StealthGas (GASS) CEO Harry Vafias Exercises Options

What Happened

• Harry Vafias, StealthGas Inc. CEO, President, CFO and a director, exercised 290,000 vested options on 2026-09-16 at $6.43 per share, a total exercise cost of $1,864,700. The filing also shows a related derivative conversion/disposition of 290,000 shares on 9/16 (reported at $0.00) and a separate gift of 47,500 shares on 2026-09-18 (reported as a gift, $0 proceeds).
• Exercising options is effectively an acquisition of shares (a purchase by exercising rights). The gift of 47,500 shares is a non-sale transfer and does not necessarily reflect market sentiment.

Key Details

• Transaction dates and prices:
  • 2026-09-16 — Exercise of options (Code M): 290,000 shares @ $6.43 each; total cash paid ≈ $1,864,700.
  • 2026-09-16 — Reported disposition of 290,000 derivative shares @ $0.00 (linked to the exercise/conversion).
  • 2026-09-18 — Gift (Code G): 47,500 shares @ $0.00.
• Shares owned after transaction: Not specified in the provided filing details. The report notes shares are held by entities identified in footnotes (Arethusa Properties Ltd. and Flawless Management Inc.).
• Footnotes of note:
  • F1/F2: Some shares are held by entities (Arethusa Properties LTD and Flawless Management Inc.) controlled by Mr. Vafias; he disclaims beneficial ownership except to the extent of any pecuniary interest.
  • F3: The options exercised were 100% vested and exercisable.
• Filing timeliness: Report filed 2026-09-18 for transactions on 2026-09-16. That appears to be timely under Section 16 reporting (filed within the normal 2-business-day window).

Context

• For options: The filing shows an option exercise (M). A corresponding derivative disposition at $0.00 is reported the same day — this typically reflects conversion/transfer related to the exercise rather than a sale for cash. The filing does not show an open-market sale of the exercised shares.
• For gifts: A gift is a transfer and does not indicate the insider’s market view. Gifts are nonmarket transactions and are reported for transparency.
• Ownership disclosures via controlled entities mean some holdings are reported as held by companies Mr. Vafias controls; the filing includes the standard disclaimer that he may be deemed to beneficially own those shares only to the extent of any pecuniary interest.