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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2016
SUBSEQUENT EVENTS |
SUBSEQUENT EVENTS | 28 - SUBSEQUENT EVENTS On March 23, 2017, the Company entered into a letter agreement with John C. Wobensmith to amend his employment agreement with the Company dated September 21, 2007, as amended (the “Employment Agreement”). Mr. Wobensmith is the Company’s President and Secretary and was granted the additional title of Chief Executive Officer pursuant to the letter agreement. The letter agreement provides for an increase in base salary and a cash bonus of $600 for 2016. Additionally, pursuant to the letter agreement, the Company’s Board of Directors awarded Mr. Wobensmith a grant of 292,398 RSUs and options to purchase 133,000 shares with an exercise price of $11.13 per share. Restrictions on the awards will lapse ratably in one-third increments on the first three anniversaries of October 15, 2016. Additionally, on March 23, 2017, the Board of Directors approved an amendment and restatement of the 2015 Plan. This amendment and restatement increases the number of shares available for awards under the plan from 400,000 to 2,750,000, subject to shareholder approval; sets the annual limit for awards to non-employee directors and other individuals as 500,000 and 1,000,000 shares, respectively; and modifies the change in control definition. During January 2017, the Board of Directors unanimously approved selling the Genco Carrier, a 1998-built Handymax vessel, and on January 25, 2017, the Company reached an agreement to sell the Genco Carrier to a third party for $3,560 less a $92 broker commission payable to a third party. The sale was completed on February 16, 2017. During January 2017, the Board of Directors unanimously approved selling the Genco Reliance, a 1999-built Handysize vessel, and on January 12, 2017, the Company reached an agreement to sell the Genco Reliance to a third party for $3,500 less a 3.5% broker commission payable to a third party. The sale was completed on February 9, 2017. On January 4, 2017, the Company’s shareholders approved at a Special Meeting of Shareholders the issuance of up to 27,061,856 shares of common stock of the Company upon the conversion of shares of the Series A Preferred Stock, par value $0.01 per share. As a result of shareholder approval, all outstanding 27,061,856 shares of Series A Preferred Stock were automatically and mandatorily converted into 27,061,856 shares of common stock of the Company on January 4, 2017. Refer to Note 1 — General Information. On December 19, 2016, the Board of Directors unanimously approved selling the Genco Prosperity, a 1997-built Handymax vessel, and the Genco Wisdom, a 1997-built Handymax vessel. On December 21, 2016, the Company reached an agreement to sell the Genco Prosperity to a third party for $3,050 less a 3.5% broker commission payable to a third party. The sale is expected to be completed by June 15, 2017. On December 21, 2016, the Company reached an agreement to sell the Genco Wisdom to a third party for $3,250 less a 3.5% broker commission payable to a third party. The sale was completed on January 9, 2017. The vessel assets for the Genco Wisdom and Genco Prosperity have been classified as held for sale in the Consolidated Balance Sheet as of December 31, 2016. Refer to Note 5 — Vessel Acquisitions and Dispositions. On December 5, 2016, the Board of Directors unanimously approved selling the Genco Success, a 1997-built Handymax vessel, and on December 15, 2016, the Company reached an agreement to sell the Genco Success to a third party for $2,800 less a 3.0% broker commission payable to a third party. The sale was completed on March 19, 2017. The vessel assets for the Genco Success have been classified held for sale in the Consolidated Balance Sheet as of December 31, 2016. Refer to Note 5 — Vessel Acquisitions and Dispositions.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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