0000944480-24-000006.txt : 20240103
0000944480-24-000006.hdr.sgml : 20240103
20240103170600
ACCESSION NUMBER: 0000944480-24-000006
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20231231
FILED AS OF DATE: 20240103
DATE AS OF CHANGE: 20240103
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Pepe Emmett Anthony
CENTRAL INDEX KEY: 0001678778
ORGANIZATION NAME:
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-14785
FILM NUMBER: 24507954
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]
ORGANIZATION NAME: 06 Technology
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
X0508
4
2023-12-31
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
2023-12-31
4
F
0
602
2.01
D
40154
D
Common Stock
2023-12-31
4
M
0
1250
A
41404
D
Common Stock
2023-12-31
4
F
0
377
2.01
D
41027
D
Performance Rights
2023-12-31
4
M
0
1250
D
2026-01-01
Common Stock
1250
20500
D
Shares withheld by the Issuer for payment of applicable taxes owed due to the vesting of 1,995 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 1,250(4) 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 December 31, 2023, the SC was satisfied with respect to December 31, 2023, resulting in the vesting of 1,250(4) PRs and the issuance of 1,250(4) shares of Common Stock, of which 377 shares of Common Stock were withheld by the Issuer for payment of applicable taxes owed due to the vesting of the 1,250 PRs as provided by a restricted share unit agreement between the Reporting Person and the Issuer.
All share amounts reflect the ten-for-one reverse stock split effected on October 30, 2023.
/s/ Pepe Emmett Anthony
2024-01-03