Document:

exv10w1

Exhibit 10.1

FORM OF MANAGEMENT AGREEMENT

     THIS MANAGEMENT AGREEMENT (as the same may be amended or modified from time to time, this
“Agreement”) is dated as of                     , 2009 and is by and between Baltic Trading Limited, a
Marshall Islands corporation (the “Company”), and Genco Shipping & Trading Limited, a Marshall
Islands corporation (“Genco” or the “Manager”).

RECITALS 

     A. Genco recently formed the Company in anticipation of the Company’s initial public offering
(the “Public Offering”) of shares of its Common Stock, par value $0.01 per share (“Common Shares”).

     B. In order to provide the Company with commercial, technical, administrative and strategic
services with respect to Vessels it may acquire and its business, the Company desires to engage the
Manager to provide, directly or indirectly, such services to the Company, and the Manager desires
to provide such services to the Company, on the terms and subject to the conditions set forth in
this Agreement.

     NOW, THEREFORE, in consideration of the mutual covenants and premises of the Parties herein
and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties agree as follows:

1. DEFINITIONS AND INTERPRETATION

     1.1 Certain Definitions. In this Agreement, including the recitals hereto, unless the context
requires otherwise, the following terms shall have the respective meanings set forth below:

     “Accounting Referee” has the meaning ascribed to such term in Section 8.3.

     “Administrative Services” has the meaning ascribed to such term in Section 4.

     “Affiliates” means, with respect to any Person as at any particular date, any other Persons
that directly or indirectly, through one or more intermediaries, are Controlled by, Control or are
under common Control with the Person in question, and “Affiliate” means any one of them.

     “Applicable Laws” means, in respect of any Person, property, transaction or event, all laws,
statutes, ordinances, regulations, municipal by-laws, treaties, judgments and decrees applicable to
that Person, property, transaction or event, all applicable official directives, rules, consents,
approvals, authorizations, guidelines, orders, codes of practice and policies of any Governmental
Authority having authority over that Person, property, transaction or event and having the force of
law, and all general principles of common law and equity.

     “Approved Budget” has the meaning ascribed to such term in Section 4.4(c).

     “Board of Directors” means the board of directors of the Company, as the same may be
constituted from time to time.

     “Books and Records” means all books of accounts and records, including tax records, sales and
purchase records, Vessel records, computer software, formulae, business reports, plans and
projections and all other documents, files, correspondence and other information of the Company
with respect to the Vessels or the Business (whether or not in written, printed, electronic or
computer printout form).

 

 

     “Business” means the Company’s business of owning, operating and/or chartering or
re-chartering Drybulk Carriers to other Persons and any other lawful act or activity customarily
conducted in conjunction therewith.

     “Business Day” means a day other than a Saturday, Sunday or statutory holiday on which the
banks in New York, New York are required to close.

     “Cash Available for Distribution” means net income less cash expenditures for capital items
related to the Company’s fleet of Vessels, other than Vessel
acquisitions and related expenses, plus non-cash compensation.

     “Change of Control” has the meaning ascribed to such term in Section 10.4.

     “Charter” means a charter party agreement between a Company Group Member and any Person that
relates to any of the Vessels (including any voyage or spot charters), and “Charters” means all
such charter party agreements.

     “Charterer” means any Person that has entered or enter into, or assumed or assume the
obligations under, by novation or otherwise, a Charter with a Company Group Member.

     “Chief Financial Officer” means the chief financial officer of the Company.

     “Class B Shares” means shares of the Company’s Class B Stock, par value $0.01 per share.

     “Common Shares” has the meaning ascribed to such term in the recitals to this Agreement.

     “Commercial Management Services” has the meaning ascribed to such term in Section 3.2.

     “Commercial Management Services Fee” has the meaning ascribed to such term in Section 8.1.

     “Company Breach” has the meaning ascribed to such term in Section 10.4(b).

     “Company Group” means the Company and its Subsidiaries.

     “Company Group Member” means any member of the Company Group.

     “Company Indemnified Persons” has the meaning ascribed to such term in Section 9.4.

     “Confidential Information” means all nonpublic or proprietary information or data (including
all oral and visual information or data recorded in writing or in any other medium or by any other
method) relating to a Disclosing Party that is obtained from the Disclosing Party or any third
party on the Disclosing Party’s behalf, at any time before, simultaneously with, or after the
execution of this Agreement; and, without prejudice to the general nature of the foregoing
definition, the term Confidential Information shall include, but not by way of limitation, (i)
information regarding the Disclosing Party’s existing or proposed operations, business plans,
market opportunities, and business affairs and (ii) any information ascertainable by inspection of
Confidential Information disclosed to the Receiving Party or by the analysis of any materials
supplied to the Receiving. Notwithstanding the foregoing, Confidential Information shall not
include any information which (x) is public knowledge at the time of disclosure or which
subsequently becomes public knowledge other than as a result of a breach of this Agreement; (y) the
Receiving Party can show was made available to it by some other Person who had a right to do so and
who was not subject to any obligation of confidentiality or restricted use regarding such
information; or (z) was developed by the Receiving Party independently without use of any
confidential information provided hereunder or by a third party in breach of its confidentiality
obligations.

      “Consumer Price Index” means the
 Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the United States Department of Labor,
 New York, N.Y. – Northeastern N.J. Area, All Items (1982-1984 = 100), or any successor index thereto, appropriately adjusted. In the event that the Consumer Price Index is converted to a different standard reference base or otherwise revised, the determination of amounts provided for in this Agreement shall be made with the use of such conversion factor, formula or table for converting the Consumer Price Index as may be published by the Bureau of Labor Statistics or, if said Bureau shall
 not publish the same, then with the use of such conversion factor, formula or table as may be published by Prentice-Hall, Inc., or any other
 nationally recognized publisher of similar statistical information. If the Consumer Price Index ceases to be published, and there is no
 successor thereto, such other index as the Manager may reasonably select shall be substituted for the Consumer Price Index.

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     “Continuing Directors” means, as of any date of determination, any member of the Board of
Directors who was (a) a member of the Board of Directors immediately after the completion of the
Public Offering or (b) nominated for election or elected to the Board of Directors with the
approval of a majority of the directors then in office who were either directors immediately after
the completion of the Public Offering or whose nomination or election was previously so approved.

     “Control” or “Controlled” means, with respect to any Person, the right to elect or appoint,
directly or indirectly, a majority of the directors of such Person or a majority of the Persons who
have the right, including any contractual right, to manage and direct the business, affairs and
operations of such Person, or the possession of the power to direct or cause the direction of the
management and policies of a Person, whether through ownership of Voting Securities, by contract,
or otherwise.

     “Costs and Expenses” has the meaning ascribed to such term in Section 8.1.

     “Credit Facility” means any credit facility agreement to which any Company Group Member may be
a party from time to time.

     “Crew” means the master, officers, employees and other crew members of a Vessel.

     “Crew Employment and Support Expenses” means all Employment Expenses of the Crew and all
expenses of a general nature that are not particularly connected to any individual member of the
Crew or any individual Vessel that are incurred for the purpose of providing Crew Management
Services and, without prejudice to the generality of the foregoing, shall include the cost of crew
standby pay, training schemes for officers and ratings, cadet training schemes, study pay,
recruitment and interviews.

     “Crew Insurances” means insurances against crew risks, including death, sickness,
repatriation, injury, shipwreck, unemployment indemnity and loss of personal effects.

     “Crew Management Services” has the meaning ascribed to such term in Section 3.3.

     “Designated Representative” and “Designated Representatives” each have the meaning ascribed to
such terms in Section 11.1.

     “Disclosing Party” means a Party who has disclosed Confidential Information hereunder to the
other Party or on whose behalf Confidential Information has been disclosed to the other Party.

     “Dispute” has the meaning ascribed to such term in Section 11.1.

     “Dividend” means any cash dividend paid by the Company on all outstanding Common Stock or
Class B Stock, other than any Liquidating Dividends.

     “Draft Budget” has the meaning ascribed to such term in Section 4.4(a).

     “Drybulk Carrier” means a vessel designed to carry bulk cargo, such as coal, iron ore and
grain, that is loaded in bulk and not in bags, packages or containers.

     “Drybulk Carrier Assets” means Drybulk Carriers and any assets that are customarily owned or
operated in conjunction with Drybulk Carriers, in each case that are encompassed within the
definition of the Business.

     “Employment Expenses” means all costs, expenses, liabilities and obligations related to or
incurred in respect of employment, including salaries, fees, wages, incentive pay, gratuities,
bonuses, vacation pay, holiday pay, other paid leave, overtime, standby pay, sick pay, workers’ compensation contributions
or costs, benefits and related costs, statutory contributions and remittances, pension plan
contributions and costs, recruitment costs, Severance Costs, payroll and accounting costs, training
and education costs, discounts, meals, accommodation, administrative costs, travel costs,
perquisites, relocation expenses and uniform expenses.

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     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Existing Ownership Group” means Genco and all Affiliates thereof.

     “Fiscal Quarter” means a fiscal quarter for the Company or, in the case of the fiscal quarter
ending December 31, 2009, the portion of such fiscal quarter between the date of this Agreement and
the commencement of the next fiscal quarter.

     “Fiscal Year” means the fiscal year of the Company, being the twelve-month period ending
December 31.

     “Force Majeure Event” has the meaning ascribed to such term in Section 12.3.

     “GAAP” means generally accepted accounting principles consistently applied in the United
States.

     “Governmental Authority” means any domestic or foreign government, including any federal,
provincial, state, territorial or municipal government, any multinational or supranational
organization, any government agency (including the SEC), any tribunal, labor relations board,
commission or stock exchange (including the New York Stock Exchange), and any other authority or
organization exercising executive, legislative, judicial, regulatory or administrative functions
of, or pertaining to, government.

     “Initial Term” has the meaning ascribed to such term in Section 10.1.

     “Insurances” has the meaning ascribed to such term in Section 3.4.

     “ISM Code” means the International Safety Management Code for the Safe Operation of Ships and
for Pollution Prevention as adopted by the International Maritime Organization by resolution
A.741(18), as the same may have been or may be amended or supplemented from time to time.

     “ISPS Code” means the International Ship and Port Facility Security Code adopted by the
International Maritime Organization, as the same may have been or may be amended or supplemented
from time to time.

     “Legal Action” means any action, claim, complaint, demand, suit, judgment, investigation or
proceeding, pending or threatened, by any Person or before any Governmental Authority.

     “Lenders” means the lenders, facility agent, security trustee, swap banks, swap agent or other
financial institution contemplated by any Credit Facility.

     “License” and “Licenses” each have the meaning ascribed to such terms in Section 3.1(p).

     “Liquidating Dividend” means any dividend or other distribution in respect of any Common Stock
or Class B Stock paid in connection with the liquidation, dissolution, bankruptcy or winding up of
the Company, any merger of the Company or any sale or other conveyance of all or substantially all
the assets of the Company.

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     “Losses” means losses, expenses, costs, liabilities and damages, excluding lost profits and
consequential damages, but including interest charges, penalties, fines and monetary sanctions.

     “Management Services” means, collectively, the Technical Services, the Administrative Services
and the Strategic Services.

     “Management Fees” has the meaning ascribed to such term in Section 8.1.

     “Manager Breach” has the meaning ascribed to such term in Section 10.3(a).

     “Manager Indemnified Persons” has the meaning ascribed to such term in Section 9.3.

     “Manager Misconduct” has the meaning ascribed to such term in Section 9.1(a).

     “Manager’s Personnel” means all individuals who are employed by or have entered into
consulting arrangements with the Manager or any subcontractor under Section 2.3, other than the
Crew.

     “Mediator’s Report” has the meaning ascribed to such term in Section 11.2(c).

     “Omnibus Agreement” means the Omnibus Agreement, dated as of ___, 2009, between
Genco and the Company, as the same may be amended or modified from time to time.

     “Other Financing Agreements” has the meaning ascribed to such term in Section 4.2(c).

     “Parties” means the Company and the Manager.

     “Person” means an individual, corporation, limited liability company, partnership, joint
venture, trust or trustee, unincorporated organization, association, Governmental Authority or
other entity.

     “Pre-delivery Purchases and Expenses” has the meaning ascribed to such term in Section 5.3.

     “Pre-delivery Services” has the meaning ascribed to such term in Section 5.2.

     “Public Offering” has the meaning ascribed to such term in the recitals to this Agreement.

     “President” means the chief executive officer of the Company.

     “Questioned Items” has the meaning ascribed to such term in Section 4.4(b).

     “Receiving Party” means a Party to whom Confidential Information of a Disclosing Party has
been disclosed hereunder.

     “Renewal Term” has the meaning ascribed to such term in Section 10.2.

     “SEC” means the United States Securities and Exchange Commission.

     “Severance Costs” means the termination or severance liabilities, costs and expenses that
employers are legally obliged to provide or pay to or in respect of their employees, or the
compensation or damages owed in lieu of such liabilities, costs and expenses, as a result of the
termination of any employment.

     “STCW 95” means the International Convention on Standards of Training, Certification and
Watchkeeping to Seafarers, 1978, as amended in 1995 or any subsequent amendment thereto.

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     “Stores and Equipment” means the stores, spares, lubricating oil, supplies and equipment that
customarily are considered part of a Drybulk Carrier for which a buyer would ordinarily reimburse a
seller on the sale of such Drybulk Carrier, and does not include consumables that are not of
incremental value to the Drybulk Carrier.

     “Strategic Opportunity” has the meaning ascribed to such term in Section 5.1.

     “Strategic Services” has the meaning ascribed to such term in Section 5.

     “Subsidiary” means, with respect to any Person, (a) a corporation of which more than 50% of
the voting power of shares entitled (without regard to the occurrence of any contingency) to vote
in the election of directors or other governing body of such corporation is owned, directly or
indirectly, at the date of determination, by such Person, by one or more Persons Controlled by such
Person or a combination thereof, (b) a partnership (whether general or limited) in which such
Person or a Person Controlled by such Person is, at the date of determination, a general or limited
partner of such partnership, but only if more than 50% of the partnership interests of such
partnership (considering all of the partnership interests of the partnership as a single class) is
owned, directly or indirectly, at the date of determination, by such Person, one or more Persons
Controlled by such Person, or a combination thereof, or (c) any other Person (other than a
corporation or a partnership) in which such Person, one or more Persons Controlled by such Person,
or a combination thereof, directly or indirectly, at the date of determination, has (i) at least a
majority ownership interest or (ii) the power to elect or direct the election of a majority of the
directors or other governing body of such Person.

     “Technical Services” has the meaning ascribed to such term in Section 3.

     “Term” means the Initial Term and any Renewal Term, in each case subject to any early
termination of this Agreement as permitted herein.

     “Termination Payment” means an amount of cash equal to five times (a) aggregate Management
Fees for the past five completed years of the Term as of the date of termination or such lesser
number of completed years as has transpired divided by (b) five or such lesser number of completed
years as has transpired; except that if this Agreement terminates in the first year of the Term,
the Termination Payment shall equal five times $1,916,250, or $9,581,240.

     “Vessels” means the Drybulk Carriers owned by the Company or any of its Subsidiaries from time
to time as set out in Schedule A, as the same may be amended from time to time in
accordance with Section 2.8.

     “Voting Securities” means securities of all classes of a Person entitling the holders thereof
to vote on a regular basis in the election of members of the board of directors or other governing
body of such Person.

     1.2 Construction. In this Agreement, unless the context requires otherwise:

     (a) references to laws and regulations refer to such laws and regulations as they may be
amended from time to time, and references to particular provisions of a law or regulation include
any corresponding provisions of any succeeding law or regulation;

     (b) references to money refer to legal currency of the United States;

     (c) “including” means “including, without limitation,” whether or not so expressed;

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     (d) words importing the singular include the plural and vice versa, and words importing gender
include all genders; and

     (e) a reference to an “approval,” “authorization,” “consent,” “notice” or “agreement” means an
approval, authorization, consent, notice or agreement, as the case may be, in writing.

     1.3 Headings. All article or section headings in this Agreement are for convenience only and
shall not be deemed to control or affect the meaning or construction of any of the provisions
hereof.

2. ENGAGEMENT OF MANAGER

     2.1 Engagement. The Company hereby engages the Manager to provide, upon the Company’s
request, the Management Services specified herein and, subject to the terms hereof, to manage each
Vessel for and on behalf of the relevant Company Group Member, and the Manager hereby accepts such
engagement, all in accordance with the terms of this Agreement. The Company and the Manager each
acknowledge that to the extent set out in this Agreement, the Manager is acting solely on behalf
of, as agent of and for the account of, the relevant Company Group Member. The Manager shall advise
Persons with whom it deals on behalf of the relevant Company Group Member that it is conducting
such business for and on behalf of such Company Group Member.

     2.2 Powers and Duties of the Manager. The Manager has the power and authority to take such
actions on its own behalf or on behalf of the relevant Company Group Member as it from time to time
considers necessary or appropriate to enable it to perform its obligations under this Agreement,
subject to customary oversight and supervision of the Company, its Board of Directors and its
executive officers. The Manager shall use its reasonable best efforts to provide the Management
Services hereunder in a commercially reasonable manner and in accordance with customary ship
management practice and with the care, diligence and skill that a prudent manager of Vessels such
as the Vessels would possess and exercise, except that the Manager in the performance of its
management responsibilities under this Agreement may have regard to its overall responsibility in
relation to all Vessels as may from time to time be entrusted to its management and in particular,
but without prejudice to the generality of the foregoing, the Manager may allocate available
supplies, manpower and services in such manner as in the prevailing circumstances the Manager,
acting reasonably, considers to be fair and reasonable.

     2.3 Ability to Subcontract. The Manager may subcontract any of its duties and obligations
hereunder to provide Management Services to any of its Affiliates without the consent of the
Company and may subcontract its duties and obligations hereunder to provide Management Services to
Persons that are not Affiliates with the prior written consent of the Company, not to be
unreasonably withheld; provided, however, that the Manager may subcontract with any independent
technical manager that the Manager has previously engaged for management of its own Vessels without
the further consent of the Company. In the event of any subcontract by the Manager, the Manager
shall promptly notify the Company thereof and shall remain fully liable for the due performance of
its obligations under this Agreement. To the extent the Manager subcontracts any Management
Services hereunder, the Company shall directly pay the relevant subcontractor all fees, costs,
reimbursements, and other expenses payable to such subcontractor as the Manager may direct.

     2.4 Outside Activities. The Company acknowledges that the Manager and its Affiliates may have
business interests and engage in business activities in addition to those relating to the Company
Group, for their own respective accounts and for the accounts of other Persons. The Manager and its
Affiliates may undertake activities that compete with the activities of the Company Group.

     2.5 Exclusive Appointment. The Company acknowledges that the appointment of the Manager
hereunder is an exclusive appointment for the Term. The Company shall not appoint other managers
with respect to the Vessels or the Business during the Term, except in circumstances in which it is
necessary to do so in order to comply with Applicable Law or as otherwise agreed by the Manager in
writing. Notwithstanding the foregoing, this Section 2.5 shall not prohibit the Company from having
its own employees perform Management Services.

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     2.6 Authority of the Parties. Each Party represents to the other that it is duly authorized
with full power and authority to execute, deliver and perform its obligations under this Agreement.
The Company represents that the engagement of the Manager has been duly authorized by the Company
and is in accordance with all governing documents of the Company.

     2.7 Inspection of Books and Records. At all reasonable times and on reasonable notice, any
Person authorized by the Company may inspect, examine, copy and audit the Books and Records of the
Company kept by the Manager pursuant to this Agreement.

     2.8 Changes to Vessels Subject to this Agreement. A list of Vessels subject to this Agreement
as of the date hereof is set forth on Schedule A attached hereto. Unless otherwise agreed
to by the Parties, all Drybulk Carriers that the Company may add to its fleet after the date hereof
shall become subject to the engagement under this Agreement. The Company, with reasonable notice
to the Manager, may remove any Vessel from the engagement under this Agreement, provided that the
Manager is being engaged to manage such Vessel under a separate agreement with the Company or the
Manager otherwise consents to such removal. Notwithstanding the provisions of this Section 2.8, a
Vessel shall automatically be removed from engagement under this Agreement upon a sale or, unless
otherwise agreed to by the Parties, a total loss of such Vessel, and the Company may sell any
Vessel subject to the engagement under this Agreement at any time in its sole discretion. Upon any
addition of a Vessel to this engagement or any removal of a Vessel from this engagement, the
Parties shall amend Schedule A to reflect such change.

3. TECHNICAL SERVICES

     Subject to Section 9.2, the Manager shall, at its own expense, provide to the Company the
services described in this Section 3 (collectively, the “Technical Services”).

     3.1 Technical Vessel Management Services. Commencing with the acquisition of each Vessel by
any Company Group Member, the Manager shall provide all usual and customary Vessel technical
management services with respect to the operation of such Vessel, including the following:

     (a) supervising the day-to-day operation, maintenance, safety and general efficiency of the
Vessel to ensure the seaworthiness and maintenance condition of the Vessel;

     (b) arranging for and supervising general and routine repairs, alterations and maintenance of
the Vessel;

     (c) purchasing the necessary stores, spares, lubricating oil, supplies and equipment (other
than such equipment as is covered by Section 9.2) for the operation of such Vessel;

     (d) appointing such surveyors, supervisors, technical consultants and other support for the
Vessel on behalf of the relevant Company Group Member as the Manager may consider from time to time
to be necessary;

     (e) providing technical and shore-side support for the Vessel and attending to all other
technical matters necessary for the operation of the Vessel;

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     (f) handling of the Vessel while in ports or transiting canals, either directly or by use of
Vessel agents, unless otherwise handled by the Charterer;

     (g) procuring and arranging for port entrance and clearance, pilots, Vessel agents, consular
approvals, and other services necessary or desirable for the management and safe operation of the
Vessel, unless otherwise procured or arranged by the Charterer;

     (h) preparing, issuing (or causing to be issued) to shippers customary freight contracts,
cargo receipts and bills of lading, unless prepared, issued or arranged for by the Charterer;

     (i) performing all usual and customary duties relating to the loading and discharging of
cargoes at all ports, unless performed by the Charterer;

     (j) arranging for the prompt dispatch of the Vessel from loading and discharging ports in
accordance with the instructions of the Charterer and for transit through canals;

     (k) subject to Section 4.5(b), arranging for employment of counsel and the investigation,
follow-up and negotiation of the settlement of all claims arising in connection with the operation
of the Vessel;

     (l) coordinating the Company’s payment of all ordinary charges incurred in connection with the
management of the Vessel, including canal tolls, port charges, any amounts due to any Governmental
Authority with respect to the Crew and all duties and taxes in respect of cargo or freight (whether
levied against the Vessel or the Company), unless otherwise paid by the Charterer;

     (m) promptly upon the Company’s request, reporting to the Company the Vessel’s movement,
position at sea, arrival and departure dates, and major casualties and damages received or caused
by the Vessel;

     (n) informing the Company promptly of any release or discharge of oil or other hazardous
material not in compliance with Applicable Laws;

     (o) upon the Company’s request, providing the Company with a copy of any Vessel inspection
reports, valuations, surveys, insurance claims and other similar reports prepared by ship brokers,
valuators, surveyors, classification societies or insurers; and

     (p) arranging for any and all licenses, permits, franchises, registrations and similar
authorizations of any Governmental Authority that are necessary and used in the operation of the
Vessel, the cost of which shall be paid directly by the Company (each a “License” and,
collectively, the “Licenses”).

     3.2 Commercial Management Services. Commencing with the acquisition of each Vessel by any
Company Group Member and subject to Section 2.5, the Manager shall provide all usual and customary
commercial management services with respect to such Vessel, including the following (collectively,
the “Commercial Management Services”):

     (a) marketing and promoting the Vessel;

     (b) identifying, negotiating and securing Charterers and Charters and other employment for the
Vessels for and on behalf of the relevant Company Group Member;

     (c) monitoring proper payment to any Company Group Member or its nominee of all hire and
freight revenues or other moneys of whatsoever nature arising out of the employment of the Vessel
or otherwise in connection with the Vessel to which the Company or any Company Group Member may be
entitled;

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     (d) providing voyage estimates and accounts and calculating and invoicing of hire, freights,
demurrage and dispatch moneys due from or due to the Charterers of the Vessel;

     (e) administering the Charters; and

     (f) taking all other actions relating to commercial management of the Vessel as the Manager
deems necessary to fulfill its obligations under this Agreement.

     3.3 Crew Management Services. Commencing with or, to the extent reasonably necessary for the
provision of the Crew Management Services in an efficient manner, prior to the acquisition of each
Vessel by a Company Group Member, the Manager shall provide all usual and customary crew management
services in respect of such Vessel and shall manage all aspects of the employment of the Crew,
including the following (collectively, the “Crew Management Services”):

     (a) procuring, supervising and managing suitably qualified Crew, which in the opinion of the
Manager is required for the Vessel in accordance with the STCW 95 requirements;

     (b) recruiting, selecting, hiring and engaging the Vessel’s Crew, and arranging and paying, at
its own expense, all compensation and administering payroll arrangements, pensions and other
benefits and insurance for the Crew (including processing all claims);

     (c) ensuring that the Applicable Laws of the flag of the Vessel and all places where the
Vessel trades are satisfied in respect of manning levels, rank, qualification and certification of
the Crew and employment regulations, including any statutory withholding tax requirements and
social insurance requirements;

     (d) ensuring that all members of the Crew have passed a medical examination with a qualified
doctor certifying that they are fit for the duties for which they are engaged and are in possession
of valid medical certificates issued in accordance with appropriate flag state requirements and, in
the absence of applicable flag state requirements, the medical certificate shall be dated not more
than three months prior to the respective Crew members leaving their country of domicile and shall
be maintained for the duration of their service on board the Vessel;

     (e) ensuring that the Crew have command of the English language at a sufficient standard to
enable them to perform their duties effectively and safely;

     (f) arranging for all transportation (including repatriation), board and lodging for the Crew
as and when required at rates and types of accommodations as are customary in the industry;

     (g) attending to and supervising the training, discipline, discharge and other terms and
conditions of employment of the Crew;

     (h) conducting all union negotiations for and on behalf of the Company pursuant to Section
4.5(c);

     (i) administering the Company’s and the Manager’s drug and alcohol policies in respect of the
Crew;

     (j) ensuring that any concerns of the Charterer with respect to the master or any of the
officers or other members of the Crew are appropriately investigated in a timely manner,
communicating the results of such investigations to the Charterer and the Company and, if such
concerns are well-founded, ensuring that any appropriate remedial actions are promptly taken;

     (k) keeping and maintaining full and complete records of any labor agreements that may be
entered into with the Crew and reporting to the Company reasonably promptly after notice or
knowledge thereof is received of any change or proposed change in labor agreements or other regulations relating to
the Crew;

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     (l) negotiating the settlement of all wages with the Crew during the course of and upon
termination of their employment;

     (m) handling all details and negotiating the settlement of any and all claims of the Crew
including those arising out of accidents, sickness, death, loss of personal effects, disputes under
articles or contracts of enlistment, policies of insurance and fines;

     (n) keeping and maintaining all administrative and financial records relating to the Crew as
required by Applicable Law and any applicable labor or collective agreements of the Company or the
Manager, and promptly rendering to the Company any and all reports when, as and in such form as
reasonably requested by the Company; and

     (o) performing any other function in connection with the Crew as may be reasonably requested
by the Company from time to time.

     3.4 Insurance. The Manager shall arrange for insurance for each Vessel for and on behalf of
the relevant Company Group Member against physical damage, total loss, third party liability and
other risks normally insured against in accordance with industry practice, including the following
(collectively with any additional insurances required under any Credit Facility, the “Insurances”):

     (a) usual hull and machinery marine risks (including crew negligence) and excess liabilities;

     (b) protection and indemnity risks (including pollution risks and Crew Insurances); and

     (c) war risks (including protection and indemnity and crew risks);

each in accordance with the customary practice of prudent owners of Vessels of a similar type to
each Vessel, with insurance companies, underwriters or associations in amounts and on terms that
are in accordance with industry practice, and in any event, are no less than the market value of
the Vessel (and in the case of protection and indemnity coverage, entered for the Vessel’s full
gross tonnage). Notwithstanding the foregoing, the Manager shall not arrange for off-hire insurance
for the Vessels unless requested by the Company.

     The Manager shall arrange for and on behalf of the Company any such additional insurance
required under any Credit Facility, including, as applicable, arranging for any of the Lenders
thereto being named as “loss payee” or “additional insured” in accordance with the terms of any
Credit Facility.

     The relevant Company Group Member shall directly pay the relevant insurer all premiums and
calls on the Insurances promptly and in any event by their due date. The Manager shall cooperate
with the Company’s insurers and underwriters with respect to the investigation or settlement of
claims by the relevant Company Group Member or any third party under the Insurances, including
taking necessary steps to have repairs contemplated in Section 9.2(a) covered by the applicable
insurance policy or policies.

     3.5 Drydocking, Repairs and Improvements. Subject to Section 9.2, the Manager shall arrange
for and supervise the drydockings, repairs, alterations and maintenance of each Vessel to the
standards required to ensure that such Vessel will comply, in all material respects, with the laws
of the flag of such Vessel and of the jurisdictions where such Vessel trades and all requirements
and recommendations of the
applicable classification society. The Company shall directly pay the relevant third party
providing drydocking , repair, alteration or maintenance services all fees and costs for the same.

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     3.6 Regulatory Compliance Services. The Manager shall operate and maintain the Vessels, and
take all actions necessary to ensure that each Vessel is, in compliance with all Applicable Laws,
including the laws of the applicable flag each Vessel may bear, the Applicable Laws of the
countries to which the Vessels trade and with the requirements of the relevant classification
society, the ISM Code and the ISPS Code.

4. ADMINISTRATIVE SERVICES

     The Manager shall, at its own expense, provide to the Company the services described in this
Section 4 (collectively, the “Administrative Services”).

     4.1 Accounting and Records. The Manager shall, on behalf of the Company, establish an
accounting system, including the development, implementation, maintenance and monitoring of
internal control over financial reporting and disclosure controls and procedures, and maintain
Books and Records, with such modifications as may be necessary to comply with Applicable Laws. The
Books and Records shall contain particulars of receipts and disbursements relating to the Company’s
assets and liabilities and shall be kept pursuant to normal commercial practices that will permit
financial statements to be prepared for the Company in accordance with GAAP. The Books and Records
shall be the property of the Company but shall be kept at the Manager’s primary office or such
other place as the Company and the Manager may mutually agree. Upon expiration or termination of
this Agreement, all of the Books and Records shall be provided to the Company or a new manager
pursuant to Section 10.5(e).

     4.2 Reporting Requirements. The Manager shall prepare and deliver to the President and the
Chief Financial Officer the following reports, which the Manager shall use its reasonable best
efforts to prepare and deliver within the time periods specified below or, if not so specified,
within the time period requested by the relevant party:

     (a) a quarterly report to be delivered within 45 days of the end of each Fiscal Quarter
setting out the interim financial results of the Company for such quarter and for the applicable
Fiscal Year through the end of such Fiscal Quarter;

     (b) a draft of the reports, certificates, documents and other information required under any
Credit Facility and any other financing arrangements of the Company (“Other Financing Agreements”)
to be delivered at least two Business Days prior to their required delivery to the Lenders or
lenders under Other Financing Agreements;

     (c) as and when requested by the Board of Directors, the President or the Chief Financial
Officer, draft reports regarding financial and other information required in connection with
Applicable Laws (including annual and other reports that may be required to be filed under the
Exchange Act and all other Applicable Laws); and

     (d) as and when reasonably requested by the Company from time to time, such other reports with
respect to financial and other information of the Company.

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     4.3 Financial Statements and Tax Returns. At the instruction of the Chief Financial Officer,
the Manager shall prepare and deliver for review by the Chief Financial Officer and the Audit
Committee of the Board of Directors the following which the Manager shall use its reasonable best
efforts to prepare and deliver within the time periods specified below or, if not so specified,
within the time period requested by the relevant party:

     (a) within 30 days of the end of each Fiscal Quarter, unaudited financial statements of the
Company for such Fiscal Quarter, to be reviewed by the external auditors of the Company, prepared
in accordance with GAAP and the rules and regulations of the SEC, on a consolidated basis with all
Subsidiaries of the Company;

     (b) within 40 days of the end of each Fiscal Year, financial statements of the Company for
such Fiscal Year, to be audited by the external auditors of the Company, prepared in accordance
with GAAP and the rules and regulations of the SEC, on a consolidated basis with all Subsidiaries
of the Company; and

     (c) tax returns for the Company and all of its Subsidiaries required to be filed by Applicable
Laws.

     Notwithstanding the foregoing, in the event that the Company’s reporting obligations are
accelerated under the Exchange Act beyond what such obligations are at the time of the Public
Offering, the Manager shall use its reasonable best efforts to provide to the Company the financial
statements referred to in clauses (a) and (b) above within such periods as shall be required for
the Company to comply with any reporting requirements under the Exchange Act or other similar
applicable laws and regulations.

     In addition, the Manager shall attend to the time calculation and payment of all taxes payable
by the Company. At the instruction of the Chief Financial Officer, the Manager shall cause the
Company’s external accountants to review the Company’s unaudited financial statements, audit the
Company’s annual financial statements and finalize tax returns. The Manager shall make available to
the Company’s accountants the relevant Books and Records for the Company and shall assist the
accountants in their duties.

     4.4 Budgets and Corporate Planning.

          (a) Draft Budgets

     On or before December 15 of each year, the Manager, in consultation with the President and the
Chief Financial Officer, shall prepare and submit to the Board of Directors a detailed draft budget
for the next Fiscal Year in a format acceptable to the Board of Directors and generally used by the
Manager, which shall include: (1) a statement of estimated revenue and expenses, including Costs
and Expenses; and (2) a proposed budget for capital expenditures, repairs and alterations,
including proposed expenditures in respect of drydockings, together with an analysis as to when and
why such expenditures, repairs and alterations may be required (the “Draft Budget”).

          (b) Process for Finalizing the Draft Budget.

     For a period of seven (7) days after receipt of the Draft Budget, the Board of Directors may
request further details and submit written comments on the Draft Budget. If, after reviewing the
Draft Budget, the Company does not agree with any term thereof, the Company shall, within the same
seven (7) day period, give the Manager notice of such disagreements and terms (the “Questioned
Items”) and a proposal for resolution of each such Questioned Item. The Company and the Manager
shall endeavor to resolve any such differences between them with respect to the Questioned Items.
In resolving any Questioned Item, the Company and the Manager shall consider, among other things,
the Company’s obligations under any relevant Charters, Credit Facility, or Other Financing
Agreement.

          (c) Approved Budget.

     The Manager shall use its commercially reasonable efforts to prepare and deliver to the
Company a revised budget that has been approved by the Board of Directors (the “Approved Budget”)
by December 31 of the preceding Fiscal Year. However, the Company acknowledges that the Approved
Budget is only
an estimate of the performance of the Vessels and the Manager makes no assurance, representation or
warranty that the actual performance of the Vessels in the applicable Fiscal Year will correspond
to the estimates contained in the Approved Budget for such Fiscal Year. The Parties acknowledge
that any projections contained in the Approved Budget are subject to and may be affected by changes
in financial, economic and other conditions and circumstances beyond the control of the Parties.

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          (d) Amendments to Approved Budget.

     The Manager may, from time to time, in any Fiscal Year propose amendments to the Approved
Budget upon at least fifteen (15) days prior notice to the Company, in which event the Company
shall have the right to approve the amendments in accordance with the process set out in Section
4.4(b), with the relevant time periods being amended accordingly. Whenever, due to circumstances
beyond the reasonable control of the Manager, emergency expenditures are required to ensure that
any Vessels are operated and maintained as required under any applicable Charters, the Manager may
make such emergency expenditures and reasonably request prompt reimbursement thereof, to the extent
that such items are the responsibility of the Company, including pursuant to Sections 5.4 and 9.2,
even if such expenditures are not included or reflected in the Approved Budget.

     4.5 Legal and Securities Compliance Services.

          (a) Responsibilities of the Manager.

     The Manager shall assist the Company with the following items, whether or not related to any
of the Vessels:

     (i) compliance with all Applicable Laws, including all relevant securities laws and the rules
and regulations of the SEC, the New York Stock Exchange and any other securities exchange upon
which the Company’s securities are listed;

     (ii) arranging for the provision of advisory services to the Company with respect to the
Company’s obligations under applicable securities laws in the United States and disclosure and
reporting obligations under applicable securities laws, including the preparation for review,
approval and filing by the Company of reports and other documents with the SEC and all other
applicable regulatory authorities;

     (iii) maintaining the Company’s corporate existence and good standing in all necessary
jurisdictions and assisting in all other corporate and regulatory compliance matters;

     (iv) conducting investor relations functions on behalf of the Company; and

     (v) adjusting and negotiating settlements, with or on behalf of claimants or underwriters, of
any claim, damages for which are recoverable under insurance policies.

          (b) Administration and Settlement of Legal Actions.

     If any Legal Action is commenced against or is required to be commenced in favor of any
Company Group Member or any of the Vessels, the Manager shall arrange for the commencement or
defense of such Legal Action, as the case may be, in the name of, on behalf of and at the expense
of the Company Group Member, including retaining and instructing legal counsel, investigating the
substance of the Legal Action and entering pleadings with respect to the Legal Action. The Manager
shall assist the Company in administering and supervising any such Legal Actions and shall keep the
Company advised of the status thereof. The Manager may settle any Legal Action on behalf of a
Company Group Member where the amount of settlement is less than $500,000 with the approval of the President or the Chief
Financial Officer and, in excess of such amount, with the approval of the Board of Directors.

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          (c) Labor Relations Proceedings.

     For Legal Actions in favor of or against any Company Group Member that relate to labor
relations or employment proceedings, strikes or collective bargaining, the Manager shall represent
the Company Group Member in any such labor relations or employment proceedings and shall undertake
any labor relations or employment negotiations in respect of any of the Vessels or any Company
Group Member on behalf of such Company Group Member, should such representation or negotiations be
required, with such labor organization or other Person that becomes lawfully entitled to represent
the Crew. The Manager shall keep the Company advised of the progress of any such labor relations
proceedings or negotiations. The Manager may enter into collective bargaining agreements and other
labor or employment agreements and any material amendments thereto; provided, however, that such
agreements and amendments must be approved by the Board of Directors if the terms and conditions of
any such agreements or amendments are inconsistent, in a material and adverse way to the Company
Group Member, with other collective bargaining agreements concerning or in respect of the Crew.

          (d) Interaction with Regulatory Authorities.

     Notwithstanding anything in this Section 4 or otherwise, the Manager shall not act for or on
behalf of the Company in its relationships with regulatory authorities except to the extent
specifically authorized by the Company from time to time.

     4.6 Bank Accounts.

          (a) Administration by Manager.

     The Manager shall oversee banking services for the Company and shall establish in the name of
the Company an operating account, a retention account and such other accounts with such financial
institutions as the Company may request. The Manager shall administer and manage all of the
Company’s cash and accounts, including making any deposits and withdrawals reasonably necessary for
the management of its business and day-to-day operations. The Manager shall promptly deposit all
moneys payable to the Company and received by the Manager into a bank account held in the name of
the Company.

          (b) Payments from Operating Account.

     The Company shall ensure that all charter hire associated with each Charter is paid by the
applicable Charterer into the operating account. Unless otherwise instructed by the Company, the
Manager shall instruct the financial institutions at which the accounts have been established to
pay from the operating account, as and when required, amounts payable under any Credit Facility or
Other Financing Agreement.

     4.7 License. The Manager shall procure, and the Company shall enter into, a license agreement
that permits the Company to use the “Genco” name and trademark in connection with its business.

     4.8 Other Administrative Services.

     The Manager shall:

     (a) develop, maintain and monitor internal audit controls, disclosure controls and information
technology for the Company;

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     (b) assist with arranging board meetings and preparing board and committee meeting materials,
including, as applicable, agendas, discussion papers, analyses and reports;

     (c) prepare and provide such reports and accounting information so as to permit the Board of
Directors to determine the amount of the Company’s Cash
Available for Distribution and Dividends to the Company’s shareholders, and to assist the Company in making arrangements with the Company’s
transfer agent for the payment of Dividends to the shareholders;

     (d) obtain, on behalf of the Company, general insurance, director and officer liability
insurance and other insurance of the Company not related to the Vessels that would normally be
obtained for a company in a similar business to that of the Company;

     (e) administer payroll services, benefits and directors fees, as applicable, for the Crew, the
President and the Chief Financial Officer and any other employee, officer or director of the
Company;

     (f) provide office space and office equipment for personnel of the Company at the location of
the Manager or as otherwise reasonably designated by the Company, and clerical, secretarial,
accounting and administrative assistance as may be reasonably necessary;

     (g) provide all administrative services required in connection with any Credit Facility or
Other Financing Agreement;

     (h) negotiate loan and credit terms with lenders in the ordinary course and monitor and
maintain compliance therewith;

     (i) negotiate and arrange for interest rate swap agreements, foreign currency contracts and
forward exchange contracts;

     (j) monitor the performance of investment managers;

     (k) at the request and under the direction of the Company, handle all administrative and
clerical matters in respect of (i) the call and arrangement of
all annual and special meetings of shareholders, (ii) the preparation of all materials (including notices of meetings and proxy or
similar materials) in respect thereof and (iii) the submission of all such materials to the Company
in sufficient time prior to the dates upon which they must be mailed, filed or otherwise relied
upon so that the Company has full opportunity to review, approve, execute and return them to the
Manager for filing or mailing or other disposition as the Company may require or direct;

     (l) provide, at the request and under the direction of the Company, such communications to the
transfer agent for the Company as may be necessary or desirable;

     (m) make recommendations to the Company for the appointment of auditors, accountants, legal
counsel and other accounting, financial or legal advisers, and technical, commercial, marketing or
other independent experts; provided, however, that nothing herein shall permit the Manager to
engage any such adviser or expert for the Company without the Company’s specific approval;

     (n) attend to all matters necessary for any reorganization, bankruptcy or insolvency petitions
or proceedings, liquidation, dissolution or winding up of the Company;

     (o) attend to all other administrative matters necessary to ensure the professional management
of the Company’s business or as reasonably requested by the Company from time to time.

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5. STRATEGIC SERVICES

     The Manager shall, at its own expense and upon the Company’s reasonable request, provide to
the Company the services described in this Section 5 (collectively, the “Strategic Services”).

     5.1 Acquisitions, Charter Parties and Finance. The Manager shall provide strategic, corporate
planning, business development and advisory services to the Company, including the following:

     (a) providing general strategic planning services and implementing corporate strategy,
including developing acquisition and divestiture strategies;

     (b) identifying, negotiating and securing opportunities for the Company to acquire or to
construct Drybulk Carriers, and negotiating and carrying out the purchase of existing and any
newbuilding Drybulk Carriers;

     (c) (i) identifying, negotiating and securing opportunities for the Company to acquire or
merge with companies or other Persons that own or operate Drybulk Carriers or are otherwise
involved in the drybulk shipping industry, (ii) negotiating and carrying out the purchase of such
companies or other Persons, and (iii) working to integrate any such acquired businesses;

     (d) maintaining and managing relationships between the Company and the Charterers and
potential charterers, shipbuilders, insurers, Lenders and potential financiers of the Company and
other shipping industry participants;

     (e) arranging, negotiating and procuring pre-delivery and post-delivery financing or
refinancing for the construction of any Drybulk Carriers and financing or refinancing for the
acquisition of existing Drybulk Carriers;

     (f) identifying, negotiating and implementing potential divestitures or dispositions of any of
the Vessels and any other of the Company’s Drybulk Carrier Assets, and evaluating and recommending
the sale of all or any part of the Business;

     (g) identifying, investigating and implementing tax planning, leasing or other tax savings
initiatives;

     (h) assisting the Company in connection with any future offerings of Common Shares or other
securities the Company may determine is desirable, all under the direction and supervision of the
Board of Directors, the President, and the Chief Financial Officer;

     (i) subject to the oversight of the Board of Directors and supervision of the President and
the Chief Financial Officer, generally undertaking the day-to-day management of the Business; and

     (j) providing such other strategic, corporate planning, business development and advisory
services as the Company may reasonably request from time to time.

     If, pursuant to the provision of Strategic Services, the Manager identifies a potential
opportunity for the Company (“Strategic Opportunity”) and subject to allocations of corporate
opportunities to Genco pursuant to the Company’s Articles of Incorporation and the Omnibus
Agreement, (i) the Manager shall present the Strategic Opportunity to the President and the Chief
Financial Officer for further consideration and presentation to the Board of Directors, and (ii)
the Board of Directors or an appropriate committee thereof shall approve or reject the Strategic
Opportunity.

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     5.2 Pre-delivery Services. For the acquisition of any Vessel, the Manager shall oversee and
supervise, in all material respects, the construction of any newbuilding Vessel or the acquisition
of any
existing Vessel to be purchased and made subject to this Agreement, as the case may be, prior to
its delivery, including the following (collectively, the “Pre-delivery Services”), as applicable:

     (a) negotiating the shipbuilding contract and specifications and related documentation;

     (b) attending to plan approval for the design of the newbuilding Drybulk Carrier;

     (c) arranging for and supervising alterations and changes to the newbuilding Drybulk Carrier;

     (d) liaising with the ship builder, supervising the ship builder’s progress and overseeing
construction to ensure the ship builder is constructing the newbuilding Drybulk Carrier in
accordance with the relevant shipbuilding contract, design and specifications;

     (e) negotiating the purchase and sale agreement and related documentation;

     (f) liaising with classification societies, suppliers and other service providers;

     (g) procuring, supervising and managing suitably qualified Crew to test the Vessel in the
water prior to delivery;

     (h) attending to the purchasing and other activities related to the Pre-delivery Purchases and
Expenses; and

     (i) arranging for registration of the Vessel under the relevant flag and in accordance with
Applicable Laws and registration of the Vessel with the relevant classification society and other
authorities as may be required for obtaining trading, canal and other marine certificates for the
Vessel.

     5.3 Pre-delivery Purchases and Expenses. Prior to the delivery to the relevant Company Group
Member of any Vessel, the Manager shall arrange for provision of the necessary stores, spares,
lubricating oil, supplies, equipment and services related to the delivery of the Vessel (all of
which will be set out by the Manager in a pre-delivery budget for each Vessel, which shall be
subject to the acknowledgment and consent of the Company) to ensure the seaworthiness and readiness
for service of each such Vessel, and the Company shall pay for the fees associated with the
relevant classification society or the registration of the Vessel in the name of the relevant
Company Group Member under the relevant flag, whether a newbuilding or an existing Vessel

     5.4 Estimates and Consultation. For each newbuilding Drybulk Carrier, if any, the Manager
shall consult with and obtain the approval of the Company with respect to all material decisions to
be made regarding the newbuilding. The Manager shall also consult with the Company regarding, and
provide to the Company an estimate of the cost of, the Pre-delivery Services and the various
Pre-delivery Purchases and Expenses for any Vessel provided other than by the Manager, for approval
by the Company reasonably in advance of such services being provided or such items being purchased.

6. EMPLOYEES AND MANAGER’S PERSONNEL

     6.1 Manager’s Personnel. The Manager shall provide the Management Services hereunder through
the Manager’s Personnel and the Crew. The Manager shall be responsible for all aspects of the
employment or other relationship of the Manager’s Personnel and Crew as required in order for the
Manager to perform its obligations hereunder, including recruitment, training, staffing levels,
compensation and benefits, supervision, discipline and discharge, and other terms and conditions of
employment or contract. However, the Manager shall remain directly responsible and liable to the
Company to carry out all of its obligations under this Agreement, whether performed directly or
subcontracted to another Person, and the Manager (and not the Company) shall be responsible for the
compensation and reimbursement of all such other Persons.

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     6.2 Officers

          (a) Executive Officers. The Manager shall regularly consult with the President and Chief
Financial Officer as to the provision of Management Services and the Company’s Business. The
Manager shall make available to the Company such executive officers to which the Company and the
Manager or its Affiliates may agree, who shall assist in managing the day-to-day operations and
affairs of the Company. Notwithstanding the foregoing, the Company may employ directly any other
officers or employees as it may deem necessary, and any such officers and employees will not be
subject to this Agreement.

          (b) Termination and Replacement of Executive Officers. The Board of Directors may require any
officer that is provided by the Manager of its Affiliates as an executive officer (or otherwise to
perform the duties of an executive officer) of the Company to be relieved of his or her duties with
respect to, and no longer perform any of the Management Services for, the Company for any reason
not prohibited by Applicable Laws. Such officer may continue to be employed by the Manager but
shall no longer provide any Management Services hereunder, unless otherwise agreed by the Parties.

     If any officer who is made available to the Company by the Manager or any of its Affiliates,
as the case may be, resigns, is terminated or otherwise vacates his or her office, the Manager
shall, as soon as practicable after acceptance of any resignation or after such termination and
upon the Company’s request, use commercially reasonable efforts to identify suitable candidates for
replacement of such officer for the approval by the Board of Directors.

          (c) Other Duties of the Manager’s Personnel. The Company acknowledges that any officers
provided by the Manager and the other Manager’s Personnel that provide Management Services may
engage in business activities of the Manager and its Affiliates that are unrelated to the Company
and that conflicts of interest may exist.

          (d) Reporting Structure. The President and the Chief Financial Officer shall report to and be
under the direction of the Board of Directors. The Manager shall report to the Company and the
Board of Directors through the President or the Chief Financial Officer.

7. COVENANTS OF THE MANAGER

     The Manager hereby agrees and covenants with the Company that, during the Term, the Manager
shall:

     (a) obtain and maintain for its benefit professional indemnity insurance and
other insurance as is reasonable having regard to the nature and extent of the Manager’s
obligations under this Agreement;

     (b) exercise all due care, skill and diligence in carrying out its duties under this Agreement
as required by Applicable Laws;

     (c) provide the President, the Chief Financial Officer, and the Board of Directors with all
information in relation to the performance of the Manager’s obligations under this Agreement as the
President, the Chief Financial Officer, or the Board of Directors may reasonably request;

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     (d) use its reasonable best efforts to have all material property of the Company clearly
identified as such, held separately from property of the Manager and, where applicable, in safe
custody;

     (e) use its reasonable best efforts to have all property of the Company (other than money to
be deposited to any bank account of the Company) transferred to or otherwise held in the name of
the Company or any nominee or custodian appointed by the Company;

     (f) use its reasonable best efforts to cause (i) the Company to own or possess all Licenses
that are necessary and used in the operation of its business as of the date hereof, (ii) all such
Licenses to be in full force and effect at all times, and (iii) all required filings with respect
to such Licenses to be timely made and all required applications for renewal thereof to be timely
filed;

     (g) use its reasonable best efforts to retain at all times a qualified staff so as to maintain
a level of expertise sufficient to provide the Management Services; and

     (h) use its reasonable best efforts to keep full and proper books, records and accounts
showing clearly all transactions relating to its provision of Management Services in accordance
with established general commercial practices and in accordance with GAAP, and allow the Company
and its representatives to audit and examine such books, records and accounts at any time during
customary business hours.

8. MANAGER’S COMPENSATION AND REIMBURSEMENT

     8.1 Fees for Management Services; Reimbursement. In consideration for the provision of
Management Services by the Manager to the Company, the Company shall pay the Manager the amounts
set forth on Schedule B hereto in accordance with Section 8.2 (“Management Fees”). In addition,
the Company shall reimburse the Manager for (a) all of the reasonable direct and indirect costs and
expenses incurred by the Manager and its Affiliates in providing Management Services and (b) the
pro rata portion of the salary and other costs incurred by the Manager in employing and
compensating an internal auditor who will be made available to the Company on a part time basis.

     8.2 Invoicing. The Manager shall, in good faith, determine the expenses related to the
Management Services that are allocable to the Company Group in any reasonable manner determined by
the Manager and shall provide to the Company on a quarterly basis an invoice for the Costs and
Expenses to be paid under Section 8.1, which invoice shall contain a description in reasonable
detail of the Costs and Expenses that comprise the aggregate amount of the payment being invoiced.
The Manager shall maintain the records of all Costs and Expenses incurred, including any invoices,
receipts and supplementary materials as are necessary or proper for the settlement of accounts
between the Parties. The Company shall pay such invoices within thirty (30) days of receipt, unless
the invoice is being disputed in accordance with this Agreement.

     8.3 Dispute of Invoice. If the Company, in good faith, disputes the amount of an invoice, the
Company shall give written notice of such dispute (including the particulars of such dispute) to
the Manager on or before the due date with respect to all or any portion of such invoice. Upon
receipt of such notice, the Manager shall furnish the Company with additional supporting
documentation to reasonably substantiate the amount of the invoice or the Performance Fee
calculation, as applicable. Upon delivery of such additional documentation, the Company and the
Manager shall cooperate in good faith and use commercially reasonable efforts to resolve such
dispute. If they are unable to resolve the dispute within (i) ten (10) Business Days of the
delivery of such additional supporting information (in the case of an invoice) or (ii) five (5)
days of such delivery (in the case of the Performance Fee calculation), the dispute shall be
referred for resolution to a firm of independent accountants of nationally recognized standing in
the United States reasonably satisfactory to each of the Manager and the Company (the “Accounting
Referee”), which shall determine the disputed amounts within thirty (30) days of the referral of
such
invoice dispute to such Accounting Referee, or within ten (10) days of the referral of such
Performance Fee calculation dispute. The determination of the Accounting Referee shall not require
the Company to pay more than the amount in dispute nor require the Manager to return any amount
previously paid by the Company. The fees and expenses of the Accounting Referee shall be borne
equally by the Company and the Manager. If any invoice dispute is resolved in favor of the Manager,
the Company shall make payment to the Manager within ten (10) days of resolution of the dispute.
Notwithstanding the foregoing, in no event shall the Company be entitled to withhold any amounts
other than those portions of the applicable payment that are in dispute.

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     8.4 Direction to Pay. By written notice to the Company, the Manager may direct the Company to
pay any amounts owing under this Agreement directly to an Affiliate of the Manager pursuant to a
subcontracting arrangement relating to this Agreement.

9. LIABILITY OF THE MANAGER; INDEMNIFICATION

     9.1 Liability of the Manager. The Manager shall not be liable to the Company for any Loss
(including but not limited to loss of profit arising out of or in connection with arrest, detention
of or delay to any Vessel) arising from the Management Services unless and to the extent that such
Loss resulted from:

     (a) the fraud, gross negligence, recklessness or willful misconduct of the Manager or any of
its Affiliates (other than the Company Group) or any of their respective employees, agents or
subcontractors (“Manager Misconduct”); or

     (b) any breach of this Agreement by the Manager of any of its Affiliates (other than the
Company Group).

     Notwithstanding anything that may appear to the contrary in this Agreement, the Manager shall
not be responsible for any of the actions of the crew of any Vessel even if such actions are
negligent, grossly negligent or willful.

     9.2 Extraordinary Costs and Capital Expenditures. Notwithstanding anything to the contrary in
this Agreement, the Manager shall not be responsible for paying any costs, liabilities and expenses
in respect of a Vessel to the extent that such costs, liabilities and expenses are “extraordinary,”
which consist of the following:

     (a) repairs, refurbishment or modifications resulting from maritime accidents, collisions,
other accidental damage or unforeseen events (except to the extent that such accidents, collisions,
damage or events are due to Manager’s Misconduct, unless and to the extent otherwise covered by
insurance);

     (b) drydocking of a Vessel;

     (c) any improvement, upgrade or modification to, structural changes with respect to or the
installation of new equipment aboard any Vessel that results from a change in, an introduction of
new, or a change in the interpretation of, Applicable Laws at the recommendation of the
classification society for that Vessel or otherwise;

     (d) any increase in Crew Employment and Support Expenses resulting from a change in, an
introduction of new, or a change in the interpretation of, Applicable Laws; or

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     (e) any other similar types of costs, liabilities and expenses that were not reasonably
contemplated by the Company and the Manager as being a component of the Approved Budget for the
applicable Fiscal Year.

     9.3 Manager Indemnification. The Company shall indemnify and save harmless the Manager and
its directors, officers, employees, subcontractors and Affiliates (the “Manager Indemnified
Persons”) from and against any and all Losses incurred or suffered by the Manager Indemnified
Persons by reason of or arising from or in connection with their performance of this Agreement or
any third-party Legal Action brought or threatened against such Manager Indemnified Persons in
connection with their performance of this Agreement, other than for any Losses to the extent
related to or that resulted from:

     (a) any liabilities or obligations that the Manager has agreed to pay or for which the Manager
is otherwise expressly responsible under this Agreement;

     (b) Manager Misconduct; or

     (c) any breach of this Agreement by the Manager or any of its Affiliates (other than the
Company Group).

     9.4 Company Indemnification. The Manager shall indemnify and save harmless each Company Group
Member and such Company Group Member’s directors, officers, employees, subcontractors and
Affiliates (the “Company Indemnified Persons”) from and against any and all Losses incurred or
suffered by the Company Indemnified Persons, to the extent related to or that resulted from:

     (a) any liabilities or obligations that the Manager has agreed to pay or for which the Manager
is otherwise expressly responsible under this Agreement;

     (b) Manager Misconduct; or

     (c) any breach of this Agreement by the Manager or any of its Affiliates (other than the
Company Group).

     9.5 Limitation Regarding Crew

     Notwithstanding anything to the contrary in this Agreement, the Manager shall not be liable
for any of the actions of the Crew, even if such actions are negligent, grossly negligent or
willful, except only to the extent that they are shown to have resulted from a breach by the
Manager of any of its obligations under Section 3.3, in which case the Manager’s liability shall be
determined in accordance with the terms of this Section 9.

10. TERM AND TERMINATION

     10.1 Initial Term. The initial term of this Agreement shall commence on                     , 2009 and
end on December 31, 2024, unless terminated earlier pursuant to this Agreement (the “Initial
Term”).

     10.2 Renewal Term. This Agreement will, without any further act or formality on the part of
either Party, on the expiration of the Initial Term or any Renewal Term, be automatically renewed
for a further term of five (5) years (each a “Renewal Term”) unless notice of termination is given
by the Company to the Manager in accordance with Section 10.3(f), in the case of the Initial Term,
or Section 10.3(g), in the case of any Renewal Term.

22

 

     10.3 Termination by the Company. This Agreement may be terminated by the Company:

     (a) if, at any time, the Manager materially breaches this Agreement and the matter is
unresolved after ninety (90) days pursuant to the dispute resolution procedures set forth in
Section 11 (“Manager Breach”);

     (b) if, at any time,

     (i) the Manager has been convicted of, has entered a plea of guilty or nolo contendere with
respect to, or has entered into a plea bargain or settlement admitting guilt for, a crime, which
conviction, plea bargain or settlement is demonstrably and materially injurious to the Company; and

     (ii) the holders of a majority of the outstanding Common Shares elect to terminate this
Agreement;

     (c) if
the Manager commits fraud or is grossly negligent in the performance
of its obligations hereunder, or commits an act of willful
misconduct, and the Company is materially injured thereby in any such
case;

     (d) if, at any time, the Manager becomes insolvent, admits in writing its inability to pay its
debts as they become due, is adjudged bankrupt or declares bankruptcy or makes an assignment for
the benefit of creditors, a proposal or similar action under the bankruptcy, insolvency or other
similar laws of any applicable jurisdiction, or commences or consents to proceedings relating to it
under any reorganization, arrangement, readjustment of debt, dissolution or liquidation law or
statute of any jurisdiction;

     (e) if any Person or group of Persons other than Peter C. Georgiopoulos acquires Control or
economic control of the Manager in contravention of Section 12.2;

     (f) if, in the fourth Fiscal Quarter of 2019, two-thirds of the Board of Directors elect to
terminate the Agreement, which termination shall be effective on December 31, 2020;

     (g) if, in the fourth Fiscal Quarter of 2023, the Company elects to terminate the Agreement by
notice to the Manager, which termination shall be effective on December 31, 2024; or

     (h) if, in the fourth Fiscal Quarter of any Fiscal Year immediately preceding the Fiscal Year
that includes the end of any Renewal Term, the Company elects to terminate the Agreement by notice
to the Manager, which termination shall be effective at the end of the Fiscal Year for the final
year of such Renewal Term.

     10.4 Termination by the Manager. This Agreement may be terminated by the Manager:

     (a) after the fifth anniversary of the Public Offering, with twelve (12) months’ prior notice
by the Manager to the Company;

     (b) if, at any time, the Company materially breaches the Agreement and the matter is
unresolved after ninety (90) days pursuant to the dispute resolution procedures set forth in
Section 11 (“Company Breach”); or

     (c) at any time upon the earlier of (i) the occurrence of a Change of Control of the Company
or (ii) the Manager’s receipt of written notice from the Company that such a Change of Control will
occur until sixty (60) days after the later of (x) the occurrence of such a Change of Control or
(y) the Manager’s receipt of the written notice in the preceding clause (ii). If the Company has
knowledge that a Change of Control of the Company will occur, the Company shall give prompt written
notice thereof to the Manager. A “Change of Control” means the occurrence of any of the following:

     (A) the sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the
Company’s assets, except such a disposition to a member of the Existing Ownership Group;

23

 

     (B) an order made for, or the adoption by the Board of Directors of a plan of, liquidation or
dissolution of the Company;

     (C) the consummation of any transaction (including any merger or consolidation) the result of
which is that any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) becomes
the beneficial owner, directly or indirectly, of more than a majority of the Company’s Voting
Securities (unless such “person” is a member of the Existing Ownership Group), measured by voting
power rather than number of shares;

     (D) if, at any time, the Company becomes insolvent, admits in writing its inability to pay its
debts as they become due, is adjudged bankrupt or declares bankruptcy or makes an assignment for
the benefit of creditors, or makes a proposal or similar action under the bankruptcy, insolvency or
other similar laws of any applicable jurisdiction or commences or consents to proceedings relating
to it under any reorganization, arrangement, readjustment of debt, dissolution or liquidation law
or statute of any jurisdiction;

     (E) the consolidation of the Company with, or the merger of the Company with or into, any
“person” (other than a member of the Existing Ownership Group), or the consolidation of any
“person” (other than a member of the Existing Ownership Group) with, or the merger of any “person”
(other than a member of the Existing Ownership Group) with or into, the Company, in any such event
pursuant to a transaction in which any of the Common Stock or Class B Stock outstanding immediately
prior to such transaction are converted into or exchanged for cash, securities or other property or
receive a payment of cash, securities or other property, other than any such transaction where the
Company’s Voting Securities outstanding immediately prior to such transaction are converted into or
exchanged for Voting Securities of the surviving or transferee “person” constituting a majority
(measured by voting power rather than number of shares) of the outstanding Voting Securities of
such surviving or transferee “person” immediately after giving effect to such issuance; or

     (F) a change in directors after which a majority of the members of the Board of Directors are
not Continuing Directors.

     10.5 Effects of Termination or Expiry of this Agreement. (a) If the Manager terminates this
Agreement pursuant to Section 10.4(a), the Company shall have the option to require the Manager to
continue to provide Technical Services to the Company, for the fee described in Section 8.1, for up
to an additional two-year period from the date of termination of this Agreement.

     (b) If the Company terminates this Agreement pursuant to any of Sections 10.3(e) through
10.3(g), or the Manager terminates this Agreement pursuant to Section 10.4(b) or Section 10.4(c),
the Company shall pay to the Manager the Termination Payment in a lump sum amount, payable within
30 days following the date this Agreement terminates.

     (d) Upon termination of this Agreement for any reason or expiry of this Agreement or upon the
Manager otherwise ceasing to manage a Vessel under this Agreement, with respect to the Stores and
Equipment provided by the relevant Company Group Member or the Manager, as applicable, the
following shall occur:

          (i) in the case of any Vessel where the necessary Stores and Equipment were provided by the
Manager, at the time of delivery of such Vessel to the relevant Company Group Member, the Company
or such Company Group Member shall reimburse the Manager for the fair market value (as of the time
of such termination, expiry or cessation) of the Stores and Equipment that had been placed on board
the Vessel by the Manager, taking into account reasonable wear and tear (such value to be proposed
by the Manager and subject to approval by the Company), except that if such Vessel is to be
scrapped immediately following such termination, expiry or cessation, the Manager shall use commercially
reasonable efforts to sell, re-use or recycle the Stores and Equipment and any compensation
received by the Manager in doing so shall be deducted from the amounts to be reimbursed by the
Company or such Company Group Member to the Manager; and

24

 

          (ii) in the case of any Vessel where the necessary Stores and Equipment were provided by the
relevant Company Group Member, at the time of delivery of such Vessel to such Company Group Member,
the Manager shall either, at the Company’s option, (A) return the Vessel with materially the same
level and complement of Stores and Equipment as required to continue operating the Vessel in
accordance with customary ship operation and practice that a prudent owner of a Vessel such as the
Vessel would deem reasonably necessary, taking into account reasonable wear and tear, or (B) pay to
the Company or such Company Group Member an amount representing the amount of Stores and Equipment
needed to be added to existing levels to satisfy the levels described in subclause (A) above (such
amount to be proposed by the Manager and subject to approval by the Company); provided, however,
that if such Vessel is to be scrapped immediately following such termination, expiry or cessation,
the Manager shall be required to make the payment contemplated in subclause (B) above.

Until any of the foregoing events arise, neither any Company Group Member nor the Manager shall
have any obligation to each other to account for any diminution in value of the Stores and
Equipment.

     (e) Upon termination or expiry of this Agreement, this Agreement will be void and there shall
be no liability on the part of any Party (or their respective officers, directors, employees or
Affiliates) except that the obligation of the Company to pay to the Manager or its Affiliates the
amounts accrued but outstanding under Section 8 and the terms and conditions set forth in Sections
9, 10.6 and 12.4 shall survive such termination. After a written notice of termination has been
given under this Section 10 or upon expiry, the Company may direct the Manager to, at the cost of
the Company (subject to Section 10.5(d)), undertake any actions reasonably necessary to transfer
any aspect of the ownership or control of the assets of the Company to the Company or to any
nominee of the Company and to do all other things reasonably necessary to bring the appointment of
the Manager to an end at the appropriate time, and the Manager shall promptly comply with all such
reasonable directions. Upon termination or expiry of this Agreement, the Manager shall promptly
deliver to any new manager or the Company any Books and Records held by the Manager under this
Agreement and shall execute and deliver such instruments and do such things as may reasonably be
required to permit the new manager of the Company to assume its responsibilities.

11. DISPUTE RESOLUTION

     11.1 Notice of Dispute. If (a) a dispute or disagreement arises between the Parties with
respect to any provision of this Agreement (other than Section 8.3), including its interpretation
or the performance of a Party under this Agreement or (b) (i) the Company in good faith believes
that a Manager Breach has occurred or is reasonably likely to occur or (ii) the Manager in good
faith believes that a Company Breach has occurred or is reasonably likely to occur (each of the
foregoing, as well as any inability of the Parties to agree, pursuant to Section 8.1, upon the
adjusted Commercial Management Services Fee by the date sixty (60) days prior to January 1 of the
year in which such adjusted fee is scheduled to take effect, being a “Dispute”), either Party may,
or the Party alleging such breach or potential breach shall, deliver written notice to the other
Party. Such notice shall contain in detail the specific facts and circumstances relating to the
Dispute. With respect to any Dispute described in clause (a) or (b) above, each Party shall
designate an individual to negotiate and resolve the Dispute (each a “Designated Representative”
and, together, the “Designated Representatives”). The Designated Representatives shall in good
faith attempt to resolve the matter within a thirty (30) day period from the date of delivery of
the notice referred to above. If either Designated Representative intends to be accompanied by
counsel at any meeting, such Designated Representative shall give the other Designated Representative at least three (3)
Business Days’ notice. All discussions and negotiations pursuant to this Section 11 shall be
confidential and without prejudice to settlement negotiations.

25

 

     11.2 Mediation. If a Dispute described in clause (a) or (b) of Section 11.1 is not resolved
by the Designated Representatives during after the thirty (30) days provided in Section 11.1,
either of the Parties may refer the matter to mediation. Any Dispute relating to the determination
of an adjusted Commercial Management Services Fee (a “Commercial Management Services Fee Dispute”)
shall be referred to mediation. With respect to the mediation of any Dispute, the mediator shall be
mutually agreed upon by the Parties, and such mediator will be instructed to:

     (a) review the terms of the Dispute and the position of the Parties;

     (b) consider the terms of and context of this Agreement; and

     (c) render a non-binding report within sixty (60) days (20 days in the case of a Commercial
Management Services Fee Dispute) of the appointment of the mediator (the “Mediator’s Report”) or
such later date as to which the Parties may agree.

     The Parties shall consider the Mediator’s Report and may mutually decide to make it a binding
report. If the mediator is not able to facilitate a binding agreement between the Parties, the
Dispute is not resolved to the satisfaction of the Parties as a result of the Mediator’s Report or
a mediator cannot be chosen mutually by the Parties, the Dispute shall be submitted to binding
arbitration pursuant to Section 11.3.

     11.3 Arbitration. Any Dispute not resolved by the Parties pursuant to Section 11.1 or 11.2
shall be fully and finally resolved by binding arbitration pursuant to this Section 11.3. Either
Party may refer the Dispute to arbitration, which shall take place in New York, New York in
accordance with the Commercial Arbitration Rules of the American Arbitration Association before a
single arbitrator. The prevailing Party in any such arbitration shall be entitled to costs,
expenses and reasonable attorneys’ fees, and judgment upon the award rendered by the arbitrators
may be entered in any court having jurisdiction thereof.

12. GENERAL

     12.1 Assignment; Binding Effect. The Parties may not assign any of their respective rights
under this Agreement in whole or in part without the prior written consent of the other Party,
which consent may be withheld in the sole discretion of such other Party. This Agreement is binding
upon and inures to the benefit of the Parties and their successors and permitted assigns.

     12.2 Change of Control of the Manager. If any Person or group of Persons acting in concert
(other than Affiliates of Genco) proposes to acquire Control of the Manager, directly or
indirectly, the Manager shall provide at least thirty (30) days’ written notice of the change of
Control to the Company, which notice shall identify the Person that will acquire, directly or
indirectly, Control of the Manager. A change of Control of the Manager may occur only with the
consent of the Company, which consent shall not be unreasonably withheld or delayed.

     12.3 Force Majeure. Neither of the Parties shall be under any liability for any failure to
perform any of their obligations hereunder if any of the following occurs (each a “Force Majeure
Event”):

     (a) any event, cause or condition which is beyond the reasonable control of either or both of
the Parties and which prevents either or both of the Parties from performing any of their
respective obligations under this Agreement;

26

 

     (b) acts of God, including fire, explosions, unusually or unforeseeably bad weather
conditions, epidemic, lightening, earthquake or tsunami;

     (c) acts of public enemies, including war or civil disturbance, vandalism, sabotage,
terrorism, blockade or insurrection;

     (d) acts of a Governmental Authority, including injunction or restraining orders issued by any
judicial, administrative or regulatory authority, expropriation or requisition;

     (e) government rule, regulation or legislation, embargo or national defense requirement; or

     (f) labor troubles or disputes, strikes or lockouts, including any failure to settle or
prevent such event which is in the control of any Party.

     A Party shall give written notice to the other Party promptly upon the occurrence of a Force
Majeure Event.

     12.4 Confidentiality. (a) Each Receiving Party agrees:

          (i) to use any Confidential Information solely to carry out its obligations or exercise its
rights under this Agreement (the “Purpose”) and for no other purpose;

          (ii) to copy and make other works based on Confidential Information only as strictly necessary
for the Purpose;

          (iii) to maintain the confidentiality of the Confidential Information using at least the same
degree of care that the Receiving Party uses for its own confidential or proprietary information of
a similar nature, but no less than reasonable care;

          (iv) to reveal any Confidential Information to any third party without the prior written
consent of the Disclosing Party, except that if the Receiving Party is required by law, court or
administrative order or regulation to reveal any Confidential Information, the Receiving Party is
permitted to do so provided that the Receiving Party gives the Disclosing Party reasonable prior
written notice (if permitted) of the required disclosure and cooperate with the Disclosing Party at
its expense in seeking a protective order or other relief;

          (v) to limit disclosure of the Confidential Information to such of your officers and employees
as is necessary for the Purpose;

          (vi) to inform each officer and employee who receives any Confidential Information of the
restrictions as to use and disclosure of Confidential Information contained herein and to be
responsible for any breach of such restrictions by any such persons;

          (vii) Forthwith upon the Disclosing Party’s request, to procure the return of all Confidential
Information together with any copies, abstracts, or other works which contain or are based on any
of the Confidential Information; provided that, notwithstanding the foregoing, the Receiving Party
shall be permitted to retain Confidential Information to the extent it is required to retain such
Confidential Information pursuant to law, court or administrative order or regulation;

     (b) Each Receiving Party further acknowledges that any breach of the provisions of this
Agreement would result in serious damage being sustained by the Disclosing Party, and as a result
hereby unconditionally agrees:

          (i) To be responsible for losses, damages or expenses (including without limitation attorneys’
fees and expenses) that have been determined to have been caused by any such breach; and

          (ii) That the Disclosing Party shall be entitled to equitable relief (including without
limitation injunctive relief) in relation to any threatened or actual breach of the provisions of
this Agreement without any requirement of posting a bond and without limiting any other remedy that
may be available to the Disclosing Party.

27

 

     12.5 Notices. Each notice, consent or request required to be given to a Party pursuant to
this Agreement must be given in writing. A notice may be given by delivery to an individual or by
fax, and shall be validly given if delivered on a Business Day to an individual at the following
address, or, if transmitted on a Business Day, by fax or email addressed to the following Party:

	 	 	 	 	 	 	 	 	 	 	 
	(a)	 	if to the Company:	 	(b)	 	if to the Manager:
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Address:
	 	299 Park Avenue, 20th Floor
	 	 	 	Address:
	 	299 Park Avenue, 20th Floor
	 

	 	 	 	New York, NY 10171
	 	 	 	 	 	New York, NY 10171
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Attention:
	 	 	 	 	 	Attention:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	Fax No.:
	 	 	 	 	 	Fax No.:	 	 

or to any other address or fax number that the Party so designates by notice given in accordance
with this Section. Any notice

     (a) if validly delivered on a Business Day, shall be deemed to have been given when delivered;
and

     (b) if validly transmitted by fax on a Business Day, shall be deemed to have been given on
that Business Day.

     12.6 Third Party Rights. The provisions of this Agreement are enforceable solely by the
Parties to this Agreement, and no shareholder, employee, agent of any Party or any other Person
shall have the right to enforce any provision of this Agreement or to compel any Party to this
Agreement to comply with the terms of this Agreement.

     12.7 No Partnership. Nothing in this Agreement is intended to create or shall be construed as
creating a partnership or joint venture between the Parties, and this Agreement shall not be deemed
for any purpose to constitute any Party a partner of any other Party to this Agreement in the
conduct of any business or otherwise or as a member of a joint venture or joint enterprise with any
other Party to this Agreement.

     12.8 Severability. Each provision of this Agreement is several. If any provision of this
Agreement is or becomes illegal, invalid or unenforceable in any jurisdiction, the illegality,
invalidity or unenforceability of that provision will not affect:

     (a) the legality, validity or enforceability of the remaining provisions of this Agreement; or

     (b) the legality, validity or enforceability of that provision in any other jurisdiction;

except that if:

28

 

          (x) on the reasonable construction of this Agreement as a whole, the applicability of the
other provision presumes the validity and enforceability of the particular provision, the other
provision will be deemed also to be invalid or unenforceable; and

          (y) as a result of the determination by a court of competent jurisdiction that any part of
this Agreement is unenforceable or invalid and, as a result of this Section 12.8, the basic
intentions of the Parties in this Agreement are entirely frustrated, the Parties shall use
commercially reasonable efforts to amend, supplement or otherwise vary this Agreement to confirm
their mutual intention in entering into this Agreement.

     12.9 Governing Law; Jurisdiction; Venue. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York applicable to contracts executed in and to be
performed in that state, and each party hereto agrees to submit to the non-exclusive jurisdiction
of the federal or state courts located in the City, County and State of New York as regards any
claim or matter arising under or in connection with this Agreement. Each of the Parties hereby
irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or
proceeding arising out of this agreement or the transactions contemplated hereby, in the federal or
state courts located in the City, County and State of New York, and hereby further irrevocably and
unconditionally waives and agrees not to plead or claim in any such court that any such action,
suit or proceeding brought in any such court has been brought in an inconvenient forum or seek to
change the venue from any such court.

     12.10 Amendments. No amendment, supplement, modification or restatement of any provision of
this Agreement shall be binding unless it is in writing and signed by each Person that is a Party
to this Agreement at the time of the amendment, supplement, modification or restatement.

     12.11 Entire Agreement. This Agreement constitutes the entire agreement among the Parties
pertaining to the subject matter hereof and supersedes all prior agreements and understandings
pertaining thereto.

     12.12 Waiver. No failure by any Party to insist upon the strict performance of any covenant,
duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a
breach thereof shall constitute a waiver of any such breach or of any other covenant, duty,
agreement or condition. Any waiver must be specifically stated as such in writing.

     12.13 Counterparts. This Agreement may be executed in any number of counterparts, all of
which together shall constitute one agreement binding on the Parties.

[Remainder of This Page Intentionally Left Blank]

29

 

     IN WITNESS WHEREOF, this Management Agreement has been duly executed by the Parties as of the date
first written above.

	 	 	 	 	 	 	 	 	 	 	 
	BALTIC TRADING LIMITED	 	 	 	GENCO SHIPPING & TRADING LIMITED	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Name:

	 	 	 	 	 	Name:	 	 	 	 
	Title:

	 	 	 	 	 	Title:	 	 	 	 

30

 

SCHEDULE A

VESSELS

(As of                     , 2009)

     This Schedule may be updated from time to time as the Parties in accordance with Section 2.8.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Capacity	 	 	 	Current	 	Current	 	Expiration	 	 
	Vessel	 	(dwt)	 	Built	 	Employment	 	Charterer	 	of Charter	 	Flag
	[None]
	 	 	 	 	 	 	 	 	 	 	 	 

31

 

SCHEDULE B

MANAGEMENT FEES

Commercial services fee: For the provision of Commercial Management Services, the Company shall
pay the Manager a fee of 1.25% of all gross charter revenues generated by each Vessel.

Technical services fee: For the provision of Technical Services (excluding Commercial Management
Services), the Company shall pay the Manager a fee for technical services provided to the Company
equal to $750 per Vessel per day. Such $750 amount shall be subject to increase on each anniversary of the date hereof based on the total percentage increase, if any, in the Consumer Price Index over the immediately preceding twelve months of the Term.

Sale & purchase fee: Upon consummation of the sale or purchase of a Vessel, the Company shall pay
the Manager a fee equal to 1% of the gross purchase or sale price.

32Exhibit 10.14

Exhibit 10.14

 RAC Benefits Plus Agreement

BY THIS AGREEMENT made this 12th day of June, 2009, Benefit Marketing Solutions, L.L.C., an
Oklahoma Limited Liability Company, (hereinafter called “BMS”) and Rent-A-Center Texas, L.P., a
Texas limited partnership for itself and the benefit of its affiliates (hereinafter collectively
referred to as “ RAC”), mutually warrant, covenant and agree as hereinafter set forth.

WITNESSETH

	1.	 	RECITATIONS. The basis and purpose of this Agreement is as follows:

	 
	 	 	1.1 THE PARTIES. BMS is primarily engaged in supplying marketing services and benefits to
organizations, which said services are intended to enhance the ability of such organizations to
attract and retain customers. RAC is primarily engaged in providing its services to the public
and desires to employ the assistance of BMS.

	 
	 	 	1.2 PURPOSE. Pursuant to an agreement dated December 20, 2006 (the “Original Amended and
Restated Agreement”), the parties entered into a transaction whereby BMS supplies the
benefits, as herein defined in Exhibit “A” (hereinafter the “Benefits”), to RAC’s enrolled
customers (hereinafter the “Customers”). BMS and RAC desire to amend and restate in its
entirety the Original Amended and Restated Agreement as set forth effective March 1, 2007
unless otherwise stated.

	 
	2.	 	BMS’S DUTIES. BMS hereby agrees to supply RAC certain services and perform certain duties as
follows:

	 
	 	 	2.1 CUSTOMER SERVICES. BMS will supply to Customers in all states other than California,
Wisconsin, Indiana, the Commonwealth of Puerto Rico or Canada in cooperation with RAC, those
items of Benefits as set forth in Exhibit “A.”

	 
	 	 	2.2 TRAINING. BMS will provide such training as reasonably necessary to familiarize the RAC
employees with the Benefits.

	 
	 	 	2.3 ADVERTISING, MARKETING, ENROLLMENT AND FULFILLMENT CONSULTATION, APPROVAL AND BUDGET. BMS
will provide assistance as reasonably requested by RAC in the design, selection and preparation
of copy and artwork, for all materials used by RAC for advertising, marketing, enrollment and
fulfillment in connection with the Benefit Program. BMS will review all materials used by RAC in
connection with the Benefit Program for advertising, marketing, enrollment and fulfillment and
shall approve or provide prerequisites for approval within 10 business days of submission to
BMS. BMS and RAC shall mutually agree to an annual budget for production and printing costs for
approved materials related to the initial membership booklet provided to members at point of
sale. This budget shall be based on materials currently in use, agreed upon modifications, and
projected increases or decreases in volume. BMS will pay for the production and printing of all
such materials used by RAC in connection with the Benefit Program up to the budgeted amount and
for any amounts in excess of the budgeted amounts that have been approved by BMS in writing.

	 
	 	 	2.4 CUSTOMER SERVICE. BMS shall provide toll-free telephone service for Customers to request
information regarding the Benefits. Such service shall be available 8am to 6pm Central Time,
Monday — Friday except holidays, by trained customer service representatives.

	 
	 	 	2.5 CUSTOMER WEBSITE. BMS shall provide a website, linked from the RAC website, containing a
complete description of the Benefits for Customers to review. This site shall also provide a
means for Customers to locate the medical providers nearest their location.

	 
	 	 	2.6 CONTENT. BMS reserves the right to modify the Benefits with the consent of RAC or as
necessary to comply with any applicable laws or regulations. BMS shall endeavor that such
modified benefits are comparable or superior to those herein.

	 
	 	 	2.7 OTHER SUPPORT. BMS shall provide a website whereby store personnel can review the details
relative to the status of claims submitted and received by BMS, view and print forms and
training and procedure materials. Additionally, BMS shall provide an email address for store
personnel support issues. BMS will staff its operation in a manner which will provide for an
average three (3) day turn-around for submitted claim requests. If permission is granted by RAC,
BMS will request information needed that is not included with submitted claims via RAC’s
internal email system. BMS will follow-up additional information requests in ten (10) day intervals three
(3) times. If following the third request, the information is not received by BMS from the
requested store, the request will be forwarded to RAC corporate.

 

 

 

	3.	 	RAC’S DUTIES. RAC agrees and covenants as follows:

	 
	 	 	3.1 PROMOTION. RAC will use reasonable commercial efforts to solicit Customers for participation
in the Benefit Program and will use BMS exclusively as the vendor of products and services for
benefit or membership programs except that RAC shall be permitted to offer a competing
membership program in any stores acquired after November 14. 2006 which are subject
to an agreement binding on RAC for the term remaining under such agreement, including without
limitation, through Member Trust Enhancement Services, Inc. in approximately 630 Rent-Way stores
until December 1,2008, the end of the initial term of the Amended and Restated Preferred Club
Agreement dated as of July 12, 2005, by and between Member Trust Enhancement Services, Inc. and
Rent-Way, Inc. RAC is not currently offering benefit or membership programs in Wisconsin,
Indiana, the Commonwealth of Puerto Rico or Canada and is not required to do so under this
Agreement, but will use BMS exclusively as the vendor of products and services for benefit or
membership programs in the event such programs are offered.

	 
	 	 	3.2 ADVERTISING, MARKETING, ENROLLMENT AND FULFILLMENT; APPROVAL BY BMS. Prior to use, RAC
shall submit all copy and artwork proposed to be used by RAC for advertising, marketing,
enrollment and fulfillment in connection with the Program to BMS, for its prior inspection and
approval. RAC will not use or issue any advertising, marketing materials, brochures, web
sites or discount medical cards for the Program without the written approval of BMS, such
approval not to be unreasonably withheld, conditioned or delayed.

	 
	 	 	3.3 REPORTS. Commencing April 2007, and continuing monthly thereafter, RAC shall submit to BMS,
in a form acceptable to BMS, a report reflecting revenue generated by RAC for the Benefits plan
during the previous month. Additionally, RAC shall periodically provide, in a mutually agreeable
electronic format, both new and terminated Customer information file, separated by current
rental Customers and paid-out Customers. All Customer information so provided shall be
considered confidential information subject to Paragraph 5 of this Agreement.

	 
	 	 	3.3 AUDIT. BMS shall have the right at all reasonable times to examine the books and records of
RAC for the purpose of determining the accuracy of the Reports submitted pursuant to this
paragraph. Each audit shall be at the expense of BMS unless such audit discloses that RAC has
failed to report more than 5% of participating Customers to BMS for any thirty (30) day period.

	 
	 	 	3.4 PAYMENT OF FEES. All amounts due under this Agreement shall be paid by RAC to BMS, remitted
by the 10th calendar day of the month following the month in which fees were paid by the
Customers to RAC.

	 
	 	 	3.5 COSTS; PAYMENTS. For the Benefits, RAC shall pay to BMS an amount per participating Customer
per month pursuant to the pricing schedules set forth in Exhibit “B”

	 
	 	 	3.6 COMPLIANCE. BMS agrees it will comply with all laws applicable to the offering of the
benefits programs contemplated by this Agreement except for any applicable state RTO statutes
and general consumer protection laws. RAC agrees it will comply with all state RTO statutes
applicable to the program’s solicitation, including any general consumer protection provisions
that may be a part thereof.

	 
	4.	 	INDEMNITY. BMS agrees to indemnify, defend and hold RAC harmless from any and all loss,
claims, demands, damages, suits, liabilities and any costs and expenses, including reasonable
attorneys’ fees, arising from or in any way connected with the failure of BMS to perform its
duties pursuant to this agreement and/or observe all of the terms, covenants and conditions
contained herein. BMS’ maximum liability pursuant to this indemnification obligation shall be
limited in each matter to an amount equal to the aggregate fees paid by RAC to BMS pursuant to
this Agreement with respect to Customers located in the state in which such matter arises or
is brought over the time period covered by such claim(s). RAC agrees to indemnify, defend and
hold BMS harmless from any and all loss, claims, demands, damages, suits, liabilities and any
costs or expenses, including reasonable attorney’s fees, arising from or in any way connected
with the failure of RAC to perform its duties pursuant to this agreement and/or observe all of
the terms, covenants and conditions contained herein. . The parties may agree to further limit
BMS’ liability to RAC on a case by case basis with respect to specific risks identified in
connection with the offering of program benefits or services, provided that any such agreement
shall be in writing and signed by both parties.

 

 

 

	5.	 	CONFIDENTIALITY. All information, whether printed, written or oral, furnished through RAC,
its agents or employees, to BMS shall be held in confidence by BMS and used or disclosed only
for purposes of performing its duties under this Agreement. RAC agrees that the information contained in the sales materials provided it by BMS
are and shall remain BMS’ sole and exclusive property and RAC shall not use or disclose to
others such information except in connection with the performance of this Agreement. RAC (and
each employee, representative, or other agent of RAC) may disclose to any and all persons,
without limitation of any kind, the tax treatment and tax structure of the transaction and all
materials of any kind (including opinions or other tax analyses) and that are provided to RAC
relating to such tax treatment and tax structure.

	6.	 	TERM. This Agreement shall remain in effect for a period of five (5) years from March 1, 2007
and shall automatically renew for successive one (1) year periods thereafter; provided,
however, either party may cancel this Agreement effective upon the expiration of the then
current term by providing the other written notice of such intent to terminate at least ninety
(90) days prior to the expiration of the then current term. However, if for any reason RAC
desires to cease marketing these or any similar benefits and services to its customers, such
cessation may occur after three (3) years hereof. Should such termination occur after the
three year period and before five years, RAC may not offer these or similar benefits and
services to its customers for a succeeding two (2) year period thereon. In the event that this
Agreement is terminated, for any reason, then BMS agrees to continue to provide all
then-existing customer benefits and services to all RAC customers who are enrolled as of the
date of such termination, until those customers terminate their enrollment in the Benefit
Program, and RAC agrees to remit enrollment fees for those customers as provided in this
Agreement. Notwithstanding any other provision of this Agreement, RAC may terminate this
Agreement without penalty if the Benefit Program is deemed to be illegal or unauthorized, by
any federal or state court of competent jurisdiction and the Benefit Program cannot be
reasonably be changed or restructured to comply with the law .

	7.	 	CANCELLATION FOR BREACH. If either party shall willfully violate any of the covenants
undertaken, or any of the duties imposed upon it by this Agreement, or otherwise breaches or
fails to perform a material duty or obligation under this Agreement, such willful violation,
breach or failure to perform, shall entitle the other party to terminate this Agreement,
provided the party desiring to terminate for such cause shall give the other party at least
sixty (60) days written notice, specifying the particulars wherein it is claimed that there
has been a violation; and if at the end of such time the party notified does not remove the
cause of complaint, or remedy the purported violation, then the termination of this Agreement
shall be deemed complete.

	8.	 	EXCLUSIVITY. Any new program benefits or products which are added to the Benefit Program and
which were not previously provided by BMS to the rent to own industry generally shall not be
offered or provided by BMS to any competitor of RAC for a period of six (6) months following
the date such benefits or products are included in the Benefit Program. This paragraph shall
not apply to Saver’s Guide.

	9.	 	EXECUTION OF ADDITIONAL INSTRUMENTS. Each party, at any time and from time to time, at the
others request, shall execute, acknowledge and deliver any instrument or conveyance that may
be necessary or proper to carry out the provisions of this Agreement.

	10.	 	NOTICE. All notices herein required or permitted shall be in writing, given by personal
delivery or sent by mail, registered or certified, postage prepaid, or by overnight delivery
service addressed as follows:

	 	 	 	 	 
	 

	 	TO BMS:
	 	Benefit Marketing Solutions, L.L.C.
	 

	 	 	 	Attn: President
	 

	 	 	 	900 36th Avenue N.W., Suite 105 
	 

	 	 	 	Norman, OK 73072
	 

	 	 	 	405-579-8525
	 
	 	 	 	 
	 

	 	TO RAC:
	 	Rent-A-Center, Inc.
	 

	 	 	 	Attn: Executive Vice President — General Counsel and Secretary
	 

	 	 	 	5501 Headquarters Drive
	 

	 	 	 	Plano, Texas 75024 
	 

	 	 	 	972-801-1100     Fax: 972-801-1476 

 

 

 

11. RIGHTS OF THIRD PARTIES. RAC acknowledges that BMS does not practice in any medical profession
nor does it control the provision of such services to Customers. BMS has no responsibility for the
care and treatment of Customers rendered by participating network professionals.

12. MISCELLANEOUS. It is further agreed as follows:

12.1 TIME. Time is of the essence of this Agreement.

12.2 ENTIRE AGREEMENT. This is the entire Agreement between the parties and supersedes and
replaces the Original Agreement. Neither party shall be bound by any verbal representation
altering the terms hereof.

12.3 AMENDMENT AND WAIVER. This Agreement may be amended at any time, but only by an instrument
in writing executed by the parties. Either party hereto may waive any requirement to be
performed by the other, provided that such waiver shall be in writing and executed by the party
waiving the requirement.

12.4 APPLICABLE LAW. This agreement shall be governed by and be interpreted in accordance with
the laws of the State of Texas. The place of performance of this Agreement shall be at Plano,
Collin County, Texas.

12.5 PARAGRAPH HEADINGS. Headings contained in the Agreement are for reference purposes only and
shall not effect in any way the meaning or interpretation of this Agreement.

12.6 ASSIGNMENT. This Agreement may not be transferred or assigned by BMS without the prior
written consent of RAC, such consent not to be unreasonably withheld, provided that the
transaction currently contemplated by BMS and/or its affiliate, BMS Holding Company, Inc.,
pursuant to which it will merge or consolidate with or into another entity or sell all or
substantially all of its assets shall not be considered a transfer of assignment requiring the
consent of RAC as long as such transaction is completed within 6 months of the date of this
Agreement. A change in control of BMS shall be deemed to be a transfer or assignment for
purposes of this provision.

12.7 PARTIAL INVALIDITY. If any provision of this Agreement shall be held to be void or
unenforceable for any reason, said provision shall be deemed modified so as to constitute a
provision conforming as nearly as possible to such void or unenforceable provision while still
remaining valid and enforceable, and the remaining terms or provisions hereof shall not be
affected thereby.

12.8 ARBITRATION. The parties agree that any claim, dispute or other difference between them
shall be exclusively resolved by binding arbitration pursuant to the Commercial Arbitration
Rules of the American Arbitration Association with arbitration to occur at Dallas, Texas. The
prevailing party in any dispute arising out of this Agreement shall be entitled to recover its
reasonable attorneys fees and expenses.

12.9 BINDING EFFECT. This Agreement shall be binding upon and inure to the benefit of the
undersigned and their respective successors and assigns.

12.10 PARTNERSHIP NOT INTENDED NOR CREATED. Nothing in this Agreement is intended or shall be
deemed, to constitute a partnership or joint venture between the Parties.

12.11 AUTHORITY. Each party for itself, its successors and assignees hereby represents and
warrants that it has the full capacity and authority to enter into and execute this contract;
and performance does not violate any contractual or other obligation by which it is bound.

13. SERVICE CONTRACT AGREEMENT. RAC shall cause its affiliate, RAC National Product Service, LLC,
to enter into a Service Contract Agreement with BMS in the form attached hereto as Exhibit “C.”

 

 

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above
written.

	 	 	 	 	 
	 	 	Benefit Marketing Solutions, L.L.C.
	 	 	An Oklahoma Limited Liability Company
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 	 	Rent-A-Center Texas, L.P.
	 	 	A Texas limited partnership
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

By its signature below, Rent-A-Center, Inc., a Delaware corporation, agrees to guarantee
the performance and obligations of Rent-A-Center Texas, L.P. pursuant to this Agreement.

	 	 	 	 	 
	 	 	Rent-A-Center, Inc.
	 	 	A Delaware Corporation
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Title:

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