DU MOULIN RICHARD T 4

What Happened

• Richard T. Du Moulin, a director of Pangaea Logistics Solutions Ltd. (PANL), was granted 14,151 common shares on 2026-02-18 at an attributable value of $8.48 per share, for a total award value of $120,000. This transaction is an award/grant (acquisition), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-18; Form 4 filed: 2026-02-20 (timely filing).
• Transaction type/code: Award/Grant (A).
• Shares granted: 14,151 at $8.48 per share; total value reported $120,000.
• Shares owned after transaction: Not disclosed in the filing.
• Footnote: Shares were issued under the Pangaea Logistics Solutions Ltd. 2024 Share Incentive Plan (as amended and restated May 7, 2024).
• No indication in the filing of a 10b5-1 plan, cashless sale, gift, or tax-withholding event.

Context

• This was an equity award under the company’s incentive plan, commonly used for director or employee compensation. Awards are routine corporate compensation and do not by themselves indicate the insider bought shares on the open market or are making a personal investment decision.