Introductory Note
The information contained in Item 5.02 of this Current Report on Form 8-K is hereby incorporated by reference into the registration statement on Form S-3 (File No. 333-266588) of Dorian LPG Ltd. (the “Company”), filed with the U.S. Securities and Exchange Commission (the “Commission”) on August 5, 2022.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
The Compensation Committee of the Board of Directors of the Company (the “Committee”) has approved certain cash bonus payments, restricted share and unit awards and base salaries in recognition of certain officers’ contributions to the Company for the fiscal year ended March 31, 2024. As of the filing of the Company’s annual report on Form 10-K (the “Form 10-K”), the cash bonus payments, restricted share and unit awards and base salaries described below had not been determined, and thus were not included in the Form 10-K. In accordance with Item 5.02(f) of Form 8-K, the Company has included such information herein.
The Committee approved discretionary cash bonus payments to John C. Hadjipateras, John C. Lycouris, Theodore B. Young, Tim T. Hansen and Alexander C. Hadjipateras in the amounts of $1,400,000, $550,000, $550,000, DKK 4,000,000(1) and $300,000, respectively.
(1) Based on a conversion rate of 1 DKK = 0.145 USD, which was the conversion rate used for purposes of the Committee’s approval of the applicable compensation item, Mr. Tim T. Hansen’s discretionary cash bonus payment is $580,000.
The Committee also approved discretionary restricted share and restricted stock unit awards under the Company’s Amended and Restated 2014 Equity Incentive Plan to John C. Hadjipateras, John C. Lycouris, Theodore B. Young, Tim T. Hansen and Alexander C. Hadjipateras in the amounts of 84,500 restricted shares, 30,000 restricted shares, 33,000 restricted shares, 25,000 restricted stock units and 30,000 restricted shares, respectively. The restricted shares and restricted units shall vest ratably and in three equal installments commencing on August 5, 2024 (the “Grant Date”) and on subsequent anniversaries of the Grant Date.
Additional information relating to compensation paid in the fiscal year ended March 31, 2024 or earned by each of the Company’s named executive officers in respect of the same period will be included in the Company’s Proxy Statement to be filed with the Commission respect to the Company’s 2024 Annual Meeting of Shareholders.
Named Executive Officer Base Salaries
In addition to the foregoing, the Committee approved the following annual base salaries for the following named executive officers, effective April 1, 2024: (i) a base salary increase for John C. Hadjipateras from $650,000 to $750,000, (ii) a base salary increase for John C. Lycouris from $550,000 to $600,000, (iii) a base salary increase for Theodore B. Young from $550,000 to $600,000, (iv) a base salary increase for Tim T. Hansen from DKK 3,900,000 to DKK 4,150,000,(2) and (v) a base salary increase for Alexander C. Hadjipateras from $370,000 to $425,000.
(2) Based on a conversion rate of 1 DKK = 0.145 USD, which was the conversion rate used for purposes of the Committee’s approval of the applicable compensation item, Mr. Tim T. Hansen’s base salary increased from $565,500 to $601,750.
