Pepe Emmett Anthony - Jun 30, 2023 Form 4 Insider Report for GSE SYSTEMS INC (GVP)

Signature
/s/ Pepe Emmett
Stock symbol
GVP
Transactions as of
Jun 30, 2023
Transactions value $
-$3,410
Form type
4
Date filed
7/5/2023, 05:34 PM
Previous filing
Apr 7, 2023
Next filing
Oct 3, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction GVP Common Stock Tax liability -$2.1K -5.82K -1.45% $0.36 396K Jun 30, 2023 Direct F1
transaction GVP Common Stock Options Exercise +12.5K +3.16% 408K Jun 30, 2023 Direct F2
transaction GVP Common Stock Tax liability -$1.31K -3.65K -0.89% $0.36 405K Jun 30, 2023 Direct F3

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 Options Exercise -12.5K -5.15% 230K Jun 30, 2023 Common Stock 12.5K Direct F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Shares withheld by the Issuer for payment of applicable taxes owed due to the vesting of 19,940 restricted share units pursuant to two restricted share unit agreements between the Reporting Person and the Issuer.
F2 Each performance right (PR) is a contingent right to receive one share of Issuer Common Stock. PRs vest upon satisfaction of a Service Condition (SC) and a Stock Price Performance Condition (SPPC). The SC is satisfied for sixteen dates (3/31/2022, 6/30/2022, 9/30/2022, 12/31/2022, 3/31/2023, 6/30/2023, 9/30/2023, 12/31/2023, 3/31/2024, 6/30/2024, 9/30/2024, 12/31/2024, 3/31/2025, 6/30/2025, 9/30/2025, and 12/31/2025) if the Issuer has continuously employed the reporting person through that SC date, and 12,500 PRs then will be eligible to vest 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 $1.94 measured over a 20 consecutive trading day period. Once the SPPC is met, PRs that remain unvested shall vest upon satisfaction of each future SC.
F3 On June 14, 2022, the Compensation Committee of the Board of Directors of the Issuer certified that the SPPC applicable to these PRs had been satisfied. Accordingly, on June 30, 2023, the SC was satisfied with respect to June 30, 2023, resulting in the vesting of 12,500 PRs and the issuance of 12,500 shares of Common Stock, of which 3,650 shares of Common Stock were withheld by the Issuer for payment of applicable taxes owed due to the vesting of the 12,500 PRs as provided by a restricted share unit agreement between the Reporting Person and the Issuer.