X0202 4 2007-12-05 0 0000944480 GSE SYSTEMS INC GVP 0001144426 PEDERSEN GEORGE J 7133 RUTHERFORD RD SUITE 200 BALTIMORE MD 21244 1 0 0 0 Common Stock 2007-12-05 4 M 0 5000 2.00 A 61250 D Common Stock 2007-12-05 4 S 0 70 11.13 D 61180 D Common Stock 2007-12-05 4 S 0 100 11.17 D 61080 D Common Stock 2007-12-05 4 S 0 600 11.18 D 60480 D Common Stock 2007-12-05 4 S 0 200 11.19 D 60280 D Common Stock 2007-12-05 4 S 0 200 11.20 D 60080 D Common Stock 2007-12-05 4 S 0 700 11.21 D 59380 D Common Stock 2007-12-05 4 S 0 830 11.22 D 58550 D Common Stock 2007-12-05 4 S 0 600 11.23 D 57950 D Common Stock 2007-12-05 4 S 0 400 11.24 D 57550 D Common Stock 2007-12-05 4 S 0 600 11.25 D 56950 D Common Stock 2007-12-05 4 S 0 400 11.27 D 56550 D Common Stock 2007-12-05 4 S 0 100 11.30 D 56450 D Common Stock 2007-12-05 4 S 0 100 11.39 D 56350 D Common Stock 2007-12-05 4 S 0 100 11.45 D 56250 D Employee Stock Option 2.00 2007-12-05 4 M 0 3300 2.00 D 2003-05-03 2008-05-03 Common Stock 3300 30000 D Employee Stock Option 2.00 2007-12-05 4 M 0 1700 2.00 D 2004-05-03 2008-05-03 Common Stock 1700 28300 D Employee Stock Option 8.21 2014-02-06 Common Stock 10000 10000 D Employee Stock Option 2.25 2008-04-06 Common Stock 25000 25000 D Exercisable as follows: 4,000 2/6/2008; 3,000 2/6/2009; 3,000 2/6/2010 Exercisable as follows: 10,000 4/6/1999; 7,500 4/6/2000; 7,5000 4/6/2001 /s/ George Pedersen 2007-12-07