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 Officers
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e)
On April 5, 2019, 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 President and Chief Executive Officer, Ms. Lois K. Zabrocky; the Company’s Senior Vice President and Chief Financial Officer, Mr. Jeffery D. Pribor; the Company’s Senior Vice President and Chief Administrative Officer, Mr. James Small; the Company’s Vice President and Chief Commercial Officer, Mr. Derek Solon; the Company’s Vice President and Head of Ship Operations, Mr. William Nugent; and the Company’s Vice President and Controller, Mr. Adewale O. Oshodi, in each case as described below.
Base Salary and Equity Target Adjustments
The Committee approved entry by the Company into agreements to implement an annual base salary increase for each of Ms. Zabrocky, Mr. Pribor and Mr. Oshodi. As a result of this increase, Ms. Zabrocky will receive an annual base salary of $615,000; Mr. Pribor will receive an annual base salary of $500,000; and Mr. Oshodi will receive an annual base salary of $260,957, in each case with effect from January 1, 2019. to her agreement, Ms. Zabrocky’s target bonus percentage has also been increased to 115%.
The Committee also approved increases to the annual base salaries of each of Mr. Solon and Mr. Nugent to $300,000.
The Committee also approved increases to the annual equity target opportunities for Mr. Small and Mr. Oshodi. For 2018 and future years, Mr. Small will have an equity target opportunity equal to 125% of his base salary and Mr. Oshodi will have an equity target opportunity equal to 50% of his base salary, 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 such persons’ employment remain unchanged.
Section 9 – Financial Statements and Exhibits
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Item 5.02 |
Financial Statements and Exhibits. |
to General Instruction B.2 of Form 8-K, the following exhibits are furnished with this Form 8-K.
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Exhibit No. |
Description |
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10.1 |
Amendment No. 5 to Ms. Zabrocky Employment Agreement. |
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10.2 |
Amendment No. 1 to Mr. Pribor Employment Agreement. |
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10.3 |
Amendment No. 3 to Mr. Oshodi Employment Agreement. |
International Seaways, Inc. Exhibit
EX-10 2 zabrocky.htm EXHIBIT 10.1 Amendment No. 5 to Lois K. Zabrocky’s Employment Agreement This Amendment No. 5 (the “Amendment”),…
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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.
