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BALT > SEC Filings for BALT > Form 8-K on 28-Mar-2014All Recent SEC Filings

Show all filings for BALTIC TRADING LTD



Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 26, 2014, Baltic Trading Limited (the "Company"), entered into a letter agreement with John C. Wobensmith to amend his employment agreement with the Company dated December 19, 2013 (the "Baltic Trading Employment Agreement"). Mr. Wobensmith serves as the Company's President, Chief Financial Officer, Principal Accounting Officer, Secretary and Treasurer. The letter agreement amends the Baltic Trading Employment Agreement to incorporate the amended definition of Change of Control under Mr. Wobensmith's employment agreement with the Company's parent company, Genco Shipping & Trading Limited ("Genco"), dated September 21, 2007 (the "Genco Employment Agreement") described below and to clarify the provision that provides that Mr. Wobensmith's annual incentive award for a given year includes the grant date value of any equity awards granted for such year if a termination without cause or resignation for good reason occurs within two years of a change in control of the Company.

On March 26, 2014, Genco entered into a letter agreement with Mr. Wobensmith to amend the Genco Employment Agreement. Mr. Wobensmith serves as Genco's Chief Financial Officer, Principal Accounting Officer, and Secretary. Such letter agreement removes exceptions in the definition of Change of Control in the Genco Employment Agreement whereby certain acquisitions of the Company's stock or assets by Oaktree Capital Management, LLC or its affiliates would not be deemed to be a change of control of Genco. The exceptions were originally instituted at a time when an affiliate of Oaktree Capital Management, LLC was a significant shareholder of the Company and were deemed to be outdated.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

10.1 Letter Agreement dated March 26, 2014 between Genco Shipping & Trading Limited and John C. Wobensmith.*

10.2 Letter Agreement dated March 26, 2014 between Baltic Trading Limited and John C. Wobensmith.*

*Incorporated by reference to the Current Report on Form 8-K filed by Genco with the U.S. Securities and Exchange Commission on March 28, 2014.

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