EBR Systems (EBRCZ) director exercises options, reports 58,500 new shares

Rhea-AI Filing Summary

EBR Systems, Inc. director Will R. Allan reported exercising stock options into common shares. On February 26, 2026, he exercised options covering 58,500 shares at an exercise price of $0.16 per share, receiving the same number of common shares.

Following this transaction, Allan also reports indirect ownership of common stock through related parties, including 5,937,224 shares held by the Allan Will U/A DT 6/14/2012 and 600,000 shares held by family member Taphne Ann Lux. The filing notes these holdings represent common stock underlying Chess Depositary Interests traded on the Australian Securities Exchange.

Insider Trade Summary

58,500 shares exercised/converted

Mixed 4 txns

Insider Will Allan R

Role Director

Type	Security	Shares	Price	Value
Exercise	Stock Option (right to buy)	58,500	$0.00	--
Exercise	Common Stock	58,500	$0.16	$9K
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Stock Option (right to buy) — 0 shares (Direct); Common Stock — 58,500 shares (Direct); Common Stock — 5,937,224 shares (Indirect, By the Allan Will U/A DT 6/14/2012)

Footnotes (1)

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. Family Member. Fully Vested.

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
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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^*

Will Allan R

(Last) (First) (Middle)

480 OAKMEAD PARKWAY

(Street)

SUNNYVALE CA 94085

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
02/26/2026

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

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

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

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	02/26/2026		M		58,500(1)	A	$0.16	58,500(1)	D
Common Stock								5,937,224(1)	I	By the Allan Will U/A DT 6/14/2012
Common Stock								600,000(1)	I	By Taphne Ann Lux(2)

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)	$0.16	02/26/2026		M			58,500	(3)	01/08/2028	Common Stock	58,500	$0	0	D

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. Family Member.

3. Fully Vested.

	/s/ Gary W Doherty, Attorney-in-Fact	03/06/2026
	** 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.

FAQ

What did EBR Systems (EBRCZ) director Will Allan report in this Form 4?

Director Will R. Allan reported exercising stock options into common shares. He converted options into 58,500 shares of EBR Systems common stock at an exercise price of $0.16 per share on February 26, 2026, increasing his directly held common shares.

How many EBR Systems shares were acquired through the option exercise?

The filing shows an option exercise for 58,500 shares of EBR Systems common stock. These were obtained by exercising a stock option at $0.16 per share, converting a derivative position into directly held common stock on February 26, 2026.

What indirect EBR Systems (EBRCZ) holdings are associated with Will Allan?

The Form 4 reports 5,937,224 common shares held indirectly through the Allan Will U/A DT 6/14/2012 and 600,000 common shares held by family member Taphne Ann Lux. These positions are reported as indirect ownership associated with the director.

How are the EBR Systems shares in this Form 4 held and traded?

The filing states the reported common shares represent stock underlying Chess Depositary Interests, or CDIs. These CDIs are traded on the Australian Securities Exchange and held by CHESS Depositary Nominees, a subsidiary of ASX Limited, which operates the exchange.

Did the EBR Systems director report any stock sales in this Form 4?

The summary of transactions shows no reported stock sales. It lists two acquisition-type entries tied to the option exercise and two indirect holding entries, with the transaction summary indicating zero sell transactions and a net neutral buy-sell share balance.