SEC Contract Filing

Filing Date: 2015-08-25

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exh10-2_rsu.htm
<DESCRIPTION>RESTRICTED SHARE UNIT AGREEMENT
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<div style="TEXT-ALIGN: right; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Exhibit 10.2</div>

<div style="TEXT-ALIGN: center; MARGIN-TOP: 12pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Restricted Share Unit Agreement</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">This Restricted Share Unit Agreement (this "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Agreement</font>") is made and entered into as of August 25, 2015 (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Grant Date</font>") by and between GSE Systems, Inc., a Delaware corporation, (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Company</font>") and Christopher Sorrells (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Grantee</font>").</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WHEREAS</font>, the Company has adopted the GSE Systems, Inc. 1995 Long-Term Incentive Plan, as amended and restated effective March 6, 2014 (the "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Plan</font>"), pursuant to which Restricted Share Units may be granted;</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WHEREAS</font>, as of the date hereof,&#160; the Company and the Grantee have entered into an employment agreement (the "Employment Agreement") pursuant to which Grantee shall be employed as the Company's Interim Chief Operating Officer; and</div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">WHEREAS</font>, the Company has determined that it is in the best interests of the Company and its stockholders to grant the award of Restricted Share Units provided for herein.</div>

<div style="TEXT-ALIGN: left; MARGIN-TOP: 12pt; TEXT-INDENT: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt">NOW, THEREFORE, the parties hereto, intending to be legally bound, agree as follows:</div>

<div style="MARGIN-TOP: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">1.</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Grant of Performance Restricted Share Units</u></font>. Pursuant to Section 6 of the Plan, the Company hereby grants to the Grantee an Award for 125,000 Restricted Share Units.&#160; Each Restricted Share Unit ("<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">R</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SU</font>") represents the right to receive one share of Common Stock (as defined in <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Exhibit 1</u></font>), subject to the terms and conditions set forth in this Agreement and the Plan. The number of RSUs that actually vest for the Performance Period will be determined by the level of achievement of the performance goals (the <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">"Performance Goals"</font>) in accordance with <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Exhibit 1</u></font> attached hereto. Capitalized terms that are used but not defined herein have the meanings ascribed to them in the Plan.</font></div>

<div style="MARGIN-TOP: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">2.</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Performance Period</u></font>. For purposes of this Agreement, the term "<font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Performance Period</font>" shall be the period commencing on August 25, 2015 and ending on August 24, 2018.</font></div>

<div style="MARGIN-TOP: 12pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">3.</font><font style="FONT-SIZE: 6pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Goals</u></font>.</font></div>

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