Eagle Bulk Shipping Inc. (NASDAQ:EGLE) 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

(e)Material Compensatory Contract

On March 1, 2017, Eagle Bulk Shipping Inc., a Republic of the
Marshall Islands corporation (the
Company), granted 237,500 restricted
shares of the Companys common stock, par value $0.01 per share
(Common Stock), to Gary Vogel, the
Companys Chief Executive Officer, which restricted shares vest in
three substantially equal installments on each of the following
dates: (i) March 1, 2018, (ii) March 1, 2019 and (iii) March 1,
2020, subject to Mr. Vogels continued employment with the Company
or its affiliate on the applicable vesting date. In the event
that Mr. Vogels employment is terminated by the Company without
cause or by him for good reason, his restricted shares will vest
as if he remained employed with the Company for an additional
year beyond the date of such termination, as detailed in the
Restricted Stock Award Agreement, dated March 1, 2017, by and
between the Company and Mr. Vogel (the
RSA).

In addition, the Company granted options to purchase 237,500
shares of Common Stock to Mr. Vogel at an exercise price per
share, which will be equal to the average closing price per share
of Common Stock, as quoted on the Nasdaq Global Select Market for
the ten trading days immediately preceding March 15, 2017. The
options have a five year term and vest in four substantially
equal installments on each of the following dates: (i) March 1,
2018, (ii) March 1, 2019, (iii) March 1, 2020 and (iv) March 1,
2021, subject to Mr. Vogels continued employment with the Company
or its affiliate on the applicable vesting date. In the event
that Mr. Vogels employment is terminated by the Company without
cause or by him for good reason, his options will vest as if he
remained employed with the Company for an additional year beyond
the date of such termination, as detailed in the Option Award
Agreement, dated March 1, 2017, by and between the Company and
Mr. Vogel (the Option Award Agreement).
The restricted shares of Common Stock and options issued to Mr.
Vogel described above were granted to the Eagle Bulk Shipping
Inc. 2016 Equity Incentive Plan, the RSA and the Option Award
Agreement, as applicable.

The foregoing does not purport to be a complete description of
the RSA and the Option Award Agreement, and is qualified in its
entirety to the forms of the RSA and the Option Award Agreement
filed herewith as Exhibits 10.1 and 10.2, respectively, to this
Current Report on Form 8-K and incorporated herein by reference.

(d) Exhibits.

Eagle Bulk Shipping Inc. (NASDAQ:EGLE) Recent Trading Information

Eagle Bulk Shipping Inc. (NASDAQ:EGLE) closed its last trading session up +0.07 at 5.58 with 240,951 shares trading hands.