Κυρ05262019

Last updateΔευ, 27 Μαϊ 2019 12am

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Star Bulk Carriers Corp. announces new equity incentive programme

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Star Bulk Carriers Corp. (the "Company" or "Star Bulk") following resolutions by its Board and Compensation Committee, has established an incentive programme for key employees, pursuant to which an aggregate of four million (4,000,000) restricted share units (each, a “RSU”) have been issued. Each RSU represents, upon vesting, a right for the relevant beneficiary to receive one (1) SBLK share.

The RSUs are subject to achievement of certain performance conditions related to the Company’s fleet outperforming relevant dry bulk charter rate indices as reported by the Baltic Exchange (the “Indices”) during 2020 and 2021. The RSUs start to vest subject to an outperformance by the Company relative to the Indices by at least $120,000,000, and vest in increasing amounts if and to the extent the outperformance relative to the Indices increases up to an aggregate of $300,000,000. The Company takes the view that the current likelihood of vesting of these RSUs does not meet a “more likely than not” standard under US GAAP, and as a result no charge will be amortized through the Company’s income statement. Subject to the vesting conditions being met on April 30, 2021 and April 30, 2022 (each, a “Vesting Date”) two million RSUs will vest on each Vesting Date, and the relevant SBLK shares will be issued and distributed to the relevant beneficiaries as per allocation by the Board. Any non-vested RSUs at the applicable Vesting Date will be cancelled.

About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK” and on the Oslo Stock Exchange under the ticker “SBLK R”. On a fully delivered basis, Star Bulk will have a fleet of 111 vessels, with an aggregate capacity of 12.67 million dwt, consisting of 17 Newcastlemax, 20 Capesize, 2 Mini Capesize, 7 Post Panamax, 35 Kamsarmax, 2 Panamax, 17 Ultramax and 11 Supramax vessels with carrying capacities between 52,055 dwt and 209,537 dwt. The Company holds call options and has sold respective put options on 4 Capesize vessels, with exercise dates in early April 2019.

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