Will Allan R 4

What Happened

• Will Allan R, a director of EBR Systems, exercised 58,500 derivative securities on February 26, 2026, paying $0.16 per share for a total cash outlay of $9,360. The filing also records a related disposition of 58,500 derivative units at $0.00 on the same date, which reflects conversion/transfer rather than a cash sale.
• This was an option exercise (transaction code M) — effectively a purchase of underlying shares/CDIs rather than an open-market sale.

Key Details

• Transaction date: 2026-02-26.
• Exercise: 58,500 shares at $0.16 each = $9,360 cash paid.
• Related disposition: 58,500 at $0.00 (no cash proceeds) — reported as a derivative conversion/disposition.
• Shares owned after the transaction: not specified in the filing.
• Footnotes: F1 indicates the shares are underlying Chess Depositary Interests (CDIs) traded on the ASX (held by CHESS Depositary Nominees); F2 denotes a family-member note; F3 indicates the options were fully vested.
• Filing date: 2026-03-06 — eight days after the transaction. Form 4s are generally due within two business days, so this filing appears to have been submitted late.

Context

• “M” transactions are exercises or conversions of derivatives (options). Here, the director paid to exercise options and the subsequent $0.00 disposition likely represents conversion into CDIs (per F1), not an immediate cash sale; there’s no evidence in this filing of a cashless exercise or market sale of the shares.
• Fully vested (F3) indicates no remaining vesting conditions on the exercised options. The family-member footnote (F2) may relate to allocation or reporting but doesn’t itself indicate market intent.