Form 8K Current Report
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
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):
December
18, 2006
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
(COMMISSION
FILE NUMBER)
|
06-159-7083
(I.R.S.
EMPLOYER IDENTIFICATION NO.)
|
|
299
Park Avenue
New
York, New York 10171
(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):
r
Written
communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
r
Soliciting
material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
r
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
r
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
5.02
|
Departure
of Directors or Certain Officers; Election of Directors; Appointment
of
Certain Officers; Compensatory Arrangements of Certain
Officers
|
On
December 18, 2006, 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 2006. 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 15, 2016. Restrictions on Mr. Georgiopoulos’ stock will
also lapse in full upon his death or disability or a change of control (as
defined in the Company’s 2001 Stock Incentive Plan, as amended and restated) and
will lapse on a monthly straight-line basis if Mr. Georgiopoulos is dismissed
without cause or resigns for good reason. John P. Tavlarios, a Director of
the
Company, and Chief Executive Officer of the Company’s tanker operating
subsidiary, General Maritime Management LLC (the “Management Company”), was
granted 30,000 shares of restricted stock. Jeffrey D. Pribor, Chief Financial
Officer of the Company was granted 20,000 shares of restricted stock. John
C.
Georgiopoulos, Chief Administrative Officer of the Company was granted 10,000
shares of restricted stock. Peter S. Bell, Senior Vice President and Head of
the
Commercial Department of the Management Company, and Milton H. Gonzales, Jr.,
Vice President of Technical Operations of the Company were granted 10,000 and
7,500 shares of restricted stock, respectively. The restrictions applicable
to
the shares granted to Messrs. Tavlarios, Pribor, John Georgiopoulos, and Bell
will lapse ratably in 20% increments on the first five anniversaries of November
15, 2006. The restrictions applicable to the shares granted to Mr. Gonzales
will
lapse ratably in 25% increments on the first four anniversaries of November
15,
2006. The restrictions applicable to the shares granted to these
executives also will lapse in full upon a change of control. In
addition, to the extent that such restrictions were scheduled to have lapsed
during the one-year period following the executive’s termination of employment
due to death or disability, they will lapse immediately prior to any such
termination.
In
addition to the foregoing restricted stock grants, the Company’s Board of
Directors approved salary increases effective as of January 1, 2007 for certain
senior executive officers. The Board approved a salary increase for Mr. Bell
of
$40,000 for a total annual salary in 2007 of $350,000 and for Mr. Gonzales
of
$40,000 for total annual salary in 2007 of $250,000. Also,
as
performance-based cash compensation for 2006, Messrs. Tavlarios, Pribor, John
Georgiopoulos, Bell and Gonzales received $1,200,000, $700,000, $500,000,
$500,000 and $325,000, respectively.
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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
(Registrant)
By:
/s/
John C.
Georgiopoulos
Name:
John C.
Georgiopoulos
Title:
Chief Administrative Officer
Date:
December 18, 2006
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