DORIAN LPG LTD. (NYSE:LPG) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition
On August 7, 2019, Dorian LPG Ltd. issued a press release (the \”Press Release\”) relating to its financial results for the quarterly period ended June 30, 2019. A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2 to Form 8-K, the information under this Item 2.02 and the Press Release shall be deemed to be \”furnished\” to the Securities and Exchange Commission (the \”SEC\”) and not be deemed to be \”filed\” with the SEC for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On August 2, 2019, the Compensation Committee of the Board of Directors of the Company (the \”Committee\”) approved discretionary cash bonus payments to John C. Hadjipateras, John C. Lycouris and Theodore B. Young in the amounts of $300,000, $200,000 and $300,000, respectively. The total amount of cash bonuses to all Company employees, including the amounts that will be paid to the aforementioned named executives, is $1,885,000.
The Committee also approved discretionary restricted share awards under the Company\’s 2014 Equity Incentive Plan to John C. Hadjipateras, John C. Lycouris and Theodore B. Young in the amounts of 64,700 restricted shares, 20,000 restricted shares and 20,000 restricted shares, respectively. The total number of restricted shares and restricted stock units awarded to all Company employees, including the restricted shares awarded to the aforementioned named executives, is 197,700. 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 (August 5, 2019) 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 for the fiscal year ended March 31, 2019.
Item 8.01 Other Events
On August 5, 2019, the Board of Directors of the Company authorized a share repurchase program to purchase up to an aggregate of $50.0 million of the Company’s common shares. The timing and amount of any repurchases will be determined by the Company’s management team, and will depend on market conditions, capital allocation alternatives, applicable securities laws and other factors. Repurchases of common shares may take place to Rule 10b‐18 of the Securities Exchange Act of 1934 or to a trading plan adopted in accordance with Rule 10b5‐1 of the Securities Exchange Act of 1934. The Company is not obligated under the terms of the program to repurchase any particular number of its common shares. The Board of Directors’ authorization of the repurchase program is effective immediately and expires on December 31, 2020.
Item 9.01 Financial Statements and Exhibits