Pepe Emmett Anthony - Dec 31, 2023 Form 4 Insider Report for GSE SYSTEMS INC (GVP)

Signature
/s/ Pepe Emmett Anthony
Stock symbol
GVP
Transactions as of
Dec 31, 2023
Transactions value $
-$1,968
Form type
4
Date filed
1/3/2024, 05:06 PM
Previous filing
Oct 3, 2023
Next filing
Apr 2, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction GVP Common Stock Tax liability -$1.21K -602 -1.48% $2.01 40.2K Dec 31, 2023 Direct F1
transaction GVP Common Stock Options Exercise +1.25K +3.11% 41.4K Dec 31, 2023 Direct F2
transaction GVP Common Stock Tax liability -$758 -377 -0.91% $2.01 41K Dec 31, 2023 Direct

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 -1.25K -5.75% 20.5K Dec 31, 2023 Common Stock 1.25K Direct F2, F3, F4
* 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 1,995 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 1,250(4) 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 December 31, 2023, the SC was satisfied with respect to December 31, 2023, resulting in the vesting of 1,250(4) PRs and the issuance of 1,250(4) shares of Common Stock, of which 377 shares of Common Stock were withheld by the Issuer for payment of applicable taxes owed due to the vesting of the 1,250 PRs as provided by a restricted share unit agreement between the Reporting Person and the Issuer.
F4 All share amounts reflect the ten-for-one reverse stock split effected on October 30, 2023.