STAMFORD, Conn., Nov. 9,
2016 /PRNewswire/ -- EAGLE BULK SHIPPING INC. (NASDAQ:
EGLE) (the "Company" or "Eagle Bulk") today announced stock option
and restricted stock grants to Frank De
Costanzo, the recently appointed Chief Financial Officer and
Secretary of the Company, as an inducement material to Mr. De
Costanzo entering into employment with the Company in accordance
with NASDAQ Listing Rule 5635(c)(4). The awards were granted
on November 7, 2016. The Company granted Mr. De Costanzo a
stock option to purchase 280,000 shares of the Company's common
stock with a per share exercise price of $4.28, which was based on
the average closing price per share of the Company's common stock
quoted on NASDAQ for the ten trading days immediately preceding the
date of grant (the "Average Closing Price"). The Company also
granted Mr. De Costanzo 233,863 shares of restricted common stock
of the Company with an aggregate value equal to approximately
$1,000,000 based on the Average Closing Price. The stock
option will have a five year term and will generally vest ratably
on each of the first four anniversaries of September 30, 2016, the
date Mr. De Costanzo was appointed Chief Financial Officer and
Secretary of the Company (the "Appointment Date"), and the
restricted stock will generally become 100% vested on September 30,
2019, the third anniversary of the Appointment Date, in each case
subject to Mr. De Costanzo's continued employment with the Company
on each applicable vesting date, and in each case further subject
to partial vesting in the event Mr. De Costanzo's employment is
terminated by the Company without cause or by him for good
reason.
About Eagle Bulk Shipping
Eagle Bulk Shipping Inc. is a Marshall
Islands corporation headquartered in Stamford, Connecticut. We own one of the
largest fleets of Supramax dry bulk vessels in the world. Supramax
dry bulk are vessels which are constructed with on-board cranes,
ranging in size from approximately 50,000 to 65,000 dwt and are
considered a sub-category of the Handymax segment, typically
defined as 40,000-65,000 dwt. We transport a broad range of major
and minor bulk cargoes, including but not limited to coal, grain,
ore, pet coke, cement and fertilizer, along worldwide shipping
routes.
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking
statements. Forward-looking statements reflect management's current
expectations and observations with respect to future events and
financial performance. Where the Company expresses an expectation
or belief as to future events or results, such expectation or
belief is expressed in good faith and believed to have a reasonable
basis. However, the Company's forward-looking statements are
subject to risks, uncertainties, and other factors, which could
cause actual results to differ materially from future results
expressed, projected, or implied by those forward-looking
statements. The Company's actual results may differ materially from
those anticipated in these forward-looking statements as a result
of certain factors, including changes in the Company's financial
resources and operational capabilities and as a result of certain
other factors listed from time to time in the Company's filings
with the U.S. Securities and Exchange Commission. The Company
disclaims any intent or obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
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SOURCE Eagle Bulk Shipping Inc.