SEC Form 4 · accession 0001140361-15-033439
GSE SYSTEMS INC · GVP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Christopher D. Sorrells
Officer — Interim COO · Director
Period of report
Aug 25, 2015
Accepted (ET)
Aug 25, 2015 · 5:38 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000944480
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1 | — | Aug 25, 2015 | A | 125,000 | A | — | Aug 24, 2018 | Common Stock | 125,000 | 175,000 | D |
Explanation of responses
- F1Each Restricted Stock Unit represents the contingent right to receive one share of common stock upon vesting of the unit. The Restricted Stock Units will vest in their entirety if the following conditions are satisfied: (a) Mr. Sorrell's continued employment with the Company through August 24, 2016; (b) Achievement of performance metrics to be developed by the Board of Directors; and (c) The Volume Weighted Average Price of the Company's Common Stock as quoted on the NYSE MKT exceeds $2.50 for a 90 consecutive trading day period prior to August 24, 2018.