MANAGEMENT (PORTUGAL) LDA.,
    
	
 
    	
GENERAL   MARITIME MANAGEMENT (HELLAS) LTD.,
    
	
 
    	
each as a Guarantor
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Milton H. Gonzales, Jr.
    
	
 
    	
 
    	
Name:
    	
Milton   H. Gonzales, Jr.
    
	
 
    	
 
    	
Title:
    	
Manager
    

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

 

	
 
    	
GENERAL   MARITIME CREWING PTE. LTD.,
    
	
 
    	
 
    	
as   Guarantor
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
The   Common Seal of
    	
)
    	
 
    	
 
    
	
General Maritime Crewing Pte. Ltd.
    	
)
    	
 
    	
 
    	
 
    
	
was   hereunto affixed in accordance with
    	
)
    	
 
    	
 
    	
 
    
	
its   Articles of Association
    	
)
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
/s/   James Paisley
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
James   Paisley
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
Director
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
/s/   Cher Choon Teck
    	
 
    	
 
    	
 
    	
 
    
	
Name:
    	
Cher   Choon Teck
    	
 
    	
 
    	
 
    	
 
    
	
Title:
    	
Company   Secretary
    	
 
    	
 
    	
 
    	
 
    

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

 

	
 
    	
 
    	
CONCORD   LTD.
    
	
 
    	
 
    	
CONTEST   LTD.
    
	
 
    	
 
    	
CONCEPT   LTD.
    
	
 
    	
 
    	
GENERAL   PRODUCT CARRIERS CORPORATION
    
	
 
    	
 
    	
GENERAL   MARITIME SUBSIDIARY NSF CORPORATION
    
	
 
    	
 
    	
GMR   ADMINISTRATION CORP.,
    
	
 
    	
 
    	
 
    	
each   as a Guarantor
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John C. Georgiopoulos
    
	
 
    	
 
    	
 
    	
Name:
    	
John   C. Georgiopoulos
    
	
 
    	
 
    	
 
    	
Title:
    	
Director
    

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

 

	
 
    	
 
    	
GENERAL   MARITIME INVESTMENTS LLC
    
	
 
    	
 
    	
GMR   CONCORD LLC
    
	
 
    	
 
    	
GMR   CONSTANTINE LLC
    
	
 
    	
 
    	
GMR   CONTEST LLC
    
	
 
    	
 
    	
GMR   CONCEPT LLC
    
	
 
    	
 
    	
GMR   GP LLC
    
	
 
    	
 
    	
GMR   GULF LLC
    
	
 
    	
 
    	
GMR   LIMITED LLC
    
	
 
    	
 
    	
GMR   PRINCESS LLC
    
	
 
    	
 
    	
GMR   PROGRESS LLC
    
	
 
    	
 
    	
GMR   STAR LLC
    
	
 
    	
 
    	
GMR   TRADER LLC
    
	
 
    	
 
    	
GMR   TRUST LLC,
    
	
 
    	
 
    	
 
    	
each   as a Guarantor
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John C. Georgiopoulos
    
	
 
    	
 
    	
 
    	
Name:
    	
John   C. Georgiopoulos
    
	
 
    	
 
    	
 
    	
Title:
    	
Manager
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
ARLINGTON   TANKERS, LLC,
    
	
 
    	
 
    	
 
    	
as   a Guarantor
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John C. Georgiopoulos
    
	
 
    	
 
    	
 
    	
Name:
    	
John   C. Georgiopoulos
    
	
 
    	
 
    	
 
    	
Title:
    	
President   and Secretary
    

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

 

	
 
    	
 
    	
GENERAL   MARITIME MANAGEMENT (UK) LLC,
    
	
 
    	
 
    	
 
    	
as   a Guarantor
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   John P. Tavlarios
    
	
 
    	
 
    	
 
    	
Name:
    	
John   P. Tavlarios
    
	
 
    	
 
    	
 
    	
Title:
    	
Manager
    

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

 

	
 
    	
 
    	
LIMITED   “GENERAL MARITIME CREWING”
    
	
 
    	
 
    	
 
    	
as   a Guarantor
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Gennadiy Liventsov
    
	
 
    	
 
    	
 
    	
Name:
    	
Gennadiy   Liventsov
    
	
 
    	
 
    	
 
    	
Title:
    	
Director
    

 

 

Signature Page to Third Amendment to DIP Credit Agreement

 

 

	
 
    	
 
    	
NORDEA   BANK FINLAND PLC, NEW YORK BRANCH,
    
	
 
    	
 
    	
 
    	
Individually   and as Administrative Agent and Collateral Agent
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Martin Lunder
    
	
 
    	
 
    	
 
    	
Name:
    	
Martin   Lunder
    
	
 
    	
 
    	
 
    	
Title:
    	
Senior   Vice President
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Lynn Sauro
    
	
 
    	
 
    	
 
    	
Name:
    	
Lynn   Sauro
    
	
 
    	
 
    	
 
    	
Title:
    	
Vice   President
    

 

 

Signature Page to DIP Third Amendment

 

 

	
 
    	
 
    	
SIGNATURE   PAGE TO THE THIRD AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST   WRITTEN ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME   SUBSIDIARY CORPORATION, GENERAL MARITIME SUBSIDIARY II CORPORATION, THE OTHER   GUARANTORS PARTY THERETO, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA BANK   FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
NAME   OF INSTITUTION:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Citibank   N.A.
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Peter Baumann
    
	
 
    	
 
    	
 
    	
Name:
    	
Peter   Baumann
    
	
 
    	
 
    	
 
    	
Title:
    	
Managing   Director
    

 

 

Signature Page to DIP Third Amendment

 

 

	
 
    	
 
    	
SIGNATURE   PAGE TO THE THIRD AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST   WRITTEN ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME   SUBSIDIARY CORPORATION, GENERAL MARITIME SUBSIDIARY II CORPORATION, THE OTHER   GUARANTORS PARTY THERETO, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA BANK   FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
NAME   OF INSTITUTION:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
HSH   Nordbank AG
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Jorn Ohlsen
    
	
 
    	
 
    	
 
    	
Name:
    	
Jorn   Ohlsen
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Steinar Pettersen
    
	
 
    	
 
    	
 
    	
Name:   
    	
Steinar   Pettersen
    
	
 
    	
 
    	
 
    	
Title:
    	
Authorized   Signatory
    

 

 

Signature Page to DIP Third Amendment

 

 

	
 
    	
 
    	
SIGNATURE   PAGE TO THE THIRD AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST   WRITTEN ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME   SUBSIDIARY CORPORATION, GENERAL MARITIME SUBSIDIARY II CORPORATION, THE OTHER   GUARANTORS PARTY THERETO, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA BANK   FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
NAME   OF INSTITUTION:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
THE   ROYAL BANK OF SCOTLAND PLC
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Neil J. Bivona
    
	
 
    	
 
    	
 
    	
Name:
    	
Neil   J. Bivona
    
	
 
    	
 
    	
 
    	
Title:
    	
Managing   Director
    

 

 

Signature Page to DIP Third Amendment

 

 

	
 
    	
 
    	
SIGNATURE   PAGE TO THE THIRD AMENDMENT TO CREDIT AGREEMENT, DATED AS OF THE DATE FIRST   WRITTEN ABOVE, AMONG GENERAL MARITIME CORPORATION, GENERAL MARITIME   SUBSIDIARY CORPORATION, GENERAL MARITIME SUBSIDIARY II CORPORATION, THE OTHER   GUARANTORS PARTY THERETO, VARIOUS FINANCIAL INSTITUTIONS AND NORDEA BANK   FINLAND PLC, NEW YORK BRANCH, AS ADMINISTRATIVE AGENT AND COLLATERAL AGENT
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
NAME   OF INSTITUTION:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
SKANDINAVISKA   ENSKILDA BANKEN AB (PUBL)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Arne Juell-Skielse
    
	
 
    	
 
    	
 
    	
Name:
    	
Arne   Juell Skielse
    
	
 
    	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
/s/   Helene Hellners
    
	
 
    	
 
    	
 
    	
Name:
    	
Helene   Hellners
    
	
 
    	
 
    	
 
    	
Title:
    	
 
    

 

 

Signature Page to DIP Third Amendment

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