Equity Purchase Agreement (2015)Full Document 

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CONFORMED COPY

EQUITY PURCHASE AGREEMENT

BY AND BETWEEN

GENERAL MARITIME CORP.,

NAVIG8 CRUDE TANKERS, INC.,

AND

EACH OF THE COMMITMENT PARTIES PARTY HERETO

Dated as of February 24, 2015

AS AMENDED BY THAT CERTAIN AMENDMENT

Dated as of March 19, 2015



TABLE OF CONTENTS

Page

Article I

DEFINITIONS

2

Section 1.1

Definitions

2

Section 1.2

Additional Defined Terms

9

Section 1.3

Construction

10

Article II

THE PURCHASE COMMITMENTS

11

Section 2.1

Subscription Offering

11

Section 2.2

The Purchase Commitment

14

Section 2.3

Purchase Commitment Term

15

Section 2.4

Purchase Premium

15

Section 2.5

Payment of Purchase Premium

16

Section 2.6

IPO Rights of the Commitment Parties

16

Section 2.7

Certain Adjustments

17

Section 2.8

Commitment Party Default

19

Article III

REPRESENTATIONS AND WARRANTIES OF NAVIG8 AND GENMAR

20

Section 3.1

Organization

20

Section 3.2

Corporate Power and Authority

20

Section 3.3

Execution and Delivery; Enforceability

21

Section 3.4

Authorized and Issued Capital Stock

21

Section 3.5

Issuance

22

Section 3.6

Arm’s Length

22

Section 3.7

Financial Statements

22

Section 3.8

No Violation; Compliance with Laws

22

Section 3.9

No Unlawful Payments

23

Section 3.10

Compliance with Sanctions Laws

23

Section 3.11

No Broker’s Fees

23

Section 3.12

No Registration Rights

23

Section 3.13

Investment Company Act

23

Article IV

REPRESENTATIONS AND WARRANTIES OF EACH COMMITMENT PARTY

23

Section 4.1

Organization

23

Section 4.2

Power and Authority

23

Section 4.3

Execution and Delivery

24

Section 4.4

No Conflict

24

Section 4.5

No Registration

24

Section 4.6

No Public Market

25

i



Section 4.7

Legends

25

Section 4.8

Purchasing Intent

26

Section 4.9

Arm’s Length

26

Section 4.10

No Broker’s Fees

26

Section 4.11

Sufficient Funds

26

Article V

ADDITIONAL COVENANTS

26

Section 5.1

Commercially Reasonable Efforts

26

Section 5.2

Registration Rights Agreement

27

Article VI

CONDITIONS TO THE OBLIGATIONS OF EACH PARTY

27

Section 6.1

Conditions to the Obligation of each Commitment Party

27

Section 6.2

Waiver of Conditions to Obligation of Commitment Parties

28

Section 6.3

Conditions to the Obligation of Gener8

28

Article VII

INDEMNIFICATION AND CONTRIBUTION

29

Section 7.1

Indemnification Obligations

29

Section 7.2

Indemnification Procedure

30

Section 7.3

Settlement of Indemnified Claims

30

Section 7.4

Contribution

31

Section 7.5

Treatment of Indemnification Payments

31

Article VIII

TERMINATION

31

Section 8.1

Termination Rights

31

Section 8.2

Automatic Termination

32

Section 8.3

Effect of Termination

32

Article IX

GENERAL PROVISIONS

33

Section 9.1

Notices

33

Section 9.2

Assignment; Third Party Beneficiaries

34

Section 9.3

Prior Negotiations; Entire Agreement

34

Section 9.4

Governing Law; Venue

34

Section 9.5

Waiver of Jury Trial

35

Section 9.6

Counterparts

35

Section 9.7

Amendments; Waivers; Certain Actions; Rights Cumulative

35

Section 9.8

Headings

35

Section 9.9

Specific Performance

35

Section 9.10

Damages

35

Section 9.11

No Reliance

35

Schedules

Schedule 1

Commitment Parties and Purchase Information

ii



Schedule 2

Notice Addresses

Schedule 3.3

Conflicts

Schedule 3.4(b)

Authorized and Issued Capital Stock

Schedule 3.5

Issuance

Schedule 3-A

Avenue

Schedule 3-B

Blue Mountain

Schedule 3-C

Monarch

Schedule 3-D

Oaktree

Schedule 3-E

BlackRock

Schedule 3-F

Bamboula-Shun Lee

Exhibits

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