SEC Form 4 · accession 0001140361-16-050439
GSE SYSTEMS INC · GVP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Daniel Pugh
Officer — SVP, General Counsel & RMO
Period of report
Feb 1, 2016
Accepted (ET)
Feb 5, 2016 · 4:06 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 |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Feb 1, 2016 | A | 60,000 | $0.00 | A | 60,000 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1(1) These shares of common stock represent restricted share units granted pursuant to a restricted share unit agreement between Mr. Pugh and the Issuer. The restricted share units awarded will vest in installments of (a) 14,400 shares when the volume weighted average price of the common stock exceeds $2.50 for a 90 consecutive day trading period, (b) 14,400 shares when the volume weighted average price of the common stock exceeds $3.25 for a 90 consecutive day trading period, (c) 14,400 shares when the volume weighted average price of the common stock exceeds $4.25 for a 90 consecutive day trading period, and (d) 16,800 shares when the volume weighted average price of the common stock exceeds $6.00 for a 90 consecutive day trading period.
- F2These restricted share units were granted to Mr. Pugh for his services as Senior Vice President, General Counsel & Risk Management Officer of the Issuer.