Genco Shipping adopts Employee Retention Plan with double-trigger severance for key executives

GENCO SHIPPING & TRADING LTD

Plan approved Feb 13, 2026 by Board on Compensation Committee recommendation.
Severance triggered only by involuntary termination or resignation for good reason within 2 years after a Change in Control.
For CEO Wobensmith, CFO Allen, CCO Christensen, and CAO Adamo, severance formulas mirror existing employment/equity agreements.
Other employees receive base salary payout, prorated bonus, accelerated equity vesting (performance RSUs at target), medical benefits, outplacement.
Named executives subject to non-competition and non-solicitation covenants for 6-12 months post-termination.

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