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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):
February 9, 2005
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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 February 9, 2005, the Board of Directors of General Maritime Corporation (the
"Company"), on the recommendation of its Compensation Committee, approved grants
of restricted shares of the Company's common stock to the Company's senior
executive officers as performance compensation for 2004. Peter C. Georgiopoulos,
Chairman of the Board, President and Chief Executive Officer of the Company, was
granted 150,000 shares of restricted stock, with restrictions on all such shares
to lapse on November 16, 2014. Restrictions on Mr. Georgiopoulos' stock will
also lapse in full upon his death or disability or a change of control of the
Company and will lapse on a straight-line basis if Mr. Georgiopoulos is
dismissed without cause or resigns for good reason. Mr. Georgiopoulos had
requested, and the Company's Compensation Committee had agreed, that his 2004
performance compensation would take the form of a restricted stock grant rather
than a cash bonus. John P. Tavlarios, a Director of the Company, and Chief
Executive Officer of the Company's tanker operating subsidiary, General Maritime
Management LLC, was granted 50,000 shares of restricted stock. John C.
Georgiopoulos, Chief Administrative Officer of the Company, and Jeff Pribor,
Chief Financial Officer of the Company, were each granted 10,000 shares of
restricted stock. The restrictions applicable to the shares granted to Messrs.
Tavlarios, John Georgiopoulos and Pribor will lapse ratably in 20% increments on
the first five anniversaries of November 16, 2004. The restrictions applicable
to the shares granted to these three executives will also lapse in full upon a
change of control of the Company.
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