[Form 4] GMS Inc. Insider Trading Activity

Rhea-AI Filing Summary

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Insights

Senior Insurance Sector Analyst

TL;DR: Seasoned insurance finance executive becomes KINS CFO; modestly positive for governance and credibility.

Patten’s background at NEXT Insurance and United Fire Group aligns closely with Kingstone’s P&C focus, bringing depth in accounting, capital management and investor outreach. The multi-year contract and equity grant suggest commitment to long-term turnaround efforts after recent underwriting volatility. Compensation is market-normal for a ~$100 m market-cap carrier, so dilution and cash outlay are limited. While immediate earnings impact is negligible, stronger financial stewardship can lower capital-market costs and support future rate filings. Overall, the event is incrementally favorable but not transformative.

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

OMB APPROVAL

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

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bell William Forrest

(Last) (First) (Middle)

GMS INC.

115 PERIMETER CENTER PLACE, SUITE 600

(Street)

ATLANTA GA 30346

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GMS Inc. [ GMS ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	VP, Chief Accounting Officer

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

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	08/01/2025		M		464	A	$0(1)	1,306	D
Common Stock	08/01/2025		F		138	D	$0	1,168	D
Common Stock	08/01/2025		M		334	A	$0(1)	1,502	D
Common Stock	08/01/2025		F		99	D	$0	1,403	D
Common Stock	08/01/2025		M		270	A	$0(1)	1,673	D
Common Stock	08/01/2025		F		80	D	$0	1,593	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)	08/01/2025		M			464	(2)	(2)	Common Stock	464	$0	0	D
Restricted Stock Units	(1)	08/01/2025		M			334	(3)	(3)	Common Stock	334	$0	334	D
Restricted Stock Units	(1)	08/01/2025		M			270	(4)	(4)	Common Stock	270	$0	540	D
Restricted Stock Units	(5)	08/01/2025		A		1,871		(6)	(6)	Common Stock	1,871	$0	1,871	D

Explanation of Responses:

1. Restricted stock units vested and converted to shares of common stock on a one-for-one basis.

2. On August 1, 2022, the reporting person was granted 1,393 restricted stock units that vest in three equal annual installments beginning on the first anniversary of the grant date.

3. On August 1, 2023, the reporting person was granted 1,003 restricted stock units that vest in three equal annual installments beginning on the first anniversary of the grant date.

4. On August 1, 2024, the reporting person was granted 810 restricted stock units that vest in three equal annual installments beginning on the first anniversary of the grant date.

5. Each restricted stock unit represents a contingent right to receive one share of the issuer's common stock.

6. Subject to the reporting person's continued employment with the issuer through the applicable vesting date, these restricted stock units are scheduled to vest in equal installments on each of August 1, 2026, August 1, 2027 and August 1, 2028 and will be settled, with respect to vested restricted stock units, in shares of the issuer's common stock no later than 30 days after each applicable vesting date.

Remarks:

	/s/ Craig D. Apolinsky, Attorney-in-Fact for William Forrest Bell	08/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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