<SEC-DOCUMENT>0001140361-18-045659.txt : 20181221
<SEC-HEADER>0001140361-18-045659.hdr.sgml : 20181221
<ACCEPTANCE-DATETIME>20181221171515
ACCESSION NUMBER:		0001140361-18-045659
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20181218
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
FILED AS OF DATE:		20181221
DATE AS OF CHANGE:		20181221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GENCO SHIPPING & TRADING LTD
		CENTRAL INDEX KEY:			0001326200
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33393
		FILM NUMBER:		181250480

	BUSINESS ADDRESS:	
		STREET 1:		299 PARK AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
		BUSINESS PHONE:		(646) 443-8550

	MAIL ADDRESS:	
		STREET 1:		299 PARK AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<DESCRIPTION>8-K
<TEXT>
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      <div style="text-align: center; font-family: &quot;Times New Roman&quot;; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <font style="font-size: 14pt;"> </font>
      <div style="text-align: center; font-size: 14pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></div>
      <div style="text-align: center; font-size: 12pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">WASHINGTON, DC 20549</font></div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 18pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">FORM 8-K</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">CURRENT REPORT</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Date of Report (Date of earliest event reported):&#160; December 21, 2018 (December 18, 2018)</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> <br>
        </font></div>
      <div style="text-align: center; font-size: 24pt;"><font style="font-family: &quot;Times New Roman&quot;; font-weight: bold;">GENCO SHIPPING &amp; TRADING LIMITED</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Exact name of registrant as specified in its charter)</font></div>
      <div><br>
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              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Republic of the Marshall Islands</font></div>
            </td>
            <td style="width: 34%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">001-33393</font></div>
            </td>
            <td style="width: 33.34%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">98-043-9758</font></div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(State or other jurisdiction of&#160; </font><font style="font-size: 10pt; font-family: 'Times New Roman';">incorporation or organization)</font></div>
            </td>
            <td style="width: 34%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Commission file number)</font></div>
            </td>
            <td style="width: 33.34%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(I.R.S. employer </font><font style="font-size: 10pt; font-family: 'Times New Roman';">identification no.)</font></div>
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            <td style="width: 49%; vertical-align: top;">
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">299 Park Avenue</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">12th Floor</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Address of principal executive offices)</font></div>
            </td>
            <td style="width: 2%; vertical-align: top;">&#160;</td>
            <td style="width: 49%; vertical-align: top;">
              <div>&#160;</div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">10171</font></div>
              <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">(Zip code)</font></div>
            </td>
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      </div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Registrant&#8217;s telephone number, including area code:&#160; (646) 443-8550</font></div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font><br>
        <div style="text-align: left; margin-left: 36pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">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 (<font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;; font-style: italic;">see</font> General Instruction A.2. below):</font></div>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">&#9744;</font></div>
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              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
              </td>
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              <td style="vertical-align: top; width: 18pt;">&#9744;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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              <td style="vertical-align: top; width: 18pt; font-family: &quot;Times New Roman&quot;;">&#9744;</td>
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                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
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              <td style="vertical-align: top; width: 18pt; font-family: &quot;Times New Roman&quot;;">&#9744;</td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
              </td>
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      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter)
          or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></div>
      <div><br>
      </div>
      <div style="text-align: right;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Emerging growth company&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>&#9744;</div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
          revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744;</font></div>
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        </font></div>
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          <div style="text-align: left;"><font style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Item 5.02 &#160; &#160; &#160;&#160; </font></font><font style="font-size: 10pt; font-family: 'Times New Roman';
              font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; </font><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Appointment of Certain Officers; Compensatory Arrangements of
              Certain Officers.</font></div>
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      <div style="text-align: left; text-indent: -18pt; margin-left: 18pt;"><br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">On December 18, 2018, the Board of Directors (the &#8220;Board&#8221;) of Genco Shipping &amp; Trading Limited (the &#8220;Company&#8221;), acting on the recommendation of its Compensation
        Committee, adopted a cash bonus plan that will be used to calculate cash bonuses that may become payable to the Company's executive officers and other employees commencing with the year ending December 31, 2018 (the &#8220;Cash Bonus Plan&#8221;).&#160; The Cash
        Bonus Plan establishes measurable criteria intended to reinforce a pay for performance framework that aligns the interests of executive officers and other employees with those of the shareholders.&#160; The Cash Bonus Plan utilizes weighted performance
        criteria to determine the amount of the cash bonus.&#160; For 2018, the following performance measures have been established:&#160; Adjusted EBITDA relative to an internal goal, time charter equivalent (TCE) performance of our fleet compared to an internal
        benchmark, costs incurred by the Company compared to the budgeted costs, total shareholder return of the Company&#8217;s common stock compared to a peer group and achievement of individual performance goals.&#160;</div>
      <div><br>
      </div>
      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">The Cash Bonus Plan provides for payment of cash bonuses based on achievement of specified benchmarks for each performance metric.&#160; Actual bonuses may range
          from 0 to 150 percent of the target bonus amounts.&#160; Bonuses are calculated on the basis of performance relative to each performance metric, and for each metric there are threshold, target and maximum bonus levels.&#160; In respect of each metric, no
          bonus amount is generated for performance below the threshold level; 50% of the target bonus amount is generated for performance at threshold; the target bonus amount is generated for performance at the target level; and the maximum bonus amount
          is generated for performance at the maximum level. The amount to be awarded for achievement of individual performance goals is within the Board&#8217;s discretion for named executive officers and, for non-named executive officers, senior management.&#160;
          Actual bonus amounts are calculated by linear interpolation between the threshold and the target and between the target and the maximum.&#160; For 2018, the amount payable under the Cash Bonus Plan ranges from $0 to $975,000 for John C. Wobensmith,
          Chief Executive Officer and President, based on a target bonus of $650,000; from $0 to $292,500 for Apostolos Zafolias, Chief Financial Officer and Executive Vice President, Finance, based on a target bonus of $195,500; and from $0 to $189,000,
          for Joseph Adamo, Chief Accounting Officer, Treasurer, and Controller, based on a target bonus of $126,000.&#160; The Board can modify or terminate the Cash Bonus Plan at any time, and the payment of any bonus under the Cash Bonus Plan is subject to
          the discretion of the Board.</font></div>
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      <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';"> </font><br>
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        <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">-2-</font></div>
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      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">SIGNATURE</font></div>
      <div style="text-align: center;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;"> <br>
        </font></div>
      <div style="text-align: justify; text-indent: 54pt;"><font style="font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Pursuant to the requirements of the Securities Exchange Act of 1934, Genco Shipping &amp; Trading Limited has duly caused
          this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div>
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            <td style="width: 37%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">GENCO SHIPPING &amp; TRADING LIMITED</font></div>
            </td>
            <td style="width: 20%; vertical-align: top;" colspan="1">&#160;</td>
          </tr>
          <tr>
            <td style="width: 43%; vertical-align: top;">&#160;</td>
            <td style="width: 37%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;" colspan="1">&#160;</td>
          </tr>
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            <td style="width: 43%; vertical-align: top;">&#160;</td>
            <td style="width: 37%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">DATE:&#160; December 21, 2018</font></div>
            </td>
            <td style="width: 20%; vertical-align: top;" colspan="1">&#160;</td>
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            <td style="width: 43%; vertical-align: top;">&#160;</td>
            <td style="width: 37%; vertical-align: top;">&#160;</td>
            <td style="width: 20%; vertical-align: top;" colspan="1">&#160;</td>
          </tr>
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            <td style="width: 43%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 37%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">/s/ Apostolos Zafolias</font></div>
            </td>
            <td style="width: 20%; vertical-align: top; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td style="width: 43%; vertical-align: top;">&#160;</td>
            <td style="width: 37%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Apostolos Zafolias</font></div>
            </td>
            <td style="width: 20%; vertical-align: top;" colspan="1">&#160;</td>
          </tr>
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            <td style="width: 43%; vertical-align: top;">&#160;</td>
            <td style="width: 37%; vertical-align: top;">
              <div style="text-align: left;"><font style="font-size: 10pt; font-family: 'Times New Roman';">Chief Financial Officer</font></div>
            </td>
            <td style="width: 20%; vertical-align: top;" colspan="1">&#160;</td>
          </tr>

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      <div style="text-align: center;"><font style="font-family: &quot;Times New Roman&quot;; font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">-3-</font> </div>
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