SEC Form 4 · accession 0000902664-17-002612
International Seaways, Inc. · INSW
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owners
CYRUS CAPITAL PARTNERS, L.P.
Director · 10% Owner · Other
CYRUS CAPITAL PARTNERS GP, LLC
Director · 10% Owner · Other
Stephen C Freidheim
Director · 10% Owner · Other
Period of report
Jun 8, 2017
Accepted (ET)
Jun 12, 2017 · 4:27 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001679049
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock, no par value ("Common Stock")F1 | Jun 8, 2017 | A | 4,992 | $0.00 | A | 8,636 | D | |
| Common StockF2 | holding | — | — | — | 4,003,576 | I | See footnote |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1These 4,992 shares of restricted Common Stock were granted to Cyrus Capital Partners LP ("CCP") by the Issuer on June 8, 2017 pursuant to the Issuer's Non-Employee Director Incentive Compensation Plan and vest on the earlier of (i) June 7, 2018 and (ii) the date of the annual meeting of stockholders in 2018. Mr. Joseph Kronsberg is an employee of CCP and sits on the board of directors of the Issuer as a representative of CCP. The grant was made directly to CCP because pursuant to agreements between CCP and Mr. Kronsberg, CCP is required to receive all compensation in connection with Mr. Kronsberg's directorship.
- F2The securities reported herein are held directly by: (i) Cyrus Opportunities Master Fund II, Ltd., (ii) CRS Master Fund, L.P., (iii) Crescent 1, L.P., (iv) Cyrus Select Opportunities Master Fund, Ltd., (v) Canary SC Master Fund, L.P. (collectively, the "Cyrus Funds"). CCP serves as the investment manager to the Cyrus Funds. Cyrus Capital Partners GP, L.L.C. ("CCPGP") serves as the general partner of CCP. Stephen C. Freidheim serves as the principal of both CCP and CCPGP. All discretion over the investment activities of the Cyrus Funds has been delegated to CCP. Each of the Reporting Persons disclaims beneficial ownership of the reported securities except to the extent of its pecuniary interest therein, if any.
Remarks
Mr. Kronsberg serves on the Board of Directors of the Issuer as a representative of CCP. Accordingly, CCP, CCPGP and Mr. Freidheim may be deemed directors by deputization.