Allen Peter George 4
4 · GENCO SHIPPING & TRADING LTD · Filed Feb 23, 2026
Research Summary
AI-generated summary of this filing
Genco (GNK) CFO Allen George Exercises Options, Sells Shares
What Happened
- Allen Peter George, Chief Financial Officer of Genco Shipping & Trading Ltd. (GNK), had multiple derivative transactions (option exercises and vested restricted stock units) settle on Feb 23, 2026 and sold shares in the open market. He acquired 2,178 shares by exercising options at $9.91 per share (cost $21,584) and had several restricted stock units/other derivative settlements that converted into shares. He sold 913 shares at a weighted average $23.63 ($21,574) and 12,402 shares at a weighted average $23.66 ($293,431), for total gross sale proceeds of about $315,005. Some shares were withheld to cover exercise/tax obligations.
Key Details
- Transaction date: February 23, 2026.
- Sales: 13,315 shares sold in total (913 at $23.63; 12,402 at $23.66) — proceeds ≈ $315,005 (weighted-price ranges reported between $23.19–$24.07).
- Exercise: 2,178 shares acquired via option exercise at $9.91 (cost ~$21,584).
- Tax withholding / cashless exercise: 2,178 shares were withheld to satisfy option exercise/tax obligations (cashless withholding).
- RSU vesting: Multiple restricted stock units converted to shares upon vesting (footnotes indicate staggered vesting schedules); some shares were sold under a pre-existing Rule 10b5-1 plan to cover tax obligations for RSUs that vested on Feb 23, 2026.
- Shares owned after transaction: Not specified in this filing.
- Filing timeliness: The filing is marked as late (transactionTimeliness = 'L'), which can affect how current the disclosure is.
Context
- Derivative explanation: The filing reflects both exercises/conversions (M) — i.e., exercised stock options and settled restricted stock units — and open-market sales (S). Some derivative entries show zero-dollar disposals reflecting settlement/transfer of vested awards rather than market sales.
- Cashless/withholding: Withholding of shares to cover taxes or exercise costs is routine and does not necessarily indicate a bearish view; sales under a 10b5-1 plan commonly occur to satisfy tax liabilities when awards vest.
- Investor takeaway: This was a mixed activity day — insider converted awards and exercised options, and sold a block of shares for roughly $315k, largely to cover tax/obligations rather than clearly signaling a buy or sell sentiment.
Insider Transaction Report
Form 4
Allen Peter George
Chief Financial Officer
Transactions
- Exercise/Conversion
Common Stock
[F1]2026-02-23+10,101→ 62,103 total - Exercise/Conversion
Common Stock
[F1]2026-02-23+5,962→ 68,065 total - Exercise/Conversion
Common Stock
[F1]2026-02-23+1,306→ 69,371 total - Exercise/Conversion
Common Stock
[F1]2026-02-23+3,323→ 72,694 total - Exercise/Conversion
Common Stock
[F1]2026-02-23+5,145→ 77,839 total - Exercise/Conversion
Common Stock
[F2]2026-02-23$9.91/sh+2,178$21,584→ 80,017 total - Sale
Common Stock
[F3]2026-02-23$23.63/sh−913$21,574→ 79,104 total - Sale
Common Stock
[F4][F5]2026-02-23$23.66/sh−12,402$293,431→ 66,702 total - Exercise/Conversion
Restricted Stock Units
[F1][F6][F8]2026-02-23−10,101→ 20,202 total→ Common Stock (10,101 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F6][F9]2026-02-23−5,962→ 5,963 total→ Common Stock (5,962 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F6][F10]2026-02-23−1,306→ 0 total→ Common Stock (1,306 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F6][F10]2026-02-23−3,323→ 0 total→ Common Stock (3,323 underlying) - Exercise/Conversion
Restricted Stock Units
[F1][F6][F11]2026-02-23−5,145→ 10,290 total→ Common Stock (5,145 underlying) - Exercise/Conversion
Option
[F2][F12]2026-02-23−2,178→ 0 totalExercise: $9.91From: 2022-02-23Exp: 2027-02-23→ Common Stock (2,178 underlying)
Holdings
- 24,863
Restricted Stock Units
[F6][F7]→ Common Stock (24,863 underlying)
Footnotes (12)
- [F1]The Reporting Person became entitled to receive shares of common stock in settlement of restricted stock units upon their vesting.
- [F10]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.
- [F11]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.
- [F12]These options generally become exercisable in equal installments on each of the first three anniversaries of February 23, 2021.
- [F2]Represents exercise of stock options held by the reporting person that were scheduled to expire, if not exercised, at 5:00 p.m. on February 23, 2027.
- [F3]Represents shares withheld by the issuer for the cashless exercise of options for 2,178 shares of the issuer's common stock.
- [F4]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 restricted stock units that vested on February 23, 2026.
- [F5]The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $23.19 to $24.07 (inclusive) on February 23, 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.
- [F6]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.
- [F7]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.
- [F8]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.
- [F9]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.
Signature
/s/ Peter Allen|2026-02-23