Eton (ETON) CFO Judith Matthews Receives Performance RSUs

What Happened
Judith M. Matthews, Chief Financial Officer of Eton Pharmaceuticals (ETON), was granted 32,246 performance-vested restricted stock units (RSUs) on July 31, 2026. The award was granted at $0 (no cash paid) and is a derivative award convertible into one share of common stock per RSU if a market-price condition is met. If the RSUs vested at the specified trigger price ($72.36), their nominal value at that price would be roughly $2.33 million (32,246 × $72.36). This is an award grant (A) rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-07-31; Form filed: 2026-08-04 (filed within the 2-business-day Form 4 window).
• Grant: 32,246 performance-vested RSUs; acquisition price reported $0.00 (derivative award).
• Vesting condition: Vests in full if ETON’s closing price equals or exceeds $72.36 for one trading day at any time before July 31, 2029. If the market condition is not met by that date, the award is forfeited in full.
• Each RSU converts to one share upon vesting; the reported number reflects the maximum issuable shares (no target/threshold range).
• Shares owned after the transaction are not disclosed in the provided filing.
• Remarks: The filing was authorized to be submitted on the reporting person’s behalf by a designated filer.

Context
This is a performance-based equity grant, not an immediate purchase or sale, so it signals potential long-term incentive alignment rather than an immediate personal market bet. Such awards depend entirely on future stock-price performance; they carry value only if the specified market condition is met before the expiration date.