Company: LPG
Filing Date: 2025-07-22
Form Type: DEF 14A
Source: 0001558370-25-009356
Chunk: 67

Company: DORIAN LPG LTD.
Filing Date: 2025-07-22
Form: DEF 14A
Chunk 67
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 indicated. The peer group consists of the following direct competitors on a line-of-business basis: BWLPG and NVGS. NVGS’s common stock trades on the New York Stock Exchange, while the common stock of BWLPG primarily trades on the Oslo Stock Exchange in NOK. For the purposes of the comparison, the returns for Avance and BWLPG were converted into U.S. dollars based on the relevant NOK to USD exchange rate. Avance was removed from the peer group due to its liquidation in early 2025. |

| (6) | The dollar amounts reported in column (i) represent Adjusted EBITDA as defined and presented in the CD&A above. |

The Company operates in the LPG shipping industry, which is a highly cyclical business where results often reflect an underlying commodity-based rate environment. Accordingly, the results of our business can fluctuate significantly from time to time, driven by changes in shipping rates and vessel valuations that can be caused by, among other things, geopolitical events, global or regional conflicts, government action and regulatory developments, developments in the global capital markets, environmental incidents and various other factors discussed in detail in our Annual Report. As part of its effort to appropriately align compensation incentives to management performance, the Compensation Committee annually evaluates and implements both fixed and variable components of compensation. Due, however, to the volatile nature of the industry, variable compensation actually paid can be significantly affected (either positively or negatively) by short-to-medium-term changes in market rates and LPG stock performance. Compensation Committee Interlocks and Insider Participation During our last fiscal year, Messrs. Kalborg and McAvity and Ms. Lunde served on the Compensation Committee. Each of them is not, nor has any of them ever been, an officer or employee of the Company or any of its subsidiaries. In addition, during the last fiscal year, no executive officer of the Company served as a member of the board of directors or the compensation committee of any other entity that has one or more executive officers serving on the Board or our Compensation Committee. Certain Relationships and Related Transactions and Director Independence We describe below transactions and series of similar transactions, since the beginning of our last fiscal year, to which we were and are a party, in which:

| ● | the amounts involved exceeded or will exceed $120,000; and |

| ● | any of our directors, executive officers or holders of more than 5% of our common stock, or an affiliate or immediate family member thereof, had or will have a