Basic Energy Services (BASWQ) Form 4 BASIC ENERGY SERVICES / Alan Krenek ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Krenek Alan

(Last) (First) (Middle)

801 CHERRY STREET

SUITE 2100

(Street)

FORT WORTH TX 76102

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BASIC ENERGY SERVICES INC [ BAS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
SVP, CFO, Secretary, Treasurer

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2018

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/15/2018		M		120,959	A	$0(1)	169,311	D
Common Stock	08/15/2018		F(2)		44,238	D	$8.53	125,073	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	08/15/2018		M			29,678	(3)	(3)	Common Stock	29,678	$0	75,319	D
Restricted Stock Units	(1)	08/15/2018		M			59,357	(4)	(4)	Common Stock	59,357	$0	15,962	D
Restricted Stock Units	(1)	08/15/2018		M			15,962	(5)	(5)	Common Stock	15,962	$0	0	D
Restricted Stock Units	(1)	08/15/2018		A		15,962		(6)	(6)	Common Stock	15,962	$0	15,962	D
Restricted Stock Units	(1)	08/15/2018		M			15,962	(6)	(6)	Common Stock	15,962	$0	0	D

Explanation of Responses:

1. Restricted stock units convert into common stock on a one-for-one basis.

2. In connection with the vesting of restricted stock units, the Issuer withheld vested shares of common stock and agreed to satisfy the Reporting Person's tax withholding obligations in lieu of cash. The number of vested shares withheld was based on the closing price of the Issuer's common stock on August 15, 2018. Such shares were acquired as treasury stock by the Issuer.

3. On December 23, 2016, the Reporting Person was granted 89,036 restricted stock units, which vest in three equal annual installments beginning on December 23, 2016. In connection with the Reporting Person's retirement effective August 15, 2018, all unvested restricted stock units vested in full.

4. On February 22, 2017, the Reporting Person was granted 89,036 restricted stock units, which vest in three equal annual installments beginning on February 8, 2018. In connection with the Reporting Person's retirement effective August 15, 2018, all unvested restricted stock units vested in full.

5. On February 8, 2018, the Reporting Person was granted 15,962 restricted stock units, which vest in three equal annual installments beginning on February 8, 2019. In connection with the Reporting Person's retirement effective August 15, 2018, all unvested restricted stock units vested in full.

6. Represents earning of performance-based restricted stock units that were initially granted on February 8,2018. In connection with the Reporting Person's retirement effective August 15, 2018, all such performance-based restricted stock units were earned at 100% and vested in full.

Remarks:

Exhibit List: Exhibit 24.1 Power of Attorney

	/s/ T.M."Roe" Patterson, Attorney-in-Fact	08/20/2018
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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