kl12029.htm
SECURITIES
AND EXCHANGE
COMMISSION
Washington,
D.C.
20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d)
OF
THE
SECURITIES EXCHANGE ACT OF
1934
Date
of Report (Date of earliest event
reported): December 21, 2007
GENCO
SHIPPING & TRADING
LIMITED
(Exact
name of registrant as specified
in its charter)
Republic
of the Marshall
Islands
|
000-28506
|
98-043-9758
|
(State
or other jurisdiction
of
incorporation
or
organization)
|
(Commission
file
number)
|
(I.R.S.
employer
identification
no.)
|
299
Park
Avenue
20th
Floor
(Address
of principal executive
offices)
|
|
10171
(Zip
code)
|
Registrant’s
telephone number, including
area code: (646) 443-8550
Check
the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation
of
the registrant under any of the following provisions (seeGeneral
Instruction A.2.
below):
r
|
Written
communications pursuant to
Rule 425 under the Securities Act (17 CFR
230.425)
|
r
|
Soliciting
material pursuant to
Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
r
|
Pre-commencement
communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
|
r
|
Pre-commencement
communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
Item
5.02
|
Departure
of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain
Officers.
|
On
December 21, 2007, the Board of
Directors of Genco Shipping & Trading Limited (the “Company”), on the
recommendation of its Compensation Committee, approved grants of restricted
shares of the Company’s common stock to the Company’s two executive officers as
performance compensation for 2007. Robert Gerald Buchanan, President
of the Company, and John C. Wobensmith were granted 15,000 and 50,000 shares
of
restricted stock, respectively. The restrictions applicable to the
shares granted to Messrs. Buchanan and Wobensmith will lapse ratably in 25%
increments on the first four anniversaries of November 15, 2007. The
restrictions applicable to the shares granted to these two executives will
also
lapse with respect to a pro rata percentage of the shares upon their death
or
disability or termination without cause between two vesting dates, and will
lapse in full upon the occurrence of a Change of Control (as defined in the
Company’s 2005 Equity Incentive Plan).
In
addition to the foregoing restricted
stock grants, the Company’s Board of Directors approved performance-based cash
compensation for the Company’s executive officers as performance compensation
for 2007. Messrs. Buchanan and Wobensmith received $450,000 and
$1,000,000, respectively. Also, the Company’s Board of Directors
approved a salary increase effective as of January 1, 2008 for Messrs. Buchanan
and Wobensmith of $50,000 for a total annual salary in 2008 of
$350,000.
SIGNATURE
Pursuant
to the requirements of the
Securities Exchange Act of 1934, Genco Shipping & Trading Limited has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
GENCO
SHIPPING &
TRADING LIMITED
DATE: December 26,
2007
/s/ John C.
Wobensmith
John
C.
Wobensmith
Chief
Financial
Officer, Secretary and Treasurer
(Principal
Financial
and Accounting Officer)