Glenn Anders Karlsen - Apr 27, 2022 Form 4 Insider Report for GAN Ltd (GAN)

Role: President B2C
Signature: /s/ Karen Flores, Attorney-in-Fact
Stock symbol: GAN
Transactions as of: Apr 27, 2022
Transactions value $: $0
Form type: 4
Date filed: 6/9/2022, 04:46 PM
Previous filing: Mar 21, 2022

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Shares	Change %	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	GAN	Employee Stock Option (right to buy)	Disposed to Issuer	-69.4K	-100%	0	Apr 27, 2022	Ordinary Shares	69.4K	$0.01	Direct	F1
transaction	GAN	Employee Stock Option (right to buy)	Award	+57.3K		57.3K	Apr 27, 2022	Ordinary Shares	57.3K	$0.01	Direct	F1
transaction	GAN	Employee Stock Option (right to buy)	Disposed to Issuer	-69K	-100%	0	Apr 27, 2022	Ordinary Shares	69K	$0.01	Direct	F1, F2
transaction	GAN	Employee Stock Option (right to buy)	Award	+81.6K		81.6K	Apr 27, 2022	Ordinary Shares	81.6K	$0.01	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The two reported transactions involved an amendment of an outstanding option, resulting in the cancellation of the "old" option and the grant of a replacement option. The option was originally granted on March 11, 2022, and was fully vested upon grant.
F2	The two reported transactions involved an amendment of an outstanding option, resulting in the cancellation of the "old" option and the grant of a replacement option. The option was originally granted on March 11, 2022, and provides for vesting as to twenty-five percent (25%) of the shares subject to the option on March 11, 2023, with 1/36th of the shares incrementally vesting each month thereafter, subject to continuing service.

Content

The two reported transactions involved an amendment of an outstanding option, resulting in the cancellation of the "old" option and the grant of a replacement option. The option was originally granted on March 11, 2022, and provides for vesting as to twenty-five percent (25%) of the shares subject to the option on March 11, 2023, with 1/36th of the shares incrementally vesting each month thereafter, subject to continuing service.