GSE Systems Inc. Watch

from 8-K 13 pages Paycheck Protection Note Virginia Borrowers: This Instrument Contains a Confession of Judgment Provision Which Constitutes a Waiver of Important Rights You May Have as a Debtor and Allows the Creditor to Obtain a Judgment Against You Without Further Notice

from 10-Q 1 page BB&T Loan Agreement Extension Letter

from 10-Q 1 page BB&T Loan Agreement Extension Letter

from 10-Q 7 pages Fourth Comprehensive Amendment to Financing Documents

from 10-Q 5 pages Fifth Comprehensive Amendment to Financing Documents

from 10-Q 22 pages Business Loan Agreement

from 10-Q 1 page The Bank Has Agreed to Extend the Revolving Credit Expiration Date Until June 30, 2015, as Defined in the Master Loan and Security Agreement Dated November 22, 2011 in Section 1.1 (A), by and Among GSE Systems, Inc., Gse Power Systems, Inc., Gse Envision, Inc. (Collectively, the Borrowers) and Susquehanna Bank. the Bank Has Also Agreed to Waive Compliance by the of the Financial Covenants Set Forth in Sections 5.1, 5.2, 5.3, and 5.4 of the Loan Agreement for the Testing Measurement Date of March 31, 2015 (The "Waiver"). Each of These Financial Covenants Remain in Full Force and Effect for the Quarter Ending June 30, 2015 and for Each Quarter Thereafter. the Bank's Agreement to Waive the Said Financial Covenants in Sections 5.1, 5.2, 5.3 and 5.4 of the Loan Agreement for the Testing Date of March 31, 2015, and No Other Consent or Waiver Is Hereby Granted, Nor Should Any Other Consent or Waiver Be Implied. the Waiver Described Herein Is Limited Precisely as Written and Shall Not Be Deemed to (I) Be a Consent to or Waiver of Any Other Term or Condition of the Loan Agreement or Any of the Other Financing Documents, or (II) Prejudice Any Right or Rights Which the Bank May Now Have or May Have in the Future Under or in Connection With the Loan Agreement or Any of the Other Financing Documents. Respectfully, /S/ Robert P Whelen, Jr. Robert P Whelen, Jr. Senior Vice President

from 10-K 4 pages Comprehensive Amendment to Financing Documents

from 10-Q 2 pages Third Comprehensive Amendment to Financing Documents

from 10-Q 2 pages Second Comprehensive Amendment to Financing Documents

from 10-Q 1 page The Bank Has Agreed to Extend the Revolving Credit Expiration Date Until March 31, 2015, as Defined in the Master Loan and Security Agreement Dated November 22, 2011 in Section 1.1 (A), by and Among GSE Systems, Inc., Gse Power Systems, Inc., Gse Envision, Inc. and Susquehanna Bank. the Bank Will Require That Cash Collateral in an Amount Equal to Any Outstanding Letter's of Credit, Working Capital Advances or Negative Foreign Exchange Positions, Be Maintained in a Segregated Account at Susquehanna. We Will Have Our Counsel Prepare a Brief Modification to the Financing Documents to Reflect This Change Which We Will Send to You Under Separate Cover. All Other Terms and Conditions Shall Remain the Same. /S/ Robert P Whelen, Jr. Rober P Whelen, Jr. Senior Vice President

from 10-K 1 page The Bank Has Agreed to Extend the Revolving Credit Expiration Date Until June 30, 2014, as Defined in the Master Loan and Security Agreement Dated November 22, 2011 in Section 1.1(a), by and Among GSE Systems, Inc., Gse Power Systems, Inc., Gse Envision, Inc. and Susquehanna Bank. All Other Terms and Conditions Shall Remain the Same. /S/ Robert P Whelen, Jr. Robert P Whelen, Jr. Senior Vice President

from 8-K 5 pages Revolving Credit Note

from 8-K 36 pages Master Loan and Security Agreement

from 10-K 4 pages Third Amendment to Loan Agreement

from 10-K 3 pages Third Amendment to Loan Agreement

from 8-K 6 pages Second Amendment to Loan Agreement

from 8-K 6 pages Second Amendment to Loan Agreement

from 10-Q 4 pages First Amendment to Loan Agreement

from 10-Q 6 pages First Amendment to Loan Agreement