Genco (NYSE: GNK) CEO sells 39,244 shares to cover RSU tax bill
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
GENCO SHIPPING & TRADING LTD Chairman, CEO, and President John C. Wobensmith reported multiple equity award events on February 23, 2026. Several grants of restricted stock units (RSUs) were exercised or converted at $0.00 per unit into common stock, consistent with prior award terms.
Following these conversions, his directly held common stock position rose before he executed an open-market sale of 39,244 common shares at a weighted average price of $23.66 per share, within a range of $23.19–$24.07. According to the footnotes, this sale was made under a pre-established Rule 10b5-1 trading plan to satisfy tax obligations arising from RSUs that vested on February 23, 2026.
After the sale, he directly owned 564,617 common shares, along with 41,770 RSUs and 69,284 options that remain subject to multi-year vesting or exercisability schedules tied to past grant dates.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 39,244 shares ($928,513)
Net Sell
13 txns
Insider
WOBENSMITH JOHN C
Role
Chairman, CEO, and President
Sold
39,244 shs ($929K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Restricted Stock Units | 17,059 | $0.00 | -- |
| Exercise | Restricted Stock Units | 12,842 | $0.00 | -- |
| Exercise | Restricted Stock Units | 13,293 | $0.00 | -- |
| Exercise | Restricted Stock Units | 22,508 | $0.00 | -- |
| Exercise | Restricted Stock Units | 12,784 | $0.00 | -- |
| Exercise | Common Stock | 17,059 | $0.00 | -- |
| Exercise | Common Stock | 12,842 | $0.00 | -- |
| Exercise | Common Stock | 13,293 | $0.00 | -- |
| Exercise | Common Stock | 22,508 | $0.00 | -- |
| Exercise | Common Stock | 12,784 | $0.00 | -- |
| Sale | Common Stock | 39,244 | $23.66 | $929K |
| holding | Restricted Stock Units | -- | -- | -- |
| holding | Option | -- | -- | -- |
Holdings After Transaction:
Restricted Stock Units — 34,119 shares (Direct);
Common Stock — 542,434 shares (Direct);
Option — 69,284 shares (Direct)
Footnotes (1)
- The Reporting Person became entitled to receive shares of common stock in settlement of 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 restricted stock units that vested on February 23, 2026. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $23.19 to $24.07 (inclusive) on February 23, 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 become exercisable in equal installments on each of the first three anniversaries of February 23, 2021.
FAQ
What insider transactions did GNK CEO John C. Wobensmith report on this Form 4?
John C. Wobensmith reported multiple conversions of restricted stock units into common stock and an open-market sale of 39,244 common shares. The equity award activity reflects vesting of prior grants, while the sale was executed under a Rule 10b5-1 trading plan.
What is the GNK CEO’s direct ownership after the reported Form 4 transactions?
After the reported transactions, John C. Wobensmith directly owned 564,617 shares of common stock. He also held 41,770 restricted stock units and 69,284 options, which are subject to vesting or exercisability schedules tied to prior grant dates.
What vesting schedule applies to the GNK CEO’s more recent RSU grants?
Certain RSU grants generally vest in equal installments on each of the first three anniversaries of February 23, 2024, 2025, or 2026. Other grants vest over five years with specified annual percentages, all subject to possible settlement postponement during blackout periods or trading restrictions.