Company: LPG
Filing Date: 2025-05-15
Form Type: 8-K
Source: 0001596993-25-000027
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Company: DORIAN LPG LTD.
Filing Date: 2025-05-15
Form: 8-K
Item: Item 5.02
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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 (the “ Committee”) has elected to adopt certain performance measures under the Company’s incentive compensation plan going forward to structure pay practices for its named executive officers to more closely match the Company’s publicly traded peers and adopt best practices by using pre-established performance criteria and potential payouts.

The overall result of these changes is an executive compensation program that clearly defines and discloses performance metrics, thereby enabling shareholders to more directly observe the alignment between executive pay and Company performance. While the Committee always considered a broad range of metrics in its deliberations to determine executive pay, the pre-established performance criteria provides a heightened level of transparency and underscores the Company’s commitment to best-in-class corporate governance.

More specifically, the revised approach further promotes the Company’s long-term operating plan and business strategy, provides competitive compensation incentives, and mitigates the possibility of excessive risk-taking by discouraging disproportionate focus on any single performance measure. The formulas approved by the Committee are as follows:

  (A)      In determining annual cash bonus payments, the Committee has approved a formula consisting of three weighted performance metrics, (i) 40% tied to the Company’s EBITDA (as defined by the Company...  

  (B)      In determining awards of restricted shares and restricted stock units granted to executive officers under the Company’s Amended and Restated 2014 Equity Incentive Plan (the “ Plan”), the Commit...  
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Additional information relating to compensation paid in the fiscal year ended March 31, 2025 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 with respect to the Company’s 2025 Annual Meeting of Shareholders.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

  Exhibit Number      Description                                    
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            10.1      Form of Restricted Stock Award Agreement       
            10.2      Form of Restricted Stock Unit Award Agreement