John C Hadjipateras, a major owner of Dorian LPG and Dorian LPG's President and CEO and a director of the company, recently disposed of 75,000 shares of the company. The disposals took place at $0.00 per share, on April 07, 2021. Hadjipateras still owns 2,032,900 shares of the company. At least some of the disposals which took place during this transaction were gifts or donations. Hadjipateras operates out of Stamford, CT. Some additional info was provided as follows:
On April 7, 2021, the reporting person entered into a master confirmation in respect of a variable prepaid forward sale agreement (the "Agreement") with an unaffiliated bank (the "Bank") relating to 400,000 shares of common stock, par value $0.01 per share ("Common Stock") of the Issuer and obligatin g the reporting person to deliver to the Bank up to 400,000 shares of Common Stock of the Issuer (or, at the reporting person's election, under certain circumstances, an equivalent amount of cash) to settle the Agreement.
In exchange for entering into the Agreement and assuming the obligations thereunder, the reporting person received a cash payment of $4,059,120.00. The reporting person pledged 400,000 shares of Common Stock (the "Pledged Shares") to secure his obligations under the Agreement, and retained voting and dividend rights in the Pledged Shares during the term of the pledge (and thereafter if the reporting person settles the Agreement in cash).
Under the Agreement, on each of the five settlement dates in March and April of 2022 the reporting person will be obligated to deliver to the Bank a number of shares of the Issuer's Common Stock determined as follows (or, under certain circumstances, at the reporting person's election, he may pay an equivalent amount in cash): (a) if the closing price of the Issuer's Common Stock on the related valuation date (the "Settlement Price") is less than or equal to $10.6845 (the "Floor Price"), the reporting person will deliver to the Bank 80,000 shares (i.e., the ratable portion of the Pledged Shares to be delivered with respect to each settlement date);
(continued from footnote 3) (b) if the Settlement Price is between the Floor Price and $15.0840 (the "Cap Price"), the reporting person will deliver to the Bank a number of shares of the Issuer's Common Stock equal to 80,000 shares multiplied by a fraction, the numerator of which is the Floor Price and the denominator of which is the Settlement Price; and (c) if the Settlement Price is greater than the Cap Price, the reporting person will deliver to the Bank the number of shares of the Issuer's Common Stock equal to the product of (i) 80,000 shares and (ii) a fraction (a) the numerator of which is the sum of (x) the Floor Price and (y) the Settlement Price minus the Cap Price, and (b) the denominator of which is the Settlement Price.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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