Document:

EXHIBIT 10.3
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O-I GLASS, INC.
SECOND AMENDED AND RESTATED
2017 INCENTIVE AWARD PLAN 
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DIRECTOR RESTRICTED STOCK UNIT AGREEMENT
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THIS RESTRICTED STOCK UNIT AGREEMENT (“AGREEMENT”) is made by and between O-I Glass, Inc., a Delaware corporation (the “Company”) and the member of the Board of Directors of the Company whose account for which this grant is being accepted (the “Director”), effective as of [ □ ] (the “Grant Date”).
             WHEREAS, the Company has established the Second Amended and Restated 2017 Incentive Award Plan (as amended from time to time, the “Plan”) (the terms of which are hereby incorporated by reference and made a part of this Agreement); and
             WHEREAS, the Plan provides for the issuance of Restricted Stock Units (“RSUs”), subject to certain vesting conditions thereon and to other conditions stated herein; and
             WHEREAS, the Board of Directors of the Company (the “Board”), after consultation with the Compensation and Talent Development Committee of the Board, has determined that it would be to the advantage and best interest of the Company and its stockholders to issue the RSUs provided for herein to the Director in consideration of services rendered, or to be rendered, to the Company.
             NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto do hereby agree as follows:
ARTICLE I.
DEFINITIONS
             Whenever the following terms are used in this Agreement, they shall have the meaning specified below, unless the context clearly indicates to the contrary.  Capitalized terms not otherwise defined herein shall have the meanings set forth in the Plan.  The masculine pronoun shall include the feminine and neuter and the singular shall include the plural, where the context so indicates.
 Section 1.1.     Cause
                         “Cause” shall mean the Director’s dishonesty, disloyalty, misconduct, insubordination, failure to reasonably devote working time to assigned duties, failure or refusal to comply with any reasonable rule, regulation, standard or policy which from time to time may be established by the Company, including, without limitation, those policies set forth in the Company’s Policy Manual in effect from time to time, or failure to fully cooperate with any investigation of an alleged violation of any such rule, regulation, standard or policy.
Section 1.2.     Disability
            “Disability” means the total disability of the Director, as determined in the sole discretion of the Administrator.
Section 1.3.     Parent Corporation
             “Parent Corporation” shall mean any corporation in an unbroken chain of corporations ending with the Company if each of the corporations other than the Company then owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain.
Section 1.4.     Retirement

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“Retirement” shall mean the retirement and “separation from service” (within the meaning of Section 409A) of the Director from the Company, a Parent Corporation or a Subsidiary after reaching the Company’s normal retirement age or the early retirement of the Director from the Company, a Parent Corporation or a Subsidiary after reaching the age of 60.
 Section 1.5.     Rule 16b-3
             “Rule 16b-3” shall mean that certain Rule 16b-3 under the Exchange Act, as such Rule may be amended from time to time.
 Section 1.6.   Secretary
             “Secretary” shall mean the Secretary of the Company. 
ARTICLE II.
ISSUANCE OF RSUs
 Section 2.1.     Issuance of RSUs
              In consideration of the services rendered or to be rendered to the Company, a Parent Corporation or a Subsidiary and for other good and valuable consideration which the Board has determined to be equal to the par value of its Common Stock, on the Grant Date, the Company awards to the Director the number of RSUs specified for this grant in the Director’s Solium Shareworks Account, upon the terms and conditions set forth in this Agreement. Each RSU is granted in tandem with a Dividend Equivalent, as further described in Section 3.5 below.  
 Section 2.2.     No Right to Continued Service
             Nothing in this Agreement or in the Plan shall confer upon the Director any right to continue serving as a member of the Board.
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ARTICLE III.
VESTING; PAYMENT
 Section 3.1.     Vesting of RSUs
             (a)Except as otherwise provided in Section 3.1(b) and in Section 3.4 below, the RSUs shall vest in their entirety on the date of the Company’s annual meeting of shareholders at which directors are elected to the Board following the Grant Date (such date, the “Annual Meeting Date”) or such earlier date as the Director experiences a Termination of Service by reason of the Director’s death, Disability or Retirement.  
(b)If, prior to the Annual Meeting Date, the Director experiences a Termination of Service other than by reason of (i) the Director’s death, Disability or Retirement or (ii) a Termination of Service by the Company, a Parent Corporation or a Subsidiary for Cause, such Director shall immediately vest in a number of RSUs equal to the total number of RSUs granted hereby multiplied by a fraction, the numerator of which is the number of days from the Grant Date to the date of the Termination of Service and the denominator of which is the number of days from the Grant Date to the Annual Meeting Date. 
 Section 3.2.     Termination of RSUs
             Upon the Director’s Termination of Service for any reason, all then-unvested RSUs issued to the Director pursuant to this Agreement (after taking into account any vesting that may occur in connection with such Termination of Service, if any) shall immediately terminate and be cancelled and forfeited. 
 Section 3.3.     Payment of RSUs

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             Vested RSUs shall be paid in Shares within 30 days after the date on which the applicable RSU vests.  Each vested RSU shall entitle the Director to receive one Share. 
 Section 3.4.     Change in Control
             Notwithstanding any other provision of this Agreement, upon a Change in Control, the Administrator shall provide by resolution adopted prior to such event that, at some time prior to the effective date of such event, all then-outstanding RSUs shall fully vest.
Section 3.5. Dividend Equivalents
A bookkeeping account will be established by the Company to which Dividend Equivalents equal to the product of (a) the number of RSUs subject to this Agreement, and (b) the dividends declared on a single share of Common Stock will be credited. To the extent the Director becomes vested in any RSUs issued pursuant to this Agreement, the Dividend Equivalents corresponding to such RSUs will be converted to cash or additional Shares (as may be determined by the Administrator in its sole discretion) and will be paid to the Director at the same time as the Shares of Common Stock are issued with respect to the vested RSUs.  The Director shall not be entitled to payment of any Dividend Equivalents relating to dividends for which the applicable ex-dividend date occurs on or after the earlier to occur of the payment or forfeiture of the RSU underlying such Dividend Equivalent.  
ARTICLE IV.
MISCELLANEOUS
 Section 4.1.     Administration
             The Administrator shall have the power to interpret the Plan and this Agreement, and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith, to interpret, amend or revoke any such rules.  All action taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon the Director, the Company and all other interested persons. No member of the Administrator shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement or the RSUs and/or Dividend Equivalents, and all members of the Administrator shall be fully protected by the Company in respect of any such action, determination or interpretation.
 Section 4.2.     RSUs and Dividend Equivalents Not Transferable
             Neither the RSUs nor Dividend Equivalents, nor any interest or right therein or part thereof, shall be liable for the debts, contracts or engagements of the Director or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, hypothecation, encumbrance, assignment or any other means, whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any such attempted disposition thereof shall be null and void and of no effect; provided, however, that this Section 4.2 shall not prevent transfers by will or by the applicable laws of descent and distribution.
Section 4.3.     Conditions to Issuance of Stock Certificates
             The Company shall not be required to issue or deliver any certificate or certificates for Shares pursuant to this Agreement prior to fulfillment of all of the following conditions:
             (a)        The admission of such Shares to listing on all stock exchanges on which such class of stock is then listed; and
             (b)        The completion of any registration or other qualification of such Shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Company shall, in its sole discretion, deem necessary or advisable; and
             (c)        The obtaining of any approval or other clearance from any state or federal governmental agency which the Company shall, in its sole discretion, determine to be necessary or advisable; and
             (d)        The lapse of such reasonable period of time as the Administrator may from time to time establish for reasons of administrative convenience.
 Section 4.4.     Notices

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             Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of its Secretary, and any notice to be given to the Director shall be addressed to the Director at the address given beneath the Director’s signature hereto.  By a notice given pursuant to this Section 4.4, either party may hereafter designate a different address for notices to be given to it, him or her.  Any notice which is required to be given to the Director shall, if the Director is then deceased, be given to the Director’s personal representative if such representative has previously informed the Company of his or her status and address by written notice under this Section 4.4.  Any notice shall be deemed duly given when enclosed in a properly sealed envelope or wrapper addressed as aforesaid, deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.
 Section 4.5.     Rights as Stockholder
             The Director shall not, by virtue of any RSU granted hereby, be entitled to vote in any Company election, receive any dividend in respect of the Shares subject to any RSU (except as provided under Section 3.5 above) or exercise any other rights of a stockholder of the Company.  The RSUs shall not confer upon the Director any rights of a stockholder of the Company unless and until such RSUs have vested and Shares have been distributed in respect of such RSUs.
 Section 4.6.     Titles
             Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
 Section 4.7.     Conformity to Laws
             The Director acknowledges that the Plan and this Agreement are intended to conform to the extent necessary with all provisions of applicable law, including without limitation the provisions of the Securities Act and the Exchange Act, and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, including without limitation Rule 16b-3 of the Exchange Act.  Notwithstanding anything herein to the contrary, this Agreement shall be administered, and the RSUs and Dividend Equivalents shall be granted, only in such a manner as to conform to such laws, rules and regulations.  To the extent permitted by applicable law, this Agreement and the RSUs and Dividend Equivalents granted hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.
Section 4.8.     Section 409A
(a)This Agreement shall be interpreted in accordance with the requirements of Section 409A of the Code and the Treasury Regulations relating thereto (together, “Section 409A”).  Notwithstanding any provision of this Agreement, the Company may adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, provided, however, that this Section 4.8 shall not create an obligation on the part of the Company to adopt any such amendment, policy or procedure or take any such other action, nor shall the Company have any liability for failing to do so. To the extent that any payment window spans two calendar years, the Director shall have no discretion over or ability to control the actual year in which payment is made.  
(b)Notwithstanding anything to the contrary in this Agreement, no amounts shall be paid to the Director under this Agreement during the six (6)-month period following the Director’s “separation from service” to the extent that the Administrator determines that the Director is a “specified employee” (each within the meaning of Section 409A) at the time of such separation from service and that paying such amounts at the time or times indicated in this Agreement would be a prohibited distribution under Section 409A(a)(2)(b)(i).  If the payment of any such amounts is delayed as a result of the previous sentence, then on the first business day following the end of such six (6)-month period (or such earlier date upon which such amount can be paid under Section 409A without being subject to such additional taxes), the Company shall pay to the Director in a lump-sum all amounts that would have otherwise been payable to the Director during such six (6)-month period under this Agreement.  For the avoidance of doubt, any amounts payable upon a Termination of Service shall only be paid upon the Director’s “separation from service” (within the meaning of Section 409A).
(c)Dividend Equivalents and any amounts that may become distributable in respect thereof shall be treated separately from the RSUs and the rights arising in connection therewith for purposes of the designation of time and form of payments required by Section 409A.  
Section 4.9.     Amendments

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             This Agreement may be amended without the consent of the Director, except that no amendment of this Agreement shall, without the consent of the Director, impair any rights of the Director under this Agreement.
Section 4.10.  Tax Withholding
To the extent the Company, any Parent Corporation or a Subsidiary has any withholding obligations for the RSUs and/or Dividend Equivalents upon grant, vesting or payment hereunder, the Company will, unless the Director elects otherwise, automatically retain a portion of the Shares (or cash, as applicable) otherwise deliverable in respect of such vested RSUs and corresponding Dividend Equivalents with an aggregate Fair Market Value (determined on the date such withholding obligation arises) equal to the amount that must be withheld by the Company, a Parent Corporation or a Subsidiary for federal, state and/or local tax purposes.  The Director may, however, elect to pay the Company, any Parent Corporation or a Subsidiary the amount of any required withholdings in cash or by check and not have Shares (or cash, as applicable) withheld.  
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Section 4.11.  Clawback
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Notwithstanding anything contained in the Agreement to the contrary, all RSUs and Dividend Equivalents awarded under this Agreement, and any Shares issued upon settlement hereunder shall be subject to forfeiture, or repayment pursuant to the terms of any policy that the Company may implement in compliance with the requirements of applicable law, including without limitation the Dodd-Frank Wall Street Reform and Consumer Protection Act and any rules or regulations promulgated thereunder.
 Section 5.12.   Governing Law
             This Agreement shall be administered, interpreted and enforced under the internal laws of the State of Delaware without regard to conflicts of laws thereof.
            IN WITNESS HEREOF, this Agreement has been executed and delivered by the parties hereto.
 
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O-I GLASS, INC.
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By: 
Its:

5Exhibit 10.2
AMENDMENT TO AWARD AGREEMENTS
June 14, 2021
Pursuant to Section 3.1(b) of the Genco Shipping & Trading Limited Amended and Restated 2015 Equity Incentive Plan, as amended to date (the “Plan”), as of the date set forth above, the Award Agreements referenced below are amended as set forth below.  Except as expressly amended hereby, the Awards Agreements shall remain in full force and effect.  Capitalized terms used but not defined herein have the respective meanings assigned to such terms in the Award Agreements or the Plan.
		1.
	The Executive Officer Restricted Stock Unit Grant Agreements by and between Genco Shipping & Trading Limited (the “Company”) and John C. Wobensmith dated as of February 25, 2020 and February 23, 2021 are hereby amended as follows:

		a.
	The text “Section 6(b), or Section 6(c)” in Section 4(b) thereof is hereby replaced with “or Section 6(b), (c) or (d)”.

		b.
	Section 6 of thereof is hereby replaced in its entirety with the following:

6.Termination of Service.
(a)In the event that the Participant’s Service with the Company terminates before all the Restricted Stock Units are vested for any reason other than as described in Section 4(b) or Section 6(b), (c) or (d), all unvested Restricted Stock Units, together with any Dividend Equivalents related to such Restricted Stock Units, as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates and the Participant shall not be entitled to any compensation or other amount with respect to such forfeited Restricted Stock Units.  For purposes hereof, “Service” means a continuous time period during which the Participant is at least one of the following:  an employee or a director of, or a consultant to, the Company.
(b)In the event that, before all the Restricted Stock Units are vested, the Participant’s Service as an employee of  the Company is terminated by the Company without cause (as defined in the Plan) or by the Participant for Good Reason (as defined in the Employment Agreement), within twelve (12) months after completion of any merger, consolidation, reorganization or similar event of the Company or any of its subsidiaries, as a result of which (A) if the Company is the surviving entity, the Company issues securities representing more than thirty-five percent (35%) of the voting power of the voting securities of the Company prior to such transaction or (B) if the Company is not the surviving entity, the holders of the voting stock of the Company immediately prior to such merger, consolidation, reorganization or similar event do not directly or indirectly hold at least sixty-five percent (65%) of the aggregate voting power of the voting securities of the surviving entity, then the Restricted Stock Units shall become vested in full.  For the avoidance of doubt, no resignation by the Participant as a director following termination of the Participant’s employment by the Company without cause shall be deemed a resignation by the Participant subject to Section 6(a).
(c) In the event that, before all the Restricted Stock Units are vested, the Participant’s Service with the Company is terminated by the Company without cause (as defined in the Plan) or by the Participant for Good Reason (as defined in the Employment Agreement), then subject to Sections 4(b)(ii) and 6(b) hereof, the number of Restricted Stock Units that would have vested on the Vesting Date immediately following the date of such termination shall vest as of the date of such termination of Service, and any remaining unvested Restricted Stock Units, together with any
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Dividend Equivalents related to such Restricted Stock Units, as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates.
(d)In the event that, before all the Restricted Stock Units are vested, the Participant’s Service with the Company terminates for reason of the Participant’s death or disability (as defined in the Plan), a Pro Rata Portion of the Restricted Stock Units shall become vested as of the date such Service terminates in addition to the portion of the Restricted Stock Units which have already become vested as of such date, and all other Restricted Stock Units which are not and have not become vested, together with any Dividend Equivalents related to such Restricted Stock Units, as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates.  For purposes hereof, “Pro Rata Portion” shall mean that number of Restricted Stock Units that would become vested on the next Vesting Date multiplied by a fraction, the denominator of which is 12 and the numerator of which is the number of completed months (measured from the day of the month of the Vesting Date to the same day of the following month) between the immediately preceding Vesting Date (or the Grant Date if there is no preceding Vesting Date) and the date of termination of Service.
		2.
	The Option Agreements by and between the Company and John C. Wobensmith dated as of February 25, 2020 and February 23, 2021 are hereby amended as follows:

		a.
	The text “Section 2.3(c)(i)” in Section 1.1(n) thereof is hereby replaced with “Section 2.3(d)(i)”.

		b.
	Section 2.2(b) thereof is hereby replaced in its entirety with the following:

(b)In the event of a Change in Control, the Option shall become exercisable in full on the date six months after effective date of the Change in Control (to the extent not previously vested or exercisable in accordance with Section 2.2(a) or Section 2.3(b),  (c) or (d)) and shall remain exercisable until the expiration of the Exercise Period, subject to the Holder’s continued Service on the vesting date; provided, however that if (i) this award is not assumed, continued, or substituted for an equivalent award by the acquirer in such Change in Control or (ii) the Participant’s employment is terminated by the Company without cause (as defined in the Plan) or by the Participant for Good Reason (as defined in the Employment Agreement) at a time when the Company is a party to a definitive business combination transaction agreement, the consummation of which would result in a Change in Control, then the Option will fully vest upon the consummation of the Change in Control or at the time of such termination, as applicable and shall remain exercisable until the expiration of the Exercise Period.  For the purposes of this Agreement, Change in Control will have the meaning set forth in the Holder’s Employment Agreement with the Company dated as of September 21, 2007, as amended from time to time (the “Employment Agreement”), provided, however that subclauses (iv) and (v) of such definition shall not apply for purposes of this Agreement. For the avoidance of doubt, if the preceding sentence does not apply to a termination of employment, then the provisions of Section 2.3 shall apply to the Participant’s termination of employment.
		c.
	Section 2.3 thereof is hereby replaced in its entirety with the following:

Section 2.3Termination of Service.
(a)If the Holder’s Service is terminated before exercise in full of the Option other than as described in Sections 2.2(b), or 2.3(b), (c) or (d), then the Option, to the extent not theretofore exercised, shall terminate upon such termination of Service.
(b)If the Holder’s Service as an employee of the Company is terminated by the Company without cause, as defined in the Plan, or by the Holder for Good Reason (as 
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defined in the Employment Agreement), within twelve (12) months after completion of any merger, consolidation, reorganization or similar event of the Company or any of its subsidiaries, as a result of which (A) if the Company is the surviving entity, the Company issues securities representing more than thirty-five percent (35%) of the voting power of the voting securities of the Company prior to such transaction or (B) if the Company is not the surviving entity, the holders of the voting stock of the Company immediately prior to such merger, consolidation, reorganization or similar event do not directly or indirectly hold at least sixty-five percent (65%) of the aggregate voting power of the voting securities of the surviving entity, then the Option shall become exercisable in full and shall remain exercisable until the expiration of the Exercise Period.  For the avoidance of doubt, no resignation by the Holder as a director following termination of the Holder’s employment by the Company without cause shall be deemed a resignation by the Holder subject to Section 2.3(a).
(c)If the Holder’s Service with the Company is terminated by the Company without cause, as defined in the Plan, or by the Holder for Good Reason (as defined in the Employment Agreement), then subject to Sections 2.2(b) and 2.3(b) hereof, the Option shall vest and become immediately exercisable as of the date of such termination of Service with respect to the number of shares that would have vested on the Vesting Date next following the date of such termination. The Option, to the extent vested, shall remain exercisable until the date that is one (1) year after such termination of Service, but in no event after the original expiration date of the Option and the Option, to the extent not exercisable as of the date of termination or due to the termination, shall expire as of the date of termination.
(d)If the Holder’s Service is terminated due to the Holder’s death or disability (as defined below), then the Pro Rata Portion of the Option (as defined below) shall become exercisable as of such date in addition to the portion of the Option which is already exercisable as of such date.  The Option, to the extent exercisable as of the date of termination (including, but not limited to, the Pro Rata Portion of the Option), shall remain exercisable until the one year anniversary of such termination (but in no event beyond the expiration of the Exercise Period), and the Option, to the extent not exercisable as of the date of termination, shall expire as of the date of termination.  For the purposes of this Section 2.3(d):
(i)The “Pro Rata Portion of the Option” shall mean that number of shares with respect to which the Option would become exercisable on the next Vesting Date multiplied by a fraction, the denominator of which is twelve (12) and the numerator of which is the number of completed months (measured from the day of the month of the Vesting Date to the same day of the following month) between the immediately preceding Vesting Date (or the Date of Grant, if there is no preceding Vesting Date) and the date of termination of Service.
(ii)“Disability” shall mean any physical or mental condition that would qualify the Holder for a disability benefit under the long-term disability plan maintained by the Company or, if there is no such plan, a physical or mental condition that prevents the Holder from performing the essential functions of the Holder’s position (with or without reasonable accommodation) for a period of six (6) consecutive months.  The existence of a disability shall be determined by the Company.
(e)If the Holder’s Service is terminated other than as set forth above, the Holder may exercise the Option (i) only to the extent that the Holder was entitled to exercise the Option on the termination of Service date; and (ii) exercise must occur within three (3) months after termination of Service but in no event after the original expiration date of the Option.
		3.
	The Option Agreements by and between the Company on the one hand and John C. Wobensmith or Arthur L. Regan on the other hand dated as of March 23, 2017, February 27, 2018, and March 4, 2019, as applicable, are hereby amended by inserting “and shall remain exercisable until the expiration of the Exercise Period” after the words “in

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accordance with Section 2.2(a) or Section 2.3(b) or (c))” in the first sentence of Section 2.2(b) and at the end of such sentence.
		4.
	The Executive Officer Restricted Stock Unit Grant Agreement by and between the Company and Arthur L. Regan dated as of February 25, 2020 and the Restricted Stock Unit Agreement by and between such parties dated as of May 4, 2021 are hereby amended as follows:

		a.
	The text “Section 6(b), or Section 6(c)” in Section 4(b) thereof is hereby replaced with “or Section 6(b), (c) or (d)”.

		b.
	Section 6 of thereof is hereby replaced in its entirety with the following:

6.Termination of Service.
(a)In the event that the Participant’s Service with the Company terminates before all the Restricted Stock Units are vested for any reason other than as described in Section 4(b) or Section 6(b), (c) or (d), all unvested Restricted Stock Units, together with any Dividend Equivalents related to such Restricted Stock Units, as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates and the Participant shall not be entitled to any compensation or other amount with respect to such forfeited Restricted Stock Units.  For purposes hereof, “Service” means a continuous time period during which the Participant is at least one of the following:  an employee or a director of, or a consultant to, the Company.
(b)In the event that, before all the Restricted Stock Units are vested, the Participant’s Service is terminated by the Company without cause (as defined in the Plan) within twelve (12) months after completion of any merger, consolidation, reorganization or similar event of the Company or any of its subsidiaries, as a result of which (A) if the Company is the surviving entity, the Company issues securities representing more than thirty-five percent (35%) of the voting power of the voting securities of the Company prior to such transaction or (B) if the Company is not the surviving entity, the holders of the voting stock of the Company immediately prior to such merger, consolidation, reorganization or similar event do not directly or indirectly hold at least sixty-five percent (65%) of the aggregate voting power of the voting securities of the surviving entity, then the Restricted Stock Units shall become vested in full.
(c)In the event that, before all the Restricted Stock Units are vested, the Participant’s Service with the Company is terminated by the Company without cause (as defined in the Plan), then subject to Sections 4(b)(ii) and 6(b) hereof, the number of Restricted Stock Units that would have vested on the Vesting Date immediately following the date of such termination shall vest as of the date of such termination of Service, and any remaining unvested Restricted Stock Units, together with any Dividend Equivalents related to such Restricted Stock Units, as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates.
(d)In the event that, before all the Restricted Stock Units are vested, the Participant’s Service with the Company terminates for reason of the Participant’s death or disability (as defined in the Plan), a Pro Rata Portion of the Restricted Stock Units shall become vested as of the date such Service terminates in addition to the portion of the Restricted Stock Units which have already become vested as of such date, and all other Restricted Stock Units which are not and have not become vested, together with any Dividend Equivalents related to such Restricted Stock Units, as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates.  For purposes hereof, “Pro Rata Portion” shall mean that number of Restricted Stock Units that would become vested on the next Vesting Date multiplied by a fraction, the denominator of which is 12 and the numerator of which is the number of completed months (measured from the day of the month of the Vesting Date to the same day of the following month)
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between the immediately preceding Vesting Date (or the Grant Date if there is no preceding Vesting Date) and the date of termination of Service.
		5.
	The Option Agreement by and between Genco Shipping & Trading Limited and Arthur L. Regan dated as of February 25, 2020 is hereby amended as follows:

		a.
	The text “Section 2.3(c)(i)” in Section 1.1(n) thereof is hereby replaced with “Section 2.3(d)(i)”.

		b.
	Section 2.2(b) thereof is hereby replaced in its entirety with the following:

(b)In the event of a Change in Control, the Option shall become exercisable in full on the date six months after effective date of the Change in Control (to the extent not previously vested or exercisable in accordance with Section 2.2(a) or Section 2.3(b),  (c) or (d)) and shall remain exercisable until the expiration of the Exercise Period, subject to the Holder’s continued Service on the vesting date; provided, however that if (i) this award is not assumed, continued, or substituted for an equivalent award by the acquirer in such Change in Control or (ii) the Participant’s employment is terminated by the Company without cause (as defined in the Plan) at a time when the Company is a party to a definitive business combination transaction agreement, the consummation of which would result in a Change in Control, then the Option will fully vest upon the consummation of the Change in Control or at the time of such termination, as applicable and shall remain exercisable until the expiration of the Exercise Period.  For the avoidance of doubt, if the preceding sentence does not apply to a termination of employment, then the provisions of Section 2.3 shall apply to the Participant’s termination of employment.
		c.
	Section 2.3 thereof is hereby replaced in its entirety with the following:

Section 2.3Termination of Service.
(a)If the Holder’s Service is terminated before exercise in full of the Option other than as described in Sections 2.2(b), or 2.3(b), (c) or (d), then the Option, to the extent not theretofore exercised, shall terminate upon such termination of Service.
(b)If the Holder’s Service as an employee of the Company is terminated by the Company without cause, as defined in the Plan, or by the Holder for Good Reason (as defined in the Employment Agreement), within twelve (12) months after completion of any merger, consolidation, reorganization or similar event of the Company or any of its subsidiaries, as a result of which (A) if the Company is the surviving entity, the Company issues securities representing more than thirty-five percent (35%) of the voting power of the voting securities of the Company prior to such transaction or (B) if the Company is not the surviving entity, the holders of the voting stock of the Company immediately prior to such merger, consolidation, reorganization or similar event do not directly or indirectly hold at least sixty-five percent (65%) of the aggregate voting power of the voting securities of the surviving entity, then the Option shall become exercisable in full and shall remain exercisable until the expiration of the Exercise Period.  For the avoidance of doubt, no resignation by the Holder as a director following termination of the Holder’s employment by the Company without cause shall be deemed a resignation by the Holder subject to Section 2.3(a).
(c)If the Holder’s Service with the Company is terminated by the Company without cause, as defined in the Plan, or by the Holder for Good Reason (as defined in the Employment Agreement), then subject to Sections 2.2(b) and 2.3(b) hereof, the Option shall vest and become immediately exercisable as of the date of such termination of Service with respect to the number of shares that would have vested on the Vesting Date next following the date of such termination. The Option, to the extent vested, shall remain exercisable until the date
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that is one (1) year after such termination of Service, but in no event after the original expiration date of the Option and the Option, to the extent not exercisable as of the date of termination or due to the termination, shall expire as of the date of termination.
(d)If the Holder’s Service is terminated due to the Holder’s death or disability (as defined below), then the Pro Rata Portion of the Option (as defined below) shall become exercisable as of such date in addition to the portion of the Option which is already exercisable as of such date.  The Option, to the extent exercisable as of the date of termination (including, but not limited to, the Pro Rata Portion of the Option), shall remain exercisable until the one year anniversary of such termination (but in no event beyond the expiration of the Exercise Period), and the Option, to the extent not exercisable as of the date of termination, shall expire as of the date of termination.  For the purposes of this Section 2.3(d):
(i)The “Pro Rata Portion of the Option” shall mean that number of shares with respect to which the Option would become exercisable on the next Vesting Date multiplied by a fraction, the denominator of which is twelve (12) and the numerator of which is the number of completed months (measured from the day of the month of the Vesting Date to the same day of the following month) between the immediately preceding Vesting Date (or the Date of Grant, if there is no preceding Vesting Date) and the date of termination of Service.
(ii)“Disability” shall mean any physical or mental condition that would qualify the Holder for a disability benefit under the long-term disability plan maintained by the Company or, if there is no such plan, a physical or mental condition that prevents the Holder from performing the essential functions of the Holder’s position (with or without reasonable accommodation) for a period of six (6) consecutive months.  The existence of a disability shall be determined by the Company.
(e)If the Holder’s Service is terminated other than as set forth above, the Holder may exercise the Option (i) only to the extent that the Holder was entitled to exercise the Option on the termination of Service date; and (ii) exercise must occur within three (3) months after termination of Service but in no event after the original expiration date of the Option.
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		6.
	The Restricted Stock Unit Grant Agreements by and between the Company on the one hand and Apostolos Zafolias, Joseph Adamo, Robert Hughes, Peter Allen, Jesper Christensen, or Ivo Kempenaer on the other hand dated as of February 25, 2020 and February 23, 2021 are hereby amended by replacing Section 6(b) thereof in its entirety with the following:

(b)Except as provided in Section 4(b) hereof, in the event that, before all the Restricted Stock Units are vested, the Participant’s Service with the Company is terminated by the Company without cause (as defined in the Plan):
(i) if such termination occurs within twelve (12) months after completion of any merger, consolidation, reorganization or similar event of the Company or any of its subsidiaries, as a result of which (A) if the Company is the surviving entity, the Company issues securities representing more than thirty-five percent (35%) of the voting power of the voting securities of the Company prior to such transaction or (B) if the Company is not the surviving entity, the holders of the voting stock of the Company immediately prior to such merger, consolidation, reorganization or similar event do not directly or indirectly hold at least sixty-five percent (65%) of the aggregate voting power of the voting securities of the surviving entity, then the Restricted Stock Units shall become vested in full.
(ii) if the preceding clause (i) does not apply, then that number of Restricted Stock Units that would otherwise become vested on the next Vesting Date shall become vested immediately as of the date of such termination of Service, and all other Restricted Stock Units which are not and have not become vested, together with any Dividend Equivalents related to such Restricted Stock Units, as set forth in Section 9 hereof, shall be forfeited as of the date such Service terminates without any consideration therefor.
		7.
	The Option Agreements by and between Genco Shipping & Trading Limited on the one hand and Apostolos Zafolias, Joseph Adamo, Robert Hughes, Peter Allen, Jesper Christensen, and Ivo Kempenaer on the other hand dated as of February 25, 2020 and February 23, 2021 are hereby amended by replacing Section 2.3(b) thereof in its entirety with the following:

(b)If the Holder’s Service is terminated by the Company without cause, as defined in the Plan, then:
(i)If such termination occurs within twelve (12) months after completion of any merger, consolidation, reorganization or similar event of the Company or any of its subsidiaries, as a result of which (A) if the Company is the surviving entity, the Company issues securities representing more than thirty-five percent (35%) of the voting power of the voting securities of the Company prior to such transaction or (B) if the Company is not the surviving entity, the holders of the voting stock of the Company immediately prior to such merger, consolidation, reorganization or similar event do not directly or indirectly hold at least sixty-five percent (65%) of the aggregate voting power of the voting securities of the surviving entity, then the Option shall become exercisable in full and shall remain exercisable until the expiration of the Exercise Period.
(ii)If the preceding clause (i) does not apply, then subject to Section 2.2(b) hereof, the Option shall become exercisable with respect to that number of shares with respect to which the Option would otherwise become exercisable on the next Vesting Date in addition to the portion of the Option which is already exercisable as of the date of termination.  The Option, to the extent exercisable as of the date of termination (including, but not limited to, the portion of the Option described the preceding sentence), shall remain exercisable until the one year anniversary of such termination (but in no event 
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beyond the expiration of the Exercise Period), and the Option, to the extent not exercisable as of the date of termination, shall expire as of the date of termination.

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