GENERAL MARITIME CORPORATION
STOCK OPTION AGREEMENT FOR NON-EMPLOYEE DIRECTORS
THIS NON-QUALIFIED STOCK OPTION AGREEMENT (the “Agreement”), made this 20th day of
May, 2004, between General Maritime Corporation (the “Company”) and Peter S. Shaerf (the “Optionee”), a
non-employee director of the Company.
WHEREAS, the Company desires to have Optionee continue to serve on its Board of Directors and to
provide Optionee with an incentive to share in the success of the Company;
WHEREAS, in order to provide such an incentive to its employees and non-employee directors, the
Company has adopted the General Maritime Corporation 2001 Stock Incentive Plan (the “Plan”);
WHEREAS, the option granted hereby is not intended to qualify as an “incentive stock option” within the
meaning of Section 422 or any successor provision of the Internal Revenue Code of 1986, as amended (the
WHEREAS, unless otherwise provided herein, capitalized terms used in this Agreement shall have the
meaning given them in the Plan.
NOW, THEREFORE, in consideration of the mutual covenants and representations herein contained and
intending to be legally bound, the parties hereto agree as follows:
1. Grant of Option . Pursuant to, and subject to, the terms and conditions set forth herein and in
the Plan, the Board of Directors hereby grants to the Participant an incentive stock option (the “Option”) with
respect to 5,000 shares of common stock of the Company, par value $0.01 per share (“Common Stock”). The
Option does not constitute an “incentive stock option” within the meaning of Code section 422, to the extent
allowed under the Plan and applicable law.
2. Grant Date . The Grant Date of the Option is May 20, 2004.
3. Incorporation of Plan . All terms, conditions and restrictions of the Plan are incorporated
herein and made part hereof as if stated herein. If there is any conflict between the terms and conditions of t