Form 4: Cytosorbents CEO Phillip P. Chan Reports Acquisition of Shares and Stock Options
SEC Form 4 Filing
Phillip P. Chan, CEO of Cytosorbents Corp, reports the acquisition of 96,000 shares of common stock and 124,000 stock options.
Summary
- On April 2, 2024, Phillip P. Chan, the CEO of Cytosorbents Corp, reported acquiring 96,000 shares of common stock and 124,000 stock options.
- The 96,000 shares represent restricted stock units (RSUs) that will vest in equal parts on the first and second year anniversaries of the grant date.
- The stock options, granted under the company's 2014 Long-Term Incentive Plan, have an exercise price of $0.955 and will vest over three years.
- Following these transactions, Chan beneficially owns 1,164,704 shares of common stock and 124,000 stock options.
- Some of the RSUs will be settled into shares of common stock upon a 'Change In Control' of the Company as defined in the Amended and Restated CytoSorbents Corporation 2014 Long-Term Incentive Plan.
Sentiment
Score: 6
Explanation: Neutral sentiment as it's a standard disclosure of insider transactions. The acquisition of shares and options could be seen as a positive signal, but it's not definitive.
Positives
- The acquisition of shares and stock options by the CEO could be interpreted as a positive sign, indicating confidence in the company's future performance.
Industry Context
Form 4 filings are standard practice and provide transparency into the transactions of company insiders, allowing investors to track management's alignment with shareholder interests.
Stakeholder Impact
- The reported transactions may influence investor sentiment regarding Cytosorbents Corp.
Key Dates
| Date | Description |
|---|---|
| April 8, 2015 | Grant date of 130,000 RSUs that will be settled into shares of Common Stock upon vesting upon a 'Change In Control' of the Company. |
| June 7, 2016 | Grant date of 57,000 RSUs that will be settled into shares of Common Stock upon vesting upon a 'Change In Control' of the Company. |
| February 24, 2017 | Grant date of 18,700 RSUs that will be settled into shares of Common Stock upon vesting upon a 'Change In Control' of the Company. |
| March 15, 2018 | Grant date of 10,300 RSUs that will be settled into shares of Common Stock upon vesting upon a 'Change In Control' of the Company. |
| August 10, 2022 | Grant date of 26,334 RSUs which vest as to one-third of the award on each of the date of grant, the first year anniversary of the date of grant, and the second year anniversary of the date of grant. |
| July 7, 2023 | Grant date of 87,000 RSUs, which vest as to two-thirds of the award on the first year anniversary of the date of grant and one-third of the award on the second year anniversary of the date of grant. |
| April 2, 2024 | Date of transaction: Acquisition of 96,000 shares of common stock (RSUs) and 124,000 stock options. |
| April 2, 2034 | Expiration date of the stock options granted on April 2, 2024. |
| April 4, 2024 | Date of filing of the Form 4. |
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