Document:

Exhibit 10.1

 

FORM

 

General Maritime
Corporation

Restricted Stock Grant
Agreement

 

THIS AGREEMENT,
made as of the 9th day of February 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 (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 February 9,
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.

 

(a)                                  Subject
to Section 4(b) hereof and the further provision of this Agreement, a
number of whole shares of Restricted Stock as close as possible to the
following percentage of the total number of shares granted hereunder shall vest
on the following dates (each specified date, a “Vesting Date”):

 

	
  Percentage
  of Total

  Shares

  	
   

  	
  Vesting Date

  
	
  20%

  	
   

  	
  November 16,
  2005

  
	
  20%

  	
   

  	
  November 16,
  2006

  
	
  20%

  	
   

  	
  November 16,
  2007

  
	
  20%

  	
   

  	
  November 16,
  2008

  
	
  20%

  	
   

  	
  November 16,
  2009

  

 

(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

 

2

 

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.  The Committee, in its sole discretion, may
permit the Participant to 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,

 

3

 

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.

 

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

 

4

 

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 or her 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 or her 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 or her behalf.

 

16.                                 Reduction
in Benefits.  In the event that the
Participant would incur an Excise Tax on any payments or benefits under this
Agreement as a result of a Change of Control (or any other change described in Section 280G(b)(2)
of the Code), the Company shall reduce the payments or benefits to be paid to
or granted to Participant hereunder to the greater of (i) the maximum amount
payable to the Participant without the imposition of any Excise Tax with
respect to the Restricted Stock and (ii) the amount that yields the Participant
the greatest after-tax amount of benefits under this Agreement after taking
into account any Excise Tax imposed on Participant, whether due to payments and
benefits under this Agreement or otherwise. 
“Excise Tax” means the tax imposed by Section 4999 of the Code and
any successor tax.  The determination of
whether the Participants payments and benefits should be reduced and the amount
of any such reduction shall be made by counsel selected by the Company (“Counsel”).  For purposes of such determination, (x) the
total amount of payments and benefits received by the Participant as a result
of such Change in Control (or such other change) shall be treated as “parachute
payments” within the meaning of Section 280G(b)(2) of the Code, and all “excess
parachute payments” within the meaning of Section 280G(b)(1) of the Code
shall be treated as subject to the Excise Tax, except to the extent that, in
the opinion of Counsel, a payment or benefit hereunder (in whole or in part)
does not constitute a “parachute payment” within the meaning of Section 280G(b)(2)
of the Code and the Treasury Regulations (including proposed Treasury
Regulations) under Section 280G of the Code (the “Regulations”), or such “excess
parachute payments” (in whole or in part) are not subject to the Excise Tax;
(y) the amount of the payments and benefits hereunder that shall be treated as
subject to the Excise Tax shall be equal to the lesser of (A) the total amount
of such payments and benefits or (B) the amount of “excess parachute payments”
within the meaning of Section 280G(b)(1) of the Code (after applying
clause (x) hereof); and (z) the value of any noncash benefits or any deferred
payment or benefit shall be determined by Counsel in accordance with the
principles of Sections 280G(d)(3) and (4) of the Code.  All fees and expenses of Counsel shall be
borne by the Company.

 

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.

 

5

 

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:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   [Participant]

  	
   

  

 

6Exhibit 10.2

 

GENERAL MARITIME CORPORATION

 

STOCK OPTION AGREEMENT FOR NON-EMPLOYEE DIRECTORS

 

THIS NON-QUALIFIED STOCK OPTION AGREEMENT (the “Agreement”),
made this 20th day of May, 2004, between General Maritime Corporation (the “Company”)
and                          
(the “Optionee”), a non-employee director of the Company.

 

WHEREAS, the Company desires to have Optionee continue
to serve on its Board of Directors and to provide Optionee with an incentive to
share in the success of the Company;

 

WHEREAS, in order to provide such an incentive to its
employees and non-employee directors, the Company has adopted the General
Maritime Corporation 2001 Stock Incentive Plan (the “Plan”);

 

WHEREAS, the option granted hereby is not intended to
qualify as an “incentive stock option” within the meaning of Section 422
or any successor provision of the Internal Revenue . Code of 1986, as amended
(the “Code”); and

 

WHEREAS, unless otherwise provided herein, capitalized
terms used in this Agreement shall have the meaning given them in the Plan.

 

NOW, THEREFORE, in consideration of the mutual
covenants and representations herein contained and intending to be legally
bound, the parties hereto 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
an incentive stock option (the “Option”) with respect to             
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 Code section 422, to the extent allowed under the Plan and applicable
law.

 

2.                                       Grant
Date. The Grant Date of the Option is May 20, 2004.

 

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 with respect to 25% of the shares
of Common Stock subject to the Option on each of the first four anniversaries
of the Grant Date.

 

5.                                       Exercise
Price. The exercise price-per-share of each share with respect to which the
Option is granted is $          ,
which is equal to or greater than the Fair Market Value (as defined in Section 1.6(a)
of the Plan) of a share of Common Stock as of the Grant Date.

 

 

6.                                       Expiration
Date, Effect of Termination of Employment.

 

(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 ceases to be a member of the Company’s Board of
Directors for any reason other than death, retirement (as defined in Section 2.5(c)
of the Plan), disability (as defined in Section 2.5(d) of the Plan), cause
(as defined in Section 2.5(b) of the Plan) or resignation (as defined in Section 2.5(b)
of the Plan) without the Company’s prior consent: (i) the Option, to the extent
that it was exercisable at the time of such termination, shall remain
exercisable until the expiration of 90 days (one year in the case of
Disability, as defined in the Plan) 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 ceases to be a member of the Company’ Board of
Directors 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 ceases to be a member of the Company’s Board of
Directors 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 a member of the Company’s Board of
Directors or during the 90-day, 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.

 

 

(f)                                    In
the event that the Participant ceases to be a member of the Company’s Board of
Directors for cause or resignation without the Company’s prior consent, 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.

 

(g)                                 The
Option shall not qualify as an incentive stock option under Code section 422
if it is exercised more than three months following the Participant’s
termination of employment for any reason other than death or disability, or for
more than one year following the Participant’s termination of employment by
reason of disability.

 

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/her beneficiary, as the case may be, and delivered to the Participant or
his/her 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 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) or 6(e) hereof, as the case may be, 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.                                 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.                                 Notice
of Certain Dispositions. In the event that the Participant disposes of any
shares of Common Stock acquired upon the exercise of the Option (i) prior to
the expiration of two years after the Grant Date or prior to one year after the
date the shares were acquired or (ii) under any other circumstances described
in Section 422(a) of the Code, or any successor provision, the Participant
hereby agrees to notify the Company of such disposition within 10 days thereof.

 

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.

 

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

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [Optionee]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00084-of-00352.parquet"}]]