International Seaways Announces Director Changes
Ticker: INSW · Form: 8-K · Filed: Dec 31, 2024 · CIK: 1679049
Sentiment: neutral
Topics: board-changes, governance
Related Tickers: INSW
TL;DR
Board shuffle at INSW: Sullivan out, Manning in. Audit & Comp Committee changes too.
AI Summary
International Seaways, Inc. announced on December 26, 2024, the departure of director Jeffrey D. Sullivan and the election of new director Mark J. Manning. The company also appointed Mark J. Manning as a member of the Audit Committee and Compensation Committee. These changes are effective immediately.
Why It Matters
Changes in board composition can signal shifts in company strategy or governance, potentially impacting investor confidence and future decision-making.
Risk Assessment
Risk Level: low — The filing details routine board and committee changes, which typically carry low immediate risk.
Key Players & Entities
- Jeffrey D. Sullivan (person) — departing director
- Mark J. Manning (person) — elected director and committee member
- International Seaways, Inc. (company) — reporting company
FAQ
Who has departed from the International Seaways, Inc. board of directors?
Jeffrey D. Sullivan has departed from the board of directors.
Who has been elected as a new director to the board?
Mark J. Manning has been elected as a new director.
What committees has Mark J. Manning been appointed to?
Mark J. Manning has been appointed to the Audit Committee and the Compensation Committee.
When were these changes effective?
The changes were effective as of December 26, 2024.
What is the filing date of this Form 8-K?
The filing date is December 31, 2024.
Filing Stats: 655 words · 3 min read · ~2 pages · Grade level 10.4 · Accepted 2024-12-31 16:30:19
Filing Documents
- tm2432239d1_8k.htm (8-K) — 32KB
- tm2432239d1_ex10-1.htm (EX-10.1) — 3KB
- tm2432239d1_ex99-1.htm (EX-99.1) — 242KB
- 0001104659-24-132872.txt ( ) — 546KB
- insw-20241226.xsd (EX-101.SCH) — 3KB
- insw-20241226_def.xml (EX-101.DEF) — 26KB
- insw-20241226_lab.xml (EX-101.LAB) — 36KB
- insw-20241226_pre.xml (EX-101.PRE) — 25KB
- tm2432239d1_8k_htm.xml (XML) — 5KB
02(e) Departure of Directors or Certain Officers; Election of Directors;
Item 5.02(e) Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. The Board of Directors (the " Board ") of International Seaways, Inc. (the " Company ") has determined that it was in the best interests of the Company to terminate the International Seaways, Inc. Retiree Health and Welfare Plan (the " Plan ") and distribute all amounts deferred under the Plan to participants. On December 26, 2024, the Board elected to terminate the Plan pursuant to its terms, as set forth in the First Amendment to the Plan. All accrued and unpaid benefits in the Plan are expected to be distributed in compliance with the plan distribution requirements set forth in Treasury Regulation 1.409A 3(j)(4)(ix)(C) under the general plan termination rule of Section 409A. Such benefits are expected to be paid no earlier than 12 months, and no later than 24 months, following the termination date. The foregoing description of the amendment to the Plan is qualified in its entirety by reference to the full text of the amendment set forth in Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
01 Financial Statements and
Item 9.01 Financial Statements and Exhibits Exhibit No. Description 10.1 First Amendment to International Seaways, Inc. Retiree Health and Welfare Plan. 99.1 Form of Amended and Restated International Seaways, Inc. Retiree Health and Welfare Plan. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
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: December 31, 2024 By: /s/ James D. Small III Name: James D. Small III Title: Chief Administrative Officer, Senior Vice President, Secretary and General Counsel EXHIBIT INDEX Exhibit No. Description 10.1 First Amendment to International Seaways, Inc. Retiree Health and Welfare Plan. 99.1 Form of Amended and Restated International Seaways, Inc. Retiree Health and Welfare Plan. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)