SEC Contract Filing

Filing Date: 2023-07-28

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit10_1.htm
<DESCRIPTION>EXHIBIT 10.1 LOUDERMILK LETTER AGREEMENT
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 <div style="text-align: right;">Exhibit 10.1<br>
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 <div>July 28, 2023</div>
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 <div>Kyle J. Loudermilk</div>
 <div>c/o GSE Systems, Inc.</div>
 <div>6940 Columbia Gateway Drive #470</div>
 <div>Columbia, Maryland 21046</div>
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 <div style="font-weight: bold;">Re: Employment of Kyle J. Loudermilk (&#8220;Executive&#8221;)</div>
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 <div>Mr. Loudermilk:</div>
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 <div style="text-align: justify;">As you are aware, the Company and Executive entered into that certain Employment Agreement, dated July 1, 2015 (as amended July 1, 2016, June 12, 2017 and
 January 11, 2019, the &#8220;Agreement&#8221;), pursuant to which Executive is employed by the Company. All capitalized terms utilized but not defined herein shall have the meaning ascribed to them in the Agreement.</div>
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 <div style="text-align: justify;">At your request, and with the consent of the Board of Directors of the Company, the Parties agreed to reduce your Base Salary to $46,250.00 effective June
 1, 2023 until May 30, 2024 (the &#8220;Effective Period&#8221;). In exchange therefor, during the Effective Period, the Company shall issue to you, on a quarterly basis beginning September 30, 2023, a number of restricted stock units (&#8220;RSUs&#8221;) determined by
 dividing the amount of the Base Salary reduction ($400,000.00 in the aggregate during the Effective Period) for each such period by the five-day volume weighted average price of the Company&#8217;s common stock, calculated to two decimal places, using all
 trades completed on a trading day as reported by NASDAQ; or, if the Company&#8217;s common stock is not then listed on the NASDAQ, by such other exchange on which the Company lists its common stock, immediately preceding the grant date, subject to vesting
 and all other terms and conditions set forth in the Company's 1995 Long Term Incentive Plan and in a written grant agreement issued to Executive in connection with the grant of such RSUs. Notwithstanding the foregoing, your Base Salary during the
 Effective Period shall be deemed to be $446,250.00 solely for purposes of calculating your Bonus pursuant to Section 4(b) of the Agreement, any performance-based RSUs or other equity awards pursuant to Section 4(c) of the Agreement, and any
 compensation owed to you pursuant to Sections 9 and 10 of the Agreement.</div>
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 <div style="text-align: justify;">All other terms of the Agreement (as amended) shall remain in full force and effect.</div>
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 <div style="text-align: justify;">Sincerely,</div>
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 <div style="text-align: justify;">GSE SYSTEMS, INC.</div>
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 <div style="text-align: justify;">By:<font class="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><u>/s/ Emmett Pepe</u></div>
 <div style="text-align: justify;">Emmett Pepe, CFO</div>
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 <div style="text-align: justify;">ACCEPTED AND AGREED</div>
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 <div style="text-indent: 36pt;"><u>/s/ Kyle J. Loudermilk</u><font class="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 180pt">&#160;</font></div>
 <div>Kyle J. Loudermilk</div>
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