Eton (ETON) Director Paul Maier Exercises Options and Sells Shares

What Happened
Paul V. Maier, a director of Eton Pharmaceuticals (ETON), exercised stock options on Aug 28, 2026 and sold shares the same day. He paid $3.78 to exercise 50,000 options (cost $189,000) and $7.31 to exercise 12,500 options (cost $91,375), a total cash outlay of $280,375 to acquire 62,500 shares. On the same date he sold a total of 50,000 shares in open-market transactions for total gross proceeds of approximately $2,953,573 (weighted average sale prices reported).

Key Details

• Transaction date: 2026-08-28; filing (amended Form 4) date: 2026-08-31. This filing is marked as an amendment; see prior filing(s) for original report details.
• Sales detail (reported as three blocks): 36,387 shares at a weighted avg $58.64 ($2,133,734); 13,485 shares at $60.21 ($811,932); 128 shares at $61.77 ($7,907). Total proceeds ≈ $2,953,573. Footnotes note these were multiple trades with price ranges $58.50–$58.97, $60.00–$61.00, and $61.10–$61.98.
• Exercises/acquisitions: 50,000 shares exercised at $3.78 (cash $189,000) and 12,500 shares at $7.31 (cash $91,375). The filing also shows derivative entries at $0.00 for 50,000 (disposed) and 12,500 (acquired) shares; the filing does not explain those $0.00 entries beyond the footnotes.
• Net change reported by the transactions: +12,500 shares (62,500 acquired less 50,000 sold). The Form 4 did not disclose total shares owned after these transactions in the material provided here.
• Notable footnotes: option grants had vesting schedules (one vested monthly from 2/7/2022; another vested quarterly from 2/20/2019). The filer will provide per-trade quantities/prices on request (F1). The reporting person authorized a designee to file this Form 4 on his behalf.

Context

• These records show option exercises paired with same-day open-market sales. That pattern is commonly used to cover exercise costs and taxes (a cashless exercise or post-exercise sale), but the filing itself does not state the seller’s motive or whether shares were withheld for taxes.
• Purchases (exercises) are generally more informative to investors than routine sales; here the net effect is a modest increase of 12,500 shares beneficially acquired.
• Because this is an amended Form 4, investors may want to check the original filing for any differences or explanations.