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Star Bulk launches new staff incentive programme

Published by , Assistant Editor
Dry Bulk,

Following resolutions by Star Bulk Carriers Corp.’s (Star Bulk) Board and Compensation Committee, the company has established an incentive programme for key employees, pursuant to which an aggregate of 4 million restricted share units (each, a RSU) have been issued. Each RSU represents, upon vesting, a right for the relevant beneficiary to receive one 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 US$120 million, and vest in increasing amounts if and to the extent the outperformance relative to the Indices increases up to an aggregate of US$300 million.

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 amortised through the company’s income statement. Subject to the vesting conditions being met on 30 April 2021 and 30 April 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.

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