Eton Pharmaceuticals CBO exercises 10,000 RSUs

Eton Pharmaceuticals, Inc. Chief Business Officer David Krempa exercised 10,000 Restricted Stock Units, converting them into an equal number of shares of common stock.

Rhea-AI Filing Summary

Eton Pharmaceuticals, Inc. Chief Business Officer David Krempa exercised 10,000 Restricted Stock Units, converting them into an equal number of shares of common stock. These RSUs were part of a 40,000-unit grant awarded on July 12, 2022 that vests in four equal annual installments beginning July 12, 2023. Following this vesting-related exercise, Krempa holds 37,025 common shares directly.

Insider Trade Summary

10,000 shares exercised/converted

Exercise 2 txns

Insider Krempa David

Role Chief Business Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units F1	10,000	$0.00	$0.00
Exercise	Common Stock F1	10,000	--	--

Holdings After Transaction: Restricted Stock Units — 0 contracts (Direct); Common Stock — 37,025 shares (Direct)

Footnotes (1)

1. F1. On July 12, 2022, the reporting person was granted 40,000 restricted stock units which vested in four equal annual installments beginning July 12, 2023.

Key Figures

RSUs Exercised: 10,000 units Common Shares After Transaction: 37,025 shares Original RSU Grant: 40,000 units +2 more

5 metrics

RSUs Exercised 10,000 units Restricted Stock Units converted into 10,000 shares of common stock on July 12, 2026

Common Shares After Transaction 37,025 shares Direct common stock holdings of David Krempa following the RSU exercise

Original RSU Grant 40,000 units Restricted stock units granted on July 12, 2022, vesting in four equal annual installments

Vesting Schedule 4 equal annual installments Installments beginning July 12, 2023 for the 40,000-unit RSU grant

RSU Exercise Price $0.0000 per share Conversion or exercise price for the 10,000 Restricted Stock Units

Key Terms

Restricted Stock Units, derivative security, vested, exercise or conversion

4 terms

Restricted Stock Units financial

"the reporting person was granted 40,000 restricted stock units which vested in four equal"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

derivative security financial

"transaction code description: Exercise or conversion of derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

vested financial

"40,000 restricted stock units which vested in four equal annual installments"

exercise or conversion financial

"transaction action: derivative exercise/conversion"

FAQ

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

What insider transaction did ETON Chief Business Officer David Krempa report?

David Krempa reported exercising 10,000 Restricted Stock Units, converting them into 10,000 shares of common stock. The transaction reflects a derivative exercise, not an open-market purchase or sale.

How many ETON shares does David Krempa own after this Form 4 transaction?

After the reported transactions, David Krempa directly owns 37,025 shares of Eton Pharmaceuticals common stock. This figure reflects his position immediately following the RSU exercise on July 12, 2026.

What was the origin of the 10,000 ETON RSUs exercised by David Krempa?

The 10,000 RSUs exercised were part of a 40,000 restricted stock unit grant awarded on July 12, 2022. The grant vests in four equal annual installments beginning July 12, 2023.

Was David Krempa’s ETON transaction an open-market buy or sell?

No. The filing classifies the transaction as an exercise or conversion of a derivative security (code M). It represents RSUs vesting into common shares, not an open-market purchase or sale.

What transaction code is used in David Krempa’s ETON Form 4 and what does it mean?

The Form 4 uses transaction code M, described as “Exercise or conversion of derivative security”. This indicates a derivative, such as RSUs, was converted into common stock, rather than traded on the open market.

What was the exercise price for the ETON RSUs converted by David Krempa?

The 10,000 Restricted Stock Units carried an exercise or conversion price of $0.0000 per share. This reflects typical treatment of RSUs, which convert into common stock without additional cash payment at vesting.

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

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Accepted by SEC EDGAR 07/13/2026 - 04:36 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^*

Krempa David

(Last) (First) (Middle)

C/O ETON PHARMACEUTICALS, INC.

21925 W. FIELD PARKWAY, SUITE 235

(Street)

DEERPARK ILLINOIS 60010-7208

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Eton Pharmaceuticals, Inc. [ ETON ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/12/2026

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	07/12/2026		M		10,000	A	(1)	37,025	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
Restricted Stock Units	$0	07/12/2026		M			10,000	(1)	(1)	Common Stock	10,000	$0	0	D

Explanation of Responses:

1. On July 12, 2022, the reporting person was granted 40,000 restricted stock units which vested in four equal annual installments beginning July 12, 2023.

Remarks:

The reporting person has authorized and designated the named person to file this Form 4 on the reporting person's behalf for indefinite duration.

	/s/ Judith Matthews	07/13/2026
	** 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)