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