OceanPal (OP) Co-CEO granted 822,156 restricted stock units

Rhea-AI Filing Summary

OceanPal Inc. Co-Chief Executive Officer Ternullo Salvatore J. reported initial ownership of 822,156 restricted stock units. These units were granted as equity compensation and vest 25% on September 1, 2026, with the remaining balance vesting in equal monthly installments over the next 36 months, subject to continued service.

Each restricted stock unit represents a contingent right to receive one share of OceanPal’s common stock, at an exercise price of zero and with an expiration date of September 1, 2029. The filing does not show any open-market buying or selling, only this equity award position.

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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

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1. Name and Address of Reporting Person^*

Ternullo Salvatore J.

(Last) (First) (Middle)

PENDELIS 26

PALAIO FALIRO

(Street)

ATHENS 175 64

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
OceanPal Inc. [ SVRN ]

3a. Foreign Trading Symbol

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

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

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

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 Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	09/01/2026(1)	09/01/2029	Common Stock	822,156	(2)	D

Explanation of Responses:

1. The reporting person was granted 822,156 restricted stock units, vesting 25% on September 1, 2026, with the balance of the units vesting monthly in equal installments over the next 36 months, subject to continued service on each applicable vesting date.

2. Each restricted stock unit represents a contingent right to receive one share of Issuer's common stock.

	/s/ Salvatore J. Ternullo	03/18/2026
	** 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 5 (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 3: SEC 1473 (03-26)

FAQ

What does OceanPal Inc. (OP) disclose in this Form 3 for Ternullo Salvatore J.?

OceanPal discloses that Co-Chief Executive Officer Ternullo Salvatore J. holds 822,156 restricted stock units. These units are equity compensation that vest over time and may convert into an equal number of common shares if vesting and service conditions are satisfied.

How many restricted stock units does OceanPal (OP) grant to its Co-CEO in this filing?

The filing shows a grant of 822,156 restricted stock units to the Co-Chief Executive Officer. This award represents a significant equity-based incentive that can convert into 822,156 shares of common stock if vesting requirements and continued service conditions are fully met.

What is the vesting schedule for the 822,156 restricted stock units at OceanPal (OP)?

The units vest 25% on September 1, 2026, with the remaining balance vesting monthly over the next 36 months. Vesting is conditioned on the Co-Chief Executive Officer’s continued service on each applicable vesting date throughout this multi-year period.

What does each OceanPal (OP) restricted stock unit represent in this Form 3?

Each restricted stock unit represents a contingent right to receive one share of OceanPal’s common stock. The rights only materialize upon vesting and continued service, meaning actual shares are issued gradually as vesting milestones are achieved over time.

Does this OceanPal (OP) Form 3 show any insider share purchases or sales?

The Form 3 does not show any open-market purchases or sales of OceanPal stock. It only reports an initial holding of 822,156 restricted stock units granted as compensation, which vest over several years rather than reflecting immediate trading activity in the company’s shares.

When do the reported OceanPal (OP) restricted stock units expire for the Co-CEO?

The restricted stock units have an expiration date of September 1, 2029, according to the filing. They vest starting September 1, 2026, and continue monthly for 36 months, giving several years during which vesting and potential share delivery can occur before expiration.