SEC Form 4 · accession 0001140361-15-040045
GSE SYSTEMS INC · GVP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Jeffery G Hough
Officer — Sr. VP & CFO
Period of report
Oct 30, 2015
Accepted (ET)
Nov 6, 2015 · 5:38 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000944480
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF1 | Oct 30, 2015 | A | 20,000 | — | A | 25,741 | D |
Table II — derivative securities
No Table II lines on this filing.
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)(i) Mr. Hough shall be employed by the Company at the time that (ii) 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 October 30, 2021; or (b)(i) Mr. Hough shall be employed by the Company, (ii) a Change of Control occurs prior to October 30, 2021, and (iii) the Volume Weighted Average Price of the Company's Common Stock as quoted on the NYSE MKT is greater than or equal to $2.50 for the ten trading day period ending on the trading day immediately prior to the effective date of the Change in Control.