Pepe Emmett Anthony - Mar 31, 2024 Form 4 Insider Report for GSE SYSTEMS INC (GVP)

Signature
/s/ Pepe Emmett Anthony
Stock symbol
GVP
Transactions as of
Mar 31, 2024
Transactions value $
-$1,956
Form type
4
Date filed
4/2/2024, 05:10 PM
Previous filing
Jan 3, 2024
Next filing
Jul 2, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction GVP Common Stock Tax liability -$920 -393 -0.96% $2.34 40.6K Mar 31, 2024 Direct F1
transaction GVP Common Stock Options Exercise +1.25K +3.08% 41.9K Mar 31, 2024 Direct F2, F3
transaction GVP Common Stock Tax liability -$1.04K -443 -1.06% $2.34 41.4K Mar 31, 2024 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 -1.25K -6.1% 19.3K Mar 31, 2024 Common Stock 1.25K 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 1,110 restricted share units pursuant to one restricted share unit agreement 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 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 March 31, 2024, the SC was satisfied with respect to March 31, 2024, resulting in the vesting of 1,250 PRs and the issuance of 1,250 shares of Common Stock, of which 443 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.