International Seaways, Inc. (NYSE:INSW) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On April 4, 2018, the Compensation Committee (the "Committee") of the Board of Directors (the "Board") of International Seaways, Inc. (the "Company") approved certain actions concerning the compensation of the Company's Chief Executive Officer, Ms. Lois K. Zabrocky, and the Company's Chief Financial Officer, Mr. Jeffery D. Pribor, as described below. |
Base Salary and Equity Target Adjustments
The Committee approved entry by the Company into an agreement to increase the annual base salary increase for Ms. Zabrocky. As a result of this increase, Ms. Zabrocky will receive an annual base salary of $600,000, with effect from January 1, 2018.
The Committee also approved increases to the annual equity target opportunities for Ms. Zabrocky and Mr. Pribor. For 2018 and future years, Ms. Zabrocky will have an equity target opportunity equal to 200% of her base salary, and Mr. Pribor will have an equity target opportunity equal to 150% of his base salary, in each case subject to any decision by the Board with respect to any future increase or decrease. Any future equity grants will be made by the Committee or the Board to the terms of the Company's equity plans after consideration of various factors deemed relevant by them.
All other material terms of Ms. Zabrocky's and Mr. Pribor's employment remain unchanged.
About International Seaways, Inc. (NYSE:INSW)
International Seaways, Inc. and its subsidiaries own and operate a fleet of oceangoing vessels. The Company’s oceangoing vessels engage in the transportation of crude oil and petroleum products in the International Flag trades. The Company’s segments are International Crude Tankers and International Product Carriers. Its 55-vessel fleet consists of Ultra Large Crude Carrier (ULCC), Very Large Crude Carrier (VLCC), Aframax and Panamax crude tankers, as well as long range 1 (LR1), LR2 and medium range (MR) product carriers. Its International Crude Tankers segment is made up of a ULCC and a fleet of VLCCs, Aframaxes, and Panamaxes. Its International Product Carriers segment consists of a fleet of MRs, LR1s and an LR2 engaged in the transportation of crude and refined petroleum products. Through joint venture partnerships (the JVs), it has ownership interests in approximately four liquefied natural gas carriers and approximately two floating storage and offloading service vessels.
