BW LPG (BWLP) COO discloses multiple long-dated stock option grants

Rhea-AI Filing Summary

BW LPG Ltd Chief Operations Officer Prodyut Banerjee has reported existing stock option holdings in a Form 3. The filing shows three direct option positions, each relating to 50,812 Ordinary Shares, with exercise prices of about $9.48, $12.96, and $19.42.

These options have staggered exercise and expiration dates, running from March 2027 through March 2032, and the exercise prices have been adjusted over time under the company’s Long-Term Incentive Plan to reflect quarterly cash dividends and currency conversion from NOK to USD.

Insights

Equity Compensation Analyst

Form 3 shows existing, not new, equity exposure for the COO.

The Form 3 simply records Prodyut Banerjee as holding three tranches of stock options over Ordinary Shares, each covering 50,812 underlying shares at exercise prices around $9.48, $12.96, and $19.42. There are no buys or sells disclosed.

The options vest into the late 2020s and early 2030s, with expirations between 2030 and 2032. Footnotes state that exercise prices are periodically adjusted under the Long-Term Incentive Plan for cash dividends and were converted from NOK to USD using a stated exchange rate.

Because there are no open-market purchases or sales and the transaction summary shows neutral net activity, this filing is mainly informational, highlighting long-dated equity incentives that align the COO’s interests with long-term company performance.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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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1. Name and Address of Reporting Person^*

Banerjee Prodyut

(Last) (First) (Middle)

10 PASIR PANJANG ROAD

(Street)

#17-02 MAPLETREE BUSINESS CITY U0 117438

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

3. Issuer Name and Ticker or Trading Symbol
BW LPG Ltd [ BWLP ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operations Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	03/01/2027	03/01/2030	Ordinary Shares	50,812	$9.48(1)	D
Stock Options	03/01/2028	03/01/2031	Ordinary Shares	50,812	$12.96(2)	D
Stock Options	03/01/2029	03/01/2032	Ordinary Shares	50,812	$19.42(3)	D

Explanation of Responses:

1. Reflects the exercise price as of the date of event of this Form 3, converted from NOK 92.5905 to USD9.4822 based on an exchange rate of NOK 1 to USD0.1024 as of March 13, 2026. Pursuant to the terms of the issuer's Long-Term Incentive Plan, the exercise price is subject to adjustment upon the occurrence of certain events and has been adjusted since the date the options were granted to reflect quarterly cash dividends.

2. Reflects the exercise price as of the date of event of this Form 3, converted from NOK 126.559 to USD12.961 based on an exchange rate of NOK 1 to USD0.1024 as of March 13, 2026. Pursuant to the terms of the issuer's Long-Term Incentive Plan, the exercise price is subject to adjustment upon the occurrence of certain events and has been adjusted since the date the options were granted to reflect quarterly cash dividends.

3. Reflects the exercise price as of the date of event of this Form 3, converted from NOK 189.6346 to USD19.420 based on an exchange rate of NOK 1 to USD0.1024 as of March 13, 2026. Pursuant to the terms of the issuer's Long-Term Incentive Plan, the exercise price is subject to adjustment upon the occurrence of certain events and has been adjusted since the date the options were granted to reflect quarterly cash dividends.

Remarks:

Ex. 24 - Power of Attorney

	/s/ Sharon Tiong, as attorney-in-fact for Prodyut Banerjee	03/17/2026
	** 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 5 (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.

FAQ

What does the BWLP Form 3 filing by COO Prodyut Banerjee report?

The Form 3 reports that BW LPG Ltd Chief Operations Officer Prodyut Banerjee holds three stock option positions over Ordinary Shares. Each option relates to 50,812 underlying shares with different exercise prices and long-dated expirations, providing equity-based incentives linked to the company’s future performance.

How many BWLP shares are covered by the COO’s reported stock options?

Each of the three reported stock option positions references 50,812 underlying Ordinary Shares. The filing does not aggregate them, but instead lists them as separate derivative positions with distinct exercise prices and expiration dates under BW LPG Ltd’s Long-Term Incentive Plan.

What are the exercise prices of Prodyut Banerjee’s BWLP stock options?

The filing shows three exercise prices, approximately $9.48, $12.96, and $19.42 per share. Footnotes explain these amounts were converted from Norwegian kroner and are subject to adjustment under the Long-Term Incentive Plan to reflect quarterly cash dividends paid by BW LPG Ltd.

When do the BWLP COO’s reported stock options become exercisable and expire?

The options have exercise dates beginning in March 2027 and continue in later years, with expirations between March 2030 and March 2032. These staggered dates create a long-term incentive structure that extends across several years for BW LPG Ltd’s Chief Operations Officer.

Does the BWLP Form 3 show the COO buying or selling shares?

No, the Form 3 does not show any open-market buying or selling. It classifies the entries as holdings of stock options, and the transaction summary indicates neutral net activity, with no buy, sell, exercise, gift, or tax-withholding transactions reported for these derivative positions.

How are currency and dividends handled in the BWLP COO option exercise prices?

Footnotes state the exercise prices are converted from NOK to USD using a specified exchange rate as of March 13, 2026. They also explain that, under the Long-Term Incentive Plan, exercise prices are adjusted over time to account for quarterly cash dividends paid on BW LPG Ltd’s shares.