Adams Jennifer McKie 4

What Happened

• Jennifer McKie Adams, a director of Eton Pharmaceuticals (ETON), exercised options and sold shares on 2026-06-17. She exercised 50,000 option shares at an exercise price of $3.78 (cost $189,000) and sold 50,000 common shares in the open market for a weighted average price of $32.48, generating gross proceeds of $1,623,795. One form line also reports the disposition of the derivative instrument associated with the options (reported at $0.00), reflecting the conversion/closing out of that derivative position.
• Net proceeds before taxes and fees are roughly $1.43M (sale proceeds minus exercise cost). This sequence—exercising options and immediately selling the acquired shares—is commonly a cashless exercise and sale; it’s recorded here as an exercise (M) plus an open-market sale (S).

Key Details

• Transaction date: 2026-06-17 (filed same day).
• Exercise: 50,000 shares @ $3.78 = $189,000 (code M).
• Sale: 50,000 shares @ weighted avg $32.48 = $1,623,795 (code S). Individual trade prices ranged $32.10–$32.71 (see footnote).
• Derivative disposition: 50,000 shares reported as disposed at $0.00 reflecting conversion of the derivative (code M).
• Shares owned after the transaction: Not specified in the provided filing excerpt.
• Footnotes: F2 notes the option shares vested quarterly and were fully vested on Feb 7, 2023. F3 clarifies the sale was completed in multiple trades; F1 states per-trade details are available on request.
• Filing timeliness: Reported with the Form 4 dated the same day as the transactions (appears timely).
• Remarks: The reporting person authorized a designated filer to submit this Form 4 on their behalf.

Context

• This is a routine insider transaction pattern: exercising previously granted options (vested in 2023) and selling the acquired shares the same day. Such cashless exercises are typically used to realize gains or cover exercise costs and tax withholding; they do not by themselves indicate the insider’s long-term view.
• The filing is factual and does not disclose motives, taxes withheld, or transaction-level fees.