| FORM 4 | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | |||||||||||||||||
1. Name and Address of Reporting Person*
(Street)
| 2. Issuer Name and Ticker or Trading Symbol Diamond S Shipping Inc. [ DSSI ] | 5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
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| 3. Date of Earliest Transaction (Month/Day/Year) 05/28/2021 | ||||||||||||||||||||||||||
| 4. If Amendment, Date of Original Filed (Month/Day/Year) | 6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
| Code | V | Amount | (A) or (D) | Price | ||||||
| Common Stock | 06/01/2021 | M | 7,762 | A | (5) | 8,315 | I | See Footnote(3) | ||
| Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Restricted Stock Units | (1) | 05/28/2021 | A | 7,951 | (2) | (2) | Common Stock | 7,951 | $0 | 15,713 | I | See Footnote(3) | |||
| Restricted Stock Units | (1) | 06/01/2021 | M | 7,762 | (4) | (4) | Common Stock | 7,762 | $0 | 7,951 | I | See Footnote(3) | |||
| Explanation of Responses: |
| 1. Each restricted stock unit represents a contingent right to receive one share of common stock ("Common Stock") of Diamond S Shipping Inc. (the "Company"). |
| 2. The award represents a grant of restricted stock units pursuant to the Diamond S Shipping Inc. 2019 Equity and Incentive Compensation Plan. Under the terms of the award agreement, the award vests on the earlier of (i) the first anniversary of the date of the grant, and (ii) the day immediately prior to the Company's 2022 Annual Meeting of Shareholders (subject to certain exceptions, as described in the award agreement). |
| 3. These securities are held by Rostas Ltd., of which Mr. Cambanis is the sole shareholder. |
| 4. The restricted stock unit award was granted on May 29, 2020 pursuant to the Diamond S Shipping Inc. 2019 Equity and Incentive Compensation Plan and vested in full on June 1, 2021. |
| 5. Represents the conversion upon vesting of restricted stock units into Common Stock. On May 29, 2020, the reporting person was granted 7,762 restricted stock units, of which all of the shares subject to the restricted stock units vested on June 1, 2021. Such restricted stock units were previously reported in Table II on the Form 4 filed with the Securities and Exchange Commission on June 2, 2020. |
| /s/ George Cambanis | 06/02/2021 | |
| ** Signature of Reporting Person | Date | |
| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
| * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
| ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||
