11.

Stock Incentive Plan

July 31, 2014,

the Board of Directors approved the Company’s

2014

Stock Incentive Plan (the

“2014

Plan”). On

May 5, 2018,

the Board of Directors approved a new equity incentive plan (the

“2018

Plan”) to replace the

2014

Plan. The

2018

Plan is administered by the Board of Directors which can make awards totaling in aggregate up to

75,000

shares, over

years after the

2018

Plan’s adoption date. The persons eligible to receive awards under the

2018

Plan are officers, directors, and executive, managerial, administrative and professional employees of the Company or Eurobulk or Eurochart (collectively, “key persons”) as the Board, in its sole discretion, shall select based upon such factors as the Board shall deem relevant. Awards

may

be made under the

2018

Plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares. Details of awards granted under the

2014

Plan and the

2018

Plan during the

three

year period ended

December 31, 2019

are noted below.

November 2, 2017

an award of

12,534

non-vested restricted shares, was made to

key persons of which

50%

vested on

July 1, 2018

and

50%

vested on

July 1, 2019;

awards to officers and directors amounted to

7,213

shares and the remaining

5,321

shares were awarded to employees of Eurobulk.

November 21, 2018

an award of

15,681

non-vested restricted shares, was made to

key persons of which

50%

vested on

November 16, 2019

and

50%

will vest on

November 16, 2020;

awards to officers and directors amounted to

9,021

shares and the remaining

6,660

shares were awarded to employees of Eurobulk.

November 4, 2019

an award of

15,444

non-vested restricted shares, was made to

key persons of which

50%

will vest on

July 1, 2020

and

50%

will vest on

July 1, 2021;

awards to officers and directors amounted to

8,713

shares and the remaining

6,731

shares were awarded to employees of Eurobulk.

All non-vested restricted shares are conditional upon the grantee’s continued service as an employee of the Company, Eurobulk or as a director until the applicable vesting date. The grantee does

not

have the right to vote on such non-vested restricted shares until they vest or exercise any right as a shareholder of these shares, however, the non-vested shares will accrue dividends as declared and paid which will be retained by the Company until the shares vest at which time they are payable to the grantee. As non-vested restricted share grantees accrue dividends on awards that are expected to vest, such dividends are charged to retained earnings.

The Company accounts for restricted share awards forfeitures as they occur. During

2017,

538

shares were forfeited with a weighted-average grant-date fair value of

$22.24

per share.

forfeitures occurred in the years ended

December 31, 2018

and

2019.

The compensation cost that has been charged against income for awards was

$116,562,

$124,487

and

$97,919,

for the years ended

December 31, 2017,

2018

and

2019,

respectively and is included within “General and administrative expenses” in the consolidated statements of operations. The Company has used the straight-line method to recognize the cost of the awards.

A summary of the status of the Company’s non-vested shares as of

December 31, 2019

and changes during the year ended

December 31, 2019,

are presented below:

Non-vested Shares	Shares		Weighted-Average Grant-Date Fair Value
Non-vested on January 1, 2019	21,948		10.16
Granted	15,444		5.84
Vested	(14,108	)	11.01
Non-vested on December 31, 2019	23,284		6.77

As of

December 31, 2019,

there was

$172,887

of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the

2018

Plan and is expected to be recognized over a weighted-average period of

0.75

years. The total fair value at grant-date of shares granted during the year ended

December 31, 2017,

December 31, 2018,

and

December 31, 2019

was

$176,475,

$134,232

and

$90,193

respectively.