Genco Shipping & Trading Limited (GNK) Form 4 GENCO SHIPPING & TRADING / Joseph Adamo ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Adamo Joseph

(Last) (First) (Middle)

C/O GENCO SHIPPING & TRADING LIMITED

299 PARK AVENUE, 12TH FLOOR

(Street)

NEW YORK NY 10171

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GENCO SHIPPING & TRADING LTD [ GNK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2021

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/16/2021		M		1,872	A	$7.06	3,992	D
Common Stock	09/16/2021		S		619(1)	D	$21.35	3,373	D
Common Stock	09/16/2021		M		2,702	A	$8.065	6,075	D
Common Stock	09/16/2021		S		1,020(2)	D	$21.35	5,055	D
Common Stock	09/16/2021		S		1,100(3)	D	$21.3355(4)	3,955	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(5)(6)							(6)	(6)	Common Stock	2,018(5)		2,018	D
Option	$9.91							02/23/2022(7)	02/23/2027	Common Stock	2,309		2,309	D
Restricted Stock Units	(5)(8)							(8)	(8)	Common Stock	1,889(5)		1,889	D
Option	$7.06	09/16/2021		M			1,872	02/02/2025(9)	02/25/2026	Common Stock	1,872	$0	3,746	D
Restricted Stock Units	(5)(10)							(10)	(10)	Common Stock	596(5)		596	D
Option	$8.065	09/16/2021		M			2,702	03/04/2020(11)	03/04/2025	Common Stock	2,702	$0	1,352	D

Explanation of Responses:

1. Represents shares withheld by the issuer for the cashless exercise of options having an exercise price of $7.06 per share for 1,872 shares of the issuer's common stock.

2. Represents shares withheld by the issuer for the cashless exercise of options having an exercise price of $8.065 per share for 2,702 shares of the issuer's common stock.

3. These shares were sold in order to satisfy the reporting person's tax obligations in respect of shares of the issuer's common stock received upon the exercise of options as noted above.

4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $21.33 to $21.345 (inclusive) on September 16, 2021. The reporting person undertakes to provide to Genco Shipping & Trading Limited, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

5. Each restricted stock unit represents the right to receive one share of the issuer's common stock, or in the sole discretion of the issuer's Compensation Committee, the value of a share of common stock on the date that the restricted stock unit vests.

6. These restricted stock units generally vest in equal installments on each of the first three anniversaries of February 23, 2021, subject to postponement of settlement if the vesting occurs during a blackout period or other trading restriction.

7. These options generally become exercisable in equal installments on each of the first three anniversaries of February 23, 2021.

8. These restricted stock units generally vest in equal installments on each of the first three anniversaries of February 25, 2020, subject to postponement of settlement if the vesting occurs during a blackout period or other trading restriction.

9. These options generally become exercisable in equal installments on each of the first three anniversaries of February 25, 2020.

10. These restricted stock units generally vest in equal installments on each of the first three anniversaries of March 4, 2019, subject to postponement of settlement if the vesting occurs during a blackout period or other trading restriction.

11. These options generally become exercisable in equal installments on each of the first three anniversaries of March 4, 2019.

	/s/ Joseph Adamo	09/17/2021
	** Signature of Reporting Person	Date
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