EBR Systems director exercises CDI share equivalents

EBR Systems, Inc. director Bronwyn Evans reported two indirect acquisitions of common stock equivalents through exercises of in-the-money derivative positions.

Rhea-AI Filing Summary

EBR Systems, Inc. director Bronwyn Evans reported two indirect acquisitions of common stock equivalents through exercises of in-the-money derivative positions. On June 15, 2026, entities associated with Evans and Peter Douglas Gordon acquired 15,000 common shares equivalent at A$3.85 per share and another 15,000 at A$3.80 per share. The footnotes explain these represent shares underlying the same number of Chess Depositary Interests, which trade on the Australian Securities Exchange and are held by CHESS Depositary Nominees.

Insider Trade Summary

In-the-Money Exercise: 30,000 shares

In-the-Money Exercise 2 txns

Insider Evans Bronwyn

Role Director

Type	Security	Shares	Price	Value
In-the-Money Exercise	Common Stock	15,000	$3.80	$57K
In-the-Money Exercise	Common Stock	15,000	$3.85	$58K

Holdings After Transaction: Common Stock — 581,579 shares (Indirect, By Bronwyn Evans and Peter Douglas Gordon)

Footnotes (2)

1. F1. Represents shares of the Issuer's common stock underlying the same amount of Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depositary Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX.
2. F2. The price is reported in Australian dollars.

Key Figures

Derivative exercise 1 size: 15,000 shares Derivative exercise 1 price: A$3.85 per share Derivative exercise 2 size: 15,000 shares +1 more

4 metrics

Derivative exercise 1 size 15,000 shares Common stock equivalents acquired at A$3.85 on June 15, 2026

Derivative exercise 1 price A$3.85 per share Price reported in Australian dollars for first 15,000-share block

Derivative exercise 2 size 15,000 shares Common stock equivalents acquired at A$3.80 on June 15, 2026

Derivative exercise 2 price A$3.80 per share Price reported in Australian dollars for second 15,000-share block

Key Terms

Chess Depositary Interests, Australian Securities Exchange, in-the-money derivative exercise, indirect ownership

4 terms

Chess Depositary Interests financial

"Represents shares of the Issuer's common stock underlying the same amount of Chess Depositary Interests ("CDIs")."

CHESS depositary interests are tradable certificates used on the Australian settlement system that represent ownership of underlying foreign shares held by a custodian. They let investors buy and sell foreign-listed stocks on the local exchange as if they were domestic shares, simplifying trading, dividend collection and record-keeping, though they may involve custodian fees and can alter certain direct shareholder rights and tax treatments.

Australian Securities Exchange financial

"The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depositary Nominees Pty, Limited"

Australian Securities Exchange is Australia’s main marketplace where stocks, bonds, ETFs and other tradable financial instruments are bought and sold. Think of it as a large, regulated marketplace that shows current prices, matches buyers and sellers, and enforces rules to keep trading fair and orderly—information and liquidity from the exchange directly affect how easy it is to trade an investment and how its market price is determined.

in-the-money derivative exercise financial

"transaction_action": "in-the-money derivative exercise""

indirect ownership financial

""direct_or_indirect": "I","nature_of_ownership": "By Bronwyn Evans and Peter Douglas Gordon""

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did EBR Systems (EBRCZ) disclose for Bronwyn Evans?

EBR Systems disclosed that director Bronwyn Evans, through indirect holdings with Peter Douglas Gordon, exercised in-the-money derivative positions to acquire two blocks of 15,000 common share equivalents each, represented by Chess Depositary Interests trading on the Australian Securities Exchange.

How many EBR Systems (EBRCZ) shares were acquired in the latest Form 4?

The Form 4 shows two indirect acquisitions of 15,000 common share equivalents each, totaling 30,000. These are represented by an equal number of Chess Depositary Interests, with the underlying common stock held by CHESS Depositary Nominees on the Australian Securities Exchange.

At what prices were the EBR Systems (EBRCZ) derivative exercises reported?

The exercises were reported at prices of A$3.85 and A$3.80 per common share equivalent. The filing specifies that these prices are in Australian dollars, reflecting trading of the related Chess Depositary Interests on the Australian Securities Exchange rather than in U.S. dollars.

How are the EBR Systems (EBRCZ) shares from this Form 4 held?

The shares are held indirectly as common stock underlying Chess Depositary Interests. These CDIs trade on the Australian Securities Exchange and are legally held by CHESS Depositary Nominees, with economic exposure attributed to Bronwyn Evans and Peter Douglas Gordon as indicated in the ownership description.

Does the EBR Systems (EBRCZ) Form 4 involve open-market buying or selling?

No, the Form 4 describes exercises of in-the-money or at-the-money derivative securities, not open-market purchases or sales. The transactions convert derivative positions into common stock equivalents represented by Chess Depositary Interests, which is typically considered a structural change in holdings rather than market trading.

What role does Chess Depositary Interests structure play for EBR Systems (EBRCZ)?

The filing explains that the reported common stock is underlying Chess Depositary Interests, which trade on the Australian Securities Exchange and are held by CHESS Depositary Nominees. This structure lets investors trade CDI units locally while having economic exposure to the issuer’s underlying common shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/17/2026 - 05:59 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Evans Bronwyn

(Last) (First) (Middle)

480 OAKMEAD PARKWAY

(Street)

SUNNYVALE CALIFORNIA 94085

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
EBR Systems, Inc. [ NONE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/15/2026		X		15,000(1)	A	$3.8(2)	566,579(1)	I	By Bronwyn Evans and Peter Douglas Gordon
Common Stock	06/15/2026		X		15,000(1)	A	$3.85(2)	581,579(1)	I	By Bronwyn Evans and Peter Douglas Gordon

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of the Issuer's common stock underlying the same amount of Chess Depositary Interests ("CDIs"). The CDIs are traded on the Australian Securities Exchange (the "ASX") and are held by CHESS Depositary Nominees Pty, Limited, a subsidiary of ASX Limited, the company that operates the ASX.

2. The price is reported in Australian dollars.

	/s/ Gary W Doherty, Attorney-in-Fact	06/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)