Pepe Emmett Anthony - Apr 5, 2023 Form 4 Insider Report for GSE SYSTEMS INC (GVP)

Signature
/s/ Pepe Emmett Anthony
Stock symbol
GVP
Transactions as of
Apr 5, 2023
Transactions value $
$0
Form type
4
Date filed
4/7/2023, 04:11 PM
Previous filing
Apr 4, 2023
Next filing
Jul 5, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction GVP Performance Rights Award $0 +105K +76.36% $0.00 243K Apr 5, 2023 Common Stock 105K Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Each performance right (PR) is a contingent right to receive one share of Issuer Common Stock. PRs vest upon satisfaction of both a Service Condition (SC) and a Stock Price Performance Condition (SPPC). The SC is satisfied for sixteen dates (3/31/23, 6/30/23, 9/30/23, 12/31/23, 3/31/24, 6/30/24, 9/30/24, 12/31/24, 3/31/25, 6/30/25, 9/30/25, 12/31/25, 3/31/26, 6/30/26, 9/30/26, and 12/31/26) if the Issuer has continuously employed the reporting person through that SC date. 6,562 PRs will be eligible to vest on the first 15 SC dates if the SPPC also has been met, and 6,570 PRs will be eligible to vest on the final SC date if the SPPC also has been met. The SPPC requires the Volume Weighted Average Price of the Issuer's Common Stock as quoted on NASDAQ to be at least $1.50 measured over a 5 consecutive trading day period. If the SPPC is not met, then PRs eligible to vest due to satisfaction of a SC shall aggregate and vest upon any later satisfaction of the SPPC.