This paper presents a performance evaluation of an original highly efficient and linear GaN-HEMT Vector Power Modulator (VPM) based on the design of a two-stage saturated variable gain (SVG) amplifier and a multi-level discrete supply modulator (SM). The proposed novel architecture for transforming a digital baseband data stream into an RF Vector modulated power waveform (RF Power DAC) is validated using a specific laboratory test bench. The main objective of this study is to merge signal modulation and DC to RF energy conversion functions into a single and compact GaN based mixer-less circuit. Using high-voltage 50 V GaN technology, a 20 W S-band vector power modulator having overall average PAE of around 40 % is reported. The concept demonstrator is experimentally validated up to 100 Msymbols/sec 16-QAM modulation scheme. Functional time alignment with phase and amplitude compensation procedure focusing on measured constellation at 40 Msymbols/sec enables to reach excellent EVM performances of around 3.2 %.