Dermot S. Smurfit - Mar 11, 2023 Form 4 Insider Report for GAN Ltd (GAN)

Role: President, CEO, Director
Signature: /s/ Dermot S. Smurfit
Stock symbol: GAN
Transactions as of: Mar 11, 2023
Transactions value $: -$44,821
Form type: 4
Date filed: 4/10/2023, 08:54 PM
Previous filing: Sep 1, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	GAN	Ordinary Shares	Options Exercise		+87.6K	+5.03%		1.83M	Mar 11, 2023	Direct	F1
transaction	GAN	Ordinary Shares	Tax liability	-$44.8K	-30.7K	-1.68%	$1.46	1.8M	Mar 11, 2023	Direct	F2

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	GAN	Restricted Stock Units	Options Exercise	$0	-87.6K	-25%	$0.00	263K	Mar 11, 2023	Ordinary Shares	87.6K		Direct	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The transaction relates to the settlement of 87,571 RSUs into 87,571 GAN Limited ordinary shares on March 11, 2023.
F2	Represents ordinary shares withheld by the Issuer as payment of tax withholdings due upon vesting of RSUs.
F3	The RSUs were originally granted on March 11, 2022 and settled as to one-fourth of the shares on March 11, 2023. The remaining RSUs will vest as to 25% annually on each of the anniversary dates of the award, and will be 100% vested on March 11, 2026.