SEC Form 4 · accession 0001140361-16-081432
OVERSEAS SHIPHOLDING GROUP INC · OSG
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Adewale Oshodi
Officer — VP and Controller
Period of report
Sep 29, 2016
Accepted (ET)
Oct 3, 2016 · 5:11 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000075208
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Class A Common Stock, par value $.01 per shareF1,F2 | Sep 29, 2016 | J | 837 | — | A | 1,444 | D | |
| Class A Common Stock, par value $.01 per shareF1,F2 | Sep 29, 2016 | F | 346 | — | D | 1,098 | 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 UnitsF2,F3 | $0.00 | Sep 29, 2016 | J | 837 | D | — | — | Class A Common Stock | 837 | 837 | D |
Explanation of responses
- F1As previously reported, on December 17, 2005 Overseas Shipholding Group, Inc. (the "Issuer") paid a stock dividend of one share of Class A Common Stock for every ten shares of Class A Common Stock and one share of Class A Common Stock for every ten shares of Class B Common Stock. On May 27, 2016 every share of Class B Common Stock was automatically converted into one share of Class A Common Stock. On June 13, 2016 the Issuer effected a reverse stock split of one new share of Class A Common Stock for every six existing shares of Class A Common Stock. As a result of the foregoing action on May 27, 2016 and June 13, 2016, the 3,009.281 shares of Class A Common Stock and 635.689 shares of Class B Common Stock that the Reporting Person owned on May 23, 2016 became 607 shares of Class A Common Stock.
- F2These 837 shares of Class A Common Stock were acquired upon the vesting of 837 restricted stock units on September 29, 2016 (such number adjusted from 4,566 restricted stock units because of the two actions on December 17, 2015 and June 13, 2016 described in note 1) pursuant to the Overseas Shipholding Group, Inc. Management Incentive Compensation Plan, which vested units were settled in shares of Class A Common Stock. In connection with the vesting of the units, 346 units were withheld by Overseas Shipholding Group, Inc. in payment of the reporting person's tax withholding liability incurred as a result of the vesting of the units.
- F3These 837 restricted stock units vested on September 29, 2016 and were settled in shares of Class A Common Stock as reported in Table I on this Form 4. The 837 restricted stock units owned following the vesting of the 837 restricted stock units have been adjusted to reflect the actions described in notes 1 and 2.