United States
Securities and Exchange Commission
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
February 20, 2024 (
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Section 5 – Corporate Governance and Management
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 19, 2024, Mr. Nadim Qureshi resigned from the Board of Directors (the “Board”) of International Seaways, Inc. (the “Company”) with immediate effect.
In a note to the Board regarding Mr. Qureshi’s departure, the Company’s Chairman, Mr. Doug Wheat, stated: “Nadim’s contributions and his hard work in consummating the merger with Diamond S Shipping and his effort since the merger have helped make International Seaways the company it has become, and we wish him great success in his future endeavors.”
Mr. Qureshi’s resignation was not the result of any disagreement with the Company or the Board on any matter relating to the Company’s operations, policies or practices. In connection with his resignation, Mr. Qureshi’s previously granted stock-based director fees will be treated as fully vested and delivered to him, and the Company will not seek reimbursement of any cash director fees paid to Mr. Qureshi in advance for the first quarter of 2024. In consideration of this action, Mr. Qureshi will enter into a one-year agreement not to compete with the Company’s crude and product tanker operations.
Following Mr. Qureshi’s resignation, Ms. Kate Blankenship, a current director, was appointed as a member of the Human Resources and Compensation Committee of the Board. The Board had previously determined that Ms. Blankenship is “independent”. In addition, the size of the Board was reduced from ten directors to nine.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
INTERNATIONAL SEAWAYS, INC. | |||
(Registrant) | |||
Date: February 20, 2024 | By | /s/ James D. Small III | |
Name: | James D. Small III | ||
Title: | Chief Administrative Officer, Senior Vice President, Secretary and General Counsel |