UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Feldman, Jerome I.
GP Strategies Corporation
9 West 57 Street
New York, NY 10019
2. Issuer Name and Ticker or Trading Symbol
GSE Systems, Inc.
(GVP)
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
May 27, 1999
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Chairman of the Board and Executive Officer
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Option |$4.125 |5/27/|A |V|100,000 |A |(1)` |4/3/0|Common Stock|100,000| |100,000 |D | |
(Right to Buy) | |99 | | | | | |9 | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
(1) If the fair market value per share of Common Stock equals or exceeds $8.00
for any 15 out of any 30 consecutive trading days before April 5,
2003, 35% of the shares of Common Stock subject to the option will be vested as
of the date immediately following such 30-trading-day period. One
hundred percent of the shares will be vested if the fair market value equals or
exceeds $10.00 for any 15 out of any 30 consecutive trading days
before April 5, 2003. All of the shares will otherwise be vested as of April
5, 2004.
SIGNATURE OF REPORTING PERSON
Jerome I. Feldman
DATE
June 8, 1999
