EBR Systems (EBRCZ) CEO exercises options for 109,100 common shares

Rhea-AI Filing Summary

EBR Systems, Inc. President and CEO John McCutcheon exercised stock options to acquire 109,100 shares of common stock at an exercise price of $0.55 per share. The transaction converted previously granted options into directly held shares, with no open-market sale reported. Following the exercise, 109,100 common shares are shown as directly owned, and the related option grant originally covered 1,590,000 shares, vesting monthly beginning on June 29, 2024.

Insider Trade Summary

109,100 shares exercised/converted

Mixed 2 txns

Insider McCutcheon John

Role President and CEO

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	109,100	$0.00	--
Exercise	Common Stock	109,100	$0.55	$60K

Holdings After Transaction: Stock Option (right to buy) — 1,480,900 shares (Direct); Common Stock — 109,100 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

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^*

McCutcheon John

(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
X	Officer (give title below)		Other (specify below)
	President and CEO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/23/2026

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	03/23/2026		M		109,100	A	$0.55	109,100	D

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
Stock Option (right to buy)	$0.55	03/23/2026		M			109,100	(1)	03/20/2034	Common Stock	109,100	$0	1,480,900	D

Explanation of Responses:

1. The option, originally for 1,590,000 shares, of which 109,100 shares have been exercised, vests as to 1/48 of the share on June 29, 2024 and each month thereafter, subject to continued employment or service through each such date.

	/s/ Gary W Doherty, Attorney-in-Fact	03/25/2026
	** 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)

FAQ

What did EBR Systems (EBRCZ) CEO John McCutcheon report in this Form 4?

John McCutcheon reported exercising stock options for 109,100 shares of EBR Systems common stock. The options converted at an exercise price of $0.55 per share, increasing his directly held share position without any reported open‑market stock sale.

How many EBR Systems shares did the CEO acquire through option exercise?

The CEO acquired 109,100 shares of EBR Systems common stock via option exercise. These shares came from a previously granted option award and are now held directly, with no separate purchase or sale in the open market disclosed in this filing.

What was the exercise price of the EBR Systems CEO’s stock options?

The stock options exercised by the CEO had an exercise price of $0.55 per share. Exercising at this price converted 109,100 option rights into the same number of common shares, reflecting compensation-based equity rather than a market transaction.

How large was the original EBR Systems option grant referenced in the Form 4?

The referenced option grant was originally for 1,590,000 shares of EBR Systems common stock. According to the footnote, 109,100 shares from this grant have been exercised so far, with the remainder subject to ongoing monthly vesting conditions.

What is the vesting schedule of the EBR Systems CEO’s option grant?

The option grant vests at 1/48 of the shares starting on June 29, 2024, then monthly thereafter. Vesting continues only while the CEO remains in employment or service, meaning additional portions become exercisable over time under this schedule.

Does the Form 4 show any EBR Systems shares being sold by the CEO?

This Form 4 does not report any open‑market sale of EBR Systems shares by the CEO. It only records an option exercise converting 109,100 options into common stock, with no accompanying disposition transaction code such as an open‑market sale.