- Current report filing (8-K)
October 23 2008 - 3:04PM
Edgar (US Regulatory)
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):
October 17, 2008
ARLINGTON TANKERS LTD.
(Exact Name of Registrant as Specified in Charter)
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Bermuda
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001-32343
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98-0460376
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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First Floor, The Hayward Building
22 Bermudiana Road
Hamilton HM 11, Bermuda
(Address of Principal Executive Offices) (Zip Code)
Registrants telephone number, including area code: (
441) 292-4456
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):
þ
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
TABLE OF CONTENTS
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain Officers.
On October 17, 2008, Arlington Tankers Ltd. (the Company) entered into an Executive Retention
Agreement (the Retention Agreement) with Edward Terino, the Companys Chief Executive Officer,
President and Chief Financial Officer, in connection with the proposed transaction (the Proposed
Transaction) contemplated by the Agreement and Plan of Merger and Amalgamation (the Merger
Agreement), dated as of August 5, 2008, by and among the Company, Galileo Holding Corporation
(Galileo Holding), Archer Amalgamation Limited, Galileo Merger Corporation, and General Maritime
Corporation (General Maritime). Mr. Terino is entitled to receive the benefits in the Retention
Agreement described below in lieu of receiving payments and benefits under the Change of Control
Agreement, dated October 24, 2005, between Mr. Terino and the Company and the Companys 2008 bonus
plan.
Under the terms of the Retention Agreement, upon the occurrence of a triggering event, Mr. Terino
will be entitled to a lump sum cash payment of $1.25 million. For purposes of the Retention
Agreement, a triggering event means the first to occur (if at all) of any of the following:
(a) Mr. Terinos employment with the Company is terminated by the Company (other than
for cause, disability or death, each as defined in the Retention Agreement) or by Mr. Terino
for good reason (as defined in the Retention Agreement), in each case prior to the first to
occur of termination of the Merger Agreement at any time prior to the effective time or the
consummation of the Proposed Transaction, or
(b) the consummation of the Proposed Transaction.
In addition, pursuant to the Retention Agreement, upon the occurrence of a triggering event prior
to the date on which the Company first declares a dividend in 2009, Mr. Terino will be entitled to
a cash payment equal to the average daily closing price per Company common share on the New York
Stock Exchange (NYSE) during the 30 trading days preceding the closing date of the Proposed
Transaction multiplied by 3,537. If the Merger Agreement is terminated at any time prior to the
effective time and Mr. Terino is terminated prior to the date on which the Company first declares a
dividend in 2009, Mr. Terino will be entitled to a cash payment equal to the average daily closing
price per Company common share on the NYSE during the 30 trading days preceding the date Mr.
Terinos employment is terminated multiplied by 3,537.
If Mr. Terinos employment with the Company is terminated by the Company other than for cause,
disability or death or by Mr. Terino for good reason (as those terms are defined in the Retention
Agreement) prior to the first to occur of termination of the Merger Agreement at any time prior to
the effective time or the date that is 12 months after the closing date of the Proposed
Transaction, Mr. Terino will be entitled to receive the following severance benefits:
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for a period of 12 months following Mr. Terinos termination date, the Company will continue to
provide benefits under the Companys benefit plans (or a cash payment in lieu of such benefits)
for Mr. Terino and his family for 12 months up to an aggregate of $75,000; and
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within six months following Mr. Terinos termination date, the Company will provide certain
outplacement services up to an aggregate of $20,000.
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To the extent any payment under the Retention Agreement would be subject to an excise tax imposed
by Section 4999 of the Internal Revenue Code of 1986, as amended, the Company will make a gross-up
payment to Mr. Terino to cover the excise tax and any taxes incurred by Mr. Terino upon the payment
of such gross-up payment.
Item
8.01. Other Events.
Item 5.02 hereof is hereby incorporated by reference.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
This Current Report on Form 8-K contains forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking
statements are based on managements current expectations and observations. Included among the
important factors that, in the Companys and General Maritimes view, could cause actual results to
differ materially from the forward looking statements contained in this document are the following:
the ability to obtain the approval of the transaction by the Companys and General Maritimes
shareholders; the ability to satisfy conditions to the transaction on the proposed terms and
timeframe; and other factors listed from
time to time in General Maritimes or the Companys filings with the Securities and Exchange
Commission (the SEC), including, without limitation, General Maritimes Annual Report on Form
10-K for the year ended December 31, 2007 and subsequent reports on Form 10-Q and Form 8-K, and the
Companys Annual Report on Form 10-K, as amended on October 10, 2008, for the year ended December
31, 2007 and subsequent reports on Form 10-Q, Form 10-Q/A and Form 8-K. The Company and General
Maritime disclaim any intention or obligation to update any forward-looking statements as a result
of developments occurring after the date of this document.
Important Additional Information About This Transaction Will Be Filed With The SEC
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In connection with the Proposed Transaction, Galileo Holding has filed a Registration Statement on
Form S-4 with the SEC on August 28, 2008, as amended on
October 3, 2008 and on October 23, 2008,
which includes a preliminary Joint Proxy Statement/Prospectus. The Company and General Maritime
will mail to their respective shareholders the definitive Joint Proxy Statement/Prospectus in
connection with the Proposed Transaction. Investors and security holders are urged to read the
Joint Proxy Statement/Prospectus regarding the Proposed Transaction carefully because it contains
important information about the Company, General Maritime, the Proposed Transaction and related
matters. You may obtain a free copy of the Joint Proxy Statement/Prospectus and other related
documents filed by the Company, General Maritime and Galileo Holding with the SEC at the SECs
website at www.sec.gov. The documents incorporated by reference into the Joint Proxy
Statement/Prospectus may also be obtained for free by accessing the Companys website at
www.arlingtontankers.com or by accessing General Maritimes website at www.generalmaritimecorp.com.
The Company and General Maritime, and their respective directors and executive officers, may be
deemed to be participants in the solicitation of proxies in respect of the transactions
contemplated by the merger agreement. Information regarding the Companys directors and executive
officer is contained in the Companys Annual Report on Form 10-K, as amended on October 10, 2008,
for the fiscal year ended December 31, 2007 and its proxy statement dated April 23, 2008, which are
filed with the SEC. Information regarding General Maritimes directors and executive officers is
contained in General Maritimes Annual Report on Form 10-K for the fiscal year ended December 31,
2007 and its proxy statement dated April 11, 2008, which are filed with the SEC. In addition,
Peter C. Georgiopoulos, currently the Chairman, President and Chief Executive Officer of General
Maritime, will receive benefits from General Maritime in connection with the executive transition
discussed in the Joint Proxy Statement/Prospectus, and General Maritime is discussing with Edward
Terino, currently the Chief Executive Officer, President, and Chief Financial Officer of the
Company, a consulting arrangement for assistance in the post-closing transition period. A more
complete description of any such arrangements is available in the Registration Statement and the
Joint Proxy Statement/Prospectus.
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SIGNATURE
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.
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ARLINGTON TANKERS LTD.
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Date: October 23, 2008
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By:
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/s/ Edward Terino
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Edward Terino
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Chief Executive Officer,
President and
Chief Financial
Officer
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