Vericel director exercises and sells 15,000 shares

Vericel director Heidi Hagen exercised stock options to acquire 15,000 shares of common stock at an exercise price of $2.76 per share, then sold the same 15,000 shares at $32.41 per share on March 23, 2026.

Rhea-AI Filing Summary

Vericel director Heidi Hagen exercised stock options to acquire 15,000 shares of common stock at an exercise price of $2.76 per share, then sold the same 15,000 shares at $32.41 per share on March 23, 2026.

The sale was carried out automatically under a pre-arranged Rule 10b5-1 trading plan adopted on November 14, 2024. These options were originally granted on May 4, 2016 and would have expired on May 4, 2026 if not exercised. Following the transactions, Hagen holds 31,850 shares of Vericel common stock directly.

Insider Trade Summary 10b5-1

Exercise and Sale: 15,000 shares ($445K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Hagen Heidi

Role Director

Sold 15,000 shs ($486K)

Approx. gross sale proceeds $486K

Approx. exercise cost $41K

Approx. pre-tax spread $445K

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy)	15,000	$0.00	$0.00
Exercise	Common Stock	15,000	$2.76	$41K
Sale	Common Stock	15,000	$32.41	$486K

Holdings After Transaction: Stock Option (Right to Buy) — 0 contracts (Direct); Common Stock — 31,850 shares (Direct)

Footnotes (3)

1. F1. The sales reported in this Form 4 were effected by an automatic sale pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 14, 2024.
2. F2. These options, representing the right to purchase 15,000 shares, were originally granted on May 4, 2016, and became exercisable in equal monthly installments over the course of one year, contingent upon continued service to the Company.
3. F3. These options, which were awarded on May 4, 2016, would otherwise expire and become forfeitable on May 4, 2026.

FAQ

What insider transaction did Vericel (VCEL) director Heidi Hagen report?

Heidi Hagen reported exercising options for 15,000 Vericel shares at $2.76 and selling the same 15,000 shares at $32.41 on March 23, 2026. The option exercise converted a derivative award into common stock, followed by an open-market sale.

How many Vericel (VCEL) shares does Heidi Hagen own after the Form 4 transactions?

After the reported transactions, Heidi Hagen directly owns 31,850 Vericel common shares. This figure reflects her holdings following the option exercise and the sale of 15,000 shares on March 23, 2026, as disclosed in the Form 4.

Were Heidi Hagen’s Vericel (VCEL) share sales made under a Rule 10b5-1 plan?

Yes. The Form 4 states the Vericel share sales were executed automatically under a Rule 10b5-1 trading plan adopted by Heidi Hagen on November 14, 2024. Such plans pre-schedule trades, helping separate routine liquidity moves from discretionary timing decisions.

What were the terms of the Vericel (VCEL) stock options exercised by Heidi Hagen?

The options gave Hagen the right to purchase 15,000 Vericel shares at $2.76 per share. They were granted on May 4, 2016, vested in equal monthly installments over one year, and would have expired and become forfeitable on May 4, 2026 if unexercised.

What transaction codes appear in Heidi Hagen’s Vericel (VCEL) Form 4 filing?

The Form 4 shows code M for exercising a derivative security into 15,000 Vericel shares and code S for selling 15,000 common shares. Code M indicates an option exercise, while code S reflects an open-market or private sale of the resulting shares.

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Accepted by SEC EDGAR 03/25/2026 - 04:05 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Hagen Heidi

(Last) (First) (Middle)

C/O VERICEL CORPORATION

64 SIDNEY STREET

(Street)

CAMBRIDGE MASSACHUSETTS 02139

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Vericel Corp [ VCEL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/23/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/23/2026		M		15,000	A	$2.76	46,850	D
Common Stock	03/23/2026		S		15,000	D(1)	$32.41	31,850	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$2.76	03/23/2026		M		15,000		(2)	(3)	Common Stock	15,000	$0	0	D

Explanation of Responses:

1. The sales reported in this Form 4 were effected by an automatic sale pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 14, 2024.

2. These options, representing the right to purchase 15,000 shares, were originally granted on May 4, 2016, and became exercisable in equal monthly installments over the course of one year, contingent upon continued service to the Company.

3. These options, which were awarded on May 4, 2016, would otherwise expire and become forfeitable on May 4, 2026.

	/s/ Sean Flynn, as Attorney-in-Fact for Heidi Hagen	03/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)