SEC Form 4 · accession 0001437749-17-004755
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
Mar 14, 2017
Accepted (ET)
Mar 16, 2017 · 8:58 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001322439
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Option (right to buy)F1,F2 | $5.56 | Mar 14, 2017 | A | 237,500 | A | — | Mar 1, 2022 | Common Stock | 237,500 | 237,500 | D |
Explanation of responses
- F1On March 1, 2017, Eagle Bulk Shipping Inc. (the "Issuer") granted to Gary Vogel, a member of the Issuer's Board of Directors and the Issuer's Chief Executive Officer, options to purchase 237,500 shares of the Issuer's common stock at an exercise price of $5.56 per share (the "Options"), which price was equal to the average closing price per share of the Issuer's common stock, as quoted on the Nasdaq Global Select Market for the 10 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. Vogel's continued employment with the Issuer or its affiliate on the applicable vesting date. In the event that Mr. Vogel's employment is terminated by the Issuer without cause or by him for good reason, his Options will vest as if he remained employed with the Issuer for an additional year beyond
- F2the date of such termination, as detailed in the Option Award Agreement, dated March 1, 2017, by and between the Issuer and Mr. Vogel (the "Option Award Agreement"). The Options issued to Mr. Vogel described above were granted pursuant to the Eagle Bulk Shipping Inc. 2016 Equity Incentive Plan and the Option Award Agreement.