X0303 4 2010-05-21 0 0000944480 GSE SYSTEMS INC GVP 0001144426 PEDERSEN GEORGE J GSE SYSTEMS, INC 1332 LONDONTOWN BLVD SYKESVILLE MD 21784 1 0 0 0 Common Stock 74288 D Employee Stock Option 4.63 2010-05-21 4 A 0 10000 0.00 A 2017-05-21 Common Stock 10000 10000 D Employee Stock Option 6.00 2016-04-10 Common Stock 10000 10000 D Employee Stock Option 9.70 2015-01-22 Common Stock 10000 10000 D Employee Stock Option 8.21 2014-02-06 Common Stock 10000 10000 D Exercisable as follows: 4,000 5/21/2011; 3,000 5/21/2012; 3,000 5/21/2013 Exercisable as follows: 4,000 4/10/2010; 3,000 4/10/2011; 3,000 4/10/2012 Exercisable as follows: 4,000 1/22/2009; 3,000 1/22/2010; 3,000 1/22/2011 Exercisable as follows: 3,334 2/6/2008; 3,333 2/6/2009; 3,333 2/6/2010 /s/ George Pedersen 2010-05-25