SEC Form 4 · accession 0001140361-18-040811
GENCO SHIPPING & TRADING LTD · GNK
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
John C Wobensmith
Officer — CEO, President and Secretary
Period of report
Oct 15, 2018
Accepted (ET)
Oct 17, 2018 · 9:01 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001326200
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | Oct 15, 2018 | M | 97,466 | $0.00 | A | 267,142 | D | |
| Common StockF1,F2 | Oct 15, 2018 | S | 12,210 | $12.7318 | D | 254,932 | D | |
| Common StockF1,F2 | Oct 16, 2018 | S | 13,757 | $12.7333 | D | 241,175 | D | |
| Common StockF1,F2 | Oct 17, 2018 | S | 20,817 | $12.2376 | D | 220,358 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF3,F6 | — | Oct 15, 2018 | M | 97,466 | D | — | — | Common Stock | 194,932 | 97,466 | D |
| Restricted Stock UnitsF3,F4 | — | holding | — | — | — | — | — | Common Stock | 20,088 | 20,088 | D |
| OptionF5 | $13.69 | holding | — | — | — | Feb 27, 2019 | Feb 27, 2024 | Common Stock | 65,789 | 65,789 | D |
| OptionF7 | $11.13 | holding | — | — | — | Oct 15, 2017 | Mar 23, 2023 | Common Stock | 133,000 | 133,000 | D |
| WarrantF8 | $259.10 | holding | — | — | — | Aug 7, 2015 | Aug 7, 2020 | Common Stock | 47,613 | 476,133 | D |
| WarrantF8 | $287.30 | holding | — | — | — | Aug 7, 2015 | Aug 7, 2020 | Common Stock | 49,340 | 493,402 | D |
| WarrantF8 | $341.90 | holding | — | — | — | Aug 7, 2015 | Aug 7, 2020 | Common Stock | 74,195 | 741,958 | D |
| Warrant | $209.90 | holding | — | — | — | Jul 9, 2014 | Jul 9, 2021 | Common Stock | 2,653 | 26,533 | D |
Explanation of responses
- F1These shares were sold under instructions given in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in order to satisfy the reporting person's tax obligations for restricted stock units that vested and settled in shares of the issuer's common stock on October 15, 2018.
- F2The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $12.585 to $12.86 (inclusive) on October 15, 2018, from $12.60 to $12.89 (inclusive) on October 16, 2018, and from $12.055 to $12.65 (inclusive) on October 17, 2018. The reporting person undertakes to provide to Genco Shipping & Trading Limited, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.
- F3Each restricted stock unit represents the right to receive one share of the issuer's common stock, or in the sole discretion of the issuer's Compensation Committee, the value of a share of common stock on the date that the restricted stock unit vests.
- F4These restricted stock units generally vest in equal installments on each of the first three anniversaries of February 27, 2018.
- F5These options generally become exercisable in equal installments on each of the first three anniversaries of February 27, 2018.
- F6Of the original grant of 292,398 restricted stock units, 97,466 restricted stock units vested on each of October 15, 2017 and October 15, 2018. The remaining unvested RSUs will generally vest on October 15, 2019.
- F7These options generally become exercisable in equal installments on each of the first three anniversaries of October 15, 2016.
- F8These warrants became exercisable in equal installments on each of the first three anniversaries of August 7, 2014.