Document:

Exhibit
10.34

 

General Maritime Corporation

Restricted Stock Grant Agreement

 

THIS AGREEMENT, made as
of the 21st day of December 2005, 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 and restated, effective on December 21, 2005) (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 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 250,000 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 December 21, 2005.

 

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, 2015, 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 250,000
multiplied by a fraction, the denominator of which is 120 and the numerator of
which is the number of completed months between the Grant Date 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.

 

(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 Certificates.

 

(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. Each such certificate may bear the following legend:

 

2

 

“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.”

 

Such legend shall not be removed from such
certificates until such shares of Restricted Stock vest.

 

(b)           Reasonably promptly after any such
shares of Restricted Stock vest pursuant to Section 4 hereof, in exchange for
the surrender to the Company of the certificates evidencing such shares of
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) certificates
evidencing such shares of Restricted Stock and such other securities, free of
the legend provided in Section 7(a) hereof.

 

(c)           The Company may require as a
condition of the delivery of stock certificates 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 shares represented by
such certificate. To the extent permitted by applicable law, the Participant
may satisfy such obligation by delivering
shares of Common Stock or by directing the 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 pursuant to Section 7(a) hereof, and then only
from the date such certificate is issued. Upon the issuance of a stock
certificate, 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 or
delivered any certificates evidencing shares of Common Stock pursuant hereto
unless and until

 

3

 

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 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 be returned to the Company in the event such 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 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 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.

 

4

 

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 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

  

 

5

 

	
   

  	
   /s/ Peter C. Georgiopoulos

  	
   

  
	
   

  	
   Peter C. Georgiopoulos

  

 

6Exhibit
10.35

 

General Maritime Corporation

Restricted Stock Grant Agreement

 

THIS
AGREEMENT, made as of the 21st day of December 2005, between GENERAL MARITIME
CORPORATION (the “Company”) and [                   ]
(the “Participant”).

 

WHEREAS,
the Company has adopted and maintains the General Maritime Corporation 2001
Stock Incentive Plan (as amended and restated, effective on December 21, 2005)
(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 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 [           ]
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
December 21, 2005.

 

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 (each
specified date, a “Vesting Date”):

 

 

(a)           The dates specified in the following
table, and

 

	
  Number
  of Shares

  	
   

  	
  Vesting
  Date

  	
   

  
	
  [            ]
  shares

  	
   

  	
  November 15, 2006

  	
   

  
	
  [            ]
  shares

  	
   

  	
  November 15, 2007

  	
   

  
	
  [            ]
  shares

  	
   

  	
  November 15, 2008

  	
   

  
	
  [            ]
  shares

  	
   

  	
  November 15, 2009

  	
   

  
	
  [            ]
  shares

  	
   

  	
  November 15, 2010

  	
   

  

 

(b)           the occurrence of a Change in
Control, as defined in Section 3.8(a) of the Plan, as in effect 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.  In the event that the Participant’s employment
with the Company terminates for any reason, including, without limitation, the
Participant’s death or disability, all unvested 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.

 

7.             Issuance of Certificates.

 

(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. Each such certificate may 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

 

2

 

REQUEST MADE BY
THE HOLDER OF RECORD OF THE CERTIFICATE TO THE SECRETARY OF GENERAL MARITIME
CORPORATION.”

 

Such legend shall not be removed from such
certificates until such shares of Restricted Stock vest.

 

(b)           Reasonably promptly after any such
shares of Restricted Stock vest pursuant to Section 4 hereof, in exchange for
the surrender to the Company of the certificates evidencing such shares of
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) certificates evidencing
such shares of Restricted Stock and such other securities, free of the legend
provided in Section 7(a) hereof.

 

(c)           The Company may require as a
condition of the delivery of stock certificates 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 shares represented by
such certificate. To the extent permitted by applicable law, the Participant
may satisfy such obligation by delivering
shares of Common Stock or by directing the 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 pursuant to Section 7(a) hereof, and then only
from the date such certificate is issued. Upon the issuance of a stock
certificate, 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 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 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.

 

3

 

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 be returned to the Company in the event such 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 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 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

 

4

 

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.           Reimbursement for 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 22, 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 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:

  	
   

  	
   

  
	
   

  	
    Name:

  
	
   

  	
    Title:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
    [Senior
  Executive Officer]

  
					

 

5

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