Jonathan Mark Hopper - 18 Feb 2026 Form 4 Insider Report for Vericel Corp (VCEL)

Role: Chief Medical Officer
Signature: /s/ Sean Flynn, as Attorney-in-Fact for Jonathan Hopper
Issuer symbol: VCEL
Transactions as of: 18 Feb 2026
Net transactions value: -$36,737
Form type: 4
Filing time: 20 Feb 2026, 16:06:10 UTC
Previous filing: 13 Feb 2026
Next filing: 26 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Hopper Jonathan Mark	Chief Medical Officer	64 SIDNEY STREET, CAMBRIDGE	/s/ Sean Flynn, as Attorney-in-Fact for Jonathan Hopper	20 Feb 2026	0001626325

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	VCEL	Common Stock	Options Exercise		+3,000	+4.5%		69,684	18 Feb 2026	Direct	F1, F2, F3
transaction	VCEL	Common Stock	Options Exercise	$0	+2,325	+3.3%	$0.000000	72,009	18 Feb 2026	Direct	F3, F4
transaction	VCEL	Common Stock	Tax liability	$36,737	-982	-1.4%	$37.41	71,027	18 Feb 2026	Direct	F3, F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	VCEL	Restricted Stock Unit	Options Exercise		+3,000			3,000	18 Feb 2026	Common Stock	3,000		Direct	F2, F6, F7
transaction	VCEL	Restricted Stock Unit	Options Exercise		+2,325			0	18 Feb 2026	Common Stock	2,325		Direct	F4, F6, F7, F8
transaction	VCEL	Stock Option (Right to Buy)	Award	$0	+35,000		$0.000000	35,000	19 Feb 2026	Common Stock	35,000	$38.17	Direct	F9
transaction	VCEL	Restricted Stock Unit	Award	$0	+14,000		$0.000000	14,000	19 Feb 2026	Common Stock	14,000		Direct	F6, F7, F10

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The Restricted Stock Units (RSUs) converted to phantom stock units and are deferred under the Vericel Corporation Deferred Compensation Plan. The units will be payable only in shares of Common Stock upon the Reporting Person's elected Benefit Distribution Date.
F2	The shares of common stock were acquired by the Reporting Person as a result of the vesting of RSUs granted to the Reporting Person on February 17, 2023. The remaining RSUs will vest on February 17, 2027. Upon the vesting of RSUs granted to the Reporting Person on February 17, 2023, the Reporting Person deferred the receipt of 3,000 shares of Common Stock and instead received 3,000 shares of Phantom Stock pursuant to the Vericel Corporation Deferred Compensation Plan.
F3	These shares include shares acquired pursuant to the Issuer's 2015 Employee Stock Purchase Plan in transactions that were exempt under both Rule 16b-3(d) and Rule 16b-3(c).
F4	The shares of common stock were acquired by the Reporting Person as a result of the vesting of RSUs granted to the Reporting Person on February 18, 2022.
F5	These shares were withheld by the Issuer to satisfy the tax withholding requirements in connection with the vesting of RSUs.
F6	Each RSU represents a contingent right to receive one share of common stock of Vericel Corporation.
F7	No expiration date for this type of award.
F8	The Fair Market Value of the vested derivative securities is $37.41 per share.
F9	These options shall begin vesting on February 19, 2026 and shall continue to vest and become exercisable in equal quarterly installments over the course of the following four (4) year period.
F10	These RSUs vest in four annual installments with the initial vesting of RSUs granted to the Reporting Person on February 19, 2027. The remaining RSUs will vest in annual installments on February 19, 2028, February 19, 2029, and February 19, 2030, respectively.