Director at Pangaea Logistics (PANL) granted 14,151 common shares

Rhea-AI Filing Summary

Leand Paul M. Jr. reported acquisition or exercise transactions in this Form 4 filing.

Pangaea Logistics Solutions Ltd. director Paul M. Leand Jr. received a grant of 14,151 common shares. The award was recorded on February 18, 2026 at a reported price of $8.48 per share, and his directly owned stake after the grant totals 14,151 shares.

Insights

Equity Compensation Analyst

Director received an equity grant of 14,151 shares.

A director of Pangaea Logistics Solutions Ltd., Paul M. Leand Jr., was awarded 14,151 common shares as a grant or similar acquisition. The transaction is coded as an acquisition related to compensation, rather than an open-market purchase.

The shares are held directly following the grant, with 14,151 common shares reported as owned afterward. This type of equity award aligns the director’s interests with shareholders but does not itself indicate a discretionary buy or sell decision in the market.

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

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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^*

Leand Paul M. Jr.

(Last) (First) (Middle)

C/O PHOENIX BULK CARRIERS (US) LLC

109 LONG WHARF

(Street)

NEWPORT RI 02841

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
02/18/2026

4. 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 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	02/18/2026		A	V	14,151	A	$8.48	14,151	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:

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/s Paul M. Leand, Jr.	02/20/2026
	** 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.

FAQ

What did the Pangaea Logistics Solutions Ltd. (PANL) director report on this Form 4?

The Form 4 reports that director Paul M. Leand Jr. received a grant of 14,151 common shares. The transaction is classified as a grant, award, or other acquisition, rather than an open-market trade, and increases his directly owned holdings to 14,151 shares.

How many Pangaea Logistics Solutions Ltd. (PANL) shares were granted and at what price?

The director was granted 14,151 common shares of Pangaea Logistics Solutions Ltd. at a reported value of $8.48 per share. This price is the transaction price disclosed for the award and is used to record the value of the equity compensation.

Is the Pangaea Logistics Solutions Ltd. (PANL) Form 4 transaction a market purchase or sale?

The transaction is not a market purchase or sale; it is coded as a grant, award, or other acquisition. That means the director received shares as part of compensation or a similar arrangement, rather than buying or selling them on the open market.

What is the director’s Pangaea Logistics Solutions Ltd. (PANL) share ownership after the grant?

After the reported grant, director Paul M. Leand Jr. holds 14,151 common shares of Pangaea Logistics Solutions Ltd. directly. This figure reflects his ownership immediately following the award and represents his stake reported in this Form 4 filing.

Does the Pangaea Logistics Solutions Ltd. (PANL) director hold the granted shares directly or indirectly?

The filing states that the director’s 14,151 common shares are held with direct ownership. The ownership code is listed as direct, indicating the shares are attributed personally rather than through a separate entity, trust, or other indirect structure.

What transaction code is used in the Pangaea Logistics Solutions Ltd. (PANL) Form 4 filing?

The Form 4 uses transaction code A, which denotes a grant, award, or other acquisition of securities. This confirms the shares were received as part of a compensatory or similar arrangement, not as a voluntary buy or sell in the open market.