Common use of Salary; Additional Compensation; Perquisites and Benefits Clause in Contracts

Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company will pay you a base salary at an annual rate of not less than Three Hundred Twenty-Five Thousand Dollars ($325,000) (“Base Salary”), subject to annual review by the Compensation Committee of the Board of Directors (the “Compensation Committee”) and, in the discretion of the Compensation Committee, increase, but not decrease, from time to time. After any such increase, the term “Base Salary” as utilized in this Agreement shall thereafter refer to the increased amount. Such Base Salary shall be paid in installments in accordance with the Company’s standard practice, but not less frequently than monthly. (b) For each fiscal year throughout the Term, you will be eligible to earn a bonus as determined by the Compensation Committee. The terms and conditions of this bonus opportunity will be in the discretion of the Compensation Committee. Bonuses that are based upon achievement of specific performance targets will be paid on February 1 of the year following the year for which the bonus is payable or such other date as the Compensation Committee may specify at such time as it determines the applicable target. Discretionary bonuses that are to be paid after the calendar year during which their amount is determined by the Compensation Committee will be paid on February 1 of the calendar year following such determination or such other date as the Compensation Committee may specify at the time of such determination. In no event shall the Company be in breach of this provision so long as payment is made at a time that is considered timely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). (c) During the Term, you will be eligible to participate in all benefit programs as are from time to time made generally available to other senior executives of the General Maritime Group. The Company intends to consider obtaining (i) Company-paid life insurance and (ii) long-term disability insurance for your benefit but any such program will depend upon the Company’s assessment of the availability and cost of such a program. It is anticipated that the Company will obtain such coverage so long as it provides benefits the Company reasonably determines are appropriate for a cost per executive of no more than $10,000 per annum. To the extent the Company does not obtain such coverage for you, it shall reimburse you for your cost of obtaining such coverage up to $10,000 per annum. (d) The Company will reimburse you, in accordance with its standard policies from time to time in effect, for such reasonable and necessary out-of-pocket business expenses as may be incurred by you during the Term in the performance of your duties and responsibilities for any member of the General Maritime Group. You will provide documentation of such expenses as reasonably required under standard Company policies from time to time. (e) You shall be entitled to a vacation period to be credited and taken in accordance with General Maritime Group policy, from time to time in effect, of four weeks per annum. (f) You shall be eligible to receive stock option and other equity grants from time to time pursuant to the Company’s Stock Incentive Plan, as amended from time to time, or any successor employee stock incentive plan in accordance with the terms and conditions thereof.

Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company and the Subsidiary will pay you the Executive a base salary at an annual rate of not less than Three Hundred Twenty-Five Thousand Dollars ($325,000) (“Base Salary”)96,000 per annum, subject to annual review by the Compensation Committee of the Board of Directors of the Company (the “"Compensation Committee”") and, and in the discretion of the Compensation such Committee, increase, but not decrease, increased from time to time. After any Once increased, such increase, the term “Base Salary” as utilized in this Agreement shall thereafter refer to the increased amountbase salary may not be decreased. Such Base Salary salary shall be paid in periodic installments in accordance with the Company’s 's standard practice, but not less frequently than semi-monthly. (b) For each fiscal year throughout during the Term, you the Executive will be eligible to receive a bonus. The award and amount of such bonus shall be based upon the Compensation Committee's determination of actual performance as measured against goals and shall give the Executive the opportunity to earn a bonus as determined by the Compensation Committee. The terms and conditions of this bonus opportunity will be in the discretion up to 100% of the Compensation Committee. Bonuses that are based upon achievement of specific performance targets will be paid on February 1 of the year following the year for which the bonus is payable or such other date as the Compensation Committee may specify at such time as it determines the applicable target. Discretionary bonuses that are to be paid after the calendar year during which their amount is determined by the Compensation Committee will be paid on February 1 of the calendar year following such determination or such other date as the Compensation Committee may specify at the time of such determination. In no event shall the Company be in breach of this provision so long as payment is made at a time that is considered timely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)his base salary. (c) During the Term, you the Executive will be eligible to participate in all plans now existing or hereafter adopted by the Company for the management employees or the general benefit programs of the their employees, such as are from time bonuses, stock option or other incentive compensation plans, life and health insurance plans, or other insurance plans and benefits on the same basis and subject to time made generally available to the same qualifications as other senior executives of the General Maritime Group. The Company intends to consider obtaining (i) Company-paid life insurance and (ii) long-term disability insurance for your benefit but any such program will depend upon the Company’s assessment of the availability and cost of such a program. It is anticipated that the Company will obtain such coverage so long as it provides benefits the Company reasonably determines are appropriate for a cost per executive of no more than $10,000 per annumofficers. To the extent permitted by law, the Executive shall be given credit for his years of service to any predecessor entity of the Company does not obtain in determining all waiting periods and vesting periods under such coverage for you, it shall reimburse you for your cost of obtaining such coverage up to $10,000 per annumplans. (d) The Company will reimburse you, in accordance with its standard policies from time to time in effect, for such reasonable and necessary out-of-pocket business expenses as may be incurred by you during the Term in the performance of your duties and responsibilities for any member of the General Maritime Group. You will provide documentation of such expenses as reasonably required under standard Company policies from time to time. (e) You shall be entitled to a vacation period to be credited and taken in accordance with General Maritime Group policy, from time to time in effect, of four weeks per annum. (f) You Executive shall be eligible to receive for stock option and other equity grants from time to time pursuant to the Company’s 's 1998 Stock Incentive Plan, as amended from time to time, or any successor employee stock incentive plan Plan in accordance with the terms and conditions thereof. The Company shall recommend to the Committee designated in accordance with such plan that the Company grant to the Executive, effective on the initial public offering of Company shares, options to purchase 45,000 shares of the common stock of the Company at an exercise price equal to the initial public offering price of such stock (the "Option Price"). Subject to the terms of Section 6(f) of this Agreement as to the acceleration of vesting of stock options, such options shall vest on the earlier of the following calendar or value-appreciation schedules: i) Calendar Schedule: Four Years after the grant date, options are fully vested as to 50% of the applicable shares; Five Years after the grant date, options are fully vested for the remaining 50% of the shares.

Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company will pay you the Executive a base salary at an annual rate of not less than Three Hundred Twenty-Five Thousand Dollars ($325,000) (“Base Salary”)200,000 per annum, subject to annual review by the Compensation Committee of the Board of Directors of the Company (the “"Compensation Committee”") and, and in the discretion of the Compensation such Committee, increase, but not decrease, increased from time to time. After any Once increased, such increase, the term “Base Salary” as utilized in this Agreement shall thereafter refer to the increased amountbase salary may not be decreased. Such Base Salary salary shall be paid in periodic installments in accordance with the Company’s 's standard practice, but not less frequently than semi-monthly. (b) For each fiscal year throughout during the Term, you the Executive will be eligible to receive a bonus under Company's Management Bonus Plan or such other plan adopted from time to time. The award and amount of such bonus shall be based upon the Compensation Committee's determination of actual performance as measured against goals which goals shall give the Executive the opportunity to earn a bonus as determined by the Compensation Committee. The terms and conditions of this bonus opportunity will be in the discretion up to 100% of the Compensation Committee. Bonuses that are based upon achievement of specific performance targets will be paid on February 1 of the year following the year for which the bonus is payable or such other date as the Compensation Committee may specify at such time as it determines the applicable target. Discretionary bonuses that are to be paid after the calendar year during which their amount is determined by the Compensation Committee will be paid on February 1 of the calendar year following such determination or such other date as the Compensation Committee may specify at the time of such determination. In no event shall the Company be in breach of this provision so long as payment is made at a time that is considered timely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)his base salary. (c) During the Term, you the Executive will be eligible to participate in all plans now existing or hereafter adopted by the Company or the Subsidiary for the management employees or the general benefit programs of the their employees, such as are from time bonuses, stock option or other incentive compensation plans, life and health insurance plans, or other insurance plans and benefits on the same basis and subject to time made generally available to the same qualifications as other senior executives of the General Maritime Group. The Company intends to consider obtaining (i) Company-paid life insurance and (ii) long-term disability insurance for your benefit but any such program will depend upon the Company’s assessment of the availability and cost of such a program. It is anticipated that the Company will obtain such coverage so long as it provides benefits the Company reasonably determines are appropriate for a cost per executive of no more than $10,000 per annumofficers. To the extent permitted by law, the Executive shall be given credit for his years of service to any predecessor entity of the Company does not obtain in determining all waiting periods and vesting periods under such coverage for you, it shall reimburse you for your cost of obtaining such coverage up to $10,000 per annumplans. (d) The Executive shall be eligible for stock option grants from time to time pursuant to the Company's 1996 Equity Incentive Plan in accordance with the terms thereof. The Committee designated in accordance with such plan has granted to the Executive, effective on the Commencement Date, options to purchase 50,000 shares of the common stock of the Company at an exercise price equal to the closing price of such common stock in New York Stock Exchange trading on the Commencement Date. Subject to the terms of Section 6(f) of this Agreement as to the acceleration of vesting of stock options, the such options shall vest as follows: Such options shall vest as follows: First anniversary of the Commencement Date.. 33-1/3% vested Second anniversary of the Commencement Date. 66-2/3% vested Third Anniversary of the Commencement Date.. 100% vested Such options shall be exercisable, subject to vesting, for ten years from the date of grant and in all other respects shall be subject to the terms and conditions of the 1996 Equity Incentive Plan. (e) The Company will reimburse youthe Executive, in accordance with its standard policies from time to time in effect, for such reasonable and necessary all out-of-pocket business expenses as may be incurred by you during the Term Executive in the performance of your his duties and responsibilities for any member of the General Maritime Group. You will provide documentation of such expenses as reasonably required under standard Company policies from time to timethis Agreement. (ef) You The Executive shall be entitled to a vacation period time to be credited and taken in accordance with General Maritime Group policy, the Company's policy from time to time in effect, of four weeks per annumeffect for senior executives. (fg) You The Executive shall be eligible granted a car allowance of up to receive stock option and other equity grants from time $700.00 per month for the lease of an automobile to time pursuant to be leased by the Company’s Stock Incentive Plan, as amended from time to time, or any successor employee stock incentive plan in accordance with Company for the terms and conditions thereofuse of the Executive.

Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company will pay you the Executive a base salary at an annual rate of not less than Three Hundred Twenty-Five Thousand Dollars ($325,000) (“Base Salary”)190,000 per annum, subject to annual review by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) and, and in the discretion of the Compensation such Committee, increase, but not decrease, increased from time to time. After any Once increased, such increase, the term “Base Salary” as utilized in this Agreement shall thereafter refer to the increased amountbase salary may not be decreased. Such Base Salary salary shall be paid in periodic installments in accordance with the Company’s standard practice, but not less frequently than semi-monthly. (b) For each fiscal year throughout During the Term, you will Executive shall be eligible to earn receive a cash bonus (“Bonus”) as follows: Executive shall participate in such annual Bonus plans or programs as may be adopted by the Company’s Compensation Committee (collectively with any of its successors in authority, the “Committee”) from time to time for senior executives, provided, however, that conditioned upon attainment of target performance measure requirements based on one or more performance measures as may be determined by the Compensation Committee. The terms and conditions of this bonus opportunity will be in , the discretion of the Compensation Committee. Bonuses that are based upon achievement of specific performance targets will be paid on February 1 of the year following the year target Bonus for which the bonus is payable or such other date as the Compensation Committee may specify at such time as it determines the applicable target. Discretionary bonuses that are to be paid after the each calendar year during the Term for which their amount is determined by the Compensation Committee will Executive shall be paid on February 1 eligible shall be 30% of the calendar year following such determination or such other date as the Compensation Committee may specify at the time of such determination. In no event shall the Company be in breach of this provision so long as payment is made at a time that is considered timely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)Executive’s base salary. (c) During The Board (or the committee to which it has delegate applicable authority) in its sole discretion may award any additional or other amounts of cash, restricted stock or Options or other equity based awards in respect of any whole or partial year during the Term, you will be eligible to participate in all benefit programs as are from time to time made generally available to other senior executives of the General Maritime Group. The Company intends to consider obtaining (i) Company-paid life insurance and (ii) long-term disability insurance for your benefit but any such program will depend upon the Company’s assessment of the availability and cost of such a program. It is anticipated that the Company will obtain such coverage so long as it provides benefits the Company reasonably determines are appropriate for a cost per executive of no more than $10,000 per annum. To the extent the Company does not obtain such coverage for you, it shall reimburse you for your cost of obtaining such coverage up to $10,000 per annum. (d) The Company will reimburse youthe Executive, in accordance with its standard policies from time to time in effect, for such reasonable and necessary all out-of-pocket business expenses as may be incurred by you during the Term Executive in the performance of your his duties and responsibilities for any member of the General Maritime Group. You will provide documentation of such expenses as reasonably required under standard Company policies from time to timethis Agreement. (e) You The Executive shall be entitled to a vacation period time to be credited and taken in accordance with General Maritime Group policy, the Company’s policy from time to time in effecteffect for senior executives, which in any event shall not be less than a total of four weeks per annumcalendar year. (f) You The Company shall be eligible to receive stock option and other equity grants from time to time pursuant indemnify the Executive to the Company’s Stock Incentive Plan, as amended from time to time, or any successor employee stock incentive plan in accordance with fullest extent permitted under the terms and conditions thereoflaw of the State of Washington.

Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company will pay you a base salary at an annual rate of not less than Three Five Hundred Twenty-Five five Thousand Dollars ($325,000525,000) (“"Base Salary”"), subject to annual review by the Board of Managers of the Company in consultation with the Compensation Committee of the Board of Directors of Parent (the “"Compensation Committee”") and, in the discretion of such Board in consultation with the Compensation Committee, increase, but not decrease, Base Salary from time to time. After any such increase, the term “"Base Salary” " as utilized in this Agreement shall thereafter refer to the increased amount. Such Base Salary shall be paid in installments in accordance with the Company’s 's standard practice, but not less frequently than monthly. (b) For each fiscal year throughout the Term, you will be eligible to earn a bonus as determined by the Compensation Committee. The terms and conditions of this bonus opportunity will be in the discretion of the Board of Managers of the Company in consultation with the Compensation Committee. Bonuses that are based upon achievement of specific performance targets will be paid on February 1 of the year following the year for which the bonus is payable or such other date as the Compensation Committee may specify at such time as it determines the applicable target. Discretionary bonuses that are to be paid after the calendar year during which their amount is determined by the Compensation Committee will be paid on February 1 of the calendar year following such determination or such other date as the Compensation Committee may specify at the time of such determination. In no event shall the Company be in breach of this provision so long as payment is made at a time that is considered timely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). (c) During the Term, you will be eligible to participate in all benefit programs as are from time to time made generally available to other senior executives of the General Maritime Group. The Company intends to consider obtaining (i) Company-paid life insurance and (ii) long-term disability insurance for your benefit but any such program will depend upon the Company’s 's assessment of the availability and cost of such a program. It is anticipated that the Company program and will obtain such coverage so long as it provides benefits the Company reasonably determines are appropriate for a cost per executive of no not more than $10,000 per annum. To the extent the Company does not obtain such coverage for you, it shall reimburse you for your cost of obtaining such coverage up to $10,000 per annum. (d) The Company will reimburse you, in accordance with its standard policies from time to time in effect, for such reasonable and necessary out-of-pocket business expenses as may be incurred by you during the Term in the performance of your duties and responsibilities for any member of the General Maritime Group. You will provide documentation of such expenses as reasonably required under standard Company policies from time to time. The Company will also reimburse you for reasonable legal fees in the negotiation of this Agreement up to $25,000. (e) You shall be entitled to a vacation period to be credited and taken in accordance with General Maritime Group policy, from time to time in effect, of four weeks per annum. (f) You shall be eligible to receive stock option and other equity grants from time to time pursuant to the Company’s Parent's 2001 Stock Incentive Plan, as amended from time to time, or any successor employee stock incentive plan in accordance with the terms and conditions thereof.

Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company will pay you the Executive a base salary at an annual rate of not less than Three Hundred Twenty-Five Thousand Dollars ($325,000) (“Base Salary”)196,735 per annum, subject to annual review by the Compensation Committee of the Board of Directors of the Company (the “Compensation Committee”) and, and in the discretion of the Compensation such Committee, increase, but not decrease, increased from time to time. After any Once increased, such increase, the term “Base Salary” as utilized in this Agreement shall thereafter refer to the increased amountbase salary may not be decreased. Such Base Salary salary shall be paid in periodic installments in accordance with the Company’s standard practice, but not less frequently than semi-monthly. (b) For each fiscal year throughout During the Term, you will Executive shall be eligible to earn receive a cash bonus (“Bonus”) as follows: Executive shall participate in such annual Bonus plans or programs as may be adopted by the Company’s Compensation Committee (collectively with any of its successors in authority, the “Committee”) from time to time for senior executives, provided, however, that conditioned upon attainment of target performance measure requirements based on one or more performance measures as may be determined by the Compensation Committee. The terms and conditions of this bonus opportunity will be in , the discretion of the Compensation Committee. Bonuses that are based upon achievement of specific performance targets will be paid on February 1 of the year following the year target Bonus for which the bonus is payable or such other date as the Compensation Committee may specify at such time as it determines the applicable target. Discretionary bonuses that are to be paid after the each calendar year during the Term for which their amount is determined by the Compensation Committee will Executive shall be paid on February 1 eligible shall be 30% of the calendar year following such determination or such other date as the Compensation Committee may specify at the time of such determination. In no event shall the Company be in breach of this provision so long as payment is made at a time that is considered timely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)Executive’s base salary. (c) During The Board (or the committee to which it has delegate applicable authority) in its sole discretion may award any additional or other amounts of cash, restricted stock or Options or other equity based awards in respect of any whole or partial year during the Term, you will be eligible to participate in all benefit programs as are from time to time made generally available to other senior executives of the General Maritime Group. The Company intends to consider obtaining (i) Company-paid life insurance and (ii) long-term disability insurance for your benefit but any such program will depend upon the Company’s assessment of the availability and cost of such a program. It is anticipated that the Company will obtain such coverage so long as it provides benefits the Company reasonably determines are appropriate for a cost per executive of no more than $10,000 per annum. To the extent the Company does not obtain such coverage for you, it shall reimburse you for your cost of obtaining such coverage up to $10,000 per annum. (d) The Company will reimburse youthe Executive, in accordance with its standard policies from time to time in effect, for such reasonable and necessary all out-of-pocket business expenses as may be incurred by you during the Term Executive in the performance of your his duties and responsibilities for any member of the General Maritime Group. You will provide documentation of such expenses as reasonably required under standard Company policies from time to timethis Agreement. (e) You The Executive shall be entitled to a vacation period time to be credited and taken in accordance with General Maritime Group policy, the Company’s policy from time to time in effecteffect for senior executives, which in any event shall not be less than a total of four weeks per annumcalendar year. (f) You The Company shall be eligible to receive stock option and other equity grants from time to time pursuant indemnify the Executive to the Company’s Stock Incentive Plan, as amended from time to time, or any successor employee stock incentive plan in accordance with fullest extent permitted under the terms and conditions thereoflaw of the State of Washington.

Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company will pay you a base salary at an annual rate of not less than Three Four Hundred Twenty-Five Thousand Dollars ($325,000400,000) (“Base Salary”), subject to annual review by the Compensation Committee of the Board of Directors (the “Compensation Committee”) and, in the discretion of the Compensation Committee, increase, but not decrease, from time to time. After any such increase, the term “Base Salary” as utilized in this Agreement shall thereafter refer to the increased amount. Such Base Salary shall be paid in installments in accordance with the Company’s standard practice, but not less frequently than monthly. (b) For each fiscal year throughout the Term, you will be eligible to earn a bonus as determined by the Compensation Committee. The terms and conditions of this bonus opportunity will be in the discretion of the Compensation Committee. Bonuses that are based upon achievement of specific performance targets will be paid on February 1 of the year following the year for which the bonus is payable or such other date as the Compensation Committee may specify at such time as it determines the applicable target. Discretionary bonuses that are to be paid after the calendar year during which their amount is determined by the Compensation Committee will be paid on February 1 of the calendar year following such determination or such other date as the Compensation Committee may specify at the time of such determination. In no event shall the Company be in breach of this provision so long as payment is made at a time that is considered timely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). (c) During the Term, you will be eligible to participate in all benefit programs as are from time to time made generally available to other senior executives of the General Maritime Group. The Company intends to consider obtaining (i) Company-paid life insurance and (ii) long-term disability insurance for your benefit but any such program will depend upon the Company’s assessment of the availability and cost of such a program. It is anticipated that the Company will obtain such coverage so long as it provides benefits the Company reasonably determines are appropriate for a cost per executive of no more than $10,000 per annum. To the extent the Company does not obtain such coverage for you, it shall reimburse you for your cost of obtaining such coverage up to $10,000 per annum. (d) The Company will reimburse you, in accordance with its standard policies from time to time in effect, for such reasonable and necessary out-of-pocket business expenses as may be incurred by you during the Term in the performance of your duties and responsibilities for any member of the General Maritime Group. You will provide documentation of such expenses as reasonably required under standard Company policies from time to time. (e) You shall be entitled to a vacation period to be credited and taken in accordance with General Maritime Group policy, from time to time in effect, of four weeks per annum. (f) You shall be eligible to receive stock option and other equity grants from time to time pursuant to the Company’s Stock Incentive Plan, as amended from time to time, or any successor employee stock incentive plan in accordance with the terms and conditions thereof.

Salary; Additional Compensation; Perquisites and Benefits. (a) During the Termyour term of employment, the Company will pay you a base salary at an annual rate of not less than Three Hundred Twenty-Five and Fifty Thousand Dollars ($325,000) (“Base Salary”350,000), subject to annual review by the Compensation Committee of the Board of Directors (the “Compensation Committee”) or an appropriate committee thereof and, in the discretion of the Compensation Committeesuch committee, increase, but not decrease, increase from time to time. After any such increase, the term “Base Salary” as utilized in this Agreement shall thereafter refer to the increased amount. Such Base Salary salary shall be paid in installments in accordance with the Company’s 's standard practice, but not less frequently than monthly. (b) For fiscal year 2001 and thereafter for each fiscal year throughout the Termyour term of employment, you will be eligible to earn a bonus as determined by the Compensation CommitteeBoard of Directors or an appropriate committee thereof based upon actual performance as measured against goals set by the Board or such committee. Promptly following the Closing Date, the Company will establish a "Senior Executive Incentive Program". This program will provide you with a target bonus for Fiscal Year 2001 and thereafter for each fiscal year throughout your term of employment of not less than 45% of your base salary. The terms and conditions of this bonus opportunity will be in the discretion of the Compensation CommitteeBoard of Directors or a committee thereof. Bonuses To the extent that are Section 5(b) or Section 5(f) provide for payment to you of a bonus for less than a full fiscal year, such payment shall be based upon achievement on the annual bonus rate which would have been payable for such period had you been employed for the whole of specific performance targets will such fiscal year (or such other rate or may be paid on February 1 provided in Section 5(b) or Section 5(f)) times a fraction the numerator of which shall be the year following number of days in the year period for which the bonus is payable or such other date as the Compensation Committee may specify at such time as it determines the applicable target. Discretionary bonuses that are to be paid after and the calendar year during denominator of which their amount is determined by the Compensation Committee will shall be paid on February 1 of the calendar year following such determination or such other date as the Compensation Committee may specify at the time of such determination. In no event shall the Company be in breach of this provision so long as payment is made at a time that is considered timely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)365. (c) During the Termyour term of employment, you will be eligible to participate in all benefit programs as are from time to time made generally available to other senior executives of the General Maritime GenMar Group. The Company intends to consider obtaining (i) Company-paid life insurance and (ii) long-term disability insurance for your benefit but any such program will depend upon the Company’s assessment of the availability and cost of such a program. It is anticipated that the Company will obtain such coverage so long as it provides benefits the Company reasonably determines are appropriate for a cost per executive of no more than $10,000 per annum. To the extent the Company does not obtain such coverage for you, it shall reimburse you for your cost of obtaining such coverage up to $10,000 per annum. (d) The Company will reimburse you, in accordance with its standard policies from time to time in effect, for such reasonable and necessary out-of-pocket business expenses as may be incurred by you during the Term your term of employment in the performance of your duties and responsibilities for any member of the General Maritime Groupunder this Agreement. You will provide documentation of such expenses as reasonably required under standard Company policies from time to time. (e) You shall be entitled to a vacation period to be credited and taken in accordance with General Maritime GenMar Group policy, policy from time to time in effect, of four weeks per annum. (f) You shall be eligible to receive stock option and other equity grants from time to time pursuant to the Company’s 's 2001 Stock Incentive Plan, as amended from time to time, or any successor employee stock incentive plan Plan in accordance with the terms and conditions thereof.

Salary; Additional Compensation; Perquisites and Benefits. (a) During the Term, the Company will pay you a base salary at an annual rate of not less than Three Six Hundred Twenty-Five Thousand Dollars ($325,000600,000) (“Base Salary”), subject to annual review by the Compensation Committee of the Board of Directors (the “Compensation Committee”) and, in the discretion of the Compensation Committee, increase, but not decrease, from time to time. After any such increase, the term “Base Salary” as utilized in this Agreement shall thereafter refer to the increased amount. Such Base Salary shall be paid in installments in accordance with the Company’s standard practice, but not less frequently than monthly. (b) For each fiscal year throughout the Term, you will be eligible to earn a bonus as determined by the Compensation Committee. The terms and conditions of this bonus opportunity will be in the discretion of the Compensation Committee. Bonuses that are based upon achievement of specific performance targets will be paid on February 1 of the year following the year for which the bonus is payable or such other date as the Compensation Committee may specify at such time as it determines the applicable target. Discretionary bonuses that are to be paid after the calendar year during which their amount is determined by the Compensation Committee will be paid on February 1 of the calendar year following such determination or such other date as the Compensation Committee may specify at the time of such determination. In no event shall the Company be in breach of this provision so long as payment is made at a time that is considered timely for purposes of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). (c) During the Term, you will be eligible to participate in all benefit programs as are from time to time made generally available to other senior executives of the General Maritime Group. The Company intends to consider obtaining (i) Company-paid life insurance and (ii) long-term disability insurance for your benefit but any such program will depend upon the Company’s assessment of the availability and cost of such a program. It is anticipated that the Company will obtain such coverage so long as it provides benefits the Company reasonably determines are appropriate for a cost per executive of no more than $10,000 per annum. To the extent the Company does not obtain such coverage for you, it shall reimburse you for your cost of obtaining such coverage up to $10,000 per annum.. Xxxx X. Xxxxxxxxx December 15, 2008 Page 4 (d) The Company will reimburse you, in accordance with its standard policies from time to time in effect, for such reasonable and necessary out-of-pocket business expenses as may be incurred by you during the Term in the performance of your duties and responsibilities for any member of the General Maritime Group. You will provide documentation of such expenses as reasonably required under standard Company policies from time to time. (e) You shall be entitled to a vacation period to be credited and taken in accordance with General Maritime Group policy, from time to time in effect, of four weeks per annum. (f) You shall be eligible to receive stock option and other equity grants from time to time pursuant to the Company’s Stock Incentive Plan, as amended from time to time, or any successor employee stock incentive plan in accordance with the terms and conditions thereof.