SEC Form 4 · accession 0001437749-16-036317
Eagle Bulk Shipping Inc. · EGLE
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Gary Vogel
Officer — Chief Executive Officer · Director
Period of report
Aug 2, 2016
Accepted (ET)
Aug 3, 2016 · 5:05 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001322439
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Aug 2, 2016 | A | 984,536 | — | A | 1,309,536 | D | |
| Common StockF2 | Aug 2, 2016 | A | 666,667 | $0.15 | A | 1,976,203 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1At a Special Meeting of Shareholders (the "Shareholder Meeting") of Eagle Bulk Shipping Inc. (the "Issuer") on August 2, 2016, the shareholders of the Issuer approved the issuance of 984,536 shares of the Issuer's common stock to Gary Vogel, the Issuer's Chief Executive Officer and a member of the Issuer's Board of Directors (the "Board"), as partial consideration for Mr. Vogel's participation as a lender in a loan to the Issuer pursuant to the Second Lien Loan Agreement (the "Second Lien Loan Agreement"), dated as of March 30, 2016, by and among Eagle Shipping LLC, a wholly-owned subsidiary of the Issuer, as borrower, certain of its subsidiaries, as guarantors, certain lenders thereunder (the "Second Lien Lenders") and Wilmington Savings Fund Society, FSB as agent for the Second Lien Lenders. The issuance of the shares of common stock to Mr. Vogel pursuant to the Second Lien Loan Agreement was previously approved by the Issuer's Board and was conditioned upon the approval of the Issu
- F2The amount of shares of common stock beneficially owned by Mr. Vogel will be adjusted in proportion to the ratio to be implemented pursuant to the Issuer's reverse stock split that was approved by the Issuer's Board and the Issuer's shareholders at the Shareholder Meeting.
- F3At the Shareholder Meeting, the Issuer's shareholders also approved the issuance of an aggregate of 666,667 shares of common stock to Mr. Vogel pursuant to the Common Stock Purchase Agreement (the "Common Stock Purchase Agreements"), dated as of July 1, 2016, by and among the Issuer and the purchasers party thereto. The issuance of the shares of common stock to Mr. Vogel pursuant to the Common Stock Purchase Agreement was previously approved by the Issuer's Board and was conditioned upon, among other things, the approval of the Issuer's shareholders at the Shareholder Meeting.