Exhibit 10.50
RELEASE
The undersigned ("Seller") acknowledges that, in accordance with the Plan
of Recapitalization attached as Annex A to the [Contribution Agreement] (the
"Contribution Agreement"), General Maritime Ship Holdings Ltd. (to be renamed
"General Maritime Corporation") ("Purchaser") has agreed to indemnify Xxxxxxx X.
Xxxxxx, Xxxx X. Xxxxxx and Xxxxx Xxxxxxxxxxxxx and certain of their affiliates
(each of them, an "Indemnitee") from and against all liability incurred by an
Indemnitee arising out of an Indemnitee being named to serve on the IPO pricing
committee or arising out of an Indemnitee serving on such IPO pricing committee.
Seller, on behalf of itself and each of its Related Persons, hereby
releases and forever discharges each Indemnitee and their past, present and
future representatives, affiliates, members, controlling persons, Related
Persons, subsidiaries, successors and assigns (individually, a "Releasee" and
collectively, "Releasees") from any and all claims, demands, proceedings, causes
of action, orders, obligations, contracts, debts and liabilities whatsoever,
whether known or unknown, suspected or unsuspected, both at law and in equity,
that Seller or any of its Related Persons now has, has ever had, or may
hereafter have arising out of an Indemnitee being named to serve on the IPO
pricing committee or arising out of an Indemnitee serving on such IPO pricing
committee, whether or not relating to claims pending on, or asserted after, the
Closing Date, as defined in the Plan of Recapitalization. Seller, on behalf of
itself and each of its Related Persons, hereby irrevocably covenants to refrain
from, directly or indirectly, asserting any claim or demand, or commencing,
instituting or causing to be commenced, any proceeding of any kind against any
Releasee, based upon any matter purported to be released hereby.
For purposes hereof, capitalized terms used but not defined herein have
the respective meanings assigned to such terms in the Contribution Agreement.
For purposes hereof, "Related Person" means (i) with respect to a particular
individual: (a) each other member of such individual's family; (b) any Person
that is directly or indirectly controlled by such individual or one or more
members of such individual's family; and (c) any Person with respect to which
such individual or one or more members of such individual's family serves as a
director, officer, partner, member, stockholder, executor, or trustee (or in a
similar capacity); and (ii) with respect to a specified Person other than an
individual: (a) any Person that directly or indirectly controls, is directly or
indirectly controlled by, or is directly or indirectly under common control with
such specified Person; (b) each Person that serves as a director, officer,
partner, member, stockholder, executor, or trustee of such specified Person
(or in a similar capacity); and (c) any Person with respect to which such
specified Person serves as a general partner or a trustee (or in a similar
capacity).
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IN WITNESS WHEREOF, Xxxxxx has executed this Release this day of _____,
2001.
Seller:
By:
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Name:
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Title:
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