MICHEL GERARD J 4
4 · DELCATH SYSTEMS, INC. · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Delcath (DCTH) CEO Michel Gerard Receives Stock Awards (RSUs & Options)
What Happened
Michel Gerard, CEO of Delcath Systems, Inc. (DCTH), received two equity awards on February 17, 2026: 195,000 derivative option-type awards and 97,500 restricted stock units (RSUs). Both grants are reported at $0.00 per share (no cash exchanged in the filing). The RSUs convert to one share each if and when they vest; the option-type award vests monthly over three years (see details below).
Key Details
- Transaction date: 2026-02-17; filing accession dated 2026-02-18 (appears timely).
- Awards granted: 195,000 (derivative/option-style) and 97,500 RSUs; reported price $0.00; reported value $0 on Form 4.
- Shares owned after transaction: not disclosed in the provided filing excerpt.
- Vesting/terms noted in footnotes:
- F1 (195,000 award): vests 1/36th per month starting Feb 17, 2026, subject to continued employment and plan terms.
- F2/F3 (97,500 RSUs): each RSU equals one share; one‑third vests on Feb 17, 2027, remaining two‑thirds vest in equal annual installments over the next two years, subject to continued service.
- No sale, exercise for cash, or tax-withholding disposition reported here.
Context
These are company compensation grants (awards), not open‑market purchases or sales. RSUs deliver actual shares only upon vesting; the option‑type award vests monthly and would typically require exercise to convert to shares (the Form 4 lists it as a derivative grant). Such awards are routine for executive compensation and do not by themselves signal an immediate buy or sell of stock.
Insider Transaction Report
- Award
Stock Option (Right to Buy)
[F1]2026-02-17+195,000→ 195,000 totalExercise: $9.40Exp: 2036-02-17→ Common Stock (195,000 underlying) - Award
Restricted Stock Units
[F2][F3]2026-02-17+97,500→ 97,500 total→ Common Stock (97,500 underlying)
Footnotes (3)
- [F1]The option will vest and become exercisable at the rate of one-thirty-sixth (1/36th) per month with the first such vesting to occur on February 17, 2026 and monthly thereafter for so long as the reporting person remains an employee of Delcath Systems, Inc. (and subject to the terms and conditions of the Delcath Systems, Inc. 2020 Omnibus Equity Incentive Plan, as amended).
- [F2]Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Issuer's common stock.
- [F3]Represents an RSU award, one-third of which shall vest on February 17, 2027 with the remaining two-thirds of the RSUs vesting in equal annual installments over the following two years. The vesting of the RSUs is subject to the Reporting Person's continuous service through each such vesting date.