DORIAN LPG LTD. (NYSE:LPG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On June 14, 2017, the Compensation Committee of the Board of
Directors of the Company (the “Committee”) approved
discretionary cash bonus payments to John Hadjipateras, John
Lycouris and Theodore B. Young in the amounts of $600,000,
$250,000 and $250,000, respectively. The total amount of cash
bonuses to all Company employees, including the amounts that
will be paid to the aforementioned named executives, is
$2,262,163.
The Committee also approved discretionary restricted share
awards under the Company’s 2014 Equity Incentive Plan to John
Hadjipateras, John Lycouris and Theodore B. Young in the
amounts of 75,000 restricted shares, 30,000 restricted shares
and 27,500 restricted shares, respectively. The total number of
restricted shares awarded to all Company employees, including
the restricted shares awarded to the aforementioned named
executives, is 259,800. Each restricted share award will be
made to a Restricted Stock Award Agreement, the form of which
is incorporated by reference herein. The restricted shares are
expected to vest in equal installments on the grant date (June
15, 2017) and on the first, second, and third anniversary of
that date.
Both the cash bonus payments and restricted share awards are in
recognition of the officers’ and employees’ contributions to
the Company’s performance for the fiscal year ended March 31,
2017.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit Number |
Description |
|
|
10.1 |
Form of Restricted Stock Award Agreement, incorporated by reference to Exhibit 10.1 of the Company’s Form 8-K filed with the Commission on June 22, 2016. |
About DORIAN LPG LTD. (NYSE:LPG)
Dorian LPG Ltd. is a holding company. The Company, through its subsidiaries, is focused on owning and operating very large gas carrier (VLGCs) in the liquefied petroleum gas (LPG) shipping industry. The Company is engaged in the transportation of LPG across the world through its ownership and operation of LPG tankers. As of March 31, 2016, the Company owned and operated a fleet of 22 VLGCs, including 19 84,000 cubic meter (cbm) ECO-design VLGCs (ECO VLGCs) and three 82,000 cbm VLGCs. The VLGCs in its fleet had an aggregate carrying capacity of approximately 1.8 million cbm at May 26, 2016. It provides in-house commercial and technical management services for all of its vessels. As of May 26, 2016, its VLGCs included Captain Nicholas ML; Captain John NP; Comet; Corsair; Corvette; Cougar; Concorde; Cobra; Continental; Commodore; Constellation; Cheyenne; Cratis; Chaparral; Commander, and Challenger. The Company’s customers include global energy companies, commodity traders and importers.
