Company: CTRM
Filing Date: 2025-05-14
Form Type: 20-F
Source: 0001140361-25-018945
Chunk: 7

Company: Castor Maritime Inc.
Filing Date: 2025-05-14
Form: 20-F
Item: Item 6
Chunk 7
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 currently, the “Audit Committee Financial Expert” under the Commission’s rules and the corporate governance rules of the Nasdaq Stock Market. The audit committee is responsible for our external financial reporting function as well as for selecting and meeting with our independent registered public accountants regarding, among other matters, audits and the adequacy of our accounting and control systems. Our audit committee is also responsible for reviewing all related party transactions for potential conflicts of interest and all related party transactions are subject to the approval of the audit committee.
 

D.   EMPLOYEES
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As of December 31, 2024 and 2023, we had 155 and 0 employees, respectively. The increase in the number of employees compared to December 31, 2023, is attributed to the MPC Capital Acquisition. The main location of the employees is Germany. Our vessels are commercially and technically managed by Castor Ships. For further details, see “Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions—Management, Commercial and Administrative Services.”
 

E.   SHARE OWNERSHIP
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With respect to the total amount of common shares owned by all of our officers and directors individually and as a group, please see “Item 7. Major Shareholders and Related Party Transactions” Please also see “Item 10. Additional Information—B. Memorandum and Articles of Association” for a description of the rights of holders of our Series B Preferred Shares and Series D Preferred Shares relative to the rights of holders of our common shares.
 
In July 2024, management and key employees of MPC Capital were granted stock options under a long-term incentive program. As of December 31, 2024, 450,000 stock options were outstanding.
 
The stock option program is structured as a four-year plan, with vesting occurring at the end of the period, subject to the achievement of specific performance thresholds tied to MPC Capital’s share price. As of December 31, 2024, all performance thresholds had been met, meaning the stock options will become exercisable upon completion of the vesting period. Upon exercise of the stock options, the beneficiary receives MPC Capital shares for a consideration of 1.00 Euro per share. Due to the program's knock-in structure, the options remain exercisable even if MPC Capital’s share price falls below the initial performance thresholds after vesting has occurred. The stock option program contains other customary provisions, such as anti-dilution mechanisms and good/bad leaver provisions