Were the TORM (TRMD) CEO’s share sales open-market transactions?

Yes. The Form 4 classifies the 549,147 shares sold as open-market or private sale transactions, coded as “S.” Footnotes describe weighted average sale prices and note that detailed price breakdowns are available upon request from the reporting person.

How does this Form 4 characterize the CEO’s overall share activity in TORM (TRMD)?

The filing shows a net-sell pattern. It combines RSU vesting into 170,133 shares with open-market sales totaling 549,147 shares, resulting in no reported direct Class A share ownership but a substantial remaining RSU position.

TORM (TRMD) CEO Meldgaard sells 549,147 shares, holds 1.18M RSUs

Filing Impact

(Very High)

Filing Sentiment

(Very Negative)

Form Type

Rhea-AI Filing Summary

TORM plc Chief Executive Officer Jacob Balslev Meldgaard reported a combination of equity award exercises and share sales. On May 20, 2026, Restricted Stock Units vested and were settled into 170,133 Class A Common Shares at exercise prices tied to $20.51 and $22.47 per share equivalents. Around the same time, he sold a total of 549,147 Class A Common Shares in open-market transactions at prices ranging from about $31.93 to $32.30 per share. Following these transactions, he reports no directly held Class A Common Shares, while retaining 1,180,533 Restricted Stock Units representing rights to receive additional shares.

Insights

TORM’s CEO executed RSU vesting and sizable share sales while retaining a large RSU position.

CEO Jacob Balslev Meldgaard had Restricted Stock Units vest into 170,133 Class A shares, linked to exercise prices equivalent to $20.51 and $22.47 per share. This reflects equity compensation converting into common stock as awards vest.

Across May 18–20, 2026, he sold 549,147 shares in open-market transactions at weighted average prices between about $31.93 and $32.30 per share. The filing shows he now holds no Class A shares directly but maintains 1,180,533 RSUs, so his economic exposure is largely via unvested or unsettled awards rather than current share ownership.

Insider Trade Summary

Net Seller: 549,147 shares ($17,601,003)

Net Sell 7 txns

Insider Meldgaard Jacob Balslev

Role Chief Executive Officer

Sold 549,147 shs ($17.60M)

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	85,067	$0.00	--
Exercise	Restricted Stock Units	85,066	$0.00	--
Exercise	Class A Common Shares	85,067	$20.51	$1.74M
Exercise	Class A Common Shares	85,066	$22.47	$1.91M
Sale	Class A Common Shares	170,133	$32.30	$5.50M
Sale	Class A Common Shares	30,603	$31.94	$977K
Sale	Class A Common Shares	348,411	$31.94	$11.13M

Holdings After Transaction: Restricted Stock Units — 1,180,533 shares (Direct, null); Class A Common Shares — 85,067 shares (Direct, null)

Footnotes (1)

These transactions reported on May 18, 2026 represent weighted average sale prices. The Class A Common Shares were sold in multiple transactions at prices ranging from $31.93 to $32.09 per share (or DKK 205.16 to 206.20 per share). The Reporting Person undertakes to provide full information regarding the number of shares sold at each separate price upon request. The Class A Common Shares were purchased at a price of $20.51, or DKK 131.80. The Class A Common Shares were purchased at a price of $22.47, or DKK 144.40. The transaction reported on May 20, 2026 was executed at a price of $32.30 per share (or DKK 207.57 per share). The Restricted Stock Units ("RSUs") have an exercise price of DKK 131.80 per share. Each RSU represents a contingent right to receive one Class A Common Share of the Issuer. The RSUs have an exercise price of DKK 144.20 per share. Each RSU represents a contingent right to receive one Class A Common Share of the Issuer. The RSUs vested and were settled on May 20, 2026 upon vesting, with each RSU representing the right to receive one Class A Common Share.

Key Figures

Shares sold: 549,147 shares Sale price range: $31.93–$32.30 per share Shares from RSU vesting: 170,133 shares +3 more

6 metrics

Shares sold 549,147 shares Total Class A Common Shares sold in open-market transactions

Sale price range $31.93–$32.30 per share Weighted average prices for May 18–20, 2026 sales

Shares from RSU vesting 170,133 shares Class A shares received upon RSU vesting and settlement

RSUs remaining 1,180,533 RSUs Restricted Stock Units held after transactions

RSU-related prices $20.51 and $22.47 per share Purchase prices for underlying Class A shares on RSU settlement

Net buy/sell shares -549,147 shares Net-sell direction from transaction summary

Key Terms

Restricted Stock Units, weighted average sale prices, open-market sale, derivative exercise/conversion, +1 more

5 terms

Restricted Stock Units financial

"The Restricted Stock Units ("RSUs") have an exercise price of DKK 131.80 per share."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

weighted average sale prices financial

"These transactions reported on May 18, 2026 represent weighted average sale prices."

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

derivative exercise/conversion financial

"transaction_action": "derivative exercise/conversion""

net-sell financial

"netBuySellDirection": "net-sell""

Form 4 Insider Transactions: What Each Field Means →

05/20/2026 - 04:30 PM

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^*

Meldgaard Jacob Balslev

(Last)

(First)

(Middle)

C/O TORM PLC

120 CANNON STREET

(Street)

LONDON

EC4N6AS

(City)

(State)

(Zip)

UNITED KINGDOM

(Country)

2. Issuer Name and Ticker or Trading Symbol
TORM plc [ TRMD ]

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

X	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)
05/18/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Shares	05/18/2026		S		30,603	D	$31.94⁽¹⁾	348,411	D
Class A Common Shares	05/18/2026		S		348,411	D	$31.94⁽¹⁾	0	D
Class A Common Shares	05/20/2026		M		85,067	A	$20.51⁽²⁾⁽⁷⁾	85,067	D
Class A Common Shares	05/20/2026		M		85,066	A	$22.47⁽³⁾⁽⁷⁾	170,133	D
Class A Common Shares	05/20/2026		S		170,133	D	$32.3⁽⁴⁾	0	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Units	⁽⁵⁾	05/20/2026		M		85,067		⁽⁷⁾	⁽⁷⁾	Class A Common Shares	85,067	$0	1,180,533	D
Restricted Stock Units	⁽⁶⁾	05/20/2026		M		85,066		⁽⁷⁾	⁽⁷⁾	Class A Common Shares	85,066	$0	1,095,467	D

Explanation of Responses:

1. These transactions reported on May 18, 2026 represent weighted average sale prices. The Class A Common Shares were sold in multiple transactions at prices ranging from $31.93 to $32.09 per share (or DKK 205.16 to 206.20 per share). The Reporting Person undertakes to provide full information regarding the number of shares sold at each separate price upon request.

2. The Class A Common Shares were purchased at a price of $20.51, or DKK 131.80.

3. The Class A Common Shares were purchased at a price of $22.47, or DKK 144.40.

4. The transaction reported on May 20, 2026 was executed at a price of $32.30 per share (or DKK 207.57 per share).

5. The Restricted Stock Units ("RSUs") have an exercise price of DKK 131.80 per share. Each RSU represents a contingent right to receive one Class A Common Share of the Issuer.

6. The RSUs have an exercise price of DKK 144.20 per share. Each RSU represents a contingent right to receive one Class A Common Share of the Issuer.

7. The RSUs vested and were settled on May 20, 2026 upon vesting, with each RSU representing the right to receive one Class A Common Share.

Remarks:

U.S. dollar amounts are translated from Danish kroner at the applicable exchange rates on the respective transaction dates.

	/s/ Jacob Balslev Meldgaard	05/20/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did TORM (TRMD) CEO Jacob Balslev Meldgaard report in this Form 4?

He reported equity award vesting and significant share sales. Restricted Stock Units converted into 170,133 Class A shares, and he sold a total of 549,147 Class A Common Shares in open-market transactions over May 18–20, 2026.

How many TORM (TRMD) shares did the CEO sell and at what prices?

He sold 549,147 Class A Common Shares. Sales on May 18, 2026 occurred at weighted average prices between about $31.93 and $32.09 per share, and a May 20, 2026 transaction was executed at $32.30 per share.

What equity awards did the TORM (TRMD) CEO exercise or settle?

Restricted Stock Units vested and were settled into 170,133 Class A Common Shares. These related to RSUs with exercise prices denominated in Danish kroner, corresponding to purchase prices of $20.51 and $22.47 per share equivalents in the Form 4 data.

What are the TORM (TRMD) CEO’s holdings after these transactions?

After the reported transactions, he shows no directly held Class A Common Shares. However, he continues to hold 1,180,533 Restricted Stock Units, each representing a contingent right to receive one Class A Common Share upon settlement conditions being met.