Globus Maritime Reclassifies Board Member

By Joseph R. Fonseca
Saturday, February 06, 2016
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Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28, 2015, the Company’s Board of Directors  was comprised of two Class II directors, two Class III directors, and no Class I directors. The Company’s Articles of Incorporation require each class of the Board to consist, as nearly as possible, of an equal number of directors.

On December 28, 2015, solely in order to provide for an equal apportionment of the members of the Board among the three classes of the Board, Mr. Athanasios (“Thanos”) Feidakis, resigned from the Board as a Class II director and, upon the recommendation of the Nomination Committee of the Board, was immediately reappointed by the Board as a Class I director.

In connection with these actions and in accordance with the Company’s Articles of Incorporation and Bylaws, the Board eliminated the Class II vacancy created by Mr. Feidakis’s resignation as a Class II director by reducing the total number of authorized directors to four (4) members. 

Accordingly, immediately following Mr. Feidakis’s resignation and reappointment, the Board was comprised of one Class I director (whose term of office expires at the Company’s 2017 Annual Meeting of Stockholders), one Class II director (whose term of office expires at the Company’s 2018 Annual Meeting of Stockholders) and two Class III directors (each of whose term of office expires at the Company’s 2016 Annual Meeting of Stockholders).

The reallocation of Mr. Feidakis from Class II director to Class I director had no effect on any aspect of Mr. Feidakis’s compensatory arrangements with the Company at this time.

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