Adamo Joseph 4
4 · GENCO SHIPPING & TRADING LTD · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Genco (GNK) Chief Accounting Officer Receives RSUs, Sells Shares
What Happened
Adamo Joseph, Chief Accounting Officer of Genco Shipping & Trading Ltd. (GNK), had performance restricted stock units vest and became entitled to a total of 13,385 shares (7,170 on Feb 18, 2026 and 6,215 on Feb 16, 2026). On Feb 18, 2026 he sold 3,227 of those shares in an open-market sale for a weighted average price of $23.27, generating proceeds of $75,092. The sale was made under a pre-existing Rule 10b5-1 plan to satisfy tax withholding obligations related to the vested RSUs.
Key Details
- Transactions reported: Awards/vests (A) of 7,170 shares on 2026-02-18 and 6,215 shares on 2026-02-16 (the 6,215 listed as a derivative acquisition at $0.00); Open-market sale (S) of 3,227 shares on 2026-02-18.
- Sale price: weighted avg $23.27; sale prices ranged $22.62–$23.67; total proceeds reported $75,092.
- Shares owned after transaction: not specified in the filing.
- Notable footnotes: sale executed under a pre-existing 10b5-1 plan to cover tax obligations from vested performance RSUs (F2); each RSU generally equals one share or cash at committee discretion (F4); multiple footnotes (F5–F8) describe typical three-year vesting schedules for different RSU grants.
- Filing date and timeliness: Form filed 2026-02-18 reporting transactions on Feb 16 and Feb 18; no late-filing flag noted.
Context
These transactions reflect RSU vesting (an award) and a routine sale to cover taxes rather than an outright open-market investment decision. RSUs are derivative awards that convert to shares upon vesting; selling a portion immediately for tax withholding is common and not necessarily an indicator of the insider’s view on the stock.
Insider Transaction Report
- Award
Common Stock
[F1]2026-02-18+7,170→ 33,999 total - Sale
Common Stock
[F2][F3]2026-02-18$23.27/sh−3,227$75,092→ 30,772 total - Award
Restricted Stock Units
[F4][F5]2026-02-16+6,215→ 6,215 total→ Common Stock (6,215 underlying)
- 8,418
Restricted Stock Units
[F4][F6]→ Common Stock (8,418 underlying) - 4,586
Restricted Stock Units
[F4][F7]→ Common Stock (4,586 underlying) - 2,557
Restricted Stock Units
[F4][F8]→ Common Stock (2,557 underlying) - 6,431
Restricted Stock Units
[F4][F8]→ Common Stock (6,431 underlying)
Footnotes (8)
- [F1]The Reporting Person became entitled to receive shares of common stock in settlement of performance restricted stock units upon their vesting.
- [F2]These shares were sold under instructions given in a previously existing plan established in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in order to satisfy the reporting person's tax obligations for performance restricted stock units that vested on February 18, 2026.
- [F3]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $22.62 to $23.67 (inclusive) on February 18, 2026. The reporting person undertakes to provide to Genco Shipping & Trading Limited, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
- [F4]Each restricted stock unit represents the right to receive one share of the issuer's common stock, or in the sole discretion of the issuer's Compensation Committee, the value of a share of common stock on the date that the restricted stock unit vests.
- [F5]These restricted stock units generally vest in equal installments on each of the first three anniversaries of February 23, 2026, subject to postponement of settlement if the vesting occurs during a blackout period or other trading restriction.
- [F6]These restricted stock units generally vest in equal installments on each of the first three anniversaries of February 23, 2025, subject to postponement of settlement if the vesting occurs during a blackout period or other trading restriction.
- [F7]These restricted stock units generally vest in equal installments on each of the first three anniversaries of February 23, 2024, subject to postponement of settlement if the vesting occurs during a blackout period or other trading restriction.
- [F8]These restricted stock units generally vest in equal installments on each of the first three anniversaries of February 23, 2023, subject to postponement of settlement if the vesting occurs during a blackout period or other trading restriction.