Business: VSE Corp 5.750% Tangible Equity Units stated amount $50 per unit, initially consisting of Equity Units which include a stock purchase contract and a 5.93% senior amortizing note with a principal amount of $7.8225. <p> The stock purchase contract requires the holder to purchase for $50.00 a variable number of shares of VSE Corporation (NGS:VSEC ) common stock no later than 02/01/2029 and pays a contract adjustment rate of 0% per annum. The stock purchase settlement rate will be 0.2171 shares per unit if the then current market price is equal to or greater than $230.3086 and 0.2660 shares per unit if the market price is equal to or less than $188.00. For market prices between those values the settlement rate will be $50 divided by the market value. Prior to the IPO of this security, the last reported sale price of the common stock on (__) was $(__) per share. The stock purchase contract may be settled after 05/01/2026 at the holder’s option under some circumstances (see prospectus for more details) <p> If a Fundamental Change occurs on or prior to 02/01/2029 may settle the purchase contract into common stock at the fundamental change conversion rate plus a fundamental change dividend make-whole amount (see prospectus for further information). <p> The Amortizing Notes will pay holders equal quarterly cash installments of $0.7188 per Amortizing Note (except for the 05/01/2026 installment payment, which will be $0.6868 per Amortizing Note), on 2/1, 5/1, 8/1 & 11/1 to holders of record on the record date fixed by the board, which cash payment in the aggregate will be equivalent to 5.750% per annum with respect to each $50 Stated Amount of Units. Each installment will constitute a payment of interest (at a rate of 5.93% per annum) and a partial repayment of principal on the Amortizing Note.<p> Distributions paid by these securities are derived from interest paid on the underlying debt securities and therefore are NOT eligible for the preferential 15% to 20% tax rate on dividends and are also NOT eligible for the dividend received deduction for corporate holders. <p> This security was not rated by Moody’s or S&P at the time of its IPO. The Notes are unsecured and unsubordinated obligations of the company and will rank equally with all existing and future unsecured and unsubordinated indebtedness of the company. See the IPO prospectus for further information on the debt securities by clicking on the ‘Link to IPO Prospectus’ provided below.