Great Elm Capital (GECC) CFO Keri Davis Receives Equity Award

What Happened
Keri Davis, identified as CFO (of the external manager of Great Elm Capital Corp.), received equity compensation tied to GECC on Sept. 21, 2026. She was granted 7,646 shares of common stock (awarded at $0.00) and received 1,372 additional shares via a stock dividend, for a total of 9,018 shares acquired. Separately, 2,972 shares were disposed of on the same date to satisfy a tax liability at $5.37 per share, yielding $15,960 (net share settlement).

Key Details

• Transaction date: September 21, 2026; Form 4 filed September 23, 2026 (appears timely).
• Awards: 7,646 shares granted (acquisition at $0.00); 1,372 shares received as a stock dividend.
• Tax withholding/Disposition: 2,972 shares disposed at $5.37/share for $15,960 to cover tax obligations (code F).
• Vesting: Of the 7,646-share award, 1,911 shares vested on the grant date; the remainder vests in equal annual installments each Sept. 20 through Sept. 20, 2029 (per footnote).
• Exempt treatment: The net share settlement in connection with vesting is noted as exempt under Rule 16b-3 (footnote F3).
• Shares owned after the transactions: not specified in the filing.

Context
This was primarily an equity compensation grant (not an open-market purchase), with a routine net share settlement to cover withholding taxes. Such tax-withholding disposals are common and reflect payroll/tax treatment of awards rather than a market-directed sale. The awards are subject to ongoing vesting, so future disclosures may show additional vesting or net settlements.