Nasdaq-listed shipowner and operator Star Bulk revealed $42 million worth stock incentive plan for company executives. Petros Pappas-led Star Bulk Carrier’s shares have taken a tumble after announcement of stock incentive plan. Star Bulk Carrier explained that 4 million shares will be on offer depending on performance of company executives. Star Bulk Carrier’s have fallen 12.4% to $9.15. Deutsche Bank analyst Amit Mehrotra stated that Star Bulk Carrier’s shares underperformance likely reflects the complexity of today’s announcement and management is effectively diluting existing shareholders if performance significantly exceeds average benchmark levels. Star Bulk Carrier’s share awards are subject to Star Bulk Carrier’s fleet outperforming relevant dry bulk charter rate indices as reported by the Baltic Exchange during 2020 and 2021. According to Deutsche Bank analyst, dilution will not happen until the shares reach much higher levels and shows management’s confidence in its scrubber business plan, with the potential 4% dilution. Star Bulk Carrier has been buying back shares under a $50 million programme. Deutsche Bank maintain a buy rating on the Star Bulk Carrier’s stock and still considers it to be the top shipping pick.