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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED):
November 16, 2004
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GENERAL MARITIME CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
REPUBLIC OF THE MARSHALL ISLANDS
(STATE OR OTHER JURISDICTION OF INCORPORATION)
001-16531 06-159-7083
(COMMISSION FILE NUMBER) (I.R.S. EMPLOYER IDENTIFICATION NO.)
35 West 56th Street
New York, New York 10019
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
(212) 763-5600
(REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)
Not Applicable
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01 Entry Into a Material Definitive Agreement
On November 16, 2004, the Compensation Committee of the Board of Directors of
General Maritime Corporation (the "Company") approved the following
performance-based cash compensation for the Company's senior executives for
2004: John P. Tavlarios, a Director of the Company and Chief Executive Officer
of the Company's tanker operating subsidiary, General Maritime Management LLC,
was awarded a cash bonus of $1,200,000; John C. Georgiopoulos, Chief
Administrative Officer of the Company, was awarded a cash bonus of $400,000 and
a salary increase to $300,000 for 2005; and Jeff Pribor, Chief Financial Officer
of the Company, was awarded a cash bonus of $250,000. The Compensation Committee
did not award a cash bonus to Peter C. Georgiopoulos, the Company's Chairman of
the Board, President and Chief Executive Officer, because the Compensation
Committee agreed to Mr. Georgiopoulos' request that his 2004 performance
compensation take the form of a restricted stock grant at a later date rather
than a cash bonus.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENERAL MARITIME CORPORATION
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(Registrant)
By: /s/ John C. Georgiopoulos
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Name: John C. Georgiopoulos
Title: Chief Administrative Officer
Date: February 11, 2005