SEC Form 4 · accession 0001140361-17-043111
GSE SYSTEMS INC · GVP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Paul Abbott
Officer — President, NITC Division
Period of report
Nov 15, 2017
Accepted (ET)
Nov 16, 2017 · 4:49 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 | Nov 15, 2017 | A | 100,000 | $0.00 | A | 141,002 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Performance RightsF3 | — | Nov 15, 2017 | A | 100,000 | A | — | Nov 15, 2022 | Common Stock | 100,000 | 100,000 | D |
Explanation of responses
- F1These shares of common stock represent restricted share units granted pursuant to a Restricted Share Unit Agreement between Mr. Abbott and the Issuer and are subject to forfeiture. The restricted share units awarded vest in eleven installments of 8,333 shares on each of the following dates: March 31, 2018, June 30, 2018, September 30, 2018, December 31, 2018, March 31, 2019, June 30, 2019, September 30, 2019, December 31, 2019, March 31, 2020, June 30, 2020, and September 30, 2020; and one installment of 8,337 shares on December 31, 2020.
- F2These restricted share units were granted to Mr. Abbott for assuming the position of President, Nuclear Industry Training and Consulting Division of the Issuer.
- F3The performance rights were granted to Mr. Abbott for his assuming the position of President, Nuclear Industry Training and Consulting Division of the Issuer. Each performance right represents a contingent right to receive one share of Issuer Common Stock. The performance rights vest as follows: 50,000 performance rights will vest in their entirety if the Volume Weighted Average Price of the Issuer's Common Stock as quoted on the NYSE American exceeds $4.25 for a 30 consecutive trading day period, and 50,000 performance rights will vest in their entirety if the Volume Weighted Average Price of the Issuer's Common Stock as quoted on the NYSE American exceeds $6.00 for a 30 consecutive trading day period.