Kimberly Manhard - Oct 13, 2021 Form 4 Insider Report for HERON THERAPEUTICS, INC. /DE/ (HRTX)

Role: EVP, Drug Development, Director
Signature: /s/ Lisa Peraza Attorney-in-fact for Kimberly Manhard
Stock symbol: HRTX
Transactions as of: Oct 13, 2021
Transactions value $: -$4,568
Form type: 4
Date filed: 10/15/2021, 04:22 PM
Previous filing: Jul 15, 2021
Next filing: Jan 14, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	HRTX	Common Stock	Options Exercise		+1.25K	+51%		3.7K	Oct 13, 2021	Direct	F1
transaction	HRTX	Common Stock	Tax liability	-$4.57K	-433	-11.7%	$10.55^*	3.27K	Oct 13, 2021	Direct	F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	HRTX	Restricted Stock Units	Options Exercise	$0	-1.25K	-7.69%	$0.00	15K	Oct 13, 2021	Common Stock	1.25K		Direct	F1, F3
transaction	HRTX	Employee Stock Option (Right to Buy)	Award	$0	+92.2K		$0.00	92.2K	Oct 13, 2021	Common Stock	92.2K	$10.55	Direct	F4
transaction	HRTX	Restricted Stock Units	Award	$0	+55.3K		$0.00	55.3K	Oct 13, 2021	Common Stock	55.3K	$0.00	Direct	F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Restricted stock units convert into common stock on a one-for-one basis.
F2	Represents the withholding by the Company of certain of the vested shares of restricted stock to satisfy the minimum statutory tax obligations applicable to such transactions.
F3	The restricted stock units vest in 16 equal quarterly installments beginning one quarter after the date of grant (10/13/2020).
F4	The stock option vests and becomes exercisable monthly with 33% of the shares vesting during the first year, 33% of the shares vesting during the second year, 22% of the shares vesting during the third year and the remaining 12% of the shares vesting during the fourth year, such that the stock option will be fully vested on the four year anniversary of the date of grant.
F5	The restricted stock units vest quarterly with 33% of the shares vesting during the first year, 33% of the shares vesting during the second year, 22% of the shares vesting during the third year and the remaining 12% of the shares vesting during the fourth year, such that all shares will be fully vested on the four year anniversary of the date of grant.