Form 8K Current Report
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 22, 2006
GENCO
SHIPPING & TRADING LIMITED
(Exact
name of registrant as specified in its charter)
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Republic
of the Marshall Islands
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000-28506
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98-043-9758
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(State
or other jurisdiction of
incorporation
or organization)
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(Commission
file number)
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(I.R.S.
employer
identification
no.)
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299
Park Avenue
20th
Floor
(Address
of principal executive offices)
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10171
(Zip
code)
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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 (see
General
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))
On
December 22, 2006, 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 2006. Robert
Gerald Buchanan, President of the Company, and John C. Wobensmith were granted
15,000 and 20,000 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, 2006.
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 2006. Messrs. Buchanan and
Wobensmith received $250,000 and $650,000, respectively. Also, the Company’s
Board of Directors approved a salary increase effective as of January 1, 2007
for Mr. Wobensmith of $50,000 for a total annual salary in 2007 of
$300,000.
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 22,
2006
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/s/
John
C.
Wobensmith
John
C. Wobensmith
Chief
Financial Officer, Secretary and Treasurer
(Principal
Financial and Accounting Officer)
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