Brian P. Chang - Oct 31, 2023 Form 4 Insider Report for GAN Ltd (GAN)

Role: Interim CFO
Signature: /s/ Jeffrey H. Kuras, Attorney-in-Fact
Stock symbol: GAN
Transactions as of: Oct 31, 2023
Transactions value $: -$825
Form type: 4
Date filed: 11/16/2023, 04:12 PM
Previous filing: Aug 30, 2023
Next filing: Mar 13, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	GAN	Ordinary Shares	Options Exercise		+2.54K	+60.57%		6.72K	Oct 31, 2023	Direct	F1
transaction	GAN	Ordinary Shares	Tax liability	-$825	-876	-13.04%	$0.94	5.84K	Oct 31, 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	-2.54K	-33.33%	$0.00	5.07K	Oct 31, 2023	Ordinary Shares	2.54K		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 2,535 RSUs into 2,535 GAN Limited ordinary shares on October 31, 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 October 31, 2021 and settled as to one-fourth of the shares on each of October 31, 2022 and 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 October 31, 2025.