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Stamford, Conn., Nov. 9, 2016 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. Eagle Bulk Shipping Inc. press release |
