Kevin Muir
About Kevin Muir
Kevin Muir, age 53, is General Manager, Interventional Oncology at Delcath Systems (DCTH). He joined Delcath in December 2020 following 20 years in biotherapeutics and medtech sales leadership, and holds a B.S. in Management Systems Engineering from the United States Military Academy at West Point; he previously served as a Field Artillery officer in the U.S. Army . Company performance context during his tenure includes a three-year TSR path improving to 152.79 in 2024 from 52.79 in 2023, alongside net losses of $26.386M in 2024, $47.678M in 2023, and $36.508M in 2022 . These metrics frame the commercialization environment for interventional oncology, where Muir’s remit aligns with go-to-market execution.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BTG (Interventional Oncology) | Director of U.S. Sales | Not disclosed | Played a key role in the success of TheraSphere (custom micro-embolic 90Y radioisotope therapy) |
| ClearFlow Inc. | Director of Sales | Not disclosed | Commercial leadership in medtech sales scaling |
| Aragon Surgical | Director of Sales | Not disclosed | Commercial leadership in surgical technologies |
| Kensey Nash Corporation | Leadership sales roles | Not disclosed | Sales leadership across biomaterials |
| Kyphon | Leadership sales roles | Not disclosed | Sales leadership in spine intervention |
| Genzyme Biosurgery | Leadership sales roles | Not disclosed | Sales leadership in biosurgery, specialty therapeutics |
| U.S. Army | Field Artillery Officer | Not disclosed | Operational leadership foundation |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed | — | — | — |
Fixed Compensation
Base salary progression and annual incentive components when Muir was a named executive officer (NEO):
| Metric | 2022 | 2023 |
|---|---|---|
| Base Salary ($) | 308,398 | 318,896 |
| AIP Component | Target (% of Base) | Target ($) | Actual (% of Base) | Actual ($) |
|---|---|---|---|---|
| 2023 Annual Incentive | 35.0% | 111,614 | 24.5% | 78,130 |
| Summary Compensation (NEO year) | Salary ($) | Non-Equity Incentive ($) | Option Awards ($) | Total ($) |
|---|---|---|---|---|
| 2023 | 316,272 | 78,130 | 621,582 | 1,015,984 |
Notes:
- For 2023, company AIP goals were based entirely on Company performance across Clinical Trials, Regulatory, Commercial, Manufacturing, and Finance; overall achievement was 70% .
- Muir was not a named executive officer in 2022; 2024 NEOs were Michel, Vukovic, and Rook (not Muir) .
Performance Compensation
AIP performance design and payout when Muir was NEO:
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company AIP (2023): Clinical Trials, Regulatory, Commercial, Manufacturing, Finance | Not disclosed | 35% of base (=$111,614) | Overall achievement 70% | 24.5% of base (=$78,130) | Cash (no vesting) |
Equity awards structure and outstanding grants:
| Grant Date | Exercise Price ($) | Expiration | Exercisable (#) | Unexercisable (#) | Vesting Schedule |
|---|---|---|---|---|---|
| 12/7/2020 | 15.32 | 12/7/2030 | 30,000 | — | 33% at 1st anniversary; remaining vest monthly over 2 years |
| 8/5/2021 | 10.16 | 8/5/2031 | 35,536 | 4,464 | 4/36ths at grant; remainder 1/36th monthly for 32 months |
| 2/8/2022 | 7.14 | 2/8/2032 | 24,610 | 13,889 | Monthly over 3 years; first vesting at grant |
| 2/8/2023 | 4.67 | 2/8/2033 | 14,300 | 32,500 | Monthly over 3 years; first vesting at grant |
| 6/12/2023 | 7.25 | 6/12/2033 | 11,634 | 48,179 | Monthly over 3 years; first vesting at grant |
Notes:
- Unless noted, options vest in equal monthly installments over three years with first vesting at grant .
Equity Ownership & Alignment
| As of Date | Common Shares Held Directly | Options/Warrants Exercisable within 60 days | Total Beneficial Ownership | Percent of Class |
|---|---|---|---|---|
| March 28, 2024 | 18,582 | 151,872 | 170,454 | Less than 1% |
| March 20, 2025 | 21,611 | 242,015 | 263,626 | Less than 1% |
Alignment and policy signals:
- Anti-hedging and anti-pledging: Delcath prohibits hedging and pledging/margin accounts for executives and directors, reducing misalignment risk .
- Clawback: Incentive compensation is subject to Dodd-Frank/Nasdaq-compliant clawback; equity awards may be recouped upon restatements or cause-related events .
- Equity plan treatment at change in control permits acceleration/assumption/substitution at Committee discretion; no executive-specific CIC multiple disclosed for Muir .
Employment Terms
- Employment agreement: “Mr. Muir has no employment agreement or severance arrangements with the Company” .
- Benefits: Executives participate in standard benefits and 401(k); no pension/SERP or nonqualified deferred comp programs disclosed .
- Section 16(a) compliance: Muir filed late Form 4s for grants on Feb 8, 2023 and Jun 12, 2023 due to administrative oversight, per the company’s delinquent filings disclosure .
Investment Implications
- Pay-for-performance alignment: Muir’s variable cash payout when NEO tracked company-wide operational achievements, with a below-target payout in 2023 (24.5% vs 35% target), indicating the program’s sensitivity to execution across clinical, regulatory, commercial, manufacturing, and finance goals . Long-term incentives are predominantly stock options with time-based monthly vesting, designed to align value creation with sustained share price appreciation .
- Retention and CIC risk: Absence of a dedicated employment agreement or severance/CIC protections for Muir suggests limited guaranteed transition economics, potentially enhancing at-risk alignment but also implying higher retention risk in industry-tight labor markets; there are no disclosed non-compete/non-solicit specifics for Muir .
- Insider selling pressure: As of March 20, 2025, Muir has 242,015 options exercisable within 60 days, layered across exercise prices ($4.67–$15.32) and expirations through 2033; monthly vesting continues for more recent awards. Price strength could enable monetization and incremental float, though pledging and hedging are prohibited by policy .
- Governance and risk controls: Robust anti-hedging/pledging and clawback frameworks mitigate alignment concerns and enable recoupment for restatements or cause. The late Section 16 filings in 2023 represent a compliance risk flag but were attributed to administrative oversight and disclosed in the proxy .