Sylvia Tiscareno - 30 Apr 2023 Form 4 Insider Report for GAN Ltd (GAN)

Role: Chief Legal Officer
Signature: /s/ Sylvia Tiscareno
Issuer symbol: GAN
Transactions as of: 30 Apr 2023
Net transactions value: -$1,222
Form type: 4
Filing time: 25 May 2023, 16:15:08 UTC
Previous filing: 21 Apr 2023
Next filing: 30 Aug 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	GAN	Ordinary Shares	Options Exercise		+3,890	+7.6%		55,410	30 Apr 2023	Direct	F1
transaction	GAN	Ordinary Shares	Tax liability	$1,222	-947	-1.7%	$1.29	54,463	30 Apr 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	Award	$0	+15,560		$0.000000	15,560	30 Apr 2023	Ordinary Shares	15,560		Direct	F3, F4
transaction	GAN	Restricted Stock Units	Options Exercise	$0	-3,890	-25%	$0.000000	11,670	30 Apr 2023	Ordinary Shares	3,890		Direct	F1, F4

* 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 3,890 Restricted Stock Units ("RSUs") into 3,890 GAN Limited ordinary shares on April 30, 2023.
F2	Represents ordinary shares withheld by the Issuer as payment of tax withholdings due upon vesting of RSUs.
F3	Each RSU represents a contingent right to receive one ordinary share of GAN Limited or the cash equivalent of such share.
F4	Represents ordinary shares issued as a replacement grant on April 30, 2023 by the Issuer pursuant to a prior contractual obligation. 3,890 of the RSUs vested immediately upon grant. The remaining RSUs will vest as to 3,890 shares on each of April 1, 2024, 2025 and 2026, and will be 100% vested on April 1, 2026.