0000944480-23-000068.txt : 20230705
0000944480-23-000068.hdr.sgml : 20230705
20230705173415
ACCESSION NUMBER: 0000944480-23-000068
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20230630
FILED AS OF DATE: 20230705
DATE AS OF CHANGE: 20230705
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: 231070906
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
2023-06-30
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
Common Stock
2023-06-30
4
F
0
5823
0.36
D
395977
D
Common Stock
2023-06-30
4
M
0
12500
A
408477
D
Common Stock
2023-06-30
4
F
0
3650
0.36
D
404827
D
Performance Rights
2023-06-30
4
M
0
12500
D
2026-01-01
Common Stock
12500
230000
D
Shares withheld by the Issuer for payment of applicable taxes owed due to the vesting of 19,940 restricted share units pursuant to two restricted share unit agreements between the Reporting Person and the Issuer.
Each performance right (PR) is a contingent right to receive one share of Issuer Common Stock. PRs vest upon satisfaction of a Service Condition (SC) and a Stock Price Performance Condition (SPPC). The SC is satisfied for sixteen dates (3/31/2022, 6/30/2022, 9/30/2022, 12/31/2022, 3/31/2023, 6/30/2023, 9/30/2023, 12/31/2023, 3/31/2024, 6/30/2024, 9/30/2024, 12/31/2024, 3/31/2025, 6/30/2025, 9/30/2025, and 12/31/2025) if the Issuer has continuously employed the reporting person through that SC date, and 12,500 PRs then will be eligible to vest 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 $1.94 measured over a 20 consecutive trading day period. Once the SPPC is met, PRs that remain unvested shall vest upon satisfaction of each
future SC.
On June 14, 2022, the Compensation Committee of the Board of Directors of the Issuer certified that the SPPC applicable to these PRs had been satisfied. Accordingly, on June 30, 2023, the SC was satisfied with respect to June 30, 2023, resulting in the vesting of 12,500 PRs and the issuance of 12,500 shares of Common Stock, of which 3,650 shares of Common Stock were withheld by the Issuer for payment of applicable taxes owed due to the vesting of the 12,500 PRs as provided by a restricted share unit agreement between the Reporting Person and the Issuer.
/s/ Pepe Emmett
2023-07-05