GNK CEO Wobensmith grants and 10b5-1 share sale at GENCO (NYSE: GNK)
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
GENCO SHIPPING & TRADING LTD Chairman, CEO, and President John C. Wobensmith reported both equity awards and a share sale. On February 18, 2026, he acquired 37,284 shares of common stock at $0.00 per share as a grant/award tied to performance restricted stock units that vested. That same day he sold 18,642 shares of common stock in open-market transactions at a weighted average price of $23.26 per share, under a pre-established Rule 10b5-1 trading plan, to satisfy tax obligations for vested performance restricted stock units. Following these transactions, his directly held common stock position was 525,375 shares. The filing also shows outstanding restricted stock unit and option holdings with scheduled vesting and exercisability dates over multiple future anniversaries of February 23.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 18,642 shares ($433,613)
Net Sell
9 txns
Insider
WOBENSMITH JOHN C
Role
Chairman, CEO, and President
Sold
18,642 shs ($434K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Common Stock | 37,284 | $0.00 | -- |
| Sale | Common Stock | 18,642 | $23.26 | $434K |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Option | -- | -- | -- |
| Grant/Award | Restricted Stock Units | 41,770 | $0.00 | -- |
Holdings After Transaction:
Common Stock — 544,017 shares (Direct);
Restricted Stock Units — 51,178 shares (Direct);
Option — 69,284 shares (Direct)
Footnotes (1)
- The Reporting Person became entitled to receive shares of common stock in settlement of performance restricted stock units upon their vesting. These shares were sold under instructions given in a previously existing plan established in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in order to satisfy the reporting person's tax obligations for performance restricted stock units that vested on February 18, 2026. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $22.57 to $23.67 (inclusive) on February 18, 2026. The reporting person undertakes to provide to Genco Shipping & Trading Limited, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote. Each restricted stock unit represents the right to receive one share of the issuer's common stock, or in the sole discretion of the issuer's Compensation Committee, the value of a share of common stock on the date that the restricted stock unit vests. These restricted stock units generally vest in equal installments on each of the first three anniversaries of February 23, 2026, subject to postponement of settlement if the vesting occurs during a blackout period or other trading restriction. These restricted stock units generally vest in equal installments on each of the first three anniversaries of February 23, 2025, subject to postponement of settlement if the vesting occurs during a blackout period or other trading restriction. These restricted stock units generally vest in equal installments on each of the first three anniversaries of February 23, 2024, subject to postponement of settlement if the vesting occurs during a blackout period or other trading restriction. These restricted stock units generally vest in equal installments on each of the first three anniversaries of February 23, 2023, subject to postponement of settlement if the vesting occurs during a blackout period or other trading restriction. These restricted stock units generally vest in equal installments on each of the first five anniversaries of February 23, 2023, subject to postponement of settlement if the vesting occurs during a blackout period or other trading restriction. These restricted stock units generally vest in installments of 21.43% per annum on each of the first three anniversaries of February 23, 2022, 17.86% on the fourth such anniversary, and 17.85% on the fifth such anniversary, subject to postponement of settlement if the vesting occurs during a blackout period or other trading restriction. These options generally became exercisable in equal installments on each of the first three anniversaries of February 23, 2021.
FAQ
What did GNK Chairman and CEO John Wobensmith report in this Form 4?
John Wobensmith reported both an equity award and a share sale. He received 37,284 GNK common shares as a grant and sold 18,642 shares in open-market transactions, all reflected as direct ownership changes in this insider filing.
What equity award did the GNK CEO receive in this insider transaction?
He became entitled to 37,284 GNK common shares at $0.00 per share. The filing explains these shares were issued upon vesting and settlement of performance restricted stock units, effectively converting those units into common stock.
What restricted stock unit and option holdings are disclosed for the GNK CEO?
The filing lists several restricted stock unit and option positions with specified totals after transactions. Footnotes describe vesting schedules in equal installments on future anniversaries of February 23 and prior years, and separate options that became exercisable over three anniversaries starting February 23, 2021.