WOBENSMITH JOHN C 4
4 · GENCO SHIPPING & TRADING LTD · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Genco Shipping CEO John C. Wobensmith Sells Shares
What Happened
John C. Wobensmith, Chairman, CEO and President of Genco Shipping & Trading Ltd. (GNK), had performance restricted stock units (RSUs) vest and received 37,284 shares on Feb 18, 2026. To satisfy tax obligations tied to that vesting, 18,642 of those shares were sold in open-market transactions at a weighted average price of $23.26, generating proceeds of $433,613. The sale prices ranged from $22.57 to $23.67. The filing also notes a prior RSU grant/settlement of 41,770 shares reported from Feb 16, 2025 (recorded as a derivative acquisition at $0.00).
Key Details
- Transaction dates: RSU settlement and sale on 2026-02-18 (Form filed 2026-02-18; Period of Report 2026-02-16).
- Sale: 18,642 shares sold, weighted avg price $23.26, total reported proceeds $433,613; individual sale prices ranged $22.57–$23.67.
- Acquisitions: 37,284 shares acquired on 2026-02-18 (RSU settlement); prior 41,770 RSU acquisition noted from 2025-02-16.
- Reason for sale: Shares sold under a pre-existing Rule 10b5-1 plan to satisfy tax withholding on vested performance RSUs (footnotes F1, F2).
- RSU mechanics: Each restricted stock unit represents the right to one share (footnote F4); vesting schedules described in footnotes (see F5–F10 for various grant schedules).
- Shares owned after the transaction: Not specified in the filing.
Context
This was an award/vesting event (A) followed by a routine sale (S) to cover tax obligations — commonly considered administrative rather than a directional investment signal. The filing identifies the sale as executed under a 10b5-1 instruction and provides a weighted average price plus the full price range for the trades. For retail investors, purchases are generally more informative than routine tax-withholding sales; this transaction reflects RSU settlement and tax-related disposition, not an open-market buy.
Insider Transaction Report
- Award
Common Stock
[F1]2026-02-18+37,284→ 544,017 total - Sale
Common Stock
[F2][F3]2026-02-18$23.26/sh−18,642$433,613→ 525,375 total - Award
Restricted Stock Units
[F4][F5]2025-02-16+41,770→ 41,770 total→ Common Stock (41,770 underlying)
- 51,178
Restricted Stock Units
[F4][F6]→ Common Stock (51,178 underlying) - 25,684
Restricted Stock Units
[F4][F7]→ Common Stock (25,684 underlying) - 13,293
Restricted Stock Units
[F4][F8]→ Common Stock (13,293 underlying) - 67,524
Restricted Stock Units
[F4][F9]→ Common Stock (67,524 underlying) - 25,560
Restricted Stock Units
[F4][F10]→ Common Stock (25,560 underlying) - 69,284
Option
[F11]Exercise: $9.91From: 2022-02-23Exp: 2027-02-23→ Common Stock (69,284 underlying)
Footnotes (11)
- [F1]The Reporting Person became entitled to receive shares of common stock in settlement of performance restricted stock units upon their vesting.
- [F10]These restricted stock units generally vest in installments of 21.43% per annum on each of the first three anniversaries of February 23, 2022, 17.86% on the fourth such anniversary, and 17.85% on the fifth such anniversary, subject to postponement of settlement if the vesting occurs during a blackout period or other trading restriction.
- [F11]These options generally became exercisable in equal installments on each of the first three anniversaries of February 23, 2021.
- [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 $22.57 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.
- [F9]These restricted stock units generally vest in equal installments on each of the first five anniversaries of February 23, 2023, subject to postponement of settlement if the vesting occurs during a blackout period or other trading restriction.