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.
The International Seaways, Inc. Management Incentive Compensation
Plan (the Management Plan) and the International Seaways, Inc.
Non-Employee Director Incentive Compensation Plan (the Director
Plan and together with the Management Plan, the Incentive Plans),
filed as Exhibits 10.1 and 10.2, respectively, hereto and
incorporated herein by reference, became effective on November
18, 2016 following adoption by the Board of Directors of
International Seaways, Inc. (the Company) and approval by
Overseas Shipholding Group, Inc., the Companys sole shareholder.
The purpose of the Incentive Plans is to promote the interests of
the Company and its shareholders by providing certain employees
and members of the Board of Directors of the Company, who are
largely responsible for the management, growth and protection of
the business of the Company, with incentives and rewards to
encourage them to continue in the service of the Company. The
Incentive Plans permit the Human Resources and Compensation
Committee to grant to eligible employees and directors of the
Company, as applicable, any of the following types of awards (or
any combination thereof): cash incentive awards, nonqualified
stock options, incentive stock options and other stock-based
awards, including, without limitation, stock appreciation rights,
phantom stock, restricted stock, restricted stock units,
performance shares, deferred share units and share-denominated
performance units. Subject to adjustment, the maximum number of
shares of the Companys common stock authorized for issuance is
2,000,000 shares under the Management Plan and 400,000 shares
under the Director Plan.
Section 9 – Financial Statements and Exhibits.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
| Exhibit No. | Description | |
| 10.1 |
International Seaways, Inc. Management Incentive Compensation Plan |
|
| 10.2 |
International Seaways, Inc. Non-Employee Director Incentive Compensation Plan |
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. International Seaways, Inc. (NYSE:INSW*) Recent Trading Information
International Seaways, Inc. (NYSE:INSW*) closed its last trading session at with 1,133 shares trading hands.