SEC Form 4 · accession 0001140361-17-000432
GSE SYSTEMS INC · GVP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Kyle Justin Loudermilk
Officer — Chief Executive Officer & Pres · Director
Period of report
Dec 31, 2016
Accepted (ET)
Jan 4, 2017 · 4:52 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 | Dec 31, 2016 | F | 8,341 | $3.50 | D | 314,901 | D | |
| Common StockF2,F3 | Jan 1, 2017 | A | 80,493 | $0.00 | A | 395,394 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Shares withheld by the Issuer for payment of applicable taxes owed due to the vesting of 16,228 restricted share units pursuant to the restricted share unit agreement between the Reporting Person and the Issuer.
- F2These shares of common stock represent restricted share units granted pursuant to a Restricted Share Unit Agreement between Mr. Loudermilk and the Issuer and are subject to forfeiture. The restricted share units awarded vest in seven installments of 10,061 shares on each of the following dates: March 31, 2017, June 30, 2017, September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018, and September 30, 2018; and one installment of 10,066 shares on December 31, 2018.
- F3These restricted share units were granted to Mr. Loudermilk for his services as Chief Executive Officer of the Issuer.