Panagiotidis Petros Panagiotis 4

What Happened

• Panagiotidis Petros Panagiotis, CEO of Toro Corp. (TORO), was credited with 4,827,279 shares on June 5, 2026 as a payment‑in‑kind (PIK) dividend. The filing lists a value/amount foregone of $3.88 per share, for a notional total of $18,739,980. This was an other acquisition (SEC code J) — a non‑cash dividend receipt rather than an open‑market purchase.

Key Details

• Transaction date: 2026-06-05. Form 4 filed: 2026-06-09 (timely — filed within the required business-day window).
• Shares received: 4,827,279 at $3.88 per share (the $3.88 represents the amount foregone in exchange for each share received as the dividend).
• Notional value: $18,739,980.
• Shares owned after transaction: filing indicates 20,822,206 shares held on the dividend record date; adding the dividend shares implies ~25,649,485 shares beneficially owned after the transaction (20,822,206 + 4,827,279).
• Ownership structure: Shares are reported as held indirectly through Pani Corp., an entity controlled by the reporting person; the CEO disclaims beneficial ownership except to the extent of any pecuniary interest (see footnote).
• Footnotes: F1 (PIK dividend received), F2 (price represents amount foregone), F3 (indirect ownership via Pani Corp.). No 10b5-1 plan, exercise, gift, or tax‑withholding noted.

Context

• This was a non‑cash dividend issuance (payment‑in‑kind). Unlike open‑market buys, receiving dividend shares is typically a corporate distribution mechanism and does not necessarily signal a CEO buying more stock on personal initiative. The $3.88 figure reflects the mechanics of the dividend, not necessarily the market trading price.