Adamo Joseph 4

What Happened

• Adamo Joseph, Chief Accounting Officer of Genco Shipping & Trading Ltd (GNK), had restricted stock units (RSUs) vest on February 23, 2026, converting to 14,087 shares. On the same day he sold 6,340 of those shares in the open market at a weighted average price of $23.67, generating approximately $150,068. The filing also reports derivative-related dispositions at $0, which reflect share settlement/withholding related to the RSU vesting.

Key Details

• Transaction date: February 23, 2026 (filed same day).
• Vesting/conversion: 14,087 RSUs converted to common shares (reported as exercise/conversion of derivative).
• Open-market sale: 6,340 shares sold at a weighted average price of $23.67 for about $150,068; sale prices ranged from $23.19 to $24.07.
• Other dispositions: The filing shows the RSU-converted shares reported as disposed at $0 (typical for share withholding/net settlement to satisfy tax obligations).
• Reason/footnotes: The sale was made under a previously established Rule 10b5-1 plan to satisfy tax obligations from the RSU vesting (footnotes F1–F3 explain vesting and the 10b5-1 sale).
• Shares owned after transaction: Not specified in the provided filing.
• Timeliness: Reported and filed on the same date (Feb 23, 2026) — appears timely.

Context

• This was not a market purchase (not a bullish buy); it was RSU vesting with a partial sale to cover taxes, a routine insider transaction. When RSUs vest, companies often withhold or sell shares to satisfy tax withholding; the open-market sale here was executed under a 10b5-1 plan.