Eagle Bulk Shipping likes having Gary Vogel as chief executive and has given him 3.5m reasons to keep at it.

Fully half of Vogel’s overall $7m compensation package for 2022 is premised on him still being in the CEO’s chair come May 2026 under a “one-time retention grant” awarded by the Connecticut company’s board of director.

The breakdown sees Vogel earning about $3.5m