X0306 4 2017-03-01 0001322439 Eagle Bulk Shipping Inc. EGLE 0001623344 Leand Paul M. Jr. C/O EAGLE BULK SHIPPING INC. 300 FIRST STAMFORD PLACE, 5TH FLOOR STAMFORD CT 06902 1 Common Stock 2017-03-01 4 A 0 30000 0 A 132560 D On March 1, 2017, Eagle Bulk Shipping Inc. (the "Issuer") granted to Paul M. Leand, Jr., the Chairman of the Issuer's Board of Directors, 30,000 shares of restricted common stock. The shares of restricted common stock vest in three substantially equal installments on each of the following dates: (i) March 1, 2018, (ii) March 1, 2019 and (iii) March 1, 2020, subject to Mr. Leand's continued service with the Issuer or its affiliate on the applicable vesting date. In the event that Mr. Leand's service is terminated by the Issuer without cause or by him for good reason, his restricted shares will vest as if he remained serving with the Issuer for an additional year beyond the date of such termination as detailed in the Restricted Stock Award Agreement, dated March 1, 2017, by and between the Issuer and Mr. Leand (the "RSA"). The shares of restricted common stock issued to Mr. Leand described above were granted pursuant to the Eagle Bulk Shipping Inc. 2016 Equity Incentive Plan and the RSA. /s/ Paul M. Leand, Jr. 2017-03-03