Derek G. Solon - Mar 8, 2023 Form 4 Insider Report for International Seaways, Inc. (INSW)

Role
Senior Vice President
Signature
/s/James D. Small III, Attorney-in-Fact, pursuant to a power of attorney previously filed
Stock symbol
INSW
Transactions as of
Mar 8, 2023
Transactions value $
$0
Form type
4
Date filed
3/10/2023, 06:02 PM
Previous filing
Nov 28, 2022
Next filing
Mar 10, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction INSW Restricted Stock Units Award +5.34K 5.34K Mar 8, 2023 Common Stock 5.34K $0.00 Direct F1
transaction INSW Performance Restricted Stock Units Award +5.34K 5.34K Mar 8, 2023 Common Stock 5.34K $0.00 Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On March 8, 2023, INSW granted the Reporting Person pursuant to the International Seaways 2020 Management Incentive Plan (the "2020 Plan") 5,338 restricted stock units which units vest as to one-third of such units on each of the first, second and third anniversaries of the date of the grant. Each unit represents the right to acquire one share of Common Stock. Settlement of vested units which may be in either shares of Common Stock or cash as determined by the Human Resources and Compensation Committee of the Board in its discretion, and will be net of any shares deducted for applicable taxes and other withholdings.
F2 On March 8, 2023, INSW granted the Reporting Person pursuant to the 2020 Plan, 5,338 performance restricted stock units (PRSUs). Achievement under the PRSUs will be measured using an operating performance metric (return on invested capital, or ROIC) and a market performance metric (total shareholder return, or TSR, relative to the TSR of each of a peer group of companies), in each case measured over the three-year period beginning on January 3, 2023 and ending on December 31, 2025. Each metric relates to half of the PRSUs granted.
F3 These PRSUs represent the right to receive an equivalent number of shares of INSW Common Stock (net of any shares deducted for applicable taxes and other withholdings) if and when the PRSUs vest, assuming a performance factor of 100% achievement. The PRSU grants are subject (so long as at least the minimum performance threshold is achieved) to increase or decrease pursuant to a performance factor that may range from 50% to 150%. The number of shares vesting, if any, will be reported after the Compensation Committee of the Issuer's Board of Directors certifies the achievement of the applicable performance metric following the end of the measurement period.