RIEDEL NORBERT G 4

What Happened Norbert G. Riedel, a director of Eton Pharmaceuticals (ETON), exercised stock-option/derivative awards on April 21, 2026, resulting in the acquisition of 32,155 common shares. He paid $7.31 per share for 12,500 shares ($91,375) and $8.61 per share for 19,655 shares ($169,230), for total exercise payment of $260,605. The filing also shows corresponding dispositions of the derivative instruments at $0, reflecting conversion/cancellation of those derivative awards upon exercise.

Key Details

• Transaction date: 2026-04-21; Form 4 filed: 2026-04-22 (appears timely).
• Instruments: Derivative exercises (code M).
• Shares acquired: 12,500 @ $7.31 ($91,375) and 19,655 @ $8.61 ($169,230) — total 32,155 shares for $260,605.
• Dispositions: Same derivative amounts shown disposed at $0 (reflecting conversion/cancellation of the derivative securities).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote: Shares are held in the "Norbert. G. Riedel 2002 Trust" and "Loan Thi Tran 2002 Trust," of which the reporting person is trustee. The filer was authorized to submit the Form 4 on the reporting person's behalf.

Context

• Code M indicates exercise/conversion of options or other derivative securities — here Riedel paid cash to exercise options and receive common shares. The filing does not indicate an immediate sale of the acquired shares (no open-market sale reported).
• Exercises are a form of purchase (insider acquiring company stock) but do not necessarily signal a change in view; they often reflect vesting or prior option grants.