MICHEL GERARD J 4

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.