0000944480-23-000022.txt : 20230407 0000944480-23-000022.hdr.sgml : 20230407 20230407161041 ACCESSION NUMBER: 0000944480-23-000022 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20230405 FILED AS OF DATE: 20230407 DATE AS OF CHANGE: 20230407 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Loudermilk Kyle Justin CENTRAL INDEX KEY: 0001649892 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-14785 FILM NUMBER: 23808868 MAIL ADDRESS: STREET 1: 3525 WOODBINE STREET CITY: CHEVY CHASE STATE: MD ZIP: 20815 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: GSE SYSTEMS INC CENTRAL INDEX KEY: 0000944480 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 521868008 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 6940 COLUMBIA GATEWAY DRIVE, SUITE 470 CITY: COLUMBIA STATE: MD ZIP: 21046-3308 BUSINESS PHONE: 4109707874 MAIL ADDRESS: STREET 1: 6940 COLUMBIA GATEWAY DRIVE, SUITE 470 CITY: COLUMBIA STATE: MD ZIP: 21046-3308 4 1 form4.xml X0407 4 2023-04-05 0000944480 GSE SYSTEMS INC GVP 0001649892 Loudermilk Kyle Justin 3525 WOODBINE STREET CHEVY CHASE MD 20815 true true President & CEO false Performance Rights 2023-04-05 4 A 0 223124 0 A 2027-01-01 Common Stock 223124 348124 D Each performance right (PR) is a contingent right to receive one share of Issuer Common Stock. PRs vest upon satisfaction of both a Service Condition (SC) and a Stock Price Performance Condition (SPPC). The SC is satisfied for sixteen dates (3/31/23, 6/30/23, 9/30/23, 12/31/23, 3/31/24, 6/30/24, 9/30/24, 12/31/24, 3/31/25, 6/30/25, 9/30/25, 12/31/25, 3/31/26, 6/30/26, 9/30/26, and 12/31/26) if the Issuer has continuously employed the reporting person through that SC date. 13,945 PRs will be eligible to vest on the first 15 SC dates if the SPPC also has been met, and 13,949 PRs will be eligible to vest on the final SC date 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 $1.50 measured over a 5 consecutive trading day period. If the SPPC is not met, then PRs eligible to vest due to satisfaction of a SC shall aggregate and vest upon any later satisfaction of the SPPC. /s/ Loudermilk Kyle Justin 2023-04-07