TOP SHIPS (NASDAQ: TOPS) CEO details direct and trust-held share stakes

Rhea-AI Filing Summary

TOP SHIPS INC. director and President & CEO Evangelos Pistiolis filed an initial ownership report showing his equity interests. He reports direct ownership of 440,711 common shares.

He also reports indirect interests in 2,930,718 common shares held through Family Trading Inc./3 Sororibus Trust, 100,000 Series D Preferred Shares via the Lax Trust, and 14,000 Series G Preferred Shares via Central Mare Inc. Mr. Pistiolis disclaims beneficial ownership of these indirect holdings except to the extent of his pecuniary interest.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Pistiolis Evangelos

Role President and CEO

Type	Security	Shares	Price	Value
holding	Common Stock, par value $0.01 per share	--	--	--
holding	Common Stock, par value $0.01 per share	--	--	--
holding	Series D Preferred Shares	--	--	--
holding	Series G Preferred Shares	--	--	--

Holdings After Transaction: Common Stock, par value $0.01 per share — 440,711 shares (Direct); Common Stock, par value $0.01 per share — 2,930,718 shares (Indirect, By 3 Sororibus Trust); Series D Preferred Shares — 100,000 shares (Indirect, By Lax Trust); Series G Preferred Shares — 14,000 shares (Indirect, By Central Mare Inc.)

Footnotes (1)

1. These Common Stock shares are held by Family Trading Inc. 3 Sororibus Trust is the sole shareholder of Family Trading Inc. and may be deemed to beneficially own all of the Common Stock shares beneficially owned by Family Trading Inc. 3 Sororibus Trust is an irrevocable trust established for the benefit of certain family members of the Reporting Person. The Reporting Person disclaims beneficial ownership of these shares of Common Stock except to the extent of his pecuniary interest therein, and the inclusion of these shares of Common Stock in this report shall not be deemed an admission of the beneficial ownership of such shares of Common Stock for purposes of Section 16 or for any other purpose. These Series D Preferred Shares are held by the Lax Trust. The Lax Trust is an irrevocable trust established for the benefit of certain family members of the Reporting Person. The Reporting Person disclaims beneficial ownership of these Series D Preferred Shares except to the extent of his pecuniary interest therein, and the inclusion of these Series D Preferred Shares in this report shall not be deemed an admission of the beneficial ownership of such Series D Preferred Shares for purposes of Section 16 or for any other purpose. These Series G Preferred Shares are held by Central Mare Inc. Central Mare Inc. is a company affiliated with the family of the Reporting Person. The Reporting Person disclaims beneficial ownership of these Series G Preferred Shares except to the extent of his pecuniary interest therein, and the inclusion of these Series G Preferred Shares in this report shall not be deemed an admission of the beneficial ownership of such Series G Preferred Shares for purposes of Section 16 or for any other purpose.

Key Figures

Direct common shares: 440,711 shares Indirect common shares via Family Trading Inc./3 Sororibus Trust: 2,930,718 shares Series D Preferred Shares via Lax Trust: 100,000 shares +1 more

4 metrics

Direct common shares 440,711 shares Common Stock held directly following the reported holdings

Indirect common shares via Family Trading Inc./3 Sororibus Trust 2,930,718 shares Common Stock held indirectly through Family Trading Inc. and 3 Sororibus Trust

Series D Preferred Shares via Lax Trust 100,000 shares Series D Preferred Shares held indirectly by the Lax Trust

Series G Preferred Shares via Central Mare Inc. 14,000 shares Series G Preferred Shares held indirectly by Central Mare Inc.

Key Terms

beneficially own, irrevocable trust, beneficial ownership, pecuniary interest, +2 more

6 terms

beneficially own financial

"may be deemed to beneficially own all of the Common Stock shares"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

irrevocable trust financial

"3 Sororibus Trust is an irrevocable trust established for the benefit"

beneficial ownership financial

"shall not be deemed an admission of the beneficial ownership of such shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"disclaims beneficial ownership of these shares of Common Stock except to the extent of his pecuniary interest"

Series D Preferred Shares financial

"These Series D Preferred Shares are held by the Lax Trust."

Series G Preferred Shares financial

"These Series G Preferred Shares are held by Central Mare Inc."

Understanding Insider Trading Forms →

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

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Pistiolis Evangelos

(Last) (First) (Middle)

20 IOULIOU KAISARA STR.

(Street)

PAIANIA 19002

(City) (State) (Zip)

GREECE

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
04/01/2026

3. Issuer Name and Ticker or Trading Symbol
TOP SHIPS INC. [ TOPS ]

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)
	President and CEO

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)
Common Stock, par value $0.01 per share	440,711	D
Common Stock, par value $0.01 per share	2,930,718	I	By 3 Sororibus Trust(1)
Series D Preferred Shares	100,000	I	By Lax Trust(2)
Series G Preferred Shares	14,000	I	By Central Mare Inc.(3)

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

Explanation of Responses:

1. These Common Stock shares are held by Family Trading Inc. 3 Sororibus Trust is the sole shareholder of Family Trading Inc. and may be deemed to beneficially own all of the Common Stock shares beneficially owned by Family Trading Inc. 3 Sororibus Trust is an irrevocable trust established for the benefit of certain family members of the Reporting Person. The Reporting Person disclaims beneficial ownership of these shares of Common Stock except to the extent of his pecuniary interest therein, and the inclusion of these shares of Common Stock in this report shall not be deemed an admission of the beneficial ownership of such shares of Common Stock for purposes of Section 16 or for any other purpose.

2. These Series D Preferred Shares are held by the Lax Trust. The Lax Trust is an irrevocable trust established for the benefit of certain family members of the Reporting Person. The Reporting Person disclaims beneficial ownership of these Series D Preferred Shares except to the extent of his pecuniary interest therein, and the inclusion of these Series D Preferred Shares in this report shall not be deemed an admission of the beneficial ownership of such Series D Preferred Shares for purposes of Section 16 or for any other purpose.

3. These Series G Preferred Shares are held by Central Mare Inc. Central Mare Inc. is a company affiliated with the family of the Reporting Person. The Reporting Person disclaims beneficial ownership of these Series G Preferred Shares except to the extent of his pecuniary interest therein, and the inclusion of these Series G Preferred Shares in this report shall not be deemed an admission of the beneficial ownership of such Series G Preferred Shares for purposes of Section 16 or for any other purpose.

	/s/ Evangelos J. Pistiolis	04/01/2026
	** 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 insider shareholdings does TOPS CEO Evangelos Pistiolis report on this Form 3?

He reports direct ownership of 440,711 common shares of TOP SHIPS INC. He also lists several indirect holdings through family-related entities and trusts, while disclaiming beneficial ownership of those indirect positions beyond his pecuniary interest.

How many TOPS common shares are reported as indirectly held through 3 Sororibus Trust?

The filing reports 2,930,718 common shares held indirectly via Family Trading Inc., whose sole shareholder is 3 Sororibus Trust. The trust is an irrevocable vehicle for certain family members, and Mr. Pistiolis disclaims beneficial ownership except for his pecuniary interest.

What preferred share holdings related to TOP SHIPS INC. are disclosed in this Form 3?

The Form 3 lists 100,000 Series D Preferred Shares held by the Lax Trust and 14,000 Series G Preferred Shares held by Central Mare Inc. Both entities are affiliated with the reporting person’s family, and he disclaims beneficial ownership beyond any pecuniary interest.

How are trusts used in Evangelos Pistiolis' reported TOPS ownership structure?

The filing shows 3 Sororibus Trust and the Lax Trust as irrevocable family trusts holding common and preferred shares. They are established for certain family members, and Mr. Pistiolis states he disclaims beneficial ownership in these trust-held shares except for his pecuniary interest.

Does the TOPS Form 3 indicate any recent insider buying or selling activity?

The Form 3 functions as an initial ownership statement and lists existing direct and indirect holdings. It does not report explicit buy or sell transactions; instead, it details current positions in TOP SHIPS INC. securities associated with the reporting person and related entities.