Genco Shipping files Employee Retention Plan with severance upon change in control

GENCO SHIPPING & TRADING LTD

Plan covers Tier 1, 2, 3 employees; severance triggered by qualifying termination after a Change in Control.
Tier 1: lump sum of CIC Severance Multiple times base salary plus avg bonus; vesting acceleration; COBRA; outplacement.
Tier 2: similar benefits but COBRA Payment capped; outplacement capped at $25,000.
Tier 3 benefits set in individual Participation Agreements; all must sign release to receive payments.
Plan supersedes prior severance arrangements; automatically renews daily unless Committee terminates.

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