Milestone (MIST) CEO awarded 679,000 options and 453,000 RSUs

Rhea-AI Filing Summary

Milestone Pharmaceuticals Inc. President and CEO Joseph Oliveto reported new equity awards. On February 2, 2026, he was granted an employee stock option for 679,000 common shares at an exercise price of $1.97 per share and a restricted stock unit award covering 453,000 common shares.

Both awards are held directly and vest over several years. The option vests 25% on February 2, 2027, with the remaining option shares vesting monthly over the following 36 months. The restricted stock units vest in four equal annual installments from February 2, 2027 through February 2, 2030, contingent on continued service.

Insights

Equity Compensation Analyst

CEO receives large multi‑year option and RSU grants vesting from 2027.

Milestone Pharmaceuticals granted President and CEO Joseph Oliveto an option on 679,000 common shares at an exercise price of $1.97 and 453,000 restricted stock units on February 2, 2026. Both awards are classified as directly owned.

The option vests 25% on February 2, 2027, with the remaining three-quarters vesting in equal monthly installments over 36 months, aligning incentives over several years. The RSUs vest in four equal parts each February 2 from 2027 through 2030, each representing one common share upon vesting.

These grants tie the CEO’s potential equity value to Milestone’s future share performance and continued service but do not themselves involve cash transactions or share sales. Actual share issuance and any resulting dilution will occur only as options are exercised and RSUs settle over the vesting schedule.

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^*

Oliveto Joseph

(Last) (First) (Middle)

C/O MILESTONE PHARMACEUTICALS INC.

1111 DR. FREDERIK-PHILIPS BLVD, STE 420

(Street)

MONTREAL A8 H4M 2X6

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Milestone Pharmaceuticals Inc. [ MIST ]

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

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

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

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
Employee Stock Option (right to buy)	$1.97	02/02/2026		A		679,000		(1)	02/02/2036	Common Shares	679,000	$0	679,000	D
Restricted Stock Unit	(2)	02/02/2026		A		453,000		(3)	(3)	Common Shares	453,000	$0	453,000	D

Explanation of Responses:

1. One-fourth (1/4th) of the shares subject to the option vest on February 2, 2027, and one thirty-sixth (1/36th) of the remaining shares subject to this option shall vest each month thereafter, subject to the Reporting Person continuing to provide service through each such date.

2. Each restricted stock unit represents a contingent right to receive one common share.

3. One-fourth (1/4th) of the shares subject to the restricted stock unit award vest on each of February 2, 2027, February 2, 2028, February 2, 2029 and February 2, 2030, subject to the Reporting Person continuing to provide service through each such date.

	/s/ Joseph Oliveto	02/04/2026
	** 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).
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FAQ

What equity awards did Milestone Pharmaceuticals (MIST) grant to its CEO?

Milestone Pharmaceuticals granted CEO Joseph Oliveto an option on 679,000 common shares at $1.97 and 453,000 restricted stock units. These awards were granted on February 2, 2026 and are held directly, vesting over several years tied to his continued service.

How does the 679,000-share stock option for MIST’s CEO vest?

The 679,000-share option vests 25% on February 2, 2027, with the remaining shares vesting in 36 equal monthly installments thereafter. Vesting is conditioned on Joseph Oliveto continuing to provide service to Milestone Pharmaceuticals through each vesting date under the award terms.

What are the vesting terms of the 453,000 restricted stock units at Milestone (MIST)?

The 453,000 restricted stock units vest in four equal installments on February 2 of 2027, 2028, 2029, and 2030. Each vested restricted stock unit represents the right to receive one Milestone Pharmaceuticals common share, subject to continued service through each vesting date.

Does the Milestone (MIST) CEO’s Form 4 show any share sales?

The Form 4 reports grants of derivative securities, not sales. It discloses an option award for 679,000 shares and 453,000 restricted stock units, both acquired with a transaction code "A" and a derivative price of $0, indicating awards rather than open-market dispositions.

Are the Milestone (MIST) CEO’s new option and RSU awards directly owned?

Yes. The filing classifies both the 679,000-share stock option and the 453,000-share restricted stock unit award as directly owned. No footnotes indicate indirect ownership or disclaimers of beneficial ownership, so they are attributed personally to President and CEO Joseph Oliveto.

What does each restricted stock unit represent in the MIST CEO’s award?

Each restricted stock unit represents a contingent right to receive one Milestone Pharmaceuticals common share. Delivery of shares occurs only upon vesting of each portion of the 453,000-unit award, provided the CEO continues to serve through the applicable vesting dates.