Business Context and Reporting Period
This Form 8-K Current Report was filed by International Seaways, Inc. (INSW) on April 12, 2022, covering events occurring on April 7, 2022. The filing addresses corporate governance matters, specifically the approval of compensatory arrangements for certain executive officers by the Human Resources and Compensation Committee.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation adjustments.
Material Changes
The primary material change reported is the approval of annual base salary increases for six executive officers, effective retroactively from January 1, 2022. The specific new annual base salaries are as follows:
- Lois Zabrocky (President and CEO): $696,600
- Jeffrey Pribor (SVP and CFO): $547,000
- James D. Small (SVP and CAO): $500,500
- Adewale Oshodi (VP and Controller): $285,708
- Derek Solon (SVP and Chief Commercial Officer): $375,000
- William Nugent (SVP and Head of Ship Operations): $375,000
All other material terms of the officers' employment remain unchanged.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, management commentary on market conditions, or discussion of risks and contingencies. The document is strictly a disclosure of employment agreement amendments.
Investor Verification Checklist
- Verify the retroactive effective date of January 1, 2022, for the salary increases.
- Review the attached Exhibits 10.1 through 10.4 for the full text of the employment agreement amendments.
- Confirm that no other executive compensation changes or employment terms were altered.