Genco Shipping & Trading Limited adopted an Employee Retention Plan effective February 13, 2026, as disclosed in a prior 8-K filing. The plan provides severance payments and benefits to designated employees (Participants) if their employment is terminated without 'Cause' or for 'Good Reason' within two years following a 'Change in Control'. Benefits vary by employee tier (Tier 1, Tier 2, Tier 3) and include lump sum cash payments based on base salary and average annual bonuses, pro-rata annual bonuses, full vesting of outstanding equity awards (performance-based at target), COBRA premium payments, and outplacement services. Participants must execute a general release of claims to be eligible for these severance payments and benefits. The plan incorporates restrictive covenants such as confidentiality, non-competition (specifically in the ocean-going dry bulk vessel sector), and non-solicitation of clients, customers, and employees (for Tier 1 and Tier 2 employees). Payments may be reduced to avoid excise taxes under Section 280G of the Internal Revenue Code if such a reduction results in a larger after-tax amount for the Participant. The plan is designed to comply with or be exempt from Section 409A of the Code, with potential payment delays for 'specified employees' as required.