Genco COO Robert Hughes resigns effective March 31; gets $250K severance + vested equity

GENCO SHIPPING & TRADING LTD

Robert Hughes resigned as COO on March 6, 2023 due to internal department consolidation.
Separation agreement includes $250,000 lump sum payment in lieu of any cash bonus.
Unvested equity awards fully vest: 29,105 restricted stock units and 3,208 options.
Consulting engagement through Dec 31, 2023 for $100,000; medical benefits continued.
Employment ends March 31, 2023; no replacement COO named in filing.

item 5.02

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Departed

Robert Hughes

Chief Operations Officer

GNK · GENCO SHIPPING & TRADING LTD

Effective: 2023-03-31
Filed: March 7, 2023, 6:59 PM ET

On March 6, 2023, Robert Hughes resigned as the Chief Operations Officer of Genco Shipping & Trading Limited (the “Company”) in connection with an internal consolidation of the Company’s business departments

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Robert Hughes resigned as Chief Operations Officer at GENCO SHIPPING & TRADING LTD.

Action: resigned
Role: Chief Operations Officer

Exact text from the filing

On March 6, 2023, Robert Hughes resigned as the Chief Operations Officer of Genco Shipping & Trading Limited (the “Company”) in connection with an internal consolidation of the Company’s business departments

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Source: SEC EDGAR

accession 0001140361-23-010521

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