McCutcheon John 4

What Happened John McCutcheon, President, CEO and a director of EBR Systems, exercised 109,100 stock options on March 23, 2026 (transaction code M). He paid $0.55 per share for a total cash outlay of $60,005 to acquire those shares. The filing also reports a corresponding disposition of the derivative instrument at $0.00, which reflects conversion of the option into shares rather than an open‑market sale.

Key Details

• Transaction date: 2026-03-23; Exercise price: $0.55/share; Cash paid: $60,005.
• Reported transactions: one acquisition of 109,100 shares and a corresponding derivative disposition of 109,100 shares (both coded M).
• Shares owned after transaction: not specified in the provided filing.
• Footnote: The option grant was originally for 1,590,000 shares; 109,100 have now been exercised. The remaining options vest 1/48 per month starting June 29, 2024, subject to continued service (see footnote F1).
• Filing timeliness: Report filed 2026-03-25 for a 2026-03-23 transaction — appears timely (within the required Form 4 filing window). No 10b5‑1 plan, tax withholding, or immediate sale was disclosed.

Context This was an option exercise (conversion of a derivative) rather than a sale. There is no indication in the filing that the acquired shares were sold immediately (no open‑market sale reported). Exercises are often routine as options vest; they indicate management is converting vested options into stock but do not by themselves signal a buy or sell opinion about the company.