DAVIS EUGENE I 4

What Happened

• Director Davis Eugene I received an award of 14,151 common shares of Pangaea Logistics Solutions Ltd. (PANL) on Feb 18, 2026. The shares were issued at an implied price of $8.48 per share, for a total value of approximately $120,000. This was an equity grant (code A) under Pangaea’s 2024 Share Incentive Plan.

Key Details

• Transaction date: 2026-02-18; Filing date (Form 4): 2026-02-20 (filed timely).
• Price per share: $8.48; Total value reported: $120,000.
• Shares owned after the transaction: not specified in the provided filing excerpt.
• Footnote: Shares were issued pursuant to the Pangaea Logistics Solutions Ltd. 2024 Share Incentive Plan (as amended and restated May 7, 2024).
• No 10b5-1 trading plan, tax-withholding sale, or other special instructions were indicated in the provided details.

Context

• This was an award/grant (compensation), not an open-market purchase or sale. Grants are common as part of director compensation and do not necessarily signal immediate bullish trading intent. For retail investors, purchases can be more informative about an insider’s market view; awards primarily reflect company compensation policies.