Brian P. Chang - 02 Feb 2023 Form 4 Insider Report for GAN Ltd (GAN)

Role: Interim CFO
Signature: /s/ Jeffrey H. Kuras, Attorney-in-Fact
Issuer symbol: GAN
Transactions as of: 02 Feb 2023
Net transactions value: -$16,793
Form type: 4
Filing time: 05 Feb 2024, 16:11:36 UTC
Previous filing: 05 Dec 2022
Next filing: 10 Apr 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		+26,786	+458%		32,630	02 Feb 2024	Direct	F1
transaction	GAN	Ordinary Shares	Tax liability	$16,793	-10,976	-34%	$1.53	21,654	02 Feb 2024	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	+107,142		$0.000000	107,142	02 Feb 2023	Ordinary Shares	107,142		Direct	F3, F4
transaction	GAN	Restricted Stock Units	Options Exercise	$0	-26,786	-25%	$0.000000	80,358	02 Feb 2024	Ordinary Shares	26,786		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 26,786 RSUs into 26,786 GAN Limited ordinary shares on February 2, 2024.
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	The RSUs vest as to 25% annually beginning on the one year anniversary of the date of grant, and will be 100% vested on February 2, 2027. The first vesting date was on February 2, 2024, and the RSUs settled as to one-fourth of the shares.