0000944480-23-000023.txt : 20230407 0000944480-23-000023.hdr.sgml : 20230407 20230407161156 ACCESSION NUMBER: 0000944480-23-000023 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: Pepe Emmett Anthony CENTRAL INDEX KEY: 0001678778 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 001-14785 FILM NUMBER: 23808878 MAIL ADDRESS: STREET 1: 1515 JUDD COURT CITY: HERNDON STATE: VA ZIP: 20170 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 0001678778 Pepe Emmett Anthony GSE SYSTEMS INC 6940 COLUMBIA GATEWAY DR STE 470 COLUMBIA MD 21046 true Chief Financial Officer false Performance Rights 2023-04-05 4 A 0 105000 0 A 2027-01-01 Common Stock 105000 242500 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. 6,562 PRs will be eligible to vest on the first 15 SC dates if the SPPC also has been met, and 6,570 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/ Pepe Emmett Anthony 2023-04-07