4//SEC Filing
Pepe Emmett Anthony 4
Accession 0000944480-23-000079
CIK 0000944480other
Filed
Oct 2, 8:00 PM ET
Accepted
Oct 3, 4:25 PM ET
Size
10.7 KB
Accession
0000944480-23-000079
Insider Transaction Report
Form 4
Pepe Emmett Anthony
Chief Financial Officer
Transactions
- Tax Payment
Common Stock
2023-09-30$0.20/sh−3,763$761→ 407,561 total - Exercise/Conversion
Common Stock
2023-09-30+12,500→ 411,324 total - Tax Payment
Common Stock
2023-09-30$0.20/sh−6,003$1,213→ 398,824 total - Exercise/Conversion
Performance Rights
2023-09-30−12,500→ 217,500 totalExp: 2026-01-01→ Common Stock (12,500 underlying)
Footnotes (3)
- [F1]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.
- [F2]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.
- [F3]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 September 30, 2023, the SC was satisfied with respect to September 30, 2023, resulting in the vesting of 12,500 PRs and the issuance of 12,500 shares of Common Stock, of which 3,763 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.
Documents
Issuer
GSE SYSTEMS INC
CIK 0000944480
Entity typeother
Related Parties
1- filerCIK 0001678778
Filing Metadata
- Form type
- 4
- Filed
- Oct 2, 8:00 PM ET
- Accepted
- Oct 3, 4:25 PM ET
- Size
- 10.7 KB