PAPA JOSEPH C 4

What Happened
Joseph C. Papa, a director of Milestone Pharmaceuticals, was granted derivative awards representing 77,000 underlying shares on June 10, 2026. The filing reports a per-share price of $0.00 (i.e., no cash outlay reported); this is an equity award/grant rather than an open‑market purchase or sale.

Key Details

• Transaction date: 2026-06-10; Form 4 filed 2026-06-12 (timely filing).
• Transaction type: Grant / award of derivative securities (code A).
• Amount: 77,000 shares; reported price $0.00 (reported value $0).
• Vesting: Award vests in twelve equal monthly installments beginning July 10, 2026, and in any case will be fully vested by the date of the next annual meeting, subject to continued service (footnote).
• Shares owned after transaction: Not disclosed in the provided filing.
• Filing timeliness: Report appears timely (filed two days after transaction); no late-filing indication.

Context: This is a compensatory equity grant to a director (common for retention/compensation). Because these are derivative awards that vest over time, they do not immediately increase tradable share count for the director until vesting occurs. No sale or exercise took place in this filing.