Pangaea Logistics (PANL) CEO receives new time and performance stock awards

Rhea-AI Filing Summary

Petersen Mads Rosenber Boye reported acquisition or exercise transactions in this Form 4 filing.

Pangaea Logistics Solutions Ltd. Chief Executive Officer Mads Rosenber Boye reported two stock awards of 23,710 common shares each on 2026-03-25. These are coded as grants, not open‑market purchases, and were received at a stated price of $0.0000 per share.

One grant is a time‑based restricted stock award that vests in equal annual installments over three years, conditioned on continued service. The other is a performance‑based restricted stock award at a target of 23,710 shares, with the actual number earned ranging from 0% to 150% of target based on specified performance criteria. Following these awards, Boye directly holds 727,436 common shares.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Petersen Mads Rosenber Boye

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Share $0.0001 Par Value	23,710	$0.00	--
Grant/Award	Common Share $0.0001 Par Value	23,710	$0.00	--

Holdings After Transaction: Common Share $0.0001 Par Value — 703,726 shares (Direct)

Footnotes (1)

1. Represents restricted stock award that vest in equal annual installments over three years, subject to the reporting person's continued service. Represents a performance-based restricted stock award at target. The number of shares that may be earned ranges from 0% to 150% of the target amount based on the achievement of specified performance criteria.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Petersen Mads Rosenber Boye

(Last) (First) (Middle)

109 LONG WHARF

(Street)

NEWPORT RHODE ISLAND 02840

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Pangaea Logistics Solutions Ltd. [ PANL ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/25/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Share $0.0001 Par Value	03/25/2026		A(1)	V	23,710	A	$0	703,726	D
Common Share $0.0001 Par Value	03/25/2026		A(2)	V	23,710	A	$0	727,436	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents restricted stock award that vest in equal annual installments over three years, subject to the reporting person's continued service.

2. Represents a performance-based restricted stock award at target. The number of shares that may be earned ranges from 0% to 150% of the target amount based on the achievement of specified performance criteria.

Remarks:

The shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2024 Share Incentive Plan (as amended and restated by the Board of Directors on May 7, 2024).

	/s/ Mads Rosenberg Boye Petersen	03/26/2026
	** 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 4 (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.
* Form 4: SEC 1474 (03-26)

FAQ

What did Pangaea Logistics (PANL) disclose in this Form 4 filing?

Pangaea Logistics reported its CEO, Mads Rosenber Boye, received two stock awards of 23,710 common shares each. Both are equity compensation grants, not market purchases, increasing his direct holdings to 727,436 common shares after the reported transactions.

How many Pangaea Logistics (PANL) shares did the CEO receive?

The CEO received two separate grants of 23,710 Pangaea Logistics common shares, totaling 47,420 shares. These awards were reported at a price of $0.0000 per share, reflecting equity compensation rather than cash purchases on the open market.

What are the terms of the time-based restricted stock for PANL’s CEO?

One award is a restricted stock grant that vests in equal annual installments over three years. Vesting is subject to the CEO’s continued service with Pangaea Logistics, so shares are earned gradually rather than all at once on the grant date.

How does the performance-based stock award for PANL’s CEO work?

The performance-based award is granted at a target of 23,710 shares. The actual number earned can range from 0% to 150% of this target, depending on whether specified performance criteria set by Pangaea Logistics are met, exceeded, or not achieved.

What is the CEO’s total Pangaea Logistics (PANL) shareholding after these grants?

After the reported stock awards, the CEO directly holds 727,436 Pangaea Logistics common shares. This figure reflects his position following both the time‑based restricted stock grant and the performance‑based restricted stock award disclosed in the Form 4.

Are these PANL CEO stock awards open-market insider purchases?

No, both transactions are coded as grants or awards, not open‑market purchases. The shares were received at a stated price of $0.0000 per share as part of equity compensation, rather than being bought on the stock market by the CEO.