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Eagle Bulk Shipping Inc. Message Board

  • hyulpy hyulpy Nov 13, 2011 9:25 AM Flag

    "NO" on proxy vote

    Greedy management of Eagle Bulk Shipping wants 10% of the company? For what? Digging us out of the mess that they got us into? I voted no on both proposals, because as shareholders, we don't have a line-item veto. Management has already been compensated quite well in the past few years, and its time to bring their incentives down to earth.

    From the proxy filing:

    Subject to shareholder approval of the 2011 Plan and the successful completion of the transaction described below, the Company’s board of directors intends to grant to certain members of the Company’s senior management stock options to purchase an aggregate number of shares of Common Stock equal to approximately 10% of the Company’s issued and outstanding Common Stock on a fully diluted basis on the date the options become exercisable. It is anticipated that the options will be contingent on management’s successful negotiation of the refinancing or restructuring of the Company’s outstanding credit facility (collectively the “Transaction”). If granted, the options are expected to have an above market exercise price and to remain exercisable in accordance with their terms following the termination of a recipient’s employment with the Company. Except as described in the preceding sentences, the Company has not made any determination as to future grants under the 2011 Plan.

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