RIEDEL NORBERT G 4

What Happened
Norbert G. Riedel, a director of Eton Pharmaceuticals (ETON), exercised an in‑the‑money derivative to acquire 30,000 shares at $4.42 per share, for a total outlay of $132,600. The Form 4 also reports a simultaneous disposition of 30,000 derivative units at $0.00; the filing does not report cash proceeds for that disposition. The acquisition is a purchase via option/derivative exercise (a purchase is generally more informative than a routine sale).

Key Details

• Transaction date: 2026-02-03 (Period of Report). Form filed: 2026-02-05 (timely filing).
• Acquired: 30,000 shares via exercise at $4.42 each — total $132,600.
• Disposed: 30,000 derivative units at $0.00 (no proceeds reported).
• Shares owned after transaction: not specified on the Form 4.
• Footnote: shares held in "Norbert G. Riedel 2002 Trust" and "Loan Thi Tran 2002 Trust," of which the reporting person is trustee.
• Filing remark: reporting person authorized another named filer to submit this Form 4 on their behalf.

Context
This filing documents an option/derivative exercise. The paired acquisition and zero‑dollar derivative disposition could reflect conversion, surrender, or withholding mechanics commonly used in exercises, but the Form 4 does not explain the disposition. No late filing is indicated. Purchases via exercise can signal insider confidence, but the form alone does not reveal the insider’s motivation.