Marit Lunde

About Marit Lunde

Independent Class I director of Dorian LPG Ltd. since November 26, 2022; age 58 as of the 2025 Proxy. Over 30 years in the energy sector at Equinor ASA across accounting, operations, trading/chartering, shipping, HSE, and corporate risk management; currently Head of Group Insurance at Equinor. She chairs the board of Equinor’s captive insurance company and serves on the board of Equinor’s Pension Fund; BA in Business Administration (Heriot-Watt University, honors, 1990). Term: Class I, expiring at the 2026 annual meeting (appointed Nov 26, 2022; re-elected in 2023) .

Past Roles

External Roles

Board Governance

• Independence: The Board determined Ms. Lunde is independent under NYSE, SEC, and company guidelines .
• Board class/tenure: Class I (term expires 2026); appointed Nov 26, 2022; re-elected at the 2023 meeting .
• Committee assignments (FY2025): Compensation Committee (member); Nominating & Corporate Governance Committee (member). Audit Committee comprises other directors (Lorentzen—Chair, Kalborg, Tan) .
• Attendance and engagement: In FY2025, the Board held 4 meetings; all directors attended at least 75% of Board and applicable committee meetings; 5 directors attended the 2024 annual meeting .
• Compensation committee interlocks: None—committee members (including Lunde) were not officers; no cross-compensation committee directorships with company executives .

Committee activity and meeting cadence (FY2025):

Fixed Compensation

Program design (from FY2024 proxy, policy applies to non-employee directors):

• Annual retainer: $155,000, paid 100% in equity in arrears.
• Committee chair fee: +$15,000 (equity).
• Committee member fee: +$10,000 per committee (equity).
• No termination benefits; directors reimbursed out-of-pocket expenses; full indemnification under Marshall Islands law .

Realized director compensation for Lunde:

Grant-date references:

• FY2024 equity valued at $38.46/share (Mar 28, 2024); Lunde also received a prorated grant for Nov 26, 2022–Mar 31, 2023 at $27.95/share (Aug 3, 2023) .
• FY2025 equity valued at $22.34/share (Mar 31, 2025) .

Performance Compensation

• Non-employee director pay is equity-only and service-based; no performance metrics, options, or cash bonuses disclosed for directors .
• 2014 Equity Incentive Plan applies to directors; all unvested equity fully vests upon a Change in Control (single-trigger acceleration) .

Other Directorships & Interlocks

Compensation Committee Interlocks statement: No interlocks or insider participation during the last fiscal year .

Expertise & Qualifications

• Domain: Oil & gas, shipping/chartering, upstream operations, HSE, corporate risk management, and insurance leadership .
• Education: BA, Business Administration (Heriot-Watt University), honors, 1990 .
• Governance: Active on Compensation and Nominating & Corporate Governance committees; independent .

Equity Ownership

Notes:

• Director equity awards issued to non-executive directors totaled 29,741 shares in FY2025 (aggregate), under the 2014 plan .
• No director termination benefits; directors are indemnified as permitted under Marshall Islands law .

Governance Assessment

Strengths

• Independent director with deep risk/insurance expertise directly relevant to marine energy transport risk oversight; serves on Compensation and Nominating & Corporate Governance committees .
• Equity-only director compensation aligns with shareholder interests; no cash retainers; committee service compensated in equity .
• Board and committee engagement evidenced by regular meeting cadence and ≥75% attendance by all directors in FY2025 .
• No compensation committee interlocks or related-party transactions disclosed involving Lunde; independence reaffirmed .

Watch items / potential red flags

• Single-trigger change-in-control acceleration (100% vesting of unvested equity) under the 2014 Equity Incentive Plan may be viewed as shareholder-unfriendly relative to double-trigger standards; applies to director equity .
• No explicit director stock ownership guideline disclosure in the proxy; beneficial ownership is modest (<1%), though equity-only compensation supports ongoing alignment .
• External executive role at Equinor (a large energy company) warrants routine monitoring for potential counterparty relationships; no related-party transactions disclosed at appointment .

Shareholder sentiment context

Overall, Lunde brings complementary risk, insurance, and energy/shipping experience to the Board. Her independence, committee contributions, and equity-only pay design support investor alignment; investors should monitor the single-trigger CIC feature in the plan and any evolving counterparty ties given her Equinor senior role .