Director at Pangaea (NASDAQ: PANL) receives 14,151-share grant

Rhea-AI Filing Summary

DU MOULIN RICHARD T reported acquisition or exercise transactions in this Form 4 filing.

Pangaea Logistics Solutions Ltd. director Richard T. du Moulin received an equity grant of common shares. On this Form 4, he was awarded 14,151 common shares at a reference price of $8.48 per share as a grant, not an open-market purchase.

The shares were issued under the company’s 2024 Share Incentive Plan, reflecting stock-based compensation for his board service. Following this award, his directly held position increased to 280,269 common shares, aligning his interests more closely with other shareholders through additional equity ownership.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider DU MOULIN RICHARD T

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Share $0.0001 Par Value	14,151	$8.48	$120K

Holdings After Transaction: Common Share $0.0001 Par Value — 280,269 shares (Direct)

Footnotes (1)

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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^*

DU MOULIN RICHARD T

(Last) (First) (Middle)

109 LONG WHARF

(Street)

NEWPORT RI 02840

(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	02/20/2026		A(1)	V	14,151	A	$8.48	280,269	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. 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).

Remarks:

	/s/ Richard Du Moulin	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 insider transaction did Pangaea (PANL) report in this Form 4?

Pangaea reported an equity grant to director Richard T. du Moulin. He received 14,151 common shares as a stock award under the 2024 Share Incentive Plan, increasing his direct ownership stake in the company.

How many Pangaea (PANL) shares were granted to director Richard T. du Moulin?

Richard T. du Moulin was granted 14,151 Pangaea common shares. This award represents additional equity compensation for his role on the board and increases his direct share ownership reported in the Form 4 filing.

At what price were the new Pangaea (PANL) shares recorded in the grant?

The granted shares were recorded at $8.48 per share. This price is used for reporting purposes in the Form 4 and reflects the value applied to the 14,151-share equity award he received.

What is Richard T. du Moulin’s total Pangaea (PANL) share ownership after the grant?

After the equity grant, Richard T. du Moulin directly holds 280,269 Pangaea common shares. This total incorporates the new 14,151-share award reported in the Form 4 insider transaction filing.

Was the Pangaea (PANL) insider transaction an open-market buy or a grant?

The transaction was a grant, not an open-market purchase. The 14,151 common shares were issued to director Richard T. du Moulin under Pangaea’s 2024 Share Incentive Plan as stock-based compensation.

Under which plan were the new Pangaea (PANL) shares issued to the director?

The shares were issued under the Pangaea Logistics Solutions Ltd. 2024 Share Incentive Plan. The board amended and restated this plan on May 7, 2024, and the grant to Richard T. du Moulin was made pursuant to it.