X0306 4 2016-11-07 0 0001322439 Eagle Bulk Shipping Inc. EGLE 0001686767 De Costanzo Frank C/O EAGLE BULK SHIPPING INC. 300 FIRST STAMFORD PLACE, 5TH FLOOR STAMFORD CT 06902 0 1 0 0 Chief Financial Officer Common Stock 2016-11-07 4 A 0 233863 0.00 A 233863 D Employee Stock Option (right to buy) 4.28 2016-11-07 4 A 0 280000 0.00 A 2021-11-07 Common Stock 280000 280000 D On November 7, 2016, the Board of Directors (the "Board") of Eagle Bulk Shipping Inc. (the "Issuer") granted to Frank De Costanzo 233,863 shares of restricted common stock. The shares of restricted common stock vest 100% on September 30, 2019, subject to Mr. De Costanzo's continued employment with the Issuer or any of its affiliates on the vesting date, subject to adjustment in the event Mr. De Costanzo's employment is terminated by the Issuer without cause or by him for good reason prior to the vesting date, as detailed in the Restricted Stock Award Agreement, dated November 7, 2016, by and between the Issuer and Mr. De Costanzo. Also on November 7, 2016, the Board granted to Mr. De Costanzo options to purchase 280,000 shares of the Issuer's common stock at an exercise price of $4.28 per share (the "Options"). The Options vest in four substantially equal installments on each of the following dates: (i) September 30, 2017, (ii) September 30, 2018, (iii) September 30, 2019 and (iv) September 30, 2020, in each case subject to Mr. De Costanzo's continued employment with the Issuer or any of its affiliates on each such vesting date as detailed further in the Option Award Agreement, dated November 7, 2016, by and between the Issuer and Mr. De Costanzo. /s/ Frank De Costanzo 2016-11-09