Allen Peter George 4

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.