Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 125

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 5
Chunk 125
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(up to November 17, 2024) and Maria Princessfrom $29,742 to $30,149, and from $28,884 to $29,256 for the aframax tanker Ise Princess, respectively. Monthly fees for VLCC Dias Iand suezmax tankerEurochampion 2004(up to the sale January 11, 2024), amounted to $28,708 and $29,742, respectively, incurring no increases. For the newly acquired vessels, aframax tankersAlpes, Aspen, and the suezmax tanker Popi Sazaklis, monthly fees amounted to $29,280 and $28,708 for the dual fuel LNG aframax tankers DF MontmartreandDF Mystras, respectively.

In 2024, the Company’s Board of Directors approved an award to the management company based on various performance criteria and taking into account cash availability and market conditions amounting to $7.0 million. The corresponding award for the year ended December 31, 2023 amounted to $5.0 million.

The Company has one equity incentive plan, the Tsakos Energy Navigation Limited 2024 Equity Incentive Plan (the “2024 Plan”), which was approved by the Board. On July 24, 2024, 625,000 restricted common shares were granted under the “2024 Plan” to Company directors, officers as well as other employees and persons who provide services to the Company and its subsidiaries and employees of any management company. The restricted shares are scheduled to vest upon satisfaction of the time-based and performance-based conditions. The time-based condition will be satisfied so long as the participant continues to have a service relationship with the Company or its subsidiaries or any management company on the applicable vesting dates. The performance-based condition will be satisfied upon determination by the Company that the fleet utilization as defined in the awards, equals or exceeds 85% for the period from January 1, 2024 through the end of the last complete fiscal quarter preceding each vesting date. The vesting schedule is as follows: 25% of the shares granted to each recipient on January 1, 2025, 25% to vest on July 1, 2025, 25% to vest on January 1, 2026, and 25% to vest on July 1, 2026. Total compensation expense for 2024 amounted to $8.1 million, and as of December 31, 2024,