Document:

Exhibit 10.19 Stock Grant Agreement

    
      

    

     

                                                                                            Exhibit
      10.19

     

     

    Genco
      Shipping & Trading Limited

    Executive
      Officer Restricted Stock Grant Agreement

     

    THIS
      AGREEMENT, made as of December 22, 2006, between GENCO SHIPPING
      & TRADING LIMITED (the
      “Company”) and Robert
      Gerald Buchanan
      (the
“Participant”).

     

    WHEREAS,
      the Company has adopted and maintains the Genco Shipping
      & Trading Limited 2005 Equity Incentive Plan (as amended and restated
      effective December 21, 2005) (the “Plan”) to provide certain key persons, on
      whose initiative and efforts the successful conduct of the business of the
      Company depends, with incentives to: (a) enter into and remain in the service
      of
      the Company, (b) acquire a proprietary interest in the success of the Company,
      (c) maximize their performance and (d) enhance the long-term performance of
      the
      Company;

     

    WHEREAS,
      the Plan provides that the Board of Directors of the Company (the “Board of
      Directors”) shall administer the Plan and determine the key persons to whom
      awards shall be granted and the amount and type of such awards; and

     

    WHEREAS,
      the Board of Directors has determined that the purposes of the Plan would be
      furthered by granting the Participant an award under the Plan as set forth
      in
      this Agreement;

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants hereinafter
      set forth, the parties hereto hereby agree as follows:

     

    1.  Grant
      of Restricted Stock.  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 15,000
      restricted shares (the “Restricted Stock”) of common stock of the Company, par
      value $0.01 per share (“Common Stock”).  

     

    2.  Grant
      Date.  The
      Grant Date of the Restricted Stock is December 22, 2006.

     

    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 the Plan and this Agreement, the terms and conditions
      of
      the Plan, as interpreted by the Board of Directors, shall
      govern.  Except as otherwise provided herein, all capitalized terms
      used herein shall have the meaning given to such terms in the Plan.

     

    4.  Vesting.
      

     

    (a) Subject
      to Section 4(b) hereof and the further provisions of this Agreement, a number
      of
      whole shares of Restricted Stock as close as possible to 25% of the total number
      of shares granted hereunder shall vest on each of November 15, 2007, 2008,
      2009
      and 2010 (each such date, a “Vesting Date”).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b) In
      the
      event of the occurrence of a Change in Control, as defined in Section 3.8(a)
      of
      the Plan, as in effect on the date of such occurrence, the Restricted Stock
      shall become vested in full on the date of such Change in Control.

     

    5.  Restrictions
      on Transferability.
      Until a
      share of Restricted Stock vests, the Participant shall not transfer the
      Participant’s rights to such share of Restricted Stock or to any rights related
      thereto. Any attempt to transfer unvested shares of Restricted Stock or any
      rights related thereto, whether by transfer, pledge, hypothecation or otherwise
      and whether voluntary or involuntary, by operation of law or otherwise, shall
      not vest the transferee with any interest or right in or with respect to such
      shares of Restricted Stock or such related rights.

     

    6.  Termination
      of Service.

     

    (a) In
      the
      event that the Participant’s Service with the Company terminates before all the
      shares of Restricted Stock are vested for any reason other than a termination
      by
      the Company without cause (as defined in the Plan) or the Participant’s death or
      disability (as defined in the Plan), all unvested shares of Restricted Stock,
      together with any property received in respect of such shares, subject to and
      as
      set forth in Section 9 hereof, shall be forfeited as of the date such Service
      terminates, and the Participant promptly shall return to the Company any
      certificates evidencing such shares, together with any cash dividends or other
      property received in respect of such shares. For purposes hereof, “Service”
means a continuous time period during which the Participant is at least one
      of
      the following: an employee or a director of, or a consultant to, the
      Company.

     

    (b) In
      the
      event that the Participant’s Service with the Company is terminated before all
      the shares of Restricted Stock are vested by the Company without cause (as
      defined in the Plan) or for reason of the Participant’s death or disability (as
      defined in the Plan), a portion of the shares of Restricted Stock shall become
      vested immediately prior to the date such Service terminates, and all other
      shares of Restricted Stock which are not and have not become vested, together
      with any property received in respect of such shares, as set forth in Section
      9
      hereof, shall be forfeited as of the date such Service terminates, and the
      Participant promptly shall return to the Company any certificates evidencing
      such shares, together with any cash dividends or other property received in
      respect of such shares. The number of shares to become vested immediately prior
      to the date such Service terminates shall be as follows:

     

    (i)  If
      the
      termination occurs prior to November 15, 2007, 25% of the number of shares
      set
      forth in Section 1 hereof multiplied by a fraction, the denominator of which
      is
      11 and the numerator of which is the number of completed months between the
      date
      hereof and the date such Service terminates. For the purposes of this paragraph,
      a month shall be deemed completed on the 15th of such month. 

     

    (ii)  If
      the
      termination occurs on or after November 15, 2007, 25% of the number of shares
      set forth in Section 1 hereof multiplied by a fraction, the denominator of
      which
      is 12 and the numerator of which is the number of completed months between
      the
      immediately preceding November 15 and the date such Service terminates. For
      the
      purposes of this paragraph, a month shall be deemed completed on the 15th of
      such month. 

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (7)  Issuance
      of Shares.

     

    (a) Reasonably
      promptly after the Grant Date, the Company shall issue and deliver to the
      Participant stock certificates, registered in the name of the Participant,
      evidencing the shares of Restricted Stock or shall instruct its transfer agent
      to issue shares of Restricted Stock which shall be maintained in book entry
      form
      on the books of the transfer agent. The Restricted Stock, if certificated,
      shall
      bear the following legend:

     

    “THE
      SALE, TRANSFER, ASSIGNMENT, PLEDGE, HYPOTHECATION ENCUMBRANCE OR OTHER DISPOSAL
      OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS
      OF
      THE GENCO SHIPPING
      & TRADING LIMITED 2005
      EQUITY INCENTIVE PLAN AND A RESTRICTED STOCK GRANT AGREEMENT BETWEEN
      GENCO SHIPPING
      & TRADING LIMITED AND
      THE
      HOLDER OF RECORD OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE. NO TRANSFER
      OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IN CONTRAVENTION OF SUCH
      PLAN
      AND RESTRICTED STOCK GRANT AGREEMENT SHALL BE VALID OR EFFECTIVE. COPIES OF
      SUCH
      AGREEMENT MAY BE OBTAINED BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF
      THE
      CERTIFICATE TO THE SECRETARY OF GENCO SHIPPING
      & TRADING LIMITED.”

     

    If
      the
      Restricted Stock is in book entry form, it shall be subject to electronic coding
      or stop order indicating that such shares of Restricted Stock are restricted
      by
      the terms of this Agreement and the Plan. Such legend, electronic coding or
      stop
      order shall not be removed until such shares of Restricted Stock
      vest.

     

    (b) Reasonably
      promptly after any such shares of Restricted Stock vest pursuant to Section
      4
      hereof, (i) in the case of certificated shares, in exchange for the surrender
      to
      the Company of the certificates evidencing the Restricted Stock, delivered
      to
      the Participant under Section 7(a) hereof, and the certificates evidencing
      any
      other securities received in respect of such shares, if any, the Company shall
      issue and deliver to the Participant (or the Participant’s legal representative,
      beneficiary or heir) certificates evidencing such shares of Restricted Stock
      and
      such other securities, free of the legend provided in Section 7(a) hereof and
      (ii) in the case of book entry shares, the Company shall cause to be lifted
      and
      removed any electronic coding or stop order established pursuant to Section
      7(a)
      hereof. 

     

    (c) The
      Company may require as a condition of the delivery of stock certificates or
      the
      removal of any electronic coding or stop order, pursuant to Section 7(b) hereof,
      that the Participant remit to the Company an amount sufficient in the opinion
      of
      the Company to satisfy any federal, state and other governmental tax withholding
      requirements related to the vesting of the applicable shares. The Board of
      Directors, in its sole discretion, may permit the Participant to satisfy such
      obligation by
      delivering shares of Common Stock or by directing the Company to withhold
      from delivery shares
      of
      Common Stock, in either case valued at their Fair Market Value on the Vesting
      Date with fractional shares being settled in cash.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (d) The
      Participant shall not be deemed for any purpose to be, or have rights as, a
      shareholder of the Company by virtue of the grant of Restricted Stock, except
      to
      the extent a stock certificate is issued therefor or an appropriate book entry
      is made on the books of the transfer agent reflecting the issuance thereof
      pursuant to Section 7(a) hereof, and then only from the date such certificate
      is
      issued or such book entry is made. Upon the issuance of a stock certificate
      or
      the making of an appropriate book entry on the books of the transfer agent,
      the
      Participant shall have the rights of a shareholder with respect to the
      Restricted Stock, including the right to vote the shares, subject to the
      restrictions on transferability and the forfeiture provisions, as set forth
      in
      this Agreement.

     

    8.  Securities
      Matters.
      The
      Company shall be under no obligation to effect the registration pursuant to
      the
      Securities Act of 1933, as amended (the “1933 Act”) of any interests in the Plan
      or any shares of Common Stock to be issued thereunder or to effect similar
      compliance under any state laws.  The Company shall not be obligated
      to cause to be issued any shares, whether by means of stock certificates or
      appropriate book entries, unless and until the Company is advised by its counsel
      that the issuance of such shares is in compliance with all applicable laws,
      regulations of governmental authority and the requirements of any securities
      exchange on which shares of Common Stock are traded.  The Board of
      Directors may require, as a condition of the issuance of shares of Common Stock
      pursuant to the terms hereof, that the recipient of such shares make such
      covenants, agreements and representations, and that any certificates bear such
      legends and any book entries be subject to such electronic coding, as the Board
      of Directors, in its sole discretion, deems necessary or
      desirable.  The Participant specifically understands and agrees that
      the shares of Common Stock, if and when issued, may be “restricted securities,”
as that term is defined in Rule 144 under the 1933 Act and, accordingly, the
      Participant may be required to hold the shares indefinitely unless they are
      registered under such Act or an exemption from such registration is
      available.

     

    9.  Dividends,
      etc.
      Any
      cash dividends or other property (but not including securities) received by
      a
      Participant with respect to a share of Restricted Stock shall be returned to
      the
      Company in the event such share of Restricted Stock is forfeited, subject to
      Section 2.7(e) of the Plan. Any securities received by a Participant with
      respect to a share of Restricted Stock as a result of any dividend,
      recapitalization, merger, consolidation, combination, exchange of shares or
      otherwise will not vest until such share of Restricted Stock vests and shall
      be
      forfeited if such share of Restricted Stock is forfeited, subject to Section
      2.7(e) of the Plan. Unless the Board of Directors otherwise determines, such
      securities shall bear the legend or be subject to the electronic coding or
      stop
      order set forth in Section 7(a) hereof.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    10.  Delays
      or Omissions.  No
      delay or omission to exercise any right, power or remedy accruing to any party
      hereto upon any breach or default of any party under this Agreement, shall
      impair any such right, power or remedy of such party, nor shall it be construed
      to be a waiver of any such breach or default, or an acquiescence therein, or
      of
      or in any similar breach or default thereafter occurring, nor shall any waiver
      of any single breach or default be deemed a waiver of any other breach or
      default theretofore or thereafter occurring.  Any waiver, permit,
      consent or approval of any kind or character on the part of any party of any
      breach or default under this Agreement, or any waiver on the part of any party
      or any provisions or conditions of this Agreement, must be in a writing signed
      by such party and shall be effective only to the extent specifically set forth
      in such writing.

     

    11.  Right
      of Discharge Preserved.
      Nothing
      in this Agreement shall confer upon the Participant the right to continue in
      the
      employ or other service of the Company, or affect any right which the Company
      may have to terminate such employment or service.

     

    12.  Integration.  This
      Agreement contains the entire understanding of the parties with respect to
      its
      subject matter.  There are no restrictions, agreements, promises,
      representations, warranties, covenants or undertakings with respect to the
      subject matter hereof other than those expressly set forth
      herein.  This Agreement, including, without limitation, the Plan,
      supersedes all prior agreements and understandings between the parties with
      respect to its subject matter.

     

    13.  Counterparts.  This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, but all of which shall constitute one and the same
      instrument.

     

    14.  Governing
      Law.  This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of New York, without regard to the provisions governing
      conflict of laws.

     

    15.  Obligation
      to Notify.
      If the
      Participant makes the election permitted under Section 83(b) of the Internal
      Revenue Code of 1986, as amended (that is, an election to include in gross
      income in the year of transfer the amounts specified in Section 83(b)), the
      Participant shall notify the Company of such election within 10 days of filing
      notice of the election with the Internal Revenue Service and shall within the
      same 10-day period remit to the Company an amount sufficient in the opinion
      of
      the Company to satisfy any federal, state and other governmental tax withholding
      requirements related to such inclusion in Participant’s income. The Participant
      should consult with his or her tax advisor to determine the tax consequences
      of
      acquiring the Restricted Stock and the advantages and disadvantages of filing
      the Section 83(b) election. The Participant acknowledges that it is his or
      her
      sole responsibility, and not the Company’s, to file a timely election under
      Section 83(b), even if the Participant requests the Company or its
      representatives to make this filing on his or her behalf.

     

    16.  Reduction
      in Benefits.
      Unless
      the Participant and the Company agree otherwise in writing, in the event that
      the Participant would incur an Excise Tax on any payments or benefits under
      this
      Agreement as a result of a Change of Control (or any other change described
      in
      Section 280G(b)(2) of the Code), the Company shall reduce the payments or
      benefits to be paid to or granted to Participant hereunder to the greater of
      (i)
      the maximum amount payable to the Participant without the imposition of any
      Excise Tax with respect to the Restricted Stock and (ii) the amount that yields
      the Participant the greatest after-tax amount of benefits under this Agreement
      after taking into account any Excise Tax imposed on Participant, whether due
      to
      payments and benefits under this Agreement or otherwise. “Excise Tax” means the
      tax imposed by Section 4999 of the Code and any successor tax. The determination
      of whether the Participants payments and benefits should be reduced and the
      amount of any such reduction shall be made by independent counsel selected
      by
      the Participant and reasonably acceptable to the Company (“Independent
      Counsel”). For purposes of such determination, (x) the total amount of payments
      and benefits received by the Participant as a result of such Change in Control
      (or such other change) shall be treated as “parachute payments” within the
      meaning of

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    17.  Section
      280G(b)(2) of the Code, and all “excess parachute payments” within the meaning
      of Section 280G(b)(1) of the Code shall be treated as subject to the Excise
      Tax,
      except to the extent that, in the opinion of Independent Counsel, a payment
      or
      benefit hereunder (in whole or in part) does not constitute a “parachute
      payment” within the meaning of Section 280G(b)(2) of the Code and the Treasury
      Regulations under Section 280G of the Code (the “Regulations”), or such “excess
      parachute payments” (in whole or in part) are not subject to the Excise Tax; (y)
      the amount of the payments and benefits hereunder that shall be treated as
      subject to the Excise Tax shall be equal to the lesser of (A) the total amount
      of such payments and benefits or (B) the amount of “excess parachute payments”
within the meaning of Section 280G(b)(1) of the Code (after applying clause
      (x)
      hereof); and (z) the value of any noncash benefits or any deferred payment
      or
      benefit shall be determined by Independent Counsel in accordance with the
      principles of Sections 280G(d)(3) and (4) of the Code. All fees and expenses
      of
      Independent Counsel shall be borne by the Company.

     

    18.  Participant
      Acknowledgment.  The
      Participant hereby acknowledges receipt of a copy of the Plan.  The
      Participant hereby acknowledges that all decisions, determinations and
      interpretations of the Board of Directors in respect of the Plan, this Agreement
      and the Restricted Stock shall be final and conclusive.

     

    IN
      WITNESS WHEREOF, the Company has caused this Agreement to be duly executed
      by
      its duly authorized officer, and the Participant has hereunto signed this
      Agreement on his own behalf, thereby representing that he has carefully read
      and
      understands this Agreement and the Plan as of the day and year first written
      above.

    

    

    GENCO SHIPPING
      & TRADING LIMITED 

     

    

    
      	
              By:

            	
              /s/
                John C. Wobensmith 

            
	
              Name:

               

            	
              John
                C. Wobensmith 

               

            
	
              Title:

            	
              Chief
                Financial Officer

            
	
               

               

              /s/
                Robert Gerald Buchanan

            
	
              ROBERT
                GERALD BUCHANANEX-10.19

    
      

    

                                                                                        Exhibit
      10.20

     

     

    
 

    Genco
      Shipping & Trading Limited

    Executive
      Officer Restricted Stock Grant Agreement

     

    THIS
      AGREEMENT, made as of December 22, 2006, between GENCO SHIPPING
      & TRADING LIMITED (the
      “Company”) and John
      C. Wobensmith
      (the
“Participant”).

     

    WHEREAS,
      the Company has adopted and maintains the Genco Shipping
      & Trading Limited 2005 Equity Incentive Plan (as amended and restated
      effective December 21, 2005) (the “Plan”) to provide certain key persons, on
      whose initiative and efforts the successful conduct of the business of the
      Company depends, with incentives to: (a) enter into and remain in the service
      of
      the Company, (b) acquire a proprietary interest in the success of the Company,
      (c) maximize their performance and (d) enhance the long-term performance of
      the
      Company;

     

    WHEREAS,
      the Plan provides that the Board of Directors of the Company (the “Board of
      Directors”) shall administer the Plan and determine the key persons to whom
      awards shall be granted and the amount and type of such awards; and

     

    WHEREAS,
      the Board of Directors has determined that the purposes of the Plan would be
      furthered by granting the Participant an award under the Plan as set forth
      in
      this Agreement;

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants hereinafter
      set forth, the parties hereto hereby agree as follows:

     

    1.  Grant
      of Restricted Stock.  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 20,000
      restricted shares (the “Restricted Stock”) of common stock of the Company, par
      value $0.01 per share (“Common Stock”).  

     

    2.  Grant
      Date.  The
      Grant Date of the Restricted Stock is December 22, 2006.

     

    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 the Plan and this Agreement, the terms and conditions
      of
      the Plan, as interpreted by the Board of Directors, shall
      govern.  Except as otherwise provided herein, all capitalized terms
      used herein shall have the meaning given to such terms in the Plan.

     

    4.  Vesting.
      

     

    (a) Subject
      to Section 4(b) hereof and the further provisions of this Agreement, a number
      of
      whole shares of Restricted Stock as close as possible to 25% of the total number
      of shares granted hereunder shall vest on each of November 15, 2007, 2008,
      2009
      and 2010 (each such date, a “Vesting Date”).

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b) In
      the
      event of the occurrence of a Change in Control, as defined in Section 3.8(a)
      of
      the Plan, as in effect on the date of such occurrence, the Restricted Stock
      shall become vested in full on the date of such Change in Control.

     

    5.  Restrictions
      on Transferability.
      Until a
      share of Restricted Stock vests, the Participant shall not transfer the
      Participant’s rights to such share of Restricted Stock or to any rights related
      thereto. Any attempt to transfer unvested shares of Restricted Stock or any
      rights related thereto, whether by transfer, pledge, hypothecation or otherwise
      and whether voluntary or involuntary, by operation of law or otherwise, shall
      not vest the transferee with any interest or right in or with respect to such
      shares of Restricted Stock or such related rights.

     

    6.  Termination
      of Service.

     

    (a) In
      the
      event that the Participant’s Service with the Company terminates before all the
      shares of Restricted Stock are vested for any reason other than a termination
      by
      the Company without cause (as defined in the Plan) or the Participant’s death or
      disability (as defined in the Plan), all unvested shares of Restricted Stock,
      together with any property received in respect of such shares, subject to and
      as
      set forth in Section 9 hereof, shall be forfeited as of the date such Service
      terminates, and the Participant promptly shall return to the Company any
      certificates evidencing such shares, together with any cash dividends or other
      property received in respect of such shares. For purposes hereof, “Service”
means a continuous time period during which the Participant is at least one
      of
      the following: an employee or a director of, or a consultant to, the
      Company.

     

    (b) In
      the
      event that the Participant’s Service with the Company is terminated before all
      the shares of Restricted Stock are vested by the Company without cause (as
      defined in the Plan) or for reason of the Participant’s death or disability (as
      defined in the Plan), a portion of the shares of Restricted Stock shall become
      vested immediately prior to the date such Service terminates, and all other
      shares of Restricted Stock which are not and have not become vested, together
      with any property received in respect of such shares, as set forth in Section
      9
      hereof, shall be forfeited as of the date such Service terminates, and the
      Participant promptly shall return to the Company any certificates evidencing
      such shares, together with any cash dividends or other property received in
      respect of such shares. The number of shares to become vested immediately prior
      to the date such Service terminates shall be as follows:

     

    (i)  If
      the
      termination occurs prior to November 15, 2007, 25% of the number of shares
      set
      forth in Section 1 hereof multiplied by a fraction, the denominator of which
      is
      11 and the numerator of which is the number of completed months between the
      date
      hereof and the date such Service terminates. For the purposes of this paragraph,
      a month shall be deemed completed on the 15th of such month. 

     

    (ii)  If
      the
      termination occurs on or after November 15, 2007, 25% of the number of shares
      set forth in Section 1 hereof multiplied by a fraction, the denominator of
      which
      is 12 and the numerator of which is the number of completed months between
      the
      immediately preceding November 15 and the date such Service terminates. For
      the
      purposes of this paragraph, a month shall be deemed completed on the 15th of
      such month. 

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (7)  Issuance
      of Shares.

     

    (a) Reasonably
      promptly after the Grant Date, the Company shall issue and deliver to the
      Participant stock certificates, registered in the name of the Participant,
      evidencing the shares of Restricted Stock or shall instruct its transfer agent
      to issue shares of Restricted Stock which shall be maintained in book entry
      form
      on the books of the transfer agent. The Restricted Stock, if certificated,
      shall
      bear the following legend:

     

    “THE
      SALE, TRANSFER, ASSIGNMENT, PLEDGE, HYPOTHECATION ENCUMBRANCE OR OTHER DISPOSAL
      OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS
      OF
      THE GENCO SHIPPING
      & TRADING LIMITED 2005
      EQUITY INCENTIVE PLAN AND A RESTRICTED STOCK GRANT AGREEMENT BETWEEN
      GENCO SHIPPING
      & TRADING LIMITED AND
      THE
      HOLDER OF RECORD OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE. NO TRANSFER
      OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IN CONTRAVENTION OF SUCH
      PLAN
      AND RESTRICTED STOCK GRANT AGREEMENT SHALL BE VALID OR EFFECTIVE. COPIES OF
      SUCH
      AGREEMENT MAY BE OBTAINED BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF
      THE
      CERTIFICATE TO THE SECRETARY OF GENCO SHIPPING
      & TRADING LIMITED.”

     

    If
      the
      Restricted Stock is in book entry form, it shall be subject to electronic coding
      or stop order indicating that such shares of Restricted Stock are restricted
      by
      the terms of this Agreement and the Plan. Such legend, electronic coding or
      stop
      order shall not be removed until such shares of Restricted Stock
      vest.

     

    (b) Reasonably
      promptly after any such shares of Restricted Stock vest pursuant to Section
      4
      hereof, (i) in the case of certificated shares, in exchange for the surrender
      to
      the Company of the certificates evidencing the Restricted Stock, delivered
      to
      the Participant under Section 7(a) hereof, and the certificates evidencing
      any
      other securities received in respect of such shares, if any, the Company shall
      issue and deliver to the Participant (or the Participant’s legal representative,
      beneficiary or heir) certificates evidencing such shares of Restricted Stock
      and
      such other securities, free of the legend provided in Section 7(a) hereof and
      (ii) in the case of book entry shares, the Company shall cause to be lifted
      and
      removed any electronic coding or stop order established pursuant to Section
      7(a)
      hereof. 

     

    (c) The
      Company may require as a condition of the delivery of stock certificates or
      the
      removal of any electronic coding or stop order, pursuant to Section 7(b) hereof,
      that the Participant remit to the Company an amount sufficient in the opinion
      of
      the Company to satisfy any federal, state and other governmental tax withholding
      requirements related to the vesting of the applicable shares. The Board of
      Directors, in its sole discretion, may permit the Participant to satisfy such
      obligation by
      delivering shares of Common Stock or by directing the Company to withhold
      from delivery shares
      of
      Common Stock, in either case valued at their Fair Market Value on the Vesting
      Date with fractional shares being settled in cash.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (d) The
      Participant shall not be deemed for any purpose to be, or have rights as, a
      shareholder of the Company by virtue of the grant of Restricted Stock, except
      to
      the extent a stock certificate is issued therefor or an appropriate book entry
      is made on the books of the transfer agent reflecting the issuance thereof
      pursuant to Section 7(a) hereof, and then only from the date such certificate
      is
      issued or such book entry is made. Upon the issuance of a stock certificate
      or
      the making of an appropriate book entry on the books of the transfer agent,
      the
      Participant shall have the rights of a shareholder with respect to the
      Restricted Stock, including the right to vote the shares, subject to the
      restrictions on transferability and the forfeiture provisions, as set forth
      in
      this Agreement.

     

    8.  Securities
      Matters.
      The
      Company shall be under no obligation to effect the registration pursuant to
      the
      Securities Act of 1933, as amended (the “1933 Act”) of any interests in the Plan
      or any shares of Common Stock to be issued thereunder or to effect similar
      compliance under any state laws.  The Company shall not be obligated
      to cause to be issued any shares, whether by means of stock certificates or
      appropriate book entries, unless and until the Company is advised by its counsel
      that the issuance of such shares is in compliance with all applicable laws,
      regulations of governmental authority and the requirements of any securities
      exchange on which shares of Common Stock are traded.  The Board of
      Directors may require, as a condition of the issuance of shares of Common Stock
      pursuant to the terms hereof, that the recipient of such shares make such
      covenants, agreements and representations, and that any certificates bear such
      legends and any book entries be subject to such electronic coding, as the Board
      of Directors, in its sole discretion, deems necessary or
      desirable.  The Participant specifically understands and agrees that
      the shares of Common Stock, if and when issued, may be “restricted securities,”
as that term is defined in Rule 144 under the 1933 Act and, accordingly, the
      Participant may be required to hold the shares indefinitely unless they are
      registered under such Act or an exemption from such registration is
      available.

     

    9.  Dividends,
      etc.
      Any
      cash dividends or other property (but not including securities) received by
      a
      Participant with respect to a share of Restricted Stock shall be returned to
      the
      Company in the event such share of Restricted Stock is forfeited, subject to
      Section 2.7(e) of the Plan. Any securities received by a Participant with
      respect to a share of Restricted Stock as a result of any dividend,
      recapitalization, merger, consolidation, combination, exchange of shares or
      otherwise will not vest until such share of Restricted Stock vests and shall
      be
      forfeited if such share of Restricted Stock is forfeited, subject to Section
      2.7(e) of the Plan. Unless the Board of Directors otherwise determines, such
      securities shall bear the legend or be subject to the electronic coding or
      stop
      order set forth in Section 7(a) hereof.

     

    10.  Delays
      or Omissions.  No
      delay or omission to exercise any right, power or remedy accruing to any party
      hereto upon any breach or default of any party under this Agreement, shall
      impair any such right, power or remedy of such party, nor shall it be construed
      to be a waiver of any such breach or default, or an acquiescence therein, or
      of
      or in any similar breach or default thereafter occurring, nor shall any waiver
      of any single breach or default be deemed a waiver of any other breach or
      default theretofore or thereafter occurring.  Any waiver, permit,
      consent or approval of any kind or character on the part of any party of any
      breach or default under this Agreement, or any waiver on the part of any party
      or any provisions or conditions of this Agreement, must be in a writing signed
      by such party and shall be effective only to the extent specifically set forth
      in such writing.

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    11.  Right
      of Discharge Preserved.
      Nothing
      in this Agreement shall confer upon the Participant the right to continue in
      the
      employ or other service of the Company, or affect any right which the Company
      may have to terminate such employment or service.

     

    12.  Integration.  This
      Agreement contains the entire understanding of the parties with respect to
      its
      subject matter.  There are no restrictions, agreements, promises,
      representations, warranties, covenants or undertakings with respect to the
      subject matter hereof other than those expressly set forth
      herein.  This Agreement, including, without limitation, the Plan,
      supersedes all prior agreements and understandings between the parties with
      respect to its subject matter.

     

    13.  Counterparts.  This
      Agreement may be executed in two or more counterparts, each of which shall
      be
      deemed an original, but all of which shall constitute one and the same
      instrument.

     

    14.  Governing
      Law.  This
      Agreement shall be governed by and construed and enforced in accordance with
      the
      laws of the State of New York, without regard to the provisions governing
      conflict of laws.

     

    15.  Obligation
      to Notify.
      If the
      Participant makes the election permitted under Section 83(b) of the Internal
      Revenue Code of 1986, as amended (that is, an election to include in gross
      income in the year of transfer the amounts specified in Section 83(b)), the
      Participant shall notify the Company of such election within 10 days of filing
      notice of the election with the Internal Revenue Service and shall within the
      same 10-day period remit to the Company an amount sufficient in the opinion
      of
      the Company to satisfy any federal, state and other governmental tax withholding
      requirements related to such inclusion in Participant’s income. The Participant
      should consult with his or her tax advisor to determine the tax consequences
      of
      acquiring the Restricted Stock and the advantages and disadvantages of filing
      the Section 83(b) election. The Participant acknowledges that it is his or
      her
      sole responsibility, and not the Company’s, to file a timely election under
      Section 83(b), even if the Participant requests the Company or its
      representatives to make this filing on his or her behalf.

     

    16.  Reduction
      in Benefits.
      Unless
      the Participant and the Company agree otherwise in writing, in the event that
      the Participant would incur an Excise Tax on any payments or benefits under
      this
      Agreement as a result of a Change of Control (or any other change described
      in
      Section 280G(b)(2) of the Code), the Company shall reduce the payments or
      benefits to be paid to or granted to Participant hereunder to the greater of
      (i)
      the maximum amount payable to the Participant without the imposition of any
      Excise Tax with respect to the Restricted Stock and (ii) the amount that yields
      the Participant the greatest after-tax amount of benefits under this Agreement
      after taking into account any Excise Tax imposed on Participant, whether due
      to
      payments and benefits under this Agreement or otherwise. “Excise Tax” means the
      tax imposed by Section 4999 of the Code and any successor tax. The determination
      of whether the Participants payments and benefits should be reduced and the
      amount of any such reduction shall be made by independent counsel selected
      by
      the Participant and reasonably acceptable to the Company (“Independent
      Counsel”). For purposes of such determination, (x) the total amount of payments
      and benefits received by the Participant as a result of such Change in Control
      (or such other change) shall be treated as “parachute payments” within the
      meaning of

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    17.  Section
      280G(b)(2) of the Code, and all “excess parachute payments” within the meaning
      of Section 280G(b)(1) of the Code shall be treated as subject to the Excise
      Tax,
      except to the extent that, in the opinion of Independent Counsel, a payment
      or
      benefit hereunder (in whole or in part) does not constitute a “parachute
      payment” within the meaning of Section 280G(b)(2) of the Code and the Treasury
      Regulations under Section 280G of the Code (the “Regulations”), or such “excess
      parachute payments” (in whole or in part) are not subject to the Excise Tax; (y)
      the amount of the payments and benefits hereunder that shall be treated as
      subject to the Excise Tax shall be equal to the lesser of (A) the total amount
      of such payments and benefits or (B) the amount of “excess parachute payments”
within the meaning of Section 280G(b)(1) of the Code (after applying clause
      (x)
      hereof); and (z) the value of any noncash benefits or any deferred payment
      or
      benefit shall be determined by Independent Counsel in accordance with the
      principles of Sections 280G(d)(3) and (4) of the Code. All fees and expenses
      of
      Independent Counsel shall be borne by the Company.

     

    18.  Participant
      Acknowledgment.  The
      Participant hereby acknowledges receipt of a copy of the Plan.  The
      Participant hereby acknowledges that all decisions, determinations and
      interpretations of the Board of Directors in respect of the Plan, this Agreement
      and the Restricted Stock shall be final and conclusive.

     

    IN
      WITNESS WHEREOF, the Company has caused this Agreement to be duly executed
      by
      its duly authorized officer, and the Participant has hereunto signed this
      Agreement on his own behalf, thereby representing that he has carefully read
      and
      understands this Agreement and the Plan as of the day and year first written
      above.

    

    

    GENCO SHIPPING
      & TRADING LIMITED 

     

    

    
      	
              By:

            	
              /s/
                Robert Gerald Buchanan

            
	
              Name:

               

            	
              Robert
                Gerald Buchanan

               

            
	
              Title:

            	
              President

            
	
               

               

              /s/
                John C. Wobensmith

            
	
              JOHN
                C. WOBENSMITH

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