Document:

ppl10k2007exhibit10ss.htm

    
      Exhibit
10(ss)

       

      PERFORMANCE
UNIT AGREEMENT

       

      PERFORMANCE
UNIT AGREEMENT (the “Agreement”) dated as
of the Date of Grant set forth in the Notice of Grant (as defined below), by and
between PPL Corporation, a Pennsylvania corporation (the “Company”), and the
participant whose name appears on the Notice of Grant (the “Participant”).

       

      1.      
Grant of Stock Based
Award.  Subject
to the terms and conditions of this Agreement (including vesting
conditions):

       

      (a)      The
Company hereby evidences and confirms its grant to the Participant, effective as
of the Date of Grant, of the number of stock based units contingent upon Company
financial performance (the “Performance Units”)
specified in the Notice of Grant attached hereto as Exhibit A and made a
part hereof (“Notice
of Grant”).

       

      (b)   (i)    If
on any date, while the Performance Units are outstanding hereunder the Company
shall pay any cash dividend on its shares of Common Stock, the Participant shall
be granted, as of the applicable dividend payment date, a “Cash Dividend Equivalent
Award” which shall represent a future right to a cash payment equal to
the product of (x) the number of
"Total Performance Units" (as defined below) held by the Participant hereunder
as of the related dividend record date, multiplied by (y) the amount of such
cash dividend per share of Common Stock, rounded down to the nearest whole
cent.

       

      (ii)    If
on any date while the Performance Units are outstanding hereunder the Company
shall pay any dividend on its shares of Common Stock in the form of shares of
Common Stock, the Participant shall be granted, as of the applicable dividend
payment date, right to a future number of shares of Common Stock, equal to the
product of (x)
the number of Total Performance Units held by the Participant hereunder as of
the related dividend record date, multiplied by (y) the number of
shares of Common Stock (including any fraction thereof) payable as a dividend on
one share of Common Stock, rounded down to the nearest whole Unit.

       

      (iii)   At
any point in time, the total of all Performance Units, Cash Dividend Equivalent
Awards, and rights to the stock dividends, if any, referred to in Section
1(b)(ii) above, shall be defined as "Total Performance Units."

       

      (c)      This
Agreement and the Total Performance Units granted hereunder are subject to all
of the terms and conditions of the PPL Corporation Incentive Compensation Plan
or the PPL Incentive Compensation Plan for Key Employees, whichever may apply
(the “Plan”),
which are incorporated by reference herein.  If there is any
inconsistency between the terms hereof and the terms of the Plan, the terms of
the Plan shall govern.  Any capitalized terms used herein without
definition shall have the meanings set forth in the Plan.  The Total
Performance Units shall be considered “Other Stock-Based Awards” under the
Plan.

       

      2.      
Vesting of Total
Performance Units.

       

      (a)      Vesting.

       

      (i)      Except
as otherwise provided in Section 2(b) or Section 2(c), subject to the
achievement of the performance goals (the “Goals”) established
by the Committee, or the CLC if applicable, for the performance
period (the “Performance Period”)
set forth in the Notice of Grant, and to the continued employment of the
Participant through the conclusion of the Performance Period the Total
Performance Units will become vested based on the extent to which the Goals are
satisfied at the conclusion of the Performance Period, as and to the extent set
forth in the Notice of Grant (the percentage of the Total Performance Units
which so vest being referred to as the “Vesting
Percentage”).

       

      (ii)      Promptly
after the conclusion of the Performance Period, the Committee, or CLC if
applicable, will determine whether the Goals have been satisfied, and will
certify in writing as to whether such Goals were in fact
satisfied.  Based on the Committee’s (or CLC's) determination and
certification, (A) the Total Performance Units will vest as and to the extent
set forth in the Notice of Grant, and (B) all Performance Units, Cash Dividend
Equivalent Awards, and rights to stock dividends referred to in Section
1(b)(ii), if any, that do not vest in accordance with the foregoing shall be
immediately forfeited and cancelled by the Company without any
consideration.

       

      (b)      
Termination of
Employment.

       

      (i)      
General.  Except
as provided in Section 2(b)(ii) below, in the event of the Participant’s
termination of employment with the Company and its Affiliated Companies for any
reason prior to the conclusion of the Performance Period, the Participant's
Total Performance Units shall be immediately forfeited and cancelled by the
Company without consideration.

       

      (ii)      
Death, Disability,
Retirement.

       

      (A)      In
the event of the Participant’s termination of employment with the Company and
its Affiliated Companies due to death, Disability or Retirement (each as defined
below) prior to the conclusion of the Performance Period, the Total Performance
Units shall remain outstanding and eligible for vesting through the conclusion
of the Performance Period (or, if applicable, an earlier Change in Control (as
defined below)) as described in Section 2(a) above; provided, that, in
such event, only a pro rata portion (as described below in this Section
2(b)(ii)(B)) of the Total Performance Units shall be eligible to become vested,
and, to the extent so vested, shall be settled and paid as provided in Section
3; and

       

      (B)      Subject
to Section 2(c) below (in the event of a Change in Control following termination
of employment due to death, Disability or Retirement and prior to the conclusion
of the Performance Period), such pro rata portion shall be determined by
multiplying the number of Total Performance Units that would have vested had the
Participant’s employment continued through the conclusion of the Performance
Period, subject to actual achievement of the Goals, multiplied by a fraction,
the numerator of which is the number of pay periods elapsed from the
commencement of the Performance Period through the date of the Participant’s
termination of employment, and the denominator of which is the number of pay
periods in the Performance Period; and

       

      (C)      Upon
the determination of the number of Total Performance Units pursuant to Section
2(b)(ii) that shall vest, all remaining unvested Total Performance Units shall
be immediately forfeited and cancelled by the Company without
consideration.

       

      (D)      “Disability” for these
purposes means termination of the Participant’s employment with the Company and
the Participant’s receipt of benefits under the PPL Long Term Disability Plan
for three months (by reason of a medically determinable physical or mental
impairment that can be expected to result in death or can be expected to be
continuous for a period of not less than 12 months).

       

      (E)      “
Retirement” for
these purposes means termination of the Participant’s employment with the
Company and the Participant’s election for monthly retirement benefits to
commence immedi­ately under the PPL Retirement Plan, or, if the Participant
is not a participant in the PPL Retire­ment Plan, the Participant elects or
is eligible for immediate commencement of benefits under any other defined
benefit pension plan, whether or not tax qualified (such as the PPL
SERP).

       

      (c)      Change in Control.
Notwithstanding the foregoing, in the event of a Change in Control (as defined
in the Plan) prior to the conclusion of the Performance Period while a
Participant remains employed with the Company and its Affiliated Companies (or
following termination of employment due to death, Disability or Retirement),
(x) the
Performance Period shall be deemed to conclude immediately prior to the Change
in Control, and (y) a pro rata portion
of all then unvested Total Performance Units will become immediately vested as
though there had been achievement of Goals satisfying the Target Award (as
defined in Exhibit
A), such pro rata portion determined by multiplying the number of Total
Performance Units, in each case represented by the Target Award, by a fraction,
the numerator of which is the number of days elapsed from the commencement of
the Performance Period through the date immediately prior to the Change in
Control (or, if earlier, the date of the Participant’s termination of employment
due to death, Disability or Retirement, consistent with Section 2(b)(ii) above),
and the denominator of which is the number of days in the Performance
Period.  All remaining Total Performance Units that do not so vest in
accordance with the foregoing provisions of this Section 2(c) shall be
immediately forfeited and cancelled by the Company without
consideration.

       

      (d)      No
shares of Common Stock will be issued or issuable (or other consideration be
payable) with respect to any portion of the Total Performance Units that do not
vest in accordance with the foregoing provisions of Section 2.

       

      3.      
Payment
Date. Subject
to Section 7(c), on the Payment Date (as defined below), the Company shall
issue to the Participant one share of Common Stock in settlement of each
outstanding Performance Unit and each outstanding right to one share of Common
Stock under the stock dividend provision of Section 1(b)(ii), if any, that vest
as provided in Section 2, and the Company shall make a cash payment to the
Participant with respect to any Cash Dividend Equivalent Awards that vest as
provided in Section 2.  The “Payment Date” upon
which this Award shall be settled and paid shall occur as soon as practicable
following the conclusion of the Performance Period and the date that the
Committee (or CLC) determines and certifies that the Goals with respect to the
Performance Period have been satisfied (but in no event later than 21⁄2 months
after the conclusion of the Performance Period); provided, however, in the case
of settlement as a result of a Change in Control pursuant to Section 2(c), the
Payment Date shall occur as of immediately prior to the Change in Control and
provided, further, no payment to a participant who has terminated employment for
any reason other than Disability or a Change in Control shall be made until six
months after the date of termination of employment.

       

      No
fractional shares of Common Stock shall be issued.  Fractional shares
shall be settled through a cash payment based on the Fair Market Value of the
Common Stock on the Payment Date.

       

      4.      
Securities Law
Compliance.
Notwithstanding any other provision of this Agreement, the Participant may not
sell the shares of Common Stock acquired upon settlement of the Total
Performance Units unless such shares are registered under the Securities Act of
1933, as amended (the “Securities Act”), or,
if such shares are not then so registered, such sale would be exempt from the
registration requirements of the Securities Act. The sale of such shares must
also comply with other applicable laws and regulations governing the shares, and
Participant may not sell the shares of Common Stock, if the Company determines
that such sale would not be in material compliance with such laws and
regulations.

       

      5.      
Participant’s Rights
with Respect to the Total Performance Units.

       

      (a)      
Restrictions on
Transferability. The Total Performance Units granted hereby are not
assignable or transferable, in whole or in part, and may not, directly or
indirectly, be offered, transferred, sold, pledged, assigned, alienated,
hypothecated or otherwise disposed of or encumbered (including, without
limitation, by gift, operation of law or otherwise) other than by will or by the
laws of descent and distribution to the estate of the Participant upon the
Participant’s death; provided that the
deceased Participant’s beneficiary or representative of the Participant’s estate
shall acknowledge and agree in writing, in a form reasonably acceptable to the
Company, to be bound by the provisions of this Agreement and the Plan, as if
such beneficiary or the estate were the Participant.

       

      (b)      
No Rights as
Stockholder. The Participant shall not have any rights as a stockholder
including any voting, dividend or other rights or privileges as a stockholder of
the Company with respect to any Common Stock corresponding to the Total
Performance Units granted hereby, unless and until shares of Common Stock are
actually issued to the Participant in respect thereof.

       

      6.      
Adjustment in
Capitalization. In the
event of any change in the outstanding Common Stock by reason of any
recapitalization, combination or exchange of shares or other similar changes in
the Common Stock, appropriate adjustment shall by made by the Committee, or CLC
if applicable, in the shares Common Stock underlying the Total Performance
Units, if any, theretofore awarded to the Participant.  Such
adjustment shall be conclusive and binding for all purposes.

       

      7.      
Miscellaneous.

       

      (a)      
Binding Effect;
Benefits. This Agreement shall be binding upon and inure to the benefit
of the parties to this Agreement and their respective successors and assigns.
Nothing in this Agreement, express or implied, is intended or shall be construed
to give any person other than the parties to this Agreement or their respective
successors or assigns, any legal or equitable right, remedy or claim under or in
respect of any agreement or any provision contained herein.

       

      (b)      
No Right to Continued
Employment. Nothing in the Plan or this Agreement shall interfere with or
limit in any way the right of the Company or any of its Subsidiaries or
Affiliated Companies to terminate the Participant’s employment at any time, or
confer upon the Participant any right to continue in the employ of the Company
or any of its Subsidiaries.

       

      (c)      
Tax
Withholding. The Company and its Subsidiaries and Affiliated Companies
shall have the right to deduct from all amounts payable to the Participant
(whether under the Plan or otherwise) any amount of taxes required by law to be
withheld in respect of settlement of the vested Total Performance Units, as may
be necessary in the opinion of the Company to satisfy tax withholding required
by law to be withheld.  The Company will meet such
obligations with respect to the settlement and payment of any vested Total
Performance Units by having the Company withhold the least number of whole
shares of Common Stock having a Fair Market Value sufficient to satisfy the
amount required to be withheld in respect of settlement and payment of the
vested Total Performance Units.

       

      (d)      
Applicable Law.
This Agreement shall be governed by and construed in accordance with the law of
the Commonwealth of Pennsylvania regardless of the application of rules of
conflict of laws that would apply to the laws of any other
jurisdiction.

       

      (e)      
Limitation on Rights;
No Right to Future Grants; Extraordinary Item of Compensation. By
entering into this Agreement and accepting the Total Performance Unit Award
evidenced hereby, the Participant acknowledges: (i) that the Plan
is discretionary in nature and may be suspended or terminated by the Company at
any time; (ii) that the
Award does not create any contractual or other right to receive future grants of
Awards; (iii) that
participation in the Plan is voluntary; (iv) that the
value of the Total Performance Unit Award is not part of normal or expected
compensation for purposes of calculating any severance, resignation, redundancy,
end-of-service payments, bonuses, long-service awards, pension or retirement
benefits or similar payments; and (v) that the
future value of the shares of Common Stock is unknown and cannot be predicted
with certainty.

       

      (f)      
Headings and
Captions. The section and other headings contained in this Agreement are
for reference purposes only and shall not affect the meaning or interpretation
of this Agreement.

       

      (g)      
Amendments.  The
terms of this Agreement may be amended from time to time by the Committee in its
sole discretion in any manner it deems appropriate; provided that no such
amendment shall, without the Participant’s consent, diminish the Participant’s
rights under this Agreement.

       

      (h)      
Counterparts.
This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original, and all of which together shall constitute
one and the same instrument.

       

      To
confirm your acceptance of the foregoing, kindly sign and promptly return one
copy of this Agreement and Exhibit A to the
Company.

       

      

      Sincerely,

      PPL
Corporation

      

      

      By:  _________________________________

                  

      

      

      Signature
of Employee:  _________________________________

       

      Date:  _________________________________

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      Exhibit
A

       

      PPL
CORPORATION INCENTIVE COMPENSATION PLAN

       

      PPL
CORPORATION INCENTIVE COMPENSATION PLAN FOR KEY EMPLOYEES

       

      

      PERFORMANCE
UNIT AWARD

      

      NOTICE
OF GRANT

      

      The
number of shares of PPL Common Stock that may be earned and become vested under
this Performance Unit Award shall be based on the achievement of pre-established
performance goals as set by the Committee or the CLC, if applicable, for the
Performance Period, based on the following: 

      

      Name of
Participant: ________________. 

      

      Date of
Grant: _____________. 

      

      Total
Number of Performance Units Awarded (subject to vesting): _____ shares of
Common Stock. 

      

      Threshold
Award: _____ shares of Common Stock. 

      

      Target
Award: _____ shares of Common Stock. 

      

      Maximum
Award: ______ shares of Common Stock (i.e., 200% of Target Award).

      

      Performance
Period:  January 1, 2008 to December 31, 2010. 

      

      Performance
Measure: Total Shareholder Return (“ TSR”), meaning stock
price growth, plus dividends paid, divided by stock price at start of period:

      

      [Change
in Stock Price +
Dividends Paid ]÷
Beginning Stock Price 

      

      The “
Change in Stock
Price” represents the Ending Stock Price minus the Beginning Stock Price,
adjusted for the effects of any common stock splits.  “ Dividends Paid” means
the total of all dividends paid on one share of the underlying common stock
during the Performance Period.  “ Beginning Stock
Price” means the closing price of the stock on the first trading day in
the Performance Period, adjusted for the effect of any common stock
splits.  “ Ending Stock Price”
means the closing price of the stock on the last trading day of the Performance
Period. 

      

      

      Peer
Index: The S&P Electric Utilities Index. 

      

      Earnout
Schedule: PPL’s relative TSR vs. TSR for companies in the Peer Index

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Percentile
      Rank

                (PPL
      TSR performance, relative to companies in Peer Index) 

              	
                Payout

                (Expressed
      as a % of Target Award) 

              
	
                85
      th
      Percentile or above 

              	
                200%
      (i.e., the Maximum Award) 

              
	
                50
      th
      Percentile 

              	
                100%
      (i.e., the Target Award) 

              
	
                40
      th
      Percentile 

              	
                50%
      

              
	
                Below
      40 th
      Percentile 

              	
                0%
      

              

      

      

      ** Full
interpolation between percentile points between the 40 th and 85
th
percentile. Maximum possible payout is the Maximum Award (i.e., 200% of target
number of shares of Common Stock). 

      

      Signature
of Employee: _________________________________

       

      Date:  _________________________________kl02075_ex10-20.htm

    
      

    

     

    Exhibit 10.20

     

    
 

    Genco
Shipping & Trading Limited

    Executive
Officer Restricted Stock Grant Agreement

     

    THIS
AGREEMENT, made as of December 21, 2007, 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 21,
2007.

     

    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, 2008, 2009, 2010
and 2011 (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, 2008, 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, 2008, 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.

     

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

     

    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.

     

     

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

     

    (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.

     

     

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

     

    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 Section 280G(b)(2) of the Code, and all “excess parachute
payments” within the meaning of

     

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

    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.

     

    17.    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 BUCHANAN

            

    

    

     

     

    
 

     

    6

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